{"id":95915,"date":"2025-09-26T09:19:52","date_gmt":"2025-09-26T12:19:52","guid":{"rendered":"https:\/\/murray.adv.br\/?p=95915"},"modified":"2025-09-26T09:19:52","modified_gmt":"2025-09-26T12:19:52","slug":"brazilian-stock-market-needs-more-attractive-instruments","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazilian-stock-market-needs-more-attractive-instruments\/","title":{"rendered":"Brazilian stock market needs more attractive instruments"},"content":{"rendered":"
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Experts say conditions are not favorable for companies<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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09\/25\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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The dearth of initial public offerings, high borrowing costs, and difficulties in lowering the cost of capital remain the main challenges in Brazil\u2019s capital markets, according to government officials and financial sector representatives. They argue that it is essential to\u00a0create attractive instruments for investors<\/strong>\u00a0and proper conditions for companies to return to the stock exchange, which would help democratize and boost the market.<\/p>\n<\/div>\n

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Brazilian Development Bank (BNDES) President Aloizio Mercadante said on Wednesday (24) that \u201ca development bank is not just about credit\u201d and that holding equity positions is in line with the best practices of peer institutions worldwide. Mr. Mercadante emphasized that the private sector is decisive in the capital market and that the bank\u2019s role is to strengthen the system in strategic areas. \u201cWe cannot replace the private sector. It\u2019s like acupuncture: we insert the needle in the right spot to make the system better,\u201d he said at an event held at BNDES headquarters in Rio de Janeiro.<\/p>\n<\/div>\n

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At the same event, Vice President Geraldo Alckmin highlighted that the bank\u2019s support will be key for strategic sectors such as decarbonization, healthcare, biotechnology, startups, and critical minerals\u2014especially at a time when borrowing costs remain high, with the Selic policy rate at around 15% per year.<\/p>\n<\/div>\n

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While Brazil has seen no IPOs in recent years, India registered at least 100 last year, said\u00a0XP CEO Jos\u00e9 Berenguer<\/strong>. According to him, the lag in Brazil\u2019s market can be explained by the current level of interest rates and \u201cthe tax incentives given to fixed income.\u201d He argued: \u201cWe continue with this habit of creating tax breaks that end up boosting fixed income and eliminating any chance for the equity market to develop.\u201d<\/p>\n<\/div>\n

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Ita\u00fa Unibanco CEO Milton Maluhy Filho<\/strong>\u00a0said Brazil\u2019s biggest challenge in equity markets is the cost of capital. \u201cThis cost has two aspects: institutional, so foreign investors can look at Brazil as a safe harbor, and legal, to ensure that investments are made under clear and reliable rules.\u201d<\/p>\n<\/div>\n

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He added that with the prospect of lower Selic rates, along with improvements in institutional and legal frameworks, Brazil could reduce the cost of equity and raise investment levels. Mr. Maluhy Filho stressed that foreign investment is crucial for the country\u2019s development and that Brazil must open its borders and stimulate this market.<\/p>\n<\/div>\n

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Treasury Secretary\u00a0Rog\u00e9rio Ceron<\/strong>\u00a0indicated that another sovereign sustainable bond issuance (\u201cgreen bonds\u201d), similar to those tied to the Climate Fund, could take place this year. Brazil issued its first such bond in November 2023 and a second in June 2024. The expected size of the offering is about $2 billion, or roughly R$10 billion.<\/p>\n<\/div>\n

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Mr. Mercadante also reiterated that BNDES intends to maintain tax-incentivized debentures and that discussions about their taxation are \u201csettled\u201d with the Finance Ministry. He stressed that incentivized infrastructure debentures are \u201cindispensable.\u201d \u201cYou cannot finance a project over 25 or 30 years, as we do, without having this kind of instrument to attract the private sector.\u201d<\/p>\n

*By\u00a0Jessica Alexandra\u00a0and\u00a0Victoria Netto\u00a0\u2014 Rio de Janeiro<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n

<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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