Íntegra

Debentures account for 66% of issues in 2018

In the year through October, capital-market issuances totaled R$187.8 billion, up 17% from a year ago, when the amount raised reached R$160.6 billion. Debentures continue to stand out in the segment, raising R$123.4 billion in the January-October period and accounting for 65.7% of total issues; followed by commercial papers, whose issues amounted to R$24.2 billion. It is worth noting that since August 2018 the volume of debentures issued was already the largest in the historical series. The prospects of a gradual economic recovery starting next year –  the ANBIMA Macro Committee forecasts GDP growth of 2.5% –  could create a more favorable environment to boost new corporate issues while bringing back share offerings.

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In October, however, uncertainties arising from the electoral race increased investor caution and restricted securities issues. The monthly volume issued totaled R$8.4 billion, the lowest in the year and a 38% drop compared with September. Debenture issues raised R$5.4 billion in October, a 46% decline against the R$10.1 billion in the previous month.

In terms of allocation of debentures issued this year, 61% are meant for refinancing liabilities (36.6%) while working capital accounts for 24.2% of the total. Another highlight in 2018 are the infrastructure bonds (18.7%), which are tax exempt; and those related to the investment or acquisition of equity stakes, accounting for 9.2%, the highest share of such securities in total emissions since 2015.

Infrastructure debentures, through Law 12,431, raised R$21.6 billion up to October, compared with R$8.7 billion in the same period last year. Individuals, who are income-tax exempt when investing in such bonds, had a lower participation and acquired 18.1% of the total, compared with 39.2% in the same period of 2017. Intermediaries and other participants related to the offering are the largest subscribers to such securities, with 45%. This subscription trend is recent. In the January-October period last year, these investors held 29.3% of the volume offered.

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