Mired in an unprecedented economic and financial crisis, Correos may be very close to being able to obtain an emergency loan worth R$20 billion from a group of banks, with the approval of the National Treasury and the Union as guarantor, but the high cost of the credit – still officially unknown as of yesterday – is raising doubts among analysts about the feasibility of the operation, Correos’ ability to pay and the transparency of the figures.
The state-owned company’s board of directors on Saturday approved the loan after analyzing proposals submitted by a group of banks formed by Banco do Brasil (BB), Citibank, BTG Pactual, ABC Brasil and Safra. In order for the contracting of the credit operation to be effective, it must receive the approval of the public treasury, as the loan stipulates a guarantee from the union with the financial institutions concerned.
As confirmed by Valor, the Union’s Inter-Ministerial Committee for Corporate Governance and Management of Corporate Interests is considering amending Decree 12500/2025 to allow the Union to provide a guarantee for a loan worth R$20 billion, creating a specific legal transaction, which would allow the guarantee even in operations at a rate higher than the 120% of CDI usually set by the Treasury.
The National Treasury Guarantee Commission uses the 120% CDI ceiling as a reference for operations eligible for the Union Guarantee. The percentage is not mandatory, but serves as a parameter to avoid high costs.
The rate is close to 136% of CDI
According to information from interviewees familiar with the negotiations, the interest rate proposed by the banks now was slightly lower than the initial offer negotiated a few months ago – 136% of the Consumer Price Index – but close to that level. However, banks have relaxed additional requirements that are unusual for sovereign collateralized operations, such as minimum profit and future receivables.
In the assessment of economist Gilberto Braga, from Ibmec, obtaining the loan is inevitable given the risk of post office operations being halted due to lack of resources. But it highlights that the state-owned company lacks transparency regarding the terms of the debt it intends to take on. For Braga, although Curios does not have the same disclosure obligations required of publicly listed companies, it would be good governance practice to publish the negotiated terms:
— Being a government-guaranteed loan, these rates are better off. But we don’t know exactly why the terms were not disclosed. The argument that we must wait for official approvals from other bodies, TCU and government bodies, this is formally necessary, but it does not prevent disclosure of the terms because they have already been negotiated with the group of banks doing the lending.
The economist says that the contribution is solved “in the very short term, and only leads to extinguishing the fire”:
— It is now necessary to evaluate the company, discuss restructuring and determine the new business situation.
According to Claudio Felisoni, a professor at the FIA Business School, Treasury approval is the only measure that can avoid bankruptcy of the state-owned company, protect jobs and ensure continuity of services.
He added that if implemented well, it could lead to the necessary restructuring of Corios, making it more efficient in the medium and long term.
However, Feliconi points out that the downside of this measure is that it may mask the need for structural changes that the company has needed for a long time. The analyst cites the potential impact on the public deficit, if Curios is unable to restructure and repay debts.
-Then the treasury will have to pay off the debt. The union guarantee undoubtedly provides relief to technicians, who could ultimately be considered complicit in an inappropriate situation, but it does not eliminate responsibility completely.
Feliconi says it is important to have clarity in the restructuring process.
— Objectives, without clear monitoring mechanisms, are not effective. There must be specific strategies, thinking about the initiatives that will be taken even in the least favorable scenarios. It is important that there be transparency and accountability. After all, these are the public resources that will be contributed to this reorganization.