{"id":97268,"date":"2026-01-20T22:13:41","date_gmt":"2026-01-21T01:13:41","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97268"},"modified":"2026-01-20T22:13:41","modified_gmt":"2026-01-21T01:13:41","slug":"reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/","title":{"rendered":"Reimbursement of Banco Master CDBs injects extra liquidity in market"},"content":{"rendered":"
\n
\n
\n
Advisory firms see excess of funds released all at once and lack of assets to absorb them<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
<\/div>\n

 <\/p>\n

 <\/p>\n

01\/20\/2026 <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

\n
\n
\n
\n

More than R$40 billion (about $8 billion) that the Credit Guarantee Fund (FGC) has begun to disburse to reimburse investors holding Banco Master certificates of deposit (CDBs), following the bank\u2019s extrajudicial liquidation, has injected an unusual, out-of-season surge of liquidity into the investment market. Advisory firms that work directly with clients are campaigning to retain those funds, but the volume released all at once is too large to be absorbed immediately.<\/p>\n<\/div>\n

\n
\n

\u201cIt\u2019s a lot of liquidity in a very short period of time and without sufficient assets to back it,\u201d said Samy Botsman,<\/strong>\u00a0a managing partner at Fami Capital. \u201cSome of it will go into Treasury Direct bonds, some into funds, but the market doesn\u2019t have R$40 billion in assets to reallocate all at once.\u201d<\/p>\n<\/div>\n

\n

Botsman added that a bank failure significantly undermines investor confidence and that small and mid-sized institutions tend to face greater difficulty in raising funds. Yields offered by stronger issuers, in turn, are likely to decline, squeezing returns for investors.<\/p>\n<\/div>\n

\n

Even before the funds were released, advisory firms and major investment platforms had already begun efforts to ensure that eligible investors listed accounts at their own institutions when registering to receive FGC payments.<\/p>\n<\/div>\n

\n

Fernando Katsonis<\/strong>, a partner and chief executive of Lifetime, which is connected to BTG Pactual\u2019s network, described the situation as a \u201csignificant liquidity surplus,\u201d noting that some institutions may fail to retain part of the funds as the money flows back into the system. \u201cXP had a much larger volume [of Banco Master CDBs] than others and, obviously, is the one that stands to lose the most when the funds return. Everyone is running product campaigns to attract more money. Our mission is to bring in twice what we had before.\u201d<\/p>\n<\/div>\n

\n

XP is the largest distributor of securities issued by small and mid-sized banks and held about 70% of the assets issued by Banco Master and Will Financeira\u2014which was not liquidated\u2014totaling more than R$30 billion. BTG Pactual held R$6.7 billion, while Nubank also carried Banco Master paper on its platform, with nearly R$3 billion outstanding.<\/p>\n<\/div>\n

\n

Katsonis said both BTG and XP have been offering short-term alternatives, including CDBs, as the market has fewer offerings available at the start of the year. \u201cThere\u2019s the Claro transaction [R$3 billion in debentures], secondary-market fixed income or government bonds,\u201d he said. \u201cAfter a bad experience with CDBs, investors shouldn\u2019t be moving into anything that isn\u2019t top tier. They want blue-chip bank CDBs or government securities.\u201d<\/p>\n<\/div>\n

\n

Andr\u00e9 Albo<\/strong>, a founding partner at Alta Vista Investimentos, also sees an excess of liquidity hitting the market over a short period. \u201cThere won\u2019t be enough products for that amount of money,\u201d he said. \u201cSo our recommendation is to keep it in liquid fixed income and allocate it gradually over the coming weeks.\u201d He added that tax-exempt fixed income, international investments and public offerings of debt securities or private credit funds are likely destinations for the funds.<\/p>\n<\/div>\n

\n

Some investors may still be willing to roll into new CDBs, but with yields at rock-bottom levels, that is unlikely to be the most obvious path, Albo said. \u201cMid-sized banks have raised a lot of funding in recent months. Since they\u2019re no longer as hungry for funding, they\u2019re lowering rates.\u201d<\/p>\n<\/div>\n

\n

Guilherme Mendes<\/strong>, head of fixed income at Blue3 Investimentos, part of XP\u2019s network, said Banco Master\u2019s CDBs had won over investors because they combined very attractive yields with the backing of the FGC guarantee \u2014 \u201cwhich at the time seemed like an appropriate risk-return trade-off.\u201d Now, with the guarantee being paid out, the market is facing an \u201cextremely significant and concentrated financial movement that is likely to intensify over the coming weeks.\u201d<\/p>\n<\/div>\n

