In February, capital market funding totaled R$ 13 billion, which corresponds to a drop of 51.2% in relation to the previous month. The data were disclosed this Tuesday (7th) by the Brazilian Association of Financial and Capital Market Entities (Anbima). O The result represents the lowest monthly volume since May 2020.
According to the association, so far, offers in progress and under analysis total R$ 14 billion and R$ 5.2 billion, respectively (disregarding the volume of share offers).
Anbima’s evaluation is that the result reflected the environment of risk aversion that marked the beginning of the year in view of the credit events and requests for judicial recovery of companies that occurred in the period.
In addition, the association cites the lack of indication of a new fiscal framework for this year and the perspective of maintaining high interest rates for a longer time amidst questions from the government itself regarding the handling of the inflation targeting system by the BC.
Debentures represented 50.9% of the total volume issued in February, which corresponded to a volume of R$ 6.6 billion, against R$ 18.7 billion in the previous month.
Anbima accounted for 19 operations carried out with this asset against 25 registered in January. CRA issues came next, equivalent to a share of 14.6% of the volume placed.
Commercial notes have maintained their representativeness with a share of 10.5%, which corresponded to an amount of R$ 1.4 billion.
Among subscribers of debenture offers, 59.3% went to intermediaries and other participants in the offer and 33.2% to investment funds. Of these placements, 43.1% were earmarked for refinancing liabilities, a much higher portion than the same period last year, which was 26.4%.
“This increase is possibly linked to changes in expectations of medium and long-term interest curves”, says the association.
According to the survey, even with the drop in emissions, the volumes of hybrid instruments (Fiagro and FII) represented 13.9%, which is equivalent to an amount placed of R$ 1.8 billion. In the accumulated result for the year, the registered volume was R$ 5.1 billion, which corresponds to 12.7% of the year’s issues.
Anbima also points out that these instruments alone represent R$ 4.7 billion of the offerings that are in progress.
Source: CNN Brasil
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