Press

FIDCs and Debentures Take the Lead in Securitization

These instruments now account for 73% of fundraising; the stock of credit rights involving the substantial transfer of risks and rewards increased 18% in one year

A shift in leadership is reshaping Brazil’s securitization market. FIDCs and securitization debentures expanded significantly in the first half of the year and now account for nearly three-quarters of the volume raised through the segment’s four main instruments. CRIs and CRAs, until recently the leading products, have lost ground.

The four products raised R$102.9 billion in the first half of the year, an 8.5% increase compared with the same period in 2025. Growth, however, came from just two segments: FIDCs raised R$53.1 billion, up 29.4%, while securitization debentures grew 46.1%, reaching R$22.4 billion. CRI issuances fell 15.8% to R$20.3 billion, while CRA issuances plunged 50.4% to R$7.1 billion, according to Anbima.

As a result, FIDCs and securitization debentures now account for 73.4% of this market. Two years ago, their combined share was 46.9%. “This growth also points to a diversification of the country’s credit landscape. Rather than relying exclusively on a single source of funding, companies are increasingly combining bank credit, debt issuances and receivables-backed structures,” says Flavia Palacios, Anbima’s director.

The two instruments serve different purposes. FIDCs recorded 559 transactions during the semester, with an average ticket size of approximately R$95 million, while securitization debentures totaled 46 transactions, averaging R$487 million each. One product broadens market access through a greater number of transactions, while the other involves larger financing amounts, particularly in the securitization of loans, financing operations and receivables from the financial sector.

Growth is also evident within fund portfolios. An analysis of monthly reports submitted by FIDCs to the Brazilian Securities and Exchange Commission (CVM) shows that the outstanding balance of credit rights involving the substantial transfer of risks and rewards reached R$444.1 billion in June, 18.4% above the R$375.2 billion recorded one year earlier.

The balance reported by administrators as existing delinquent receivables rose from R$37.3 billion to R$42.5 billion, an increase of 13.9%. This was slower than the growth in the overall portfolio. Consequently, the ratio between the two figures declined from 10% to 9.6%. This calculation does not constitute an official delinquency or loss rate, as it is based on accounting line items subject to provisions. Nevertheless, it provides an indication of the volume of assets requiring monitoring, renegotiation and collection efforts.

“The sustainable expansion of securitization depends on investor confidence and a proper understanding of each product’s risks and characteristics,” says José Alexandre Freitas, CEO of Oliveira Trust.

The shift in market composition coincides with regulatory changes. Law No. 14,430 established a general framework for securitization, while Resolution No. 175 modernized the rules governing investment funds. Meanwhile, Brazil’s National Monetary Council (CMN) restricted the types of eligible underlying assets for CRIs and CRAs in 2024. Although the figures do not make it possible to attribute the entire shift to these regulations, they show that capital has found new channels.

The challenge now is to ensure that the pace of growth does not outstrip market participants’ understanding of these structures. “Many business owners do not have an in-depth understanding of the responsibilities, collateral and monitoring mechanisms involved in a CRI transaction,” says Marco Antônio Regino, vice president of Capital Markets at Trinus.