In February, Brazilian companies raised only 292 mln reais in funding, well below the average of the last six months (7.9 bln reais). In addition to the lack of international operations and equity issues, the month was marked by the absence of debenture offerings which are normally the instruments most used by Brazilian companies in the domestic capital market. Even though there is negative seasonality in February, especially in the case of debenture issues, we have to go back to February 2009 to find a complete lack of such issues. It is worth emphasizing, however, that debentures totaling around 2.8 bln reais are currently being distributed with limited placement efforts (assets covered by ICVM 476).