precatorio

11/4/09 The PEC was approved by the full house of the Chamber in the first vote. It will now go back to the Special Committee to be prepared for the second and final vote. If approved, it will then go back to the Senate. [more]

10/27/09 The Special Committee has approved the report by the rapporteur Eduardo Cunha. The proposal maintains the reverse auctions for up to 50% of the payments. The report has to be approved by the full Chamber of Deputies.

9/24/09 The PEC351/09 has been rapidly moving along its procedural path in the Chamber of Deputies. It has been approved in the Constitutionality Committee and now the Special Committee has been instituted to issue a recommendation. The rapporteur of the Special Committee will be the same Eduardo Cunha of the Constitutionality Committee, who should create a continuity in this process. The next public audience has already been scheduled for October 6. This will be the next noteworthy event.

6/30/09 President Lula approves Law 11,960 which effectively changes the interest on precatórios from 6% plus inflation to the same rate as the “savings account” (caderneta de poupança) …more

6/3/09 Rapporteur of the Justice Committee will propose changes to PEC351/09  …more

6/1/09 The first Public Hearing on PEC351/09 will occur at the Chamber of Deputies on 6/3/09  …more

5/19/09 Last night a new Constitutional Amendment (PEC 366/09) was submitted to the Chamber of Deputies to regulate a Special Payment Regime for State and Municipal Precatórios. It will be attached to PEC 351/09. …more

5/14/09 Debate in NY with the international financial community on the PEC impact on Creditor Rights and the implications for Brazil’s Image as an Investment destination …more

5/12/09 Deputy Eduardo Cunha (PMDB/RJ), rappourteur of PEC 351/09 (PEC of Precatórios), presented a request at the Committee of Constitutionality and Justice (CCJC) of the Chamber of Deputies, Request # 97/09 with the objective to discuss the Constitutional Amendment Proposal …more

4/14/09 PEC12/06 as approved by the Senate is received at the Chamber of Deputies and is designated as PEC351/09 at the Chamber

4/1/09 After two and half years at the Senate, the PEC 12/06 is approved at the Senate and sent to the Chamber of Deputies for further analysis

The full text of the PEC12/06 can be found here: Text of PEC12/06

Here you can find a research paper analyzing the legal and economic implications of the PEC12, as presented, including the effect its clauses have on the credibility and image of Brazil as an investment destination: Analysis of PEC12/06

View Waldemar Jezler’s profile

PEC dos Precatórios regulamenta mercado secundário de títulos

Valor Econômico 16/10/2009 08:48

BRASÍLIA – Comissão especial da Câmara dos Deputados deve votar na próxima semana substitutivo da proposta de emenda constitucional PEC que cria regime especial para pagamento de precatórios débitos das Fazendas Públicas federal, estaduais e municipais resultantes de sentença judicial. A proposta apresentada ontem pelo relator, deputado Eduardo Cunha PMDB-RJ, institucionaliza o mercado secundário de títulos no país.

O credor fica autorizado a ceder, total ou parcialmente, seus créditos em precatórios a terceiros. Outro dispositivo convalida todas as cessões de precatórios realizadas antes da PEC. Atualmente, essa comercialização de precatórios é comum, embora não regulamentada, segundo o presidente da Comissão de Precatórios da Ordem dos Advogados do Brasil OAB nacional, Flávio Brando.

De acordo com ele, alguns tribunais permitem e outros não, o que gera conflitos jurídicos. Esse ponto do relatório de Cunha – que acolheu boa parte de uma PEC do deputado Guilherme Campos DEM-SP – é defendido pela OAB. ” Esse mercado negro só existe porque não há pagamento. É preciso analisar a questão por outro lado: esses títulos são propriedade das pessoas ” , afirma Brando.

Outro dispositivo do substitutivo defendido pela OAB é o que prevê a possibilidade de constituição de câmaras de conciliação para negociar diretamente com o credor. No geral, a PEC continua desagradando a OAB, especialmente porque mantém o regime especial para pagamento de precatórios atrasados, com prazo de 15 anos.

