Sales of Treasury Direct bonds exceeded redemptions by R$2.462 billion in November this year. According to data released this Thursday (26) by the National Treasury, it is the second highest value in the historical series, behind the record from last October, when net bond issues reached R$2.528 billion.
Last month, bond sales reached R$5.764 billion. Redemptions totaled R$3.302 billion, of which R$3.109 billion related to repurchases and R$192.5 million to maturities, when the bond’s term ends, and the government needs to reimburse the investor with interest.
The securities most sought after by investors were those linked to inflation (Extended National Consumer Price Index – IPCA), which corresponded to 43.4% of the total. Selic-indexed papers – the basic interest rate – had a 40.4% share in sales, while pre-fixed papers – with interest rates defined at the time of issuance – represented 16.2%.
Inflation-linked bonds have attracted investors because of the expectation of rise in official inflation in the coming months. The interest in securities linked to basic interest rates is also justified by the high level of the Selic rate. The rate, used to contain inflation, is 12.25% per year and can be increased to 14.25% per year until March 2025, consolidating a cycle of contraction in monetary policy. With the expectation of new highs, these shares remain attractive.
The total Treasury Direct stock reached R$150.8 billion at the end of November, an increase of 2.5% compared to the previous month (R$147 billion), and 19.5% compared to November of last year (R$ 126.2 billion).
Investors
As for the number of investors, 317,934 new participants registered in the program last month. The number of investors reached 30,553,287, an increase of 14.8% in the last 12 months. The total number of active investors – with open operations – reached 2,776,336, an increase of 13.6% in 12 months. In the month, the increase was 77,910 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 81.5% of the total of 840,211 transactions that took place in November. Investments of up to R$1,000 alone represented 58.4%. The average value per operation was R$6,859.84.
Investors have preferred short-term roles. Sales of bonds with a maturity of up to five years represented 73.3%. Those with a term of five to ten years represent 4.8% of the total. Papers with a maturity of more than ten years reached 21.8% of sales.
The complete balance sheet of Tesouro Direto is available on the website National Treasury on the internet.
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 at website 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.
