Sales of Treasury Direct bonds totaled R$6.193 billion in November this year. Redemptions totaled R$3.367 billionwith R$3.058 billion referring to repurchases (early redemptions) and R$308.8 million referring to monthly maturities, when the bond’s term ends and the government needs to reimburse the investor with interest.
Thus, net bond issues reached R$2.826 billion last month. The data was released this Friday (26) by the National Treasury.
The bonds most sought after by investors were those linked to Selic – the economy’s basic interest rate – which corresponded to 57.4%. Inflation-adjusted securities (Extended National Consumer Price Index – IPCA) had a 31.9% share in sales, while pre-fixed securities – with interest rates defined at the time of issuance – represented 10.7%.
The interest in securities linked to basic interest rates is justified by the increase in the Selic rate, used by the Central Bank to contain inflation. The rate, which was 10.5% per year until September last year, was increased to 15% per year. With high interest rates, securities remain attractive.
The total Treasury Direct stock reached R$205.4 billion at the end of November, an increase of 2.2% compared to the previous month (R$201 billion) and 36.2% compared to November last year (R$150.8 billion).
Investors
As for the number of investors, 204,152 new participants registered in the program last month. The number of investors reached 33,970,911, an increase of 11.2% in the last 12 months. The total number of active investors – with open operations – reached 3,309,305, an increase of 19.2% in 12 months. During the month, there was an increase of 51,511 active investors.
Treasury Direct’s demand for small investors can be seen in the considerable number of sales up to R$5,000, which corresponded to 81.6% of the total 802,806 transactions that took place in November. Investments of up to R$1,000 alone represented 59.3%. The average value per operation was R$7,715.21.
Investors have preferred short and medium-term roles. Sales of bonds with a term of up to five years represented 42% and those with a term of five to ten years accounted for 42.3% of the total. Papers with a maturity of more than ten years reached 15.7% of sales.
The complete Treasury Direct balance sheet is available on the National Treasury website [https://www.tesourotransparente.gov.br/publicacoes/balanco-do-tesouro-direto-btd/2025/11].
Source of funds
Tesouro Direto was created in January 2002 to popularize this type of application and allow individuals to purchase public securities directly from the National Treasury, via the internet, without the intermediation of financial agents. The investor only needs to pay a semi-annual fee to B3, the Brazilian stock exchange, which has custody of the securities.
More information can be obtained on the website of Treasury Direct.
The sale of bonds is one of the ways that the government has to raise resources to pay debts and honor commitments. In exchange, the National Treasury undertakes to return the amount with an additional fee that may vary according to the Selic rate, inflation rates, the exchange rate or a rate defined in advance in the case of fixed-rate securities.
