Field notes on Brazilian financial data.
Practical perspectives on credit, receivables, due diligence, and getting verified, source-traced figures out of Brazil's documents.
Follow on LinkedInCopom Holds Selic at 13.75%: What Really Changed in the Statement
A field-by-field comparison of the Copom statements from September 16 and November 4: inflation forecasts, model assumptions, and new wording.
Read →When the Treasury Buys Time: Reading Brazil's Liquidity Reserve as a Rollover Buffer
Brazil's Treasury cancelled auctions and bought back bonds in the week after the election. Why the liquidity reserve, measured in months of maturities, is the figure to read first, and why fiscal perimeters mislead.
Read →Zombie Firms in Brazil: What Interest Coverage Shows Before the Default
A study of 375 B3-listed companies finds Brazil's zombie-firm problem is structural. Why coverage and credit mix matter before a loan goes 90 days overdue.
Read →When the Price Is Administered: Reading Brazil's Circuit-Breaker Session as a Credit Analyst
A 15% opening drop, a 30-minute halt, long rates up 182 bp and fixed-rate Treasury auctions cancelled: what a stress session changes in a credit file.
Read →When Inflation Crosses the Ceiling: How Brazil's Continuous Target Defines a Miss
September's 12-month IPCA of 4.58% sits above the 4.5% ceiling. Under the continuous target, a single reading is not a miss — six in a row is. Here is how the count works and why credit analysts should track it.
Read →When Default Rises Into an Easing Cycle: Reading Brazil's Record 6% Consumer Delinquency
Consumer default reached a record 6% in August while the average lending rate rose to 32.3% and revolving card credit hit 444.9% a year. What the breakdown says to anyone holding consumer receivables.
Read →When the Claim Is Still in Dispute: What the CMN's FIDC Rule on Judicial Credit Changes
The CMN has barred FIDCs from buying judicial and arbitral claims that lack liquidity, a defined funding source and enforceability, and raised the valuation bar for funds that already hold them.
Read →When the Consideration Is a Bond: Reading the Braskem Exchange Offer as a Credit Decision
IG4's Shine I fund is offering Braskem shareholders NSP Investimentos bonds as consideration. Tendering turns an equity position into a credit exposure, and the analysis has to change with it.
Read →When the Market Is Open for Some: Reading Brazil's R$1.48 Trillion Corporate Maturity Wall
Brazilian issuers owe R$1.48 trillion in principal and interest on corporate debt securities from September 2026 through 2030. Aggregate issuance still covers maturities; the question is who can actually refinance.
Read →Selic at 13.75%: When the Easing Path Stops Being Pre-Announced
The Copom cut the Selic to 13.75%, yet its updated inflation projection assumes no further cut. What a data-dependent easing path means for analysts modelling BRL funding and credit.
Read →When the Index Redraws Its Perimeter: What BDR Eligibility in the Ibovespa Actually Changes
B3 opens the Ibovespa to BDRs of Brazilian companies. The liquidity screen is unchanged — what changed is which instruments get to take it.
Read →When the Liquidity Is Manufactured: Reading CVM's R$201 Million Fund Ruling as a Diligence Problem
CVM fined seven individuals and nine companies R$201 million over a real-estate fund. The mechanism — assets contributed above value, turnover between related parties — leaves a checkable trail.
Read →When the Bylaws Are the Liability: Reading Brazil's Oncoclínicas OPA Ruling as a Credit Analyst
CVM ruled that Oncoclínicas must honour the tender-offer clause in its own bylaws. Why constituent documents belong in credit due diligence.
Read →CVM’s ‘Comply or Explain’ Shift on IFRS S1/S2: What Brazilian Analysts Need to Track
CVM Resolution 244 replaces mandatory IFRS S1/S2 disclosure with a comply-or-explain model. How institutional investors, credit analysts, and CFOs should navigate the new flexibility.
Read →NTN-B Real Yields at 8%+: What the Treasury’s Shift to LFT Tells Institutional Investors
Brazilian NTN-B real yields remain above 8% despite recent pullback. The Treasury’s pivot to LFT issuance signals structural demand weakness. Implications for credit analysis and inflation hedging.
Read →From scattered documents to verified data: how AI changes Brazilian financial analysis
Brazil's opportunity is real, but the figures you need are buried in documents — local, fragmented, and slow to extract. How an AI-native workflow turns those documents into verified, source-traced data, without taking the decision out of human hands.
Read →Due diligence on a Brazilian receivables portfolio: a 7-point checklist
A field checklist for screening a receivables (recebíveis) portfolio — from originator quality to data reconciliation — and how an AI-native workflow shortens each step.
Read →What is a FIDC? A practical primer for credit investors
FIDCs are one of the most common ways to take credit exposure in Brazil — and one of the easiest to misread. A plain-language look at the structure, the risks, and where diligence really matters.
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