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In the first half of 2018, corporate fixed income securities (Debenture, Agribusiness Receivables Certificate - CRA, Mortgage-Backed Securities – CRI, Receivables Investment Fund – FIDC, and Commercial Paper) increased 124% in issuance volume compared to the same period in 2017 totaling R$99.2 billion in new registrations, according to a survey conducted by B3’s Securities Unit. Current stocks of these corporate debt instruments amount to R$478.9 billion. The most issued securities during the first half were debentures at R$71.8 billion, 171% higher than in the first six months of 2017. Debenture stocks at the end of the semester totaled R$317.5 billion. Issuance of Agribusiness Receivables Certificates (CRAs) was down by 60% over the same period in 2017 with R$2.1 billion CRAs issued in the first half of this year against R$5.2 billion issued last year. CRA stocks at the end of the semester totaled R$30 billion.
Infrastructure debentures
In the first six months of 2018, the volume of issued infrastructure debentures surpassed the entirety of debentures issued in 2017. From January to June this year, R$10.8 billion worth of infactructure debentures were issued against R$9 billion issued for all of last year. Stocks reached R$46.8 billion. This type of security can be issued by companies interested in raising funds to invest in infrastructure. Resident individuals and nonresidents have an extra incentive to invest in infrastructure debentures, since they are exempt from income tax.
