Capital markets offerings in Brazil reached R$246.4 billion in the first five months of 2025, down 10.5% from the same period in 2024, according to data from the Brazilian Financial and Capital Markets Association (ANBIMA). In May alone, companies raised R$43.6 billion.

“After several months of consecutive records, we’re now seeing a natural stabilization of the market—though volumes remain historically high. Companies continue to turn to capital markets to manage their operations and fund their projects,” said Guilherme Maranhão, head of ANBIMA’s Capital Markets Structuring Forum.

Debentures once again led the market in terms of issuance volume, totaling R$155.5 billion so far in 2025, a modest 3.2% decline from the same period last year. Most of the proceeds went toward infrastructure investments (39.9%), debt repayment (21.6%), and general corporate purposes (16.1%). The average maturity rose to 9.2 years, compared with 7.5 years in the first five months of 2024.

Commercial notes—a funding instrument designed to streamline issuance and improve access for smaller companies—reached R$10.7 billion, up 41.5% from the same period a year earlier.

Securitization instruments 

Among securitized products, companies raised R$30.4 billion through direct lending funds (FIDCs), a drop of 8% from the January–May 2024 period. Real estate bonds (CRIs) totaled R$18.3 billion, while agribusiness bonds (CRAs) amounted to R$12.1 billion—down 32.5% and 29%, respectively.

In the hybrid securities segment, real estate investment funds (FIIs) raised R$13 billion, a decline of 44.3% compared to the same period in 2024. Meanwhile, agribusiness investment funds (Fiagros) posted R$1.7 billion in offerings, up 30.9%.

On the equity side, the market saw follow-on offerings for a third consecutive month, totaling R$3.5 billion in 2025 so far—a 27.8% decrease compared to the same period last year.

In international markets, fixed-income offerings totaled $13.1 billion in 2025, up 18.7%. Corporate issuers led the way, accounting for 59.2% of the volume, followed by financial institutions (21.9%) and the federal government (18.8%).