Evolução recente do mercado de debêntures no Brasil: As debêntures incentivadas

Arbeitspapier

In 2011, the Brazilian government granted an income tax benefit to corporate bonds issued with the specific purpose of financing long-term infrastructure investments (Law 12.431/2011). The financial bonds favored by this policy have become known as "incentivized bonds". This paper describes the current state of this market in comparison to international peers and evaluates the initial results of this policy. Comparing the "incentivized bonds" with the other bonds in the market, we find signs that the program has succeeded in the attraction of new investors for the Brazilian corporate bond market. However, the government might have failed in encouraging the companies to join the initiative. In essential infrastructure sectors such as electricity and transport, the percentage of eligible corporate bonds that did not adhered to the aforementioned program is greater than 70%.

Object Details

• Language: Portugiesisch

References and Relationships

• Bibliographic citation: Series: Texto para Discussão ; No. 2158

Classification and Topics

• Classification: Wirtschaft ; General Financial Markets: General (includes Measurement and Data) ; Portfolio Choice; Investment Decisions ; Financial Institutions and Services: General ; Financial Institutions and Services: Government Policy and Regulation ; Industry Studies: Transportation and Utilities: General
• Subject: debentures ; infrastructure ; public policy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): de Bragança, Gabriel G. Fiuza ; Pessoa, Marcelo de Sales ; de Souza, Gustavo Moreira
• Event: Veröffentlichung
• (who): Instituto de Pesquisa Econômica Aplicada (IPEA)
• (where): Brasília
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/129924
• Last update: 10.03.2025, 11:42 AM CET