Esse regime especial prevê pagamento do título com deságio, por meio de leilão eletrônico. ” Não se trata de leilão, porque só tem um comprador: o próprio devedor. Ele vai pagar o que quiser. É confisco ” , afirma o representante da OAB. Para saldar os precatórios pelo regime especial, Estados e municípos depositarão mensalmente, em conta especial, um valor calculado percentualmente sobre as receitas correntes líquidas.

O percentual mínimo é de 1,5% para Estados das regiões Norte, Nordeste e Centro-Oeste ou aqueles com estoque de precatórios de até 35% do total da receita corrente líquida. Estados das regiões Sul e Sudeste que precatórios vencidos em valor correspondente a mais de 35% da receita terão de depositar 2,5%.

No caso dos municípios, o percentual mínimo varia de 1% regiões Norte, Nordeste e Centro-Oeste ou aqueles com estoque de precatórios pendentes em valor de até 35% da receita corrente líquida a 1,5% Sul e Sudeste ou com precatórios vencidos correspondentes a mais de 35% da receita corrente líquida.

O relatório destina ” pelo menos 50% ” desses recursos para pagamento de precatórios em ordem cronológica de apresentação com preferência aos de natureza alimentícia e a titulares com 60 anos de idade ou mais ou portadores de doença grave.

Os outros 50% poderão ser utilizados de duas formas, dependendo da opção de Estados e municípios: pagamento à vista em ordem crescente de valor ou por meio do leilão. Se quiser, a União poderá assumir débitos relativos a precatórios de Estados e municípios, refinanciando-se diretamente. Esse artigo é considerado ” inócuo ” pelo próprio relator, porque a União já pode assumir, se quiser.

Raquel Ulhôa | Valor

via PEC dos Precatórios regulamenta mercado secundário de títulos.

Imagine que você recebe um salário de R$ 5 mil por mês, e possui contas e dívidas a pagar. Então é aprovada uma lei que te obriga a quitar um limite maximo de 2% do que você recebe em dívidas todos os meses. Por essa regra, só precisaria pagar R$ 100 mensais em débitos. Não importa se você deve muito mais que isso, a lei só te obriga a pagar esse valor, o resto é opcional. Seria bom, não?

…

…

A nova PEC dos Precatórios
A nova proposta tem um ponto positivo, obrigar o pagamento dos precatórios. O motivo de discórdia tem sido a solução encontrada para que isso ocorra. O projeto do senador Renan Calheiros já foi aprovado no Senado, e passou pela Comissão de Constituição de Justiça (CCJ) da Câmara dos Deputados, com texto do relator deputado Eduardo Cunha.

Matéria Completa, ::Aqui::

Waldemar Jezler – www.libracap.net

New York, September 22, 2009 — Moody’s Investors Service has upgraded Brazil’s foreign- and local-currency government bond ratings to Baa3 from speculative-grade Ba1. The outlook on the new ratings is positive.

“The upgrade reflects Moodys recognition that the country’s shock absorption capacity, including the authorities’ policy response capability, points to a material improvement in Brazil’s sovereign credit profile,” said Mauro Leos, Moody’s regional credit officer for Latin America.

“Evidence of strong economic and financial resilience, features typically associated with investment-grade sovereign credits, can be seen in the modest and short-lived contraction in GDP, minimal weakening in the country’s international reserve position, moderate deterioration in the government debt indicators and lack of financial stress in the banking system,” said Leos.

Even though the economy will report negative GDP growth in 2009 and the fiscal accounts will deteriorate with respect to previous years, Leos said, Brazil’s overall performance proved to be better than that of  several Baa-rated investment-grade countries — the rating category to which Brazil now belongs.

Leos said the rating upgrade is part of an ongoing process intended to identify countries that have become “ordinal winners” throughout the period of global economic and financial turmoil. This process has led to a repositioning of sovereign ratings on Moody’s global scale for countries whose sovereign credit profiles, while already on a medium-term upward path, have proved to be less vulnerable relative to peers.

“The notable improvement reported in the government debt structure was an important contributing factor to the rating upgrade and to the positive outlook, “said Leos. “Reduced sovereign credit risk was a direct result of lower exposure in the government balance sheet to exchange rate and interest rate risks.”

Future improvements in the government’s credit standing would require additional progress in the debt structure with special attention given to the reduction of rollover risks by lengthening average maturities.

