In the first quarter of 2016, corporate funding volume in the domestic market, together with the year’s only international offering, by the National Treasury, totaled 13.7 bln reais, 24.9% down on the same period last year.

In March, domestic offerings by Brazilian companies came to 21.9 bln reais. Of this total, however, 20 bln reais refers to a single leasing debenture operation by Santander Leasing. Counting domestic corporate operations only, the figure falls to 1.9 bln reais. These involved all the other local market instruments, but the average volume of operations was only 106 mln reais. All in all, there were 18 operations in the month, four of which involving credit receivables, totaling 847 mln reais, four debenture issues, amounting to 550 mln reais, four commercial paper operations, totaling 248 mln reais, five tranches of mortgage‐ backed securities, amounting to 72 mln reais, and one equity follow‐on totaling 190.5 mln reais, the second of the year, both of which distributed with restricted placement efforts (ICVM 476). Among those operations involving debt and securitization instruments, it is particularly worth mentioning, in addition to the year’s first leasing debenture offering, Duas Rodas FIDC Automotivo LP’s credit receivables operation totaling 800 mln reais, and Renault’s debenture issue, which raised 400 mln reais.