Domestic market securities offerings by Brazilian companies totaled 14 bln reais in the first four months of 2016, 71% less than the 48.2 bln reais recorded in the same period last year. These numbers exclude leasing debentures, which came to 20 bln reais in 2016 to date, versus 10 bln reais in 2015, both single issues by the same institution.

This year’s decline in domestic funding has been virtually homogeneous across all instruments. In the equity market, share issues dropped by 78.3%, while fixed income offerings fell by 67.3%, led by debentures, with a decline of 69.7%, and followed by commercial papers (‐67.3%), mortgage‐backed securities (‐66.7%) and credit receivables (‐42.5%).