Análise das características das covenants inseridas em operações de captação de recursos de terceiros: Um estudo com operações públicas e privadas

Abstract

The purpose of this paper is to investigate the structure of covenants included in public and private third-party fundraising transactions between large commercial banks and Brazilian companies from 2005 to 2016. The objective of this article is to verify if there are differences in the obligations included by creditors in the contract instruments used to formalize these two types of transaction. The paper will present covenants used in private financing (investment contracts and working capital operations) and in those made public (primary issue of debentures operations), using a descriptive research and documentary analysis of data from the debentures.com website database for public operations and a database for private operations from one of the largest Brazilian commercial banks. To this end, 181 public operations and 133 private operations were analyzed, and their covenants were grouped into ten categories in order to verify the presence of each type of conditions in the analyzed contracts. Thus, this article seeks to verify if there are particularities in these two types of operations and if there is similarity in covenants present in public and private contracts that formalize them.