In total, 11 funds, 6 listed and 5 cetip-owned, have exposure to AgroGalaxy; see what they had to say (iStock.com/no_limit_pictures)
The developments of the request for judicial recovery and Agrogalaxy (AGXY3) impact the price of funds with exposure to the company this Thursday (19). At around 3:52 pm, XPCA11 (XP Crédito Agrícola Fiagro), with net equity (PL) of 7.95% in the company, fell 7.94%, the biggest drop among funds linked to the company.
Most of the funds were tied to CRA022009KI. AgroGalaxy failed to comply with its obligation to pay R$70 million in remuneration for the debentures and the scheduled amortization, which is the first amortization of this Agribusiness Receivables Certificate (CRA) of R$500 million and due in 2027.
The default resulted in the automatic early maturity of all obligations arising from the Indenture.
Adjustments made by funds
According to a statement from XP Vista Asset, the fund manager, XPCA11 had a remark of 40.95% of the CRA02300AC9 asset and 50% of the CRA02300AHT and CRA022009KI assets.
As for JGP Crédito Agro (JGPT11), the administrator (XP) and the manager (JGP) arranged a 50% markdown of the asset CRA022009KI. Capitânia Agro Crédito (CPAC11), managed by XP, also had a 50% markdown of CRA022009KI.
The JGP Manager, of JGPX11, informed that AgroGalaxy did not make the payment of the interest and amortization installment related to its 1st debenture issue, and that the asset CRA022009KI was remarked to 77.24% of the PU Par.
“We estimate that this event will have an impact of 1.62% on the fund's equity value, and that said impact will not materially affect the distribution of dividends in the subsequent period,” said the manager.
Among the Fiagros (Investment Funds in Agribusiness Production Chains)AgroGalaxy has several creditors, which should be impacted by a possible suspension of payment of their debts. 6 of these funds are listed and another 5 are cetipados (not listed).
Éxes Gestora de Recursos, from AGRX11, also exposed to CRA022009KI, reinforced that the fund maintains a diversified portfolio, with the aim of mitigating the risks associated with events such as, among others, this nature.
“In the event of a more pessimistic (and extreme) scenario occurring, considering the application of a 100% discount (haircut) on the nominal value of CRA AgroGalaxy, or in the event that there is no recovery of the capital invested in said asset, the possible scenarios of impacts on the fund's equity share are estimated”, they explain.
| Mark to Market | Share Value | % CRA Agrogalaxy | Value yes Quota w/ haircut 100% |
|---|---|---|---|
| Cota c/ MTM | R$ 9,99 | 5,48% | R$ 9,44 |
| Cota s/ MTM | R$ 10,11 | 5,58% | R$ 9,55 |
Funds with exposure to AgroGalaxy
| Listed funds | Ticker | PL | Quote (15:52) |
|---|---|---|---|
| AZ Quest Fiagro | AAZQ11 | 0.39% | -1.92% |
| Exes Araguaia Fiagro | AGRX11 | 5.62% | -4.58% |
| BB Credit Fiagro | BBGO11 | 4.78% | -2.76% |
| Capitânia Agro Strategies Fiagro | CPTR11 | 7% | -5.16% |
| JGP Credito Fiagro | JGPX11 | 8% | -6.88% |
| XP Agricultural Credit Fiagro | XPCA11 | 7,95% | -7.94% |
| Cetip funds | Ticker | PL |
|---|---|---|
| AZ Quest Luna Fiagro | AZQA11 | 0.36% |
| Captaincy Agro Credit | CPAC11 | 6,99% |
| JGP Agricultural Credit | JGPT11 | 6.65% |
| Green Asatala Fiagro Imobiliário | KJNT11 | 8.29% |
| XP Agro Credit | XPAG11 | 6.14 |