Brazil’s capital markets maintained their growth trend, issuing R$46.1 billion in October, marking the third-largest volume this year. From January to October, issuances totaled R$337.3 billion, compared to R$445.9 billion for the same period in 2022. The average issuance remained above R$40 billion in the second half, nearly double the total raised from January to June, which was R$20 billion. Leading the October issuances were debentures (61.7%), Agribusiness Receivables Certificates - CRAs (13.2%), and Real Estate Investment Funds - FIIs (8.1%).

Debenture offerings raised R$28.5 billion in October and R$170.4 billion since January, falling below the R$226.1 billion issued in the first 10 months of 2022. The allocation of proceeds saw little change, with a slight decline in Ordinary Business Management (38.2%) and Infrastructure Investment (34.8%) from September. The average maturity of debentures issued in 2023 rose to 8.9 years, attributed to an increase in tax-exempt securities with longer maturities than corporate debentures. From August to October, issuances of tax-exempt debentures more than doubled in the year, rising from R$22.4 billion through August to R$51.4 billion by October.

For securitization instruments such as Receivables Certificates (CRs), Real Estate Receivables Certificates (CRIs), CRAs, and Credit Rights Investment Funds (FIDCs), the R$12.2 billion issued in October surpassed the monthly average for 2023. Issuances in this segment have remained above R$10 billion since July, led by CRIs and CRAs. In October, CRAs raised R$6.1 billion, the best result for the asset since January, followed by CRIs (R$3.2 billion), FIDCs (R$2.9 billion), and CRs, with no issuances.

Issuances of hybrid instruments such as FIAGRO and FII have averaged above R$3 billion this year, with R$4 billion raised in October, primarily from FIIs (R$3.7 billion). Individuals lead subscriptions for both vehicles.

Equity experienced one of its weakest months of the year, losing only to January and February when there were no issuances. In October, R$214 million in issuances were carried out exclusively through follow-on offerings, with the last IPO launched in February 2022.