Structured Debt Report DCM - July 2026
Executive Summary
Today we release the July/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 July, the future interest rate curve tightened at the short end and steepened sharply at the long end, reflecting both domestic and external factors. In Brazil, June's IPCA eased to 0.16% (from 0.58% in May), the lowest level in eight months. The 12-month figure decelerated to 4.64%, still above the upper bound of the target range. The international backdrop was dominated by the United States' trade offensive against Brazil. An additional 25% surcharge on Brazilian products took effect, to which a further 12.5% was added later in July. The Brazilian government rejected the decision and announced a response under the Economic Reciprocity Law. In parallel, the escalation between the US and Iran drove Brent up 23.5% over the period. The dollar closed the month at R$ 5.07, compared with R$ 5.17 in June.
New Offering Registrations and Private Credit Market: Registrations of new offerings (CRIs, CRAs and debentures) reached R$ 28.2 billion in July, across 86 transactions. The amount represents a 2% increase over June, despite a 35% decline year over year.
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