{"id":5271,"date":"2022-09-22T16:43:34","date_gmt":"2022-09-22T19:43:34","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/relatorio-trimestral-de-mercado-de-credito-privado\/"},"modified":"2026-09-29T15:20:50","modified_gmt":"2026-09-29T18:20:50","slug":"relatorio-trimestral-de-mercado-de-credito-privado","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/relatorio-trimestral-de-mercado-de-credito-privado\/","title":{"rendered":"Quarterly Private Credit Market Report"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Com o objetivo de monitorar e compartilhar informa\u00e7\u00f5es sobre o mercado de cr\u00e9dito privado no Brasil, a \u00e1rea de Capital Solutions do \u00c1rtica preparou um breve relat\u00f3rio trimestral sobre o mercado prim\u00e1rio e secund\u00e1rio no in\u00edcio de 2022.<\/p>\n\n\n\n<!-- pilula-html v1 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var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>Mercado Prim\u00e1rio<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>O volume de emiss\u00f5es no mercado de capitais atingiu patamares hist\u00f3ricos, puxado principalmente pela emiss\u00f5es de deb\u00eantures corporativas via ICVM 476<br>Concentrado no curto prazo (at\u00e9 5 anos), os principais setores que captaram recursos foram empreendimentos, telecomunica\u00e7\u00f5es, log\u00edstica e energia<\/i><\/b><\/p>\n  <div class=\"pil-grid2\" style=\"gap:32px\">\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es por trimestre<\/span><\/div>\n      <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px\"><span class=\"pil-unit\">R$ BI<\/span><span class=\"pil-legend\" style=\"margin:0\"><span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span>CRA<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>CRI<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>Deb\u00eantures<\/span><\/span><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"margin-top:10px\" role=\"img\" aria-label=\"Volume de emiss\u00f5es por trimestre, em R$ bilh\u00f5es (CRA, CRI, deb\u00eantures): 1T19 1, 2, 28; 1T20 2, 5, 17; 1T21 3, 5, 31; 1T22 7, 5, 56\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T19<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:1.8%;background:#c5ccd8\"><\/i><\/div><em>1<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:3.6%;background:var(--light)\"><\/i><\/div><em>2<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:50%\"><\/i><\/div><em>28<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T20<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:3.6%;background:#c5ccd8\"><\/i><\/div><em>2<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:8.9%;background:var(--light)\"><\/i><\/div><em>5<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:30.4%\"><\/i><\/div><em>17<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T21<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:5.4%;background:#c5ccd8\"><\/i><\/div><em>3<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:8.9%;background:var(--light)\"><\/i><\/div><em>5<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:55.4%\"><\/i><\/div><em>31<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T22<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:12.5%;background:#c5ccd8\"><\/i><\/div><em>7<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:8.9%;background:var(--light)\"><\/i><\/div><em>5<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:100%\"><\/i><\/div><em>56<\/em><\/div>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Taxa m\u00e9dia por <i>rating<\/i> \u2013 1T22 <sup>(1)<\/sup><\/span><\/div>\n      <p class=\"pil-p\" style=\"color:var(--blue)\"><b><i>Emiss\u00f5es de curto prazo (at\u00e9 5 anos) \u2013 60% do volume total<\/i><\/b><\/p>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <tbody><tr><th>Tipo de instrumento<\/th><th class=\"n\">CDI+<\/th><th class=\"n\">% CDI<\/th><th class=\"n\">IPCA+<\/th><th class=\"n\">Pr\u00e9-fixada<\/th><th class=\"n\">Outros<\/th><\/tr>\n          <tr><td><b>CRA<\/b><\/td><td class=\"n\"><b>4,6%<\/b><\/td><td class=\"n\"><b>95,0%<\/b><\/td><td class=\"n\"><b>7,0%<\/b><\/td><td class=\"n\"><b>11,7%<\/b><\/td><td class=\"n\"><b>6,9%<\/b><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">4,6%<\/td><td class=\"n\">95,0%<\/td><td class=\"n\">7,0%<\/td><td class=\"n\">11,7%<\/td><td class=\"n\">6,9%<\/td><\/tr>\n          <tr><td><b>CRI<\/b><\/td><td class=\"n\"><b>4,5%<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>11,1%<\/b><\/td><td class=\"n\"><b>4,5%<\/b><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">4,5%<\/td><td class=\"n\"><\/td><td class=\"n\">11,1%<\/td><td class=\"n\">4,5%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td><b>Deb\u00eanture<\/b><\/td><td class=\"n\"><b>2,6%<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>8,6%<\/b><\/td><td class=\"n\"><b>0,0%<\/b><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AAA<\/td><td class=\"n\">1,4%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA+<\/td><td class=\"n\">1,9%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA<\/td><td class=\"n\">5,5%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA-<\/td><td class=\"n\">3,1%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>BBB+<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\">11,5%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>RD<\/td><td class=\"n\">2,6%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">2,6%<\/td><td class=\"n\"><\/td><td class=\"n\">5,7%<\/td><td class=\"n\">0,0%<\/td><td class=\"n\"><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n      <p class=\"pil-p\" style=\"color:var(--blue);margin-top:16px\"><b><i>Emiss\u00f5es de longo prazo (acima de 5 anos) \u2013 40% do volume total<\/i><\/b><\/p>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <tbody><tr><th>Tipo de instrumento<\/th><th class=\"n\">CDI+<\/th><th class=\"n\">% CDI<\/th><th class=\"n\">IPCA+<\/th><th class=\"n\">Pr\u00e9-fixada<\/th><th class=\"n\">Outros<\/th><\/tr>\n          <tr><td><b>CRA<\/b><\/td><td class=\"n\"><b>3,6%<\/b><\/td><td class=\"n\"><b>100,0%<\/b><\/td><td class=\"n\"><b>5,7%<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">3,6%<\/td><td class=\"n\">100,0%<\/td><td class=\"n\">5,7%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td><b>CRI<\/b><\/td><td class=\"n\"><b>5,8%<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>10,5%<\/b><\/td><td class=\"n\"><b>9,2%<\/b><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">5,8%<\/td><td class=\"n\"><\/td><td class=\"n\">10,5%<\/td><td class=\"n\">9,2%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td><b>Deb\u00eanture<\/b><\/td><td class=\"n\"><b>2,1%<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>7,1%<\/b><\/td><td class=\"n\"><b>9,6%<\/b><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AAA<\/td><td class=\"n\">2,5%<\/td><td class=\"n\"><\/td><td class=\"n\">7,2%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA+<\/td><td class=\"n\">2,8%<\/td><td class=\"n\"><\/td><td class=\"n\">7,2%<\/td><td class=\"n\">9,6%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">2,0%<\/td><td class=\"n\"><\/td><td class=\"n\">7,0%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n    <\/div>\n\n    <div>\n      <div class=\"pil-sub\"><span>Tipo de indexador por volume \u2013 1T22<\/span><\/div>\n      <span class=\"pil-unit\">% Total<\/span>\n      <div style=\"display:flex;gap:18px;align-items:center;flex-wrap:wrap;margin-top:8px\">\n        <div role=\"img\" aria-label=\"Tipo de indexador por volume no 1T22: CDI+ 76%; IPCA+ 19%; Pr\u00e9-fixada 3%; % CDI 2%\" style=\"flex:none;width:150px;height:150px;border-radius:50%;background:conic-gradient(var(--blue) 0 76%,var(--light) 76% 95%,#a9b8d0 95% 98%,var(--pale) 98% 100%)\"><\/div>\n        <div class=\"pil-legend\" style=\"flex-direction:column;align-items:flex-start;gap:6px;font-size:13px;margin:0\">\n          <span><i style=\"background:var(--blue)\"><\/i><span><span>CDI+ \u2013 <b>76%<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--light)\"><\/i><span><span>IPCA+ \u2013 <b>19%<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:#a9b8d0\"><\/i><span><span>Pr\u00e9-fixada \u2013 <b>3%<\/b><\/span><\/span><\/span>\n          <span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span><span>% CDI \u2013 <b>2%<\/b><\/span><\/span><\/span>\n        <\/div>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Volume de emiss\u00f5es por tipo de ativo \u2013 1T22<\/span><\/div>\n      <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px\"><span class=\"pil-unit\">R$ BI<\/span><span class=\"pil-legend\" style=\"margin:0\"><span><i style=\"background:var(--blue)\"><\/i><span>ICVM 476<\/span><\/span><span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span>ICVM 