Brazil’s Capital Markets Hit A 2025 Record, But Equity Still Went Missing

Key Points

• R$838.8 billion ($155B) in offerings set a record, with debt dominating and equity shrinking.
• Debentures and securitized receivables financed infrastructure and refinancing at unprecedented scale.
• Real-estate funds surged, yet Brazil extended its IPO drought to four straight years.

Brazil’s capital markets raised a record R$838.8 billion ($155B) in public offerings in 2025, Anbima data show. The total grew 6.4% from R$788.1 billion ($146B) in 2024.

The fourth quarter represented 37.1% of the annual volume. December set an all-time monthly high of R$116.1 billion ($22B).

The mix was decisive. Fixed income reached R$737.7 billion ($137B), up 3.4% year on year. Equity deals fell to R$15.5 billion ($3B), down about 38%.

Follow-on offerings dropped from about R$25 billion ($5B) in 2024 to R$15.5 billion ($3B) in 2025. Brazil has not seen an IPO since 2021. The last was Wilson Sons, later delisted after its acquisition by MSC.

Debentures drove most funding. Issuance totaled R$492.8 billion ($91B). Anbima said 35.0% financed infrastructure and 26.2% repaid debt. Tax-incentivized debentures under Law 12.431 reached a record R$178.0 billion ($33B).

Power led with R$119.8 billion ($22B). Transport and logistics followed at R$88.3 billion ($16B). Financial firms issued R$79.5 billion ($15B). Sanitation raised R$44.5 billion ($8B).

Securitization deepened the pipeline. Anbima said seven of every ten fixed-income public offers were securitization-linked. Securitized issuance was reported at R$241.8 billion ($45B), up from R$220.5 billion ($41B).

FIDCs raised a record R$90.8 billion ($17B). These receivables funds accounted for 1,098 offerings, or 42% of fixed-income deals. Real estate vehicles rebounded sharply.

FIIs raised R$79.2 billion ($15B), up 77.2%, with R$13.8 billion ($3B) in November and R$23.8 billion ($4B) in December. CRAs hit a record R$46.2 billion ($9B).

CRIs totaled R$49.0 billion ($9B), down 20.2%. Fiagros raised R$6.4 billion ($1B). Liquidity also improved. Debenture secondary trading reached R$947.4 billion ($175B).

Abroad, Brazilian fixed-income issuance reached $31.6B, the highest since 2014, with companies at 61.6%. The takeaway is simple. High rates rewarded cash-flow products and disciplined balance sheets.

Equity stayed sidelined, waiting for lower rates and steadier policy signals. Anbima represents more than 300 market institutions, and it is treating this shift as structural.

Related coverage: Brazil’s Morning Call | Brazil’s Revenue Windfall Gives Brasília Fiscal Breathing Ro This is part of The Rio Times’ daily coverage of Latin American news and financial markets.

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