Issuance by national companies in fixed income instruments hit a record in 2022, totaling R$ 457 billion, according to data released this Tuesday (17) by Anbima (Brazilian Association of Financial and Capital Market Entities).
The result represents an advance of 6.6% over 2021, highlights the association. The volume is the largest in the historical series of the association’s capital markets, which began in 2012.
According to the report, the numbers were driven by debenture offerings, which totaled R$ 271 billion in the same period — a result that is also a record.
According to José Eduardo Laloni, vice-president of Anbima, even in the face of challenges in the internal and external scenarios, fixed income performed well in 2022. “This scenario demonstrates the strength and maturity that our domestic capital market has reached in the last years”.
“With this evolution, in addition to debentures, we see other instruments expanding their participation in corporate financing, such as commercial notes, CRIs (Certificates of Real Estate Receivables) and CRAs (Certificates of Agribusiness Receivables)”, he adds.
securitization market
In the securitization market, CRIs totaled BRL 50.3 billion in the year, a result that represents an increase of 48.5% when compared to 2021. There were 677 operations, against 623 in the previous year.
The CRAs totaled R$ 40.8 billion, an increase of 62.4% compared to last year. The number of operations also grew on the same basis of comparison, from 185, in 2021, to 302.
According to the report, the results of the CRIs and CRAs are also records in Anbima’s historical series. FIDCs (Credit Rights Investment Funds) fell by 49.9% compared to 2021, to R＄ 46.2 billion.
Guilherme Maranhão, vice-president of the Capital Market Structuring Forum at Anbima, attributes the growth to regulatory evolution. “The advancement of CRAs is related to the launch of Fiagro (Investment Fund in Agroindustrial Chains), in 2021. Funds in this category have become major buyers of CRAs. In other words, it is regulation contributing to the development of the capital market”, he says.
It is worth noting that, in 2022, the Fiagros raised BRL 7.1 billion.
Anbima also added to the fixed income results the commercial notes, which hit the market in 2021. Last year, nine offers reached BRL 2.9 billion. In 2022, the use of the instrument increased: there were 115 offers, totaling R$ 43.2 billion.
“The volume of issuance of commercial notes is the fourth highest of the year, which is quite interesting as it is a relatively new product”, says Maranhão.
“The characteristics of flexibility and speed of issuance of these banknotes boosted the result”, adds Laloni.
Variable income
In variable income, the volume of operations in 2022 was BRL 55 billion, down 57% compared to 2021.
There were 19 follow-ons (subsequent share offerings) in the period, reaching R$54.6 billion. The result pulled down the total issues in the capital market in 2022, which stood at R$ 544 billion, a drop of 10.9% compared to the previous year.
Source: CNN Brasil
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