The debt capital market started 2026 at an even faster pace than last year, which ended with a record R$ 838.8 billion in public offerings.
According to data compiled by Bloxs , an Investment Banking as a Service fintech that connects issuers to investors, the consolidated volume for the first quarter reached R$ 192.4 billion, a 22.5% increase compared to the same period of the previous year.
The expansion occurred even in an environment of still high interest rates, with the Selic rate at 14.75%. For the issuance platform, the growth of private credit is opening up opportunities for a group of companies that, until recently, remained outside the radar of large market structures.
On one hand, bank credit for legal entities continues to operate with rates between 20% and 27% per year. On the other hand, the capital market offers costs between 16% and 18% per year for medium-sized companies and from CDI+2% for AAA issuers. It is this difference that continues to attract new issuers.
But the preference for instruments is changing. Debentures remained dominant, with R$ 73 billion in issuances and a 62.02% share, but fell 14.3% year-on-year.
Investment Funds in Credit Rights (FIDCs) stood out, rising 38.09% to R$ 29.7 billion and representing a 25.23% share. Real Estate Receivables Certificates (CRIs) advanced 11.3% to R$ 7.4 billion, while Agribusiness Receivables Certificates (CRAs) fell 72% to R$ 2.1 billion, highlighting a more challenging scenario for agribusiness. Commercial notes, on the other hand, declined 35% to R$ 5.5 billion, indicating less appetite for this simpler type of issuance during a period of increased credit scrutiny.
According to Bloxs' assessment, FIDCs (Investment Funds in Receivables) are consolidating themselves as the "gateway to the middle market ," driven by the opening to retail investors brought about by CVM Resolution 175 and by a cycle in which more issuers are seeking structures that align with receivables, working capital, and diversified financing.
The report also highlights that opening up FIDCs to retail investors, the limited liability of shareholders, and increased transparency helped catalyze this movement.
According to Souto, the expansion of this type of instrument is part of a broader redesign of the Brazilian capital market, especially among smaller and family-owned companies outside major urban centers, which have gained access to an infrastructure previously concentrated in traditional issuers.
“We see a capital market growing year after year, but much of this growth is not necessarily because it has become better than other alternatives,” says Felipe Souto, CEO of Bloxs. “There is considerable growth among small-middle-market companies, the more family-oriented model, outside the major centers, that have begun to discover the capital market.”
In terms of sector breakdown, the debt capital market in the first quarter was led by electricity, with an estimated 28% share of the volume, followed by sanitation (18%), agribusiness (15%), and logistics and transportation (12%).
While energy and sanitation led the consolidated market, the picture is different following Bloxs. The real estate sector accounted for 51% of the company's deals in the quarter, followed by other/diversified (21%), agribusiness (10%), and credit/FIDC (8%). According to the company, the weight of real estate reflects both the maturity of the CRI as an instrument and the depth of its network of advisors in this segment.
By the end of 2026, Bloxs expects a more liquid market, more favorable to new issuances, as the Selic rate cut cycle helps to compress spreads and increase risk appetite. In its market report, the firm's interpretation is that this movement tends to primarily benefit smaller issuers and provide additional traction to instruments such as FIDCs (Investment Funds in Credit Rights) and tokenization, although the scenario remains subject to tax and regulatory risks.
However, a large portion of the issuances occurred in this first quarter. "Due to the elections at the end of the year and the volatility they bring to the market, companies are rushing to issue earlier," says Couto.
