Capital markets offerings reached a record R$838.8 billion in 2025, up 6.4% from the previous year, which had held the highest volume to date, according to data from Anbima, the Brazilian Financial and Capital Markets Association.

The record was driven by the final quarter, which accounted for 37.1% of the total amount. December stood out with the highest monthly volume in the historical series, at R$116.1 billion. The series began in 2012.

In Anbima’s assessment, the result reflects favorable market conditions and discussions around taxation, which led many companies to bring forward fundraising plans. Looking ahead, expectations for 2026 remain positive, although the association notes the natural volatility of an election year and an external environment that will need to be closely monitored, said Cesar Mindof, an Anbima director.

Debt securities

By instrument, debentures led the market, with R$492.8 billion in offerings, surpassing by 4% the volume booked in 2024 and all previous years. Funds raised were mainly allocated to infrastructure, which accounted for 35%, and debt repayment, at 26.2%. Tax-exempt debentures issued under Law 12,431 also set a record in the period, totaling R$178 billion.

A total of 26 sectors raised funds through debentures in 2025. Electric power ranked first, with R$119.8 billion raised, followed by transportation and logistics at R$88.3 billion, financial services at R$79.5 billion and sanitation at R$44.5 billion.

In the secondary market, trading in debentures, both tax-exempt and non-exempt, rose 33.9% to a record R$947.4 billion. The figure already represents nearly double the volume of primary market offerings, highlighting the product’s growing maturity.

Commercial notes also reached a new annual high, totaling R$51.8 billion, an increase of 18.9% compared with 2024.

Securitization

FIDCs, or direct lending funds, posted the largest fundraising among securitization instruments, with R$90.8 billion raised, up 9.5% from the previous year. With more than 1,000 transactions over the year, the instrument accounted for 42% of the number of fixed-income offerings in 2025, underscoring its strategic role in the capital markets as a financing alternative for companies of different sizes, said Guilherme Maranhão, chairman of Anbima’s Capital Markets Structuring Forum.

CRAs, or agribusiness receivables certificates, totaled a record R$46.2 billion in the period, an increase of 11.1%. CRIs, or real estate receivables certificates, amounted to R$49 billion, down 20.2% in the comparison.

Hybrids

Real estate investment funds raised R$79.2 billion in issuances, the highest level in the historical series, with a 77.2% jump year on year. November and December stood out, with R$13.8 billion and R$23.8 billion raised, respectively.

Of the total amount invested by individual investors in public offerings in 2025, R$81 billion across a wide range of capital market instruments, the largest share was allocated to these funds, at 27.6%.

Also among hybrid instruments, Fiagros closed the year with R$6.4 billion in offerings, up 31.3% from 2024.

International markets

Fixed-income issuance in international markets reached $31.6 billion in 2025, the highest volume since 2014, with companies accounting for the largest share at 61.6%. In terms of maturity profile, securities with tenors of six to ten years had the largest share, at 40.8%, followed by those maturing in up to five years, at 29.2%.