Capital market fundraising in Brazil totaled R$361.8 billion in the first six months of 2026, the strongest first-half result since Anbima (Brazilian Financial and Capital Markets Association) began compiling the data in 2012. The amount was up 9.8% from the same period a year earlier. Overall, 1,513 transactions were completed during the period, an increase of 13%.

Fixed income offerings accounted for the largest share, totaling R$288.8 billion. Hybrid instruments, comprising FIIs (Real Estate Investment Funds) and Fiagros (Investment Funds in Agroindustrial Productive Chains), also reached new highs. FII offerings totaled R$39.5 billion, up 103.9%, while Fiagro offerings reached R$8.3 billion, an increase of 288.3% year over year.

“Amid instability in the external environment and attractive premiums linked to interest rates, the composition of offerings became more diversified, with significant growth in hybrid instruments and a recovery in equities. The increase in the number of issuances points to a maturing market,” said Cesar Mindof, director at Anbima.

Hybrid instruments and equities

One of the highlights of the period, hybrid instruments reached a record R$47.8 billion in fundraising in the first half of 2026, driven primarily by individual investors and investment funds.

Compared with the same period a year earlier, the amount allocated to individual investors rose from R$9.7 billion to R$20.7 billion, an increase of 114.3%. Investment funds posted even stronger growth, with allocations rising from R$6 billion to R$18.9 billion, up 215%.

Investment funds also increased their share of hybrid offerings, accounting for 39.6% of the total in the first six months of 2026, up from 28% in the same period of 2025.

Equity offerings also regained momentum in 2026, with the first IPO after a prolonged drought. Volume has already surpassed the total raised in 2025 by 62.5%. Follow-on offerings reached R$22.2 billion from January to June. Overall, there were eight equity offerings, twice as many as in the same period of 2025.

Fixed income

Offerings of debentures—the main corporate debt instrument in the Brazilian market—totaled R$169.8 billion in the first half, down 12.1% from the same period in 2025. Still, the number of transactions increased, rising from 268 to 278 in the first six months of 2026.

Driven by the electric power sector, which accounted for 52.9% of the total, tax-exempt debentures represented 38.3% of the amount raised through debenture offerings during the period. This highlights how capital markets continue to serve as an important source of financing for infrastructure projects with a significant impact on the real economy.

The share was broadly stable compared with 38.6% in the first half of 2025 and remained close to historically high levels.

In the secondary market, debenture trading volume increased 20.6% to R$494.6 billion in the January-June period.

Issuances of CRIs (Real Estate Receivables Certificates) and CRAs (Agribusiness Receivables Certificates) totaled R$20.3 billion and R$7.1 billion, respectively, down 15.8% and 50.4% from the same period of 2025.

Commercial notes reached the highest number of first-half transactions since Anbima began compiling the series, with 123 deals, up 43% from 2025. However, the amount raised through these offerings declined 11.4%.

FIDC (Credit Rights Investment Fund) offerings totaled R$53.1 billion across 559 transactions.

Offshore market

In overseas markets, issuances in the first six months of 2026 reached its highest level for the period since 2014, totaling $24.8 billion.

Brazilian government issuances accounted for 58.9% of the total and reached $14.6 billion, driving the overall figure higher. Financial institutions raised $2.5 billion, while non-financial companies raised $7.7 billion, with both figures remaining relatively stable compared with previous periods.