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FEDERAL GOVERNMENT PUBLISHES PROVISIONAL MEASURE ALTERING INTEREST RATES FOR FMM FINANCINGS
28/09/2017
The Brazilian Presidency published on April 26, 2017, the Provisional Measure no. 777, that instituted the Long-Term Rate, and set forth provisions on compensation of resources of the PIS-Pasep Participation Fund, of the Workers Support Fund, and of the Merchant Martine Fund. 

The Provisional Measure also laid down that the PIS-Pasep Participation Fund, the Workers Support Fund,  and  the Merchant Martine Fund – FMM, when applied by federal official financial institutions in  financing transactions arranged  as of January 1st, 2018, will be compensated pro rata die, by the Long-Term Rate -  TLP, and  monthly determined, composed by the variation of the Broad Consumer Price Index (IPCA), determined and divulged by the Brazilian Institute of Geography and Statistics – IBGE, and by the pre-determined  interest rate, laid down in each operation.  

And referred interest rate will have monthly effectiveness, and will be determined as of the interest rate term structure of the Brazilian Treasury Notes – Series B – NTN-B for the period of five years. 

This change aims at establishing a rate possessing a methodologic guideline more consistent with the long-term government bonds, thereby reflecting the opportunity cost of the government bonds. 

It is worth observing that when the Long-Term Interest Rate (TJLP) was created in 1999, the long-term government bonds did not exist and that is why the rate was based on the inflation target in a risk premium. 

The Mixed Commission of the Brazilian Congress that analysed the PM concluded for the presentation the Conversion Bill (PLV) no.27/2017. Among the changes proposed in the PLV no. 27/201 stands out the substitution on the predetermined interest rate that will compose the TLP, which must be calculated by the simple arithmetic average of the rates  for a period of five years of the interest rate term structure of the Brazilian Treasury Notes – Series B – NTN-B, determined on a daily basis, of the three months preceding its definition, which offers greater predictability for the value of the rate. 

It is worth pointing out that in recent years, the TJPL was set in levels lower than those of the government bonds rates of term similar to the contracts  settled  in that rate. What suggests having an implicit subsidy through the TJLP, whose aspect is solved with the institution of the TLP. 

Another important aspect of the difference among the rates is that the TJPL is a post-fixed interest rate, renegotiated on a quarterly basis. The TLP, in its turn, is predetermined in real terms, thereby offering greater predictability in its behaviour. 

The Conversion Bill was approved by the Chamber of Deputies and by the Senate and followed to the Brazilian President to be signed into law. 

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