Integração de questões socioambientais na avaliação de títulos de renda fixa corporativos
DOI:
https://doi.org/10.5902/1983465928109Resumo
Este trabalho apresenta um diagnóstico das práticas vigentes e uma proposta de roteiro para integração de variáveis socioambientais na avaliação de títulos de renda fixa corporativos. O roteiro não faz distinção entre as diferentes formas que os títulos podem assumir e foi desenvolvido a partir da identificação das melhores práticas de integração adotadas por agentes do mercado. A amostra de agentes foi obtida por critérios de engajamento em finanças sustentáveis e relevância no mercado de títulos de renda fixa. O diagnóstico indicou fraca consideração de variáveis socioambientais na avaliação dos títulos de renda fixa, pouca diferença entre as práticas das instituições financeiras nacionais e estrangeiras e rating de crédito como principal abordagem utilizada. O roteiro proposto apresenta considerações básicas de riscos e oportunidades, seguindo o caminho da análise de fatores socioambientais setoriais e empresariais, acompanhado de ajuste de spreads na taxa contratual.
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