The National Treasury refused to provide a guarantee for a r$ 20 billion loan negotiated by Correios with a bank consortium, deeming the interest rate excessive. The decision was communicated to the state-owned company's president, Emmanoel Rondon, on Tuesday, December 2, 2025. The company now seeks new negotiations to adjust the terms.
Correios, the state-owned postal service, had a r$ 20 billion credit operation approved by its board of directors in an extraordinary meeting on Saturday, November 29, 2025, with a consortium including Banco do Brasil, Citibank, BTG Pactual, ABC Brasil, and Safra. The proposed interest rate was 136% of the CDI, equivalent to about 20% per year, leading the National Treasury to veto the sovereign guarantee.
On Tuesday, December 2, the Treasury informed the company's president that it would not accept operations above 120% of the CDI, or approximately 18% per year, a limit set for guaranteeing subnational entities. Emmanoel Rondon was summoned to a meeting at the Ministry of Finance, where he received the notification. The state-owned company suspended the transaction and plans to return to negotiations with the banks to lower the cost.
The company faces severe financial issues, with accumulated losses of r$ 6.1 billion from January to September 2025, nearly triple the r$ 2.14 billion from the same period in 2024. Factors such as technological changes reducing the use of letters and telegrams, competition from private delivery companies, and falling revenues contribute to the crisis. Additionally, the Postalis pension fund drains resources; a year ago, Correios agreed to inject r$ 7.6 billion, half of the r$ 15 billion needed to balance the accounts.
During the Bolsonaro administration, Correios were included in the privatization program, but upon Lula's inauguration, the plan was shelved in favor of restructuring. Without the loan, the state-owned company may need a direct contribution from the Treasury, complying with fiscal rules. The government is evaluating measures like a decree to facilitate guarantees, considering the company's restructuring plan.
