Fatores inibidores do desenvolvimento do mercado de dívida corporativa no Brasil

Abstract

This dissertation investigates the structural and institutional factors that inhibit the development of the corporate debt market in Brazil. While international experiences demonstrate that public debt markets often serve as catalysts for private debt growth, the Brazilian case presents a contrasting dynamic, where public debt appears to crowd out private debt instruments. Through a comprehensive analysis of Brazil’s fixed income market—particularly debentures, the most relevant corporate bond instrument—the study explores macroeconomic conditions, regulatory frameworks, and the characteristics of public debt that shape the private debt landscape. The research compares Brazil’s experience with emerging economies such as China, India, South Korea, Chile, and Mexico, highlighting successful strategies and common challenges. It identifies key barriers in Brazil, including high real interest rates, short maturities, strong indexation to floating rates, and limited liquidity in secondary markets. These factors contribute to a competitive disadvantage for private debt instruments, which must offer higher returns to attract investors, often beyond what companies can afford. The study also evaluates recent initiatives—such as the Novo Mercado de Renda Fixa, CVM Instruction 476, and Law 12.431/2011—that aim to stimulate the corporate bond market. Despite progress, the findings suggest that public debt characteristics and inconsistent policy decisions continue to hinder private market development. Ultimately, the dissertation argues that a sustainable corporate debt market in Brazil requires macroeconomic stability, regulatory transparency, and a restructured public debt profile that complements rather than competes with private instruments.