The expansion of bond markets as a source of long-term financing was at the center of discussions at the 58th ICMA Annual General Meeting & Conference, held in London, where Anbima reinforced Brazil’s role in global capital market debates as both a sponsor and speaker.

This year, Anbima expanded its presence compared with the previous edition by hosting a booth to welcome participants, present the Brazilian capital markets, and highlight the association’s international agenda. The initiative is part of Anbima’s strategy to strengthen its representation abroad, promote connections with its members, and support cross-border business opportunities.

Ricardo Prado Soares, CFA, Anbima representative and head of Brazil Syndicated Loans at Itaú BBA, took part in the panel “Unlocking capital: Advancing bond markets globally,” moderated by Mushtaq Kapasi, managing director and head of Asia Pacific at ICMA. The session also included Modupe Famakinwa, head of Funding, Capital Markets and Investor Relations at Africa Finance Corporation, and Domenico Nardelli, acting chief financial officer and treasurer at Asian Infrastructure Investment Bank.

Brazil’s market expansion

During the discussion, Soares highlighted the progress made by Brazil’s capital markets over the past five years, supported by reforms that improved issuance processes, fund regulation, and distribution channels. These changes have helped reduce time-to-market and costs, while making the local market more comparable to offshore markets.

He noted that corporate capital market issuance has grown significantly, reaching about $170 billion in 2025. Brazil’s fund industry has also expanded and diversified, with roughly $2.2 trillion in assets under management across fixed income, pension, hedge, private equity, real estate, and equity funds.

Retail investor participation has also increased. Direct individual exposure to corporate bonds rose from about $10 billion to around $30 billion, while secondary market liquidity has deepened substantially over the same period. Soares also pointed to a broader shift in corporate financing, with capital markets now accounting for a much larger share of funding for companies in Brazil.

Ricardo Soares

“Brazil has built a deeper, more diversified, and more accessible capital market in recent years. This progress reflects regulatory improvements, stronger market infrastructure, and a growing investor base,” Soares said. “Anbima has played an important role in this process by connecting market participants and regulators, supporting transparency through mark-to-market pricing, standardizing documentation, and helping broaden investor access. Our international agenda is a way to show this progress to global investors and create new bridges for cross-border opportunities.”

Regional paths to market development

At the same time, Soares noted that further steps are needed, including currency volatility, limited long-term hedging solutions, and the need for greater macroeconomic and regulatory stability to keep attracting global capital.

The discussion also showed that bond market development differs across regions, reflecting each market’s institutional framework, investor base, and financing needs. In Africa, several initiatives are helping expand credit access and diversify local markets. In Asia, the Asian Infrastructure Investment Bank has supported green infrastructure and technology-enabled projects, while Shanghai Clearinghouse has contributed to the development of cross-border bond market infrastructure.

Despite these regional differences, panelists pointed to a common set of priorities for markets seeking to attract long-term capital. The development of deeper and more resilient bond markets requires more than capital availability. It depends on credible issuers, reliable market infrastructure, clear regulation, broader investor participation, and instruments that respond to each region’s financing needs.