“Stronger growth prospects and the likelihood that continued macroeconomic stability would help secure single-digit interest rates are conditions that could potentially improve government debt dynamics,” said Leos.

While necessary, he added, those conditions may not to be sufficient in the absence of a clear policy commitment to primary surpluses consistent with a downward trend in government debt indicators.

“The authorities’ ability to implement actions that resume positive trends in the fiscal accounts will be critical to assure continued improvement in Brazil’s sovereign credit standing within the Baa peer group,” cautioned Leos.

“Moody’s believes the chances that Brazil will stay on a multi-year path of improved creditworthiness are reasonably high,” explained Leos. “For this reason, we have assigned a positive outlook to Brazil’s sovereign ratings.”

He added that the positive outlook also denotes the absence of macroeconomic imbalances in the Brazilian economy, a condition that places the country in a privileged position relative to other sovereign credits in the same rating category, some of which face fundamental external or fiscal challenges.

“The presence of favorable growth prospects — if combined with a policy stance that builds on the progress made in previous years — could improve Brazil’s medium term sovereign credit perspective,” said Leos.

Ultimately, he said, the prospect of a further upgrade will depend on the political will of the authorities to remove obstacles to Brazil’s economic potential. A permanent correction of fiscal imbalances that have led to persistently high government financing requirements would be crucial in this respect.

At this time, Moodys has also upgraded Brazil’s country ceiling for foreign-currency bonds to Baa2 from Baa3 and the country ceiling for foreign-currency bank deposits was to Baa3 from Ba2. Both ratings have a positive outlook. Brazil’s local-currency deposit ceiling and local-currency bond ceiling were not affected.

The last rating action with respect to the government of Brazil was implemented on July 6, 2009, when Moody’s placed the government’s foreign and local-currency bond ratings on review for possible upgrade. Brazil’s country ceiling for foreign-currency bonds was also placed on review as was the country ceiling for foreign-currency bank deposits.

The principal methodology used in rating Brazil was Moody’s Sovereign Bond Methodology, published in September 2008 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody’s website.

Waldemar Jezler – www.libracap.net

… A proposta de securitização das dívidas pela União está sendo reformulada para ficar mais atrativa ao governo federal. Como no formato originalmente proposto pela OAB, a União entregaria aos detentores de precatórios títulos do Tesouro Nacional de longo prazo, passando a ser credora dos Estados e municípios no lugar deles. A diferença é que os grandes credores teriam necessariamente de aplicar esses papéis na aquisição de cotas de um fundo de financiamento de projetos de infraestrutura. Só os pequenos poderiam vender os títulos no mercado secundário.

A securitização esbarra hoje na Lei de Responsabilidade Fiscal, que proíbe que a União volte a refinanciar dívidas de entes subnacionais. Mas isso não seria problema se a solução fosse adotada por emenda constitucional.

Flávio Brandão diz que a União pode tomar o lugar dos atuais credores porque pode esperar para receber a longo prazo. “Já os detentores de precatórios não podem esperar muito, porque costumam ter a péssima mania de morrer”, ironiza ele, ressaltando que a grande maioria é de pessoas físicas e que, para elas, a espera de anos “é cruel”. Mesmo pessoas jurídicas têm muito menos condições de esperar do que a União. Além disso, defende Brandão, por questão de imagem junto ao mercado externo e de segurança jurídica, deveria ser interesse do governo federal solucionar de forma institucionalmente aceitável o arrastado problema de precatórios vencidos e não pagos de Estados e municípios.

As simulações da OAB consideram que mesmo precatórios existentes seriam corrigidos, a partir da aprovação da PEC, pela mesma remuneração da poupança, outro ponto criticado na proposta.

via Para OAB, precatórios podem ser pagos em 15 anos.

Valor Economico Mônica Izaguirre, de Brasília
11/09/2009

July 6 (Bloomberg) — Brazil’s credit ratings were put on review for an increase to investment grade by Moody’s Investors Service, which cited the country’s “demonstrated resilience to shocks” in the global economy. Bonds gained and stocks and the currency pared losses.

