Debentures gain ground in investment portfolios

Debentures gain ground in the investment portfolio.

The number of investors rose by 28% last year, compared to a 12% increase in the number of individuals in CDBs

Debentures, an instrument used by companies to raise funds on the capital markets, are gaining more space in the investment portfolios of individuals. According to B3 data, at the close of 2023, the stock of debentures held by individuals reached R$119.9 billion, 23.98% more than in December 2022.

Considering the average of the last three years, the volume invested grew by 32% per year among this category of investors. The increase was proportionally greater than that of the CDB, the most popular fixed income product among individuals. CDBs grew by an average of 16% a year over the same period.

In addition to the amount invested, according to B3 data, there was also an increase in the number of investors. Last year, there was a 28% increase in debentures compared to a 12% increase in the number of individuals investing in CDBs. The average variation over the last three years was also higher, at 28% in debt securities compared to 17% in bank investments.

Ana Leoni, a specialist in Financial Behavior and creator of Dinheiro com Atitude, explains that debentures have developed a lot in recent times.

"Today, companies use this financing instrument to raise funds and finance expansion and investment projects. As there is a lot on offer, there is also a greater attraction of rates for clients. It's an important instrument and one that Brazilians are now considering when diversifying their investments," he says.

Debentures can generate more profitability

Bruno Zanardi, a lawyer specializing in Business Law and Corporate Law at Fundação Getulio Vargas (FGV) and in Financial Capital Markets at Saint Paul, and an associate in the Capital Markets area at Barcellos Tucunduva Advogados, explains that debentures are debt securities issued by companies (S/A), generally for the execution of specific projects, offering future interest, with terms and other conditions that vary according to each issue.

"As the profile of Brazilian investors has become more sophisticated in recent years, the search for products with higher returns, even if they bear slightly greater risks, has increased. As a result, investor demand for these securities has been on the rise," he observes.

According to Zanardi, despite not having a body to guarantee or indemnify payment, as in the case of CDBs, debentures are an alternative fixed-income investment that suit any profile, from the most conservative to the most daring investor, due to the possibility of diversifying the investment portfolio and having access to better returns.

"Depending on the type of debenture, the issue may also be exempt from income tax, which makes the search even more attractive," Zanardi points out.


According to Lucas Sharau, a partner at iHUB Investimentos, the fall in interest rates is one of the factors stimulating investments in debentures. There is also the possibility of trading on the secondary market, which is not the case with CDBs.

"The debenture, despite the credit risk, is a security that is traded in the secondary market. Trading is similar to that of a share, it's a standardized debt contract. Due to the market momentum, with expectations of interest rate cuts, debentures end up being a good vehicle for investors to enjoy the economic momentum," he says.

Also according to Sharua, the fact that 2023 was a year in which a lot of new debt was issued contributed to the growth in demand for debentures. "In addition, financial institutions have made it easier for individual investors to negotiate on the secondary market," he said.