Structured Debt Report DCM - August 2026
Executive Summary
Today we release the August/2026 edition of Olimpia Partners' monthly newsletter on the structured debt market. We highlight two points that impacted the credit market this month:
Yield curve and Treasury rates: In August, the future interest rate curve closed relative to the previous month, reflecting both domestic and external factors. In Brazil, July's IPCA slowed to 0.07% (from 0.16% in June), with the 12-month figure decelerating to 4.44%. Copom continued the easing cycle and cut the Selic rate by 25 bps, to 14.00% p.a., in a unanimous decision. The start of the electoral period and foreign capital outflows put pressure on the risk premium, with the dollar rising from R$ 5.11 in July to R$ 5.16 in August, despite relief from oil prices. Abroad, the month was marked by a shift in tone at the Federal Reserve, which held rates at 3.50%-3.75% but with three votes in favor of a hike, the widest split on the committee since 2016. Markets began to price in an increase as soon as September.
New offering registrations and the private credit market: Registrations of new offerings (CRIs, CRAs and debentures) reached R$ 19.9 billion in August, across 78 transactions. The amount represents a 29% decline from July and a 38% drop year over year.
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