By Brazil Stock Guide – Brazilian companies raised R$717.2 billion in the capital markets from January through November 2025, a 4.5% increase from a year earlier and a record for the period, according to data released by Anbima.
Corporate bond issuance accounted for the bulk of the total, with R$433 billion sold over the first eleven months of the year, up 6.8% year on year and also the highest level on record for the timeframe. Most of the proceeds were allocated to infrastructure investments (34.6%), followed by debt repayment (28%) and general corporate purposes (16.8%). The average maturity of debentures reached 8.2 years.
In structured credit, receivables investment funds (FIDCs) raised R$77.6 billion between January and November, marking a 10.2% increase from the same period in 2024 and a new record. Commercial notes issuance totaled R$44.2 billion, up 13.4%, also an all-time high for the first eleven months.
November surge
Capital markets offerings jumped in November, reaching R$98.6 billion, the largest monthly volume of 2025 and an 111.1% increase from November last year.
In equities, follow-on share offerings amounted to R$10.5 billion in November, bringing the year-to-date total to R$15 billion. That figure remains below the R$25 billion raised in 2024 and the R$31 billion recorded in 2023.
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