Structured Debt Report DCM - May 2026
Executive Summary
Today we release the May/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 May, the future yield curve widened at both the short and long ends, reflecting domestic and external factors. In Brazil, the IPCA rose 0.67% in April, decelerating 0.21 percentage point from the previous month, but still pressured by food and fuel prices, a reflection of the oil shock from the Middle East conflict. The 12-month accumulated figure advanced to 4.39%, near the 4.50% target ceiling. The international scenario remained marked by the conflict between the US, Israel, and Iran: the ceasefire announced in April proved fragile and hostilities escalated again. The Fed held rates at 3.50%-3.75% with a conservative tone, amid the transition in its chairmanship. In FX, the dollar once again rose above R$ 5.00, ending May at R$ 5.01, still supported by foreign inflows.
Registration of new offerings and private credit market: The registration of new offerings (CRI, CRA, and debentures) reached R$ 19.0 billion in May, across 83 transactions. The amount represents a 35% year-over-year decline and a 19% drop compared to April. Private credit spreads ended the month lower, reaching 1.7%.
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