\n

The Banco Master episode, Mendes added, \u201cshines a light on the fact that poor allocations \u2014 even when backed by potential guarantees \u2014 can and will generate discomfort, noise and reactive decisions that are not, or should not be, appropriate when building a portfolio.\u201d \u201cOur role is to prevent this kind of situation from happening again,\u201d he said.<\/p>\n<\/div>\n

\n

This is now a moment to rethink portfolios based on each client\u2019s profile and objectives. Liquidity needs, risk tolerance and time horizon should factor into the assessment, guiding the allocation of resources with discipline and responsibility, the Blue3 executive said. That means there is no single reallocation recommendation or \u201cmiracle\u201d asset to which the funds should be directed. \u201cEach portfolio has its own complexity, and the investment rationale is handled at the micro level, in the relationship between advisor and client, respecting the individuality of each portfolio and its objectives.\u201d<\/p>\n<\/div>\n

\n

Looking at the macroeconomic backdrop and market guidelines for 2026, Mendes said the funds are likely to remain in fixed income. \u201cThere is an anchor in place, with strong expectations of interest rate cuts over the cycle,\u201d he said. \u201cIt tends to be a year in which returns in Brazil will come much more from asset repricing \u2014 from the cost of money \u2014 than from any other internal or external variable.\u201d In his view, inflation-linked and fixed-rate assets are set to gain prominence, with real interest rates at historically high levels.<\/p>\n<\/div>\n

\n

At Miura Investimentos, an advisory firm in BTG\u2019s network, appetite is also focused on fixed income, according to co-founder\u00a0Diego Ramiro<\/strong>, \u201ctaking advantage of the fact that the Selic rate is high and the yield curve is set to flatten.\u201d Government bonds, bank products and AAA-rated private credit are the preferred choices, he said. \u201cWe\u2019re advising clients to invest as soon as possible because once the money is released, demand will be very high and rates will compress. There\u2019s R$40 billion entering the market, and there aren\u2019t enough products to absorb it all.\u201d<\/p>\n

*By\u00a0Adriana Cotias, Valor\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Advisory firms see excess of funds released all at once and lack of assets to absorb them     01\/20\/2026 More than R$40 billion (about $8 billion) that the Credit Guarantee Fund (FGC) has begun to disburse to reimburse investors holding Banco Master certificates of deposit (CDBs), following the bank\u2019s extrajudicial liquidation, has injected an […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26721],"class_list":["post-97268","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market"],"yoast_head":"\nReimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Advisory firms see excess of funds released all at once and lack of assets to absorb them     01\/20\/2026 More than R$40 billion (about $8 billion) that the Credit Guarantee Fund (FGC) has begun to disburse to reimburse investors holding Banco Master certificates of deposit (CDBs), following the bank\u2019s extrajudicial liquidation, has injected an […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-21T01:13:41+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Reimbursement of Banco Master CDBs injects extra liquidity in market\",\"datePublished\":\"2026-01-21T01:13:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\"},\"wordCount\":994,\"keywords\":[\"Reimbursement of Banco Master CDBs injects extra liquidity in market\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\",\"url\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\",\"name\":\"Reimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2026-01-21T01:13:41+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reimbursement of Banco Master CDBs injects extra liquidity in market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Reimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/","og_locale":"en_US","og_type":"article","og_title":"Reimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados","og_description":"Advisory firms see excess of funds released all at once and lack of assets to absorb them     01\/20\/2026 More than R$40 billion (about $8 billion) that the Credit Guarantee Fund (FGC) has begun to disburse to reimburse investors holding Banco Master certificates of deposit (CDBs), following the bank\u2019s extrajudicial liquidation, has injected an […]","og_url":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/","og_site_name":"Murray Advogados","article_published_time":"2026-01-21T01:13:41+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Reimbursement of Banco Master CDBs injects extra liquidity in market","datePublished":"2026-01-21T01:13:41+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/"},"wordCount":994,"keywords":["Reimbursement of Banco Master CDBs injects extra liquidity in market"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/","url":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/","name":"Reimbursement of Banco Master CDBs injects extra liquidity in market - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2026-01-21T01:13:41+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/reimbursement-of-banco-master-cdbs-injects-extra-liquidity-in-market\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Reimbursement of Banco Master CDBs injects extra liquidity in market"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=97268"}],"version-history":[{"count":2,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97268\/revisions"}],"predecessor-version":[{"id":97270,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/97268\/revisions\/97270"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=97268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=97268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=97268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}