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Starbucks’ CRIs (commercial real estate certificates) have been deemed safe against an operator’s legal attempt to recover their value, as stated by a FII investor in the company’s securities. In their overall report, the fund also indicated that the bonds are sound and maintained their earnings forecast. The fund’s management, led by Riza Akin (RZAK11), recently made their first public comments regarding the status of the Starbucks CRIs held in the fund’s portfolio.
The recent development occurred when the restaurant operator in Brazil, SouthRock Capital, filed a petition for judicial recovery, citing a debt of R$1.8 billion. However, the court ruled against the company and demanded further details about its financial health. The managers of RZAK11 reiterated on Friday (March 3) that the company’s issued titles are not subject to the ongoing court recovery procedure and are currently fully paid. Furthermore, the fund’s portfolio of CRIs is not included in the scope of the competition under the judicial recovery procedure, as confirmed by the document. The statement is complemented with the additional information that “All CRIs remain fully compliant in their respective shares.”
CRIs are commonly utilized by companies as a tool for resource acquisition in the marketplace. Companies bundle their future receipts into this debt instrument and sell them to investors, such as real estate investment trusts. In general, these instruments’ monthly returns are pre-determined and may vary based on an indicator, typically the CDI (Certificado de Depósito Interbancário) or the IPCA (Índice de Preços ao Consumidor Amplo).
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The portfolio of RZAK11 consists of three CRIs from SouthRock: Starbucks III, IV, and V. According to the most recent report from the trustee, the total value of these titles is R$814,000,000.00, which represents 6.51 percent of the fund’s liquid assets. As of the end of October, the document reveals that the overall value of the portfolio was R$50,189,000,000.
In response to the situation, the shares of RZAK11 have experienced a decline of over 7% over the past two trading sessions, going from a high of R$92.59 to a low of R$86.34 by the close of trading on Friday (March 3). However, the incident involving Starbucks’ CRIs did not significantly impact the updated projection of the fund’s returns for 2023. The fund anticipates that distributions will continue at the current rate of R$1.30 per cota until December, with an expected range of between R$1.20 and R$1.40 each month.
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The paragraph further emphasizes that the optimistic distribution forecast for the next months is due to the near recognition of a significant kicker (a type of trigger event) within the fund’s portfolio. However, no additional details are provided on the subject. The government promises that the official channels will announce the winner as soon as the kicker is confirmed.
In conclusion, despite SouthRock Capital’s attempt to recover their value, Starbucks’ CRIs remain secure according to the FII investor. The fund’s management reaffirmed that their titles are not affected by the ongoing court recovery procedure. While the incident has led to a decline in RZAK11 shares, it has not significantly impacted the fund’s returns projection for 2023. The optimistic distribution forecast can be attributed to a near recognition of a significant trigger event, with more details to be announced in the future.
