{"id":5174,"date":"2023-11-30T15:35:33","date_gmt":"2023-11-30T18:35:33","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/a-primeira-captacao-de-divida-soberana-via-titulos-sustentaveis-do-brasil\/"},"modified":"2026-09-29T11:59:27","modified_gmt":"2026-09-29T14:59:27","slug":"a-primeira-captacao-de-divida-soberana-via-titulos-sustentaveis-do-brasil","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/a-primeira-captacao-de-divida-soberana-via-titulos-sustentaveis-do-brasil\/","title":{"rendered":"Brazil&#039;s first sovereign debt raising via sustainable bonds"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A Rep\u00fablica Federativa do Brasil divulgou neste m\u00eas sua primeira capta\u00e7\u00e3o externa de t\u00edtulos sustent\u00e1veis no volume de USD 2 BI para fomentar projetos ambientais e sociais no pa\u00eds. As capta\u00e7\u00f5es soberanas, desempenham um papel vital na gest\u00e3o financeira dos governos, permitindo-lhes obter recursos para financiar despesas p\u00fablicas, lidar com d\u00e9ficits or\u00e7ament\u00e1rios e promover o desenvolvimento econ\u00f4mico.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As emiss\u00f5es de t\u00edtulos soberanos n\u00e3o apenas fornecem uma fonte est\u00e1vel de financiamento, mas tamb\u00e9m contribuem para o desenvolvimento de mercados financeiros, estabelecem a credibilidade do pa\u00eds nos mercados internacionais e diversificam as fontes de financiamento, garantindo a flexibilidade na gest\u00e3o da d\u00edvida. Nesse contexto, ao obter sucesso na primeira capta\u00e7\u00e3o p\u00fablica de recursos internacionais para destinar a disp\u00eandios ambientais e sociais do governo brasileiro, o Tesouro Nacional criou um marco de refer\u00eancia para o Brasil no mercado de capitais externo com vi\u00e9s sustent\u00e1vel.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 8px;white-space:nowrap}\n.pil-unit{font-size:12px;font-style:italic;color:#999;font-weight:700}\n.pil-src{font-size:11px;color:#777;margin-top:14px;line-height:1.5}\n.pil-p{font-size:14px;line-height:1.6;margin:0 0 12px}\n.pil-note{display:flex;gap:12px;align-items:center;background:var(--pale);border:1.5px dashed var(--navy);border-radius:10px;padding:12px 16px;font-size:14px;line-height:1.55;margin-top:18px}\n.pil-note::before{content:\"\";flex:none;width:26px;height:26px;border-radius:50%;background:var(--navy) url(\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' viewBox='0 0 24 24' fill='none' stroke='white' stroke-width='1.8' stroke-linecap='round'%3E%3Cpath d='M9 18h6M10 21h4M12 3a6 6 0 0 0-3.5 10.9c.6.5 1 1.2 1 2.1h5c0-.9.4-1.6 1-2.1A6 6 0 0 0 12 3z'\/%3E%3C\/svg%3E\") center\/16px no-repeat}\n.pil-note.solid{border-style:solid;background:#fff;box-shadow:0 2px 6px rgba(0,0,0,.12)}\n.pil-note.solid::before{display:none}\n.pil-grid2{display:grid;grid-template-columns:1fr 1fr;gap:24px}\n.pil-grid2.wide-left{grid-template-columns:1.75fr 1fr}\n.pil-grid2.wide-right{grid-template-columns:1fr 1.75fr}\n.pil-grid3{display:grid;grid-template-columns:repeat(3,1fr);gap:20px}\n.pil-grid4{display:grid;grid-template-columns:repeat(4,1fr);gap:16px}\n.pil-grid5{display:grid;grid-template-columns:repeat(5,1fr);gap:12px}\n.pil-grid2>*,.pil-grid3>*,.pil-grid4>*,.pil-grid5>*{min-width:0}\n.pil-legend{font-size:12px;display:flex;gap:14px;justify-content:flex-end;flex-wrap:wrap;margin-bottom:6px}\n.pil-legend span{display:inline-flex;align-items:center;gap:6px}\n.pil-legend i{width:14px;height:10px;display:inline-block}\n\/* grafico de colunas: .pil-bars > div[style=height:%] > span (valor); 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As capta\u00e7\u00f5es funcionam como fontes de financiamento importantes, cujo recursos obtido por meio de oferta p\u00fablica s\u00e3o destinadas para financiamento de despesas or\u00e7ament\u00e1rias, refinanciamento e encargos da d\u00edvida p\u00fablica.