Brazilian Securities News

The regulator is the Comissão de Valores Mobiliários. It was created on 07/12/1976 by Lei 6.385/76 to supervise, regulate, discipline and develop the securities market, and it is an autarquia in a special regime linked to the Ministério da Fazenda, with its own legal personality and assets, independent administrative authority, fixed terms for its directors and budgetary autonomy. Its rules are issued as Resoluções by the Colegiado under Lei nº 6.385 and Lei nº 6.404, both of 1976, and they are organised by subject: open companies, securitisation companies, portfolio managers, independent auditors, credit rating agencies, fiduciary agents, investment clubs, BDRs and investor registration and anti money laundering.

Monetary policy sits with the Banco Central do Brasil, and the Comitê de Política Monetária sets the Selic target that prices most of the domestic curve. At its 280th meeting, on 2026-08-05, the committee set a Selic target of 14.0 percent effective from 2026-08-06, down from the 14.25 percent that had applied since 2026-06-18.

Federal debt is the deepest instrument class in the country and the Tesouro Nacional publishes a monthly report on it. The stock of Dívida Pública Federal rose 0.22 percent in nominal terms to R$ 9,288.78 billion in July from R$ 9,268.39 billion in June. Domestic debt, DPMFi, was 96.34 percent of that at R$ 8,948.72 billion, and external debt, DPFe, ended July at R$ 340.06 billion, or US$ 66.98 billion. By indexer the stock was 51.11 percent floating rate, 26.02 percent price index linked, 19.22 percent fixed rate and 3.65 percent exchange rate linked, against the 2026 annual borrowing plan bands of 49.0 to 53.0 percent, 21.0 to 25.0 percent, 20.0 to 24.0 percent and 3.0 to 7.0 percent respectively. Floating rate LFT alone accounted for 51.07 percent of the total stock.

Retail participation is unusually direct. The Tesouro Direto programme sells federal bonds to individuals without an intermediary, and it accounted for R$ 11.67 billion of the R$ 198.14 billion of DPMFi issued in July 2026, against R$ 184.62 billion sold at traditional auctions and R$ 1.85 billion in direct issues. The programme registered 270,502 investors during the month, of whom 119,005 became active. Instrument by instrument the domestic stock rests on four families: LFT floating rate notes, LTN zero coupon bills, NTN-B inflation linked notes, which stood at R$ 2,311.60 billion in July, and NTN-F fixed coupon bonds at R$ 647.15 billion. GSN covers B3 listed company disclosures and index reviews, CVM rule making and enforcement, Copom decisions and the Tesouro Nacional issuance calendar.