Explanatory notes
Fixed Income
Justifications
a) the operations to alienate federal public securities, classified under the category of "securities to keep until maturity", were made simultaneously to the acquisition of new securities of the same nature, with later maturities and in an amount exceeding that of the alienated ones, not contradicting the Entity's original intention when it recorded the alienated securities under that category, in accordance to Resolution n° 15 of August 23, 2005;
b) the rolling over operations of the securities already accounted for by the income curve (curva de rendimento), (Section "a") took place in the Permutation Auction (trade) held by the National Treasury and were justified by the reasons below:
- the perspective of gaining good returns with that operation, based on the evolution of the nominal and real interest rates indicated by the internal market and PREVI's estimated scenarios.
- risk mitigation in the reinvestment of funds in Fixed Income;
- adequacy of the tenor of Federal Public Securities to PREVI's long term cash flow, according to the cash needs indicated by the assets and liabilities management.