<\/p>\n  <div class=\"pil-sub\" style=\"margin-top:24px\"><span>Hist\u00f3rico de capta\u00e7\u00f5es de d\u00edvida soberana no Brasil<sup>1<\/sup><\/span><\/div>\n  <div style=\"display:flex;justify-content:space-between;align-items:flex-start;gap:10px;flex-wrap:wrap\"><span class=\"pil-unit\">USD BI;% a.a.<\/span><span class=\"pil-legend\"><span><i style=\"background:var(--navy)\"><\/i>Volume de t\u00edtulos tradicionais<\/span><span><i style=\"background:#ed7d31\"><\/i>Volume de t\u00edtulos sustent\u00e1veis<\/span><\/span><\/div>\n  <p class=\"pil-p\" style=\"font-size:12px;margin:10px 0 2px;color:#4472c4;font-weight:700\">Taxa m\u00e9dia ponderada pelo volume<\/p>\n  <div class=\"pil-years\" style=\"font-weight:700;color:#4472c4\"><span>5,8%<\/span><span>4,5%<\/span><span>5,4%<\/span><span>4,0%<\/span><span>4,4%<\/span><span><\/span><span>6,0%<\/span><span>4,8%<\/span><span>5,6%<\/span><span>4,7%<\/span><span>3,6%<\/span><span>4,2%<\/span><span><\/span><span>6,3%<\/span><\/div>\n  <div class=\"pil-bars\" style=\"margin-top:6px\" role=\"img\" aria-label=\"Capta\u00e7\u00f5es de d\u00edvida soberana do Brasil, em USD bilh\u00f5es, e taxa m\u00e9dia ponderada pelo volume: 2010 2,8 (5,8%); 2011 1,7 (4,5%); 2012 3,9 (5,4%); 2013 4,1 (4,0%); 2014 6,0 (4,4%); 2015 0,0; 2016 3,0 (6,0%); 2017 4,0 (4,8%); 2018 1,5 (5,6%); 2019 4,5 (4,7%); 2020 6,0 (3,6%); 2021 2,3 (4,2%); 2022 0,0; 2023 4,3, sendo 2,3 de t\u00edtulos tradicionais e 2,0 de t\u00edtulos sustent\u00e1veis (6,3%). Precifica\u00e7\u00e3o desfavor\u00e1vel para capta\u00e7\u00e3o de d\u00edvida no mercado externo em 2015 e 2022\">\n    <div class=\"cur\" style=\"height:47%\"><span>2,8<\/span><\/div>\n    <div class=\"cur\" style=\"height:27.5%\"><span>1,7<\/span><\/div>\n    <div class=\"cur\" style=\"height:64.5%\"><span>3,9<\/span><\/div>\n    <div class=\"cur\" style=\"height:67.5%\"><span>4,1<\/span><\/div>\n    <div class=\"cur\" style=\"height:99.6%\"><span>6,0<\/span><\/div>\n    <div class=\"cur\" style=\"height:0\"><span>0,0<\/span><\/div>\n    <div class=\"cur\" style=\"height:50%\"><span>3,0<\/span><\/div>\n    <div class=\"cur\" style=\"height:66.7%\"><span>4,0<\/span><\/div>\n    <div class=\"cur\" style=\"height:25%\"><span>1,5<\/span><\/div>\n    <div class=\"cur\" style=\"height:75%\"><span>4,5<\/span><\/div>\n    <div class=\"cur\" style=\"height:100%\"><span>6,0<\/span><\/div>\n    <div class=\"cur\" style=\"height:37.5%\"><span>2,3<\/span><\/div>\n    <div class=\"cur\" style=\"height:0\"><span>0,0<\/span><\/div>\n    <div style=\"height:70.8%;background:none;display:flex;flex-direction:column-reverse\"><span>4,3<\/span><div style=\"height:52.9%;background:var(--navy);color:#fff;display:flex;align-items:center;justify-content:center;font-size:11px\">2,3<\/div><div style=\"height:47.1%;background:#ed7d31;display:flex;align-items:center;justify-content:center;font-size:11px\">2,0<\/div><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>2010<\/span><span>2011<\/span><span>2012<\/span><span>2013<\/span><span>2014<\/span><span>2015<\/span><span>2016<\/span><span>2017<\/span><span>2018<\/span><span>2019<\/span><span>2020<\/span><span>2021<\/span><span>2022<\/span><span>2023<\/span><\/div>\n  <div class=\"pil-note solid\"><span>Precifica\u00e7\u00e3o desfavor\u00e1vel para capta\u00e7\u00e3o de d\u00edvida no mercado externo em 2015 e 2022<\/span><\/div>\n  <div class=\"pil-src\">Fonte: An\u00e1lise \u00c1rtica e Harvard Law School<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The Federative Republic of Brazil announced this month its first external sustainable bond fundraising for USD 2 billion to foster environmental and social projects in the country. Sovereign bonds play a vital role in governments&#039; financial management, enabling them to obtain resources to finance public expenditures, address budget deficits, and promote economic development.<\/p>","protected":false},"author":1,"featured_media":5171,"template":"","meta":[],"class_list":["post-5174","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5171"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}