Acompanhamento de operações aeronáuticas: visões da gestão do portfólio no apoio às exportações do setor aeronáutico e de defesa

Abstract

Commercial aircraft sales are typically associated with long-term financing in a highly volatile sector. This is mainly due to structural reasons – such as the price of aviation fuel and currency fluctuation against the US dollar – as well as the risk of events that are difficult to predict, such as natural phenomena, geopolitical conflicts or terrorist attacks. For these reasons, and also due to institutional attribution, it was imperative to carry out a continuous and thorough monitoring of aircraft financing operations, their guarantees and their debtors. Such activity includes monitoring the borrower’s compliance with all contractual obligations throughout the life of the loans. This text reviews the scope of the aeronautical portfolio management work at BNDES in light of its characteristics and specific processes that have been elaborated and refined by the Aircraft Export Finance Portfolio Management team, Department of Foreign Trade, in the Division of Industry, Services and Foreign Trade, for the past ten years.