The history of debentures dates back to the Middle Ages, but they were consolidated by the English as a corporate credit instrument. In Brazil, their origins are linked to the arrival of the Portuguese royal family and the beginning of the industrial period. Regulation of the Brazilian financial market made debentures one of the main corporate debt instruments. After the Real Plan and with the development of the capital market, debenture issuances reached over R$2.5 trillion in primary offerings in the country (from January 1995 to September 2024).