Key Facts

—The boom. Brazilian corporate-bond issuance hit a fresh high, extending a record run.

—The record. Debenture sales reached R$492.8bn ($95bn) in 2025, the most ever.

—The oddity. It is happening with the benchmark Selic rate at 14.25%, near a twenty-year high.

—The use. Most of the money funds infrastructure and refinances older, costlier debt.