Capital markets issuance reached R$59.9 billion in January, the highest volume ever for the month in Anbima’s historical series, which dates back to 2012. The total, driven by fixed-income instruments, represents a 30.5% increase compared with the same period last year.

Debenture offerings totaled R$26.9 billion, down 5.8% from January 2025. Most of the proceeds were allocated to infrastructure investments (41.4%) and general corporate purposes (28.2%). The average maturity of the bonds was 7.3 years.

Commercial notes, created to facilitate access to the capital markets through less bureaucratic offerings, reached a record R$6.4 billion for the month of January, more than quadrupling the volume recorded a year earlier, a 329% increase.

FIDCs (direct-lending funds), also considered an entry point to the market, posted an unprecedented R$7 billion for January. The amount was nearly double — up 98.6% — compared with the same month in 2025.

“It is noteworthy that, at the start of the year, instruments such as commercial notes and FIDCs, which also serve smaller companies, performed strongly, highlighting the range of options available in the capital markets to meet the financing needs of companies of different sizes and profiles,” said Guilherme Maranhão, president of Anbima’s Capital Markets Structuring Forum.

Among securitization instruments, CRIs (real estate receivables certificates) totaled R$3.2 billion, while CRAs (agribusiness receivables certificates) reached R$908 million, down 21.3% and 60.1%, respectively, from January last year.

In the hybrid segment, FIIs (real estate investment funds) raised R$4.8 billion, an 18.9% year-over-year increase. Fiagros (agribusiness supply chain investment funds) totaled R$955 million, down 8.6% over the same comparison.

In equities, two follow-on offerings raised R$7.9 billion. There were no equity offerings in January of last year.