Hello Marcelo.
We have two transactions:
1) 20000022 - Interest rate instrument
2) 20000023 - Bilateral Facility
If you take a look the cash flow from 20000022 transaction will see the follow base amount and interests as indicated in the variable rate:
03/03/2010 – Base amount 4.632,00 and Interest 0,00
03/04/2010 – Base amount 4.632,00 and Interest 2,65
03/05/2010 – Base amount 4.634,65 and Interest 0,00
03/06/2010 – Base amount 4.634,65 and Interest 4,24
03/07/2010 – Base amount 4.638,89 and Interest 3,15
Now let`s verify the 20000023 transaction… do you agree that the base amount to calculate the fixed rate it shoud be the BASE AMOUNT + INTEREST?
For example, the base amount used in 03/04/2010 it should be 4.632,00 + 2,65.
In the cash flow from 20000023 transaction, the base amount ignore the interests like below:
03/03/2010 – Base amount 4.632,00 and Interest 36,94
03/04/2010 – Base amount 4.632,00 and Interest 36,94
03/05/2010 – Base amount 4.634,65 and Interest 36,96
03/06/2010 – Base amount 4.634,65 and Interest 36,96
03/07/2010 – Base amount 4.638,89 and Interest 37,00
The base amount does not consider the interests from month. The interests are capitalized only to the next month.
Best regards
Eduardo schalch