Starbucks CRIs Remain Safe Amid Legal Battle, Confirms FII Investor; Fund Maintains Earnings Forecast
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Starbucks’ Commercial Real Estate Certificates (CRIs) have been deemed safe against an operator’s legal attempt to recoup their value, according to a FII investor in the company’s securities. The overall report by the fund indicates that the bonds are sound, and the fund maintains its earnings forecast. The management of the fund, led by Riza Akin (RZAK11), recently made its first public comments regarding the status of the Starbucks CRIs held in its portfolio.
RZAK11
This week, SouthRock Capital, the restaurant’s operator in Brazil, 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 their claim that the company’s issued titles are not subject to the ongoing court recovery procedure and are currently fully paid. The fund’s portfolio of CRIs are not included in the scope of the competition according to the document, which states, “All CRIs remain fully adimplent in their respective shares.”
CRIs are commonly used 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. Typically, the CRI offers a monthly fixed yield and is corrected by an indicator, which is usually the CDI rate (interbank deposit certificate) or the Índice de Preços ao Consumidor Amplo (IPCA).
RZAK11 holds three CRIs from SouthRock in its portfolio, known as Starbucks III, IV, and V. The total value of these titles is R$814,000,000.00, accounting for 6.51 percent of the fund’s liquid assets, as stated in the most recent report from the trustee. As of the end of October, the paper represented a total of R$50,189,000,000, as indicated in the document.
Starbucks’ CRIs
In light of the recent developments, RZAK11 shares have experienced a decrease of over 7% in the last two trading sessions, falling from a high of R$92.59 to a low of R$86.34 at the close of trading on Friday (March 3). Nevertheless, the incident involving Starbucks’ CRIs has not had a significant impact on the fund’s updated projection for returns in 2023.
The fund expects to continue distributing at the current rate of R$1.30 per share until December, with a range of between R$1.20 and R$1.40 expected every month. The paragraph emphasizes that the optimistic distribution forecast for the next months is primarily due to the near recognition of a significant kicker (trigger) within the catalog, but it does not provide further details on the subject. The government promises that the winner will be announced through official channels as soon as the kicker is confirmed.
