Banco Inter stunned Brazil’s financial world in 2024, boosting debt issuance by 151%, far outpacing the market’s 66.7% growth. Data from the Brazilian Association of Financial and Capital Markets Entities reveals companies raised a record R$ 783.4 billion this year.
Inter handled 38 offerings, mostly as lead coordinator, totaling R$ 12.6 billion. Thiago Lobato, who joined Inter in 2023 from Itaú BBA, drove this surge with firm commitment underwriting, which grew 68%.
He led deals with giants like B3, Equatorial, and Copel, strengthening Inter’s market stance. Meanwhile, the bank climbed from 11th to 8th in real estate receivable certificates, managing R$ 5 billion.
The broader market thrived, with fixed-income instruments like debentures hitting R$ 473.66 billion, doubling 2023’s volume. Commercial notes, popular with smaller firms, jumped 56.1% to R$ 43.6 billion.
Inter tapped this trend, targeting the “middle market” with tailored offerings Lobato calls “artisanal.” Behind these numbers lies a strategic shift as Brazil’s capital markets evolve.
Companies increasingly favor securities over bank loans, which now account for just 51.5% of financing, down from 81% a decade ago. Inter’s focus on debut issuers using commercial notes fueled its outsized growth.
Inter Bank’s Bold Rise Amidst Market Uncertainty
However, Lobato predicts a slowdown in 2025 due to high interest rates and election uncertainty. Firms rushed to raise funds in 2024, locking in low risk premiums and long maturities.
Next year, only well-known issuers or those refinancing will likely dominate, especially as 2026 elections loom. December 2024 alone saw R$ 99.4 billion in offerings, a monthly record since tracking began in 2012.
This frenzy reflects firms preparing for tougher times ahead. Inter’s success hinges on its niche expertise, but sustaining this pace will test its adaptability. The story behind Inter’s figures reveals a bank seizing opportunity amid a historic market boom.
Its 151% growth underscores a shift toward broader capital access for Brazilian firms. Yet, with economic clouds gathering, 2025 promises a more cautious chapter. Lobato remains pragmatic, expecting a “good but selective” market favoring established players.
Inter’s rise from middle-market deals to major syndicates highlights its ambition. Still, the bank faces a maturing landscape where competition tightens and macroeconomic risks grow.
This tale of numbers—R$ 12.6 billion raised, 38 deals led—shows a bank punching above its weight. Brazil’s financial system is changing, and Inter’s bold moves signal a new era. The question now is whether it can navigate the challenges ahead.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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