Structured Debt Report DCM - June 2026
Executive Summary
Today we release the June/2026 edition of Olimpia Partners' monthly newsletter on the structured debt market. We highlight two points that impacted the credit market this month:
Interest rate curve and Treasury rates: In June, the futures interest rate curve tightened at the short end and steepened at the long end, reflecting both domestic and external factors. In Brazil, May's IPCA (consumer price index) eased to 0.58% (versus 0.67% in April). The 12-month accumulated figure rose to 4.72%, exceeding the 4.50% target ceiling. Despite elevated inflation, the Copom (Monetary Policy Committee) cut the Selic rate by 25 bps to 14.25% p.a., but revised its 2026 inflation projection up to 5.2% and maintained a cautious tone. The international scenario remained volatile: following a fresh escalation, the US and Iran signed a memorandum on 6/17 to end the conflict, even as Iran again threatened to close the Strait of Hormuz. Energy-related inflation tied to the conflict kept the Fed cautious, with rates held at 3.50%-3.75% p.a. On the currency front, the dollar closed June at around R$5.17, up from R$5.01 in May.
New offerings registration and private credit market: New offerings registered (CRI, CRA, and debentures) reached R$27.8 billion in June, across 92 transactions. This figure represents a 47% increase from May, despite a 28% year-over-year decline.
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