Moody’s placed both the country’s foreign and local ratings of Ba1, or one level below investment grade, on review for upgrade. Moody’s is the only one of the three major rating companies that has Brazil below investment grade. Both Standard & Poor’s and Fitch Ratings raised Brazil to BBB-, the lowest investment grade rating, last year. [...more]

BRASILIA (Dow Jones)–Brazil’s government could consider launching another overseas bond this year if conditions are favorable, Federal Treasury Secretary Arno Augustin said Tuesday.

Speaking at a hearing of the congressional budget committee, Augustin said the government was analyzing the best moment for a possible new debt issue.

Brazil in January sold $1 billion in global bonds with a 2019 maturity. The bond came with an interest coupon of 5.875% for an effective yield of 6.127%.

The government successfully reopened that issue in early May, selling $750 million at a yield of 5.8%, or 252 basis points over U.S. Treasurys.

Brazilian finance ministry officials have said that although the country doesn’t need additional foreign financing for public debt, the government could consider new “qualitative” debt issues with an eye toward improving the country’s yield curve.

-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832;  gerald.jeffris at dowjones.com

Waldemar Jezler – www.libracap.net

STJ – O Tribunal da Cidadania

Escritório de advocacia garante pagamento de precatório alimentar antes dos demais

29/05/2009

O Superior Tribunal de Justiça (STJ) decidiu que o pagamento de qualquer parcela de créditos de precatório comum antes do integral pagamento de precatórios alimentares representa quebra da precedência estabelecida pelo artigo 100 da Constituição Federal em favor dos créditos de natureza alimentícia…

A posição se firmou por maioria e baseou-se no entendimento do ministro Teori Albino Zavascki, segundo o qual os créditos alimentares têm preferência absoluta, devendo ser atendidos prioritariamente. O ministro destacou que os créditos alimentares foram retirados do regime de pagamento parcelado dos demais precatórios (previsto no artigo 78 do Ato das Disposições Constitucionais Transitórias – ADCT) com a intenção de conferir a eles essa prioridade…  090529-stj-alimentar-antes

via Portal do Superior Tribunal de Justiça.

Event Speakers with moderator Waldemar Jezler at the center

5/14/09 Debate in NY with the international financial community on the PEC impact on Creditor Rights and the implications for Brazil’s Image as an Investment destination.

The event in NY had more than 50 people in attendance. International investors, lawyers and rating agencies were present to understand how the PEC 12/06 is being drafted by the Brazilian Congress and the implications for their investments. It is estimated that over R$5 billion in precatórios are held by international investors.

The debate was by “invitation only” to foster an open exchange of views of the current status and prospects for the PEC 12/06.

Jaime Mercado of Simpson Thacher & Bartlett hosted the event at their offices. Flavio Brando, president of the Precatório Commission of the Brazilian Bar Association presented the current status of the Constitutional Amendment process at the Brazilian Chamber of Deputies highlighting some of the points that have already been identified as unconstitutional in the current draft and that should be amended. José Virgilio Lopes Enei, partner of Machado, Meyer Advogados, presented an overview of the Precatório market and how the current draft of the PEC 12 would affect the market. Paulo Vieira da Cunha, ex-director of the Central Bank of Brazil, contributed his experience in major public rescheduling processes of the past.

BRASILIA (Dow Jones)–Brazil’s government is studying a possible overseas bond issue to be launched before the end of the first half of this year, Treasury Secretary Arno Augustin said Wednesday.

“It could be in the first half,” Augustin said at a news conference. “Recent issues have been successful. Rates have been lower than paid by some other countries with better sovereign ratings than Brazil.”

In January, Brazil issued $1.025 billion in global bonds due in 2019. The bonds were sold at a yield of 6.127%.

Augustin said Brazil’s government had “no special need to issue bonds at the present time.” He said the government was well stocked with dollars to meet debt service costs. Foreign reserves are over $200 billion.

Augustin said Brazil would only return to overseas markets in order to take advantage of low interest rates.

In an interview with Dow Jones Newswires on April 8, Deputy Treasury Secretary Paulo Valle said the government was studying the possibility of reopening the Global 2019 bond in order to take advantage of favorable market conditions.

-By Gerald Jeffris and Tom Murphy, Dow Jones Newswires; 55-11-2847-4519;  brazil at dowjones.com

• APRIL 29, 2009, 4:34 P.M. ET