Brazil's Desenrola 3 and betting ban seen easing bank delinquency

Analysts at Goldman Sachs and UBS BB expect Brazil's new Desenrola 3 debt renegotiation program, combined with a ban on sports betting, to modestly reduce consumer delinquency. Nubank, with its unsecured credit exposure, is seen as a primary beneficiary, continuing a pattern from Desenrola 2. The impact is likely small and sector-specific, with broader credit conditions unchanged.