In brief
5% of DI, with a Bradesco guarantee.
The cash will be swapped into dollars, matching the debt to export revenue.
What we know
04Verified fact · material
SLC Agrícola's board approved on September 11 the issue of 515,480 CPR-F at R$ 1,000, totalling R$ 515.48 million, maturing September 15, 2033 and paying 95.5% of the DI rate, amortising in two equal instalments on September 15, 2031 and at maturity, per CNN Brasil and Money Times.
Deal that defines the event.
Verified fact · material
The issue carries a Bradesco guarantee equal to 100% of the outstanding balance plus interest and charges, Bradesco BBI as lead on a firm-commitment basis for professional investors, and proceeds will be fully swapped into dollars at a cost of currency variation plus 6.15% a year, per CNN Brasil and Money Times.
Structure and effective dollar cost.
Verified fact
The approval came on the day the USDA raised the US soybeanSoybeansAssetBrazil's main agricultural commodity, with the country the world's largest producer and exporter, traded on the CBOT in Chicago and priced at Brazilian ports at a premium over Chicago.Open in the Market Map ↗ crop and soybeans fell 2.7% in Chicago, the price reference for the 2026/27 crop the company is starting to plant, per CNN Brasil.
Price context for the funding.
Sources[03]
Transmission to assets
Market read-through
15% dollar swap is expensive by historical standards, but extends liabilities seven years and matches debt to dollar revenue ahead of a crop that starts with Chicago falling.
For the CPR-F market, it is one of the year's largest corporate issues.
Portfolio impact
01Long funding matched to dollar revenue cuts crop refinancing risk.
Positive for liquidity; neutral for margins.
What would change the view: The 6.15% dollar cost weighs if the real appreciates.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- Settlement of the offering and professional-investor demand.
- Currency-hedge cost with the dollar at R$ 5.12.
- Planting and input costs for the 2026/27 crop.
Limits of the reporting
What remains uncertain
- Sources give no settlement date or anchor investors.