400<\/span><\/span><\/span><\/div>\n      <div class=\"pil-tw\" style=\"margin-top:8px\">\n        <table class=\"pil-table\">\n          <tbody><tr><th><\/th><th class=\"n\">ICVM 476<\/th><th class=\"n\">ICVM 400<\/th><th class=\"n\">Total<\/th><\/tr>\n          <tr><td>CRA<\/td><td class=\"n\">3<\/td><td class=\"n\">4<\/td><td class=\"n\"><b>7<\/b><\/td><\/tr>\n          <tr><td>CRI<\/td><td class=\"n\">4<\/td><td class=\"n\">1<\/td><td class=\"n\"><b>5<\/b><\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">54<\/td><td class=\"n\">2<\/td><td class=\"n\"><b>56<\/b><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Volume de emiss\u00f5es de deb\u00eantures por setor \u2013 1T22<\/span><\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5271-setores.png\" alt=\"Volume de emiss\u00f5es de deb\u00eantures por setor no 1T22, em % do total (comum e incentivada): Empreendimentos 16% e 1%; Telecomunica\u00e7\u00f5es 16% e 1%; Transporte e Log\u00edstica 12% e 4%; Energia El\u00e9trica 11% e 1%; Loca\u00e7\u00e3o de Ve\u00edculos 5%; Ind\u00fastria e Com\u00e9rcio 5%; Educa\u00e7\u00e3o 4%; Saneamento 3% e 1%; Alimentos e Bebidas 1% e 3%; Petr\u00f3leo e G\u00e1s 3%; Com\u00e9rcio (Atacado e Varejo) 3%; Outros 9%\" loading=\"lazy\">\n      <div class=\"pil-note\"><span><b>12%<\/b> do volume total de deb\u00eantures no 1T22 foi incentivado (Lei 12.431)<\/span><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) N\u00e3o contempla todas as emiss\u00f5es de CRI e CRA no mercado<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Mercado Secund\u00e1rio<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>O 1T22 foi marcado pela alta capta\u00e7\u00e3o l\u00edquida dos fundos de renda fixa, com crescimento de 54% de volume de deb\u00eantures na carteira em rela\u00e7\u00e3o aos dois primeiros meses do ano anterior, em linha com o aumento da liquidez observada no mercado secund\u00e1rio<\/i><\/b><\/p>\n  <div class=\"pil-grid2\" style=\"gap:32px\">\n    <div>\n      <div class=\"pil-sub\"><span>Capta\u00e7\u00e3o l\u00edquida de fundos por classe -1T22<\/span><\/div>\n      <span class=\"pil-unit\">R$ BI<\/span>\n      <div class=\"pil-hbars\" style=\"margin-top:8px\" role=\"img\" aria-label=\"Capta\u00e7\u00e3o l\u00edquida de fundos por classe no 1T22, em R$ bilh\u00f5es: Renda Fixa 109; A\u00e7\u00f5es -32; Multimercados -41; Cambial sem valor indicado; Previd\u00eancia -3; ETF -2; FIDC 10; FIP 4\">\n        <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--blue)\"><\/i><\/div><em>109<\/em><\/div>\n        <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:29.4%;background:var(--light)\"><\/i><\/div><em>-32<\/em><\/div>\n        <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:37.6%;background:var(--light)\"><\/i><\/div><em>-41<\/em><\/div>\n        <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:0%\"><\/i><\/div><em><\/em><\/div>\n        <div class=\"r\"><b>Previd\u00eancia<\/b><div class=\"bar\"><i style=\"width:2.8%;background:var(--light)\"><\/i><\/div><em>-3<\/em><\/div>\n        <div class=\"r\"><b>ETF<\/b><div class=\"bar\"><i style=\"width:1.8%;background:var(--light)\"><\/i><\/div><em>-2<\/em><\/div>\n        <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:9.2%;background:var(--light)\"><\/i><\/div><em>10<\/em><\/div>\n        <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:3.7%;background:var(--light)\"><\/i><\/div><em>4<\/em><\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Evolu\u00e7\u00e3o dos ativos da carteira dos fundos<\/span><\/div>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <tbody><tr><th>PL em R$ BI<\/th><th class=\"n\">fev\/21<\/th><th class=\"n\">fev\/22<\/th><th class=\"n\">Var. %<\/th><\/tr>\n          <tr><td>T\u00edt. P\u00fabl. Federais<\/td><td class=\"n\">2.608<\/td><td class=\"n\">2.635<\/td><td class=\"n\">1%<\/td><\/tr>\n          <tr><td>Opera\u00e7\u00e3o Compromissada<\/td><td class=\"n\">975<\/td><td class=\"n\">1.157<\/td><td class=\"n\">19%<\/td><\/tr>\n          <tr><td>Renda Vari\u00e1vel<\/td><td class=\"n\">729<\/td><td class=\"n\">693<\/td><td class=\"n\">(5%)<\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">190<\/td><td class=\"n\">294<\/td><td class=\"n\">54%<\/td><\/tr>\n          <tr><td>Letras Financeiras<\/td><td class=\"n\">212<\/td><td class=\"n\">286<\/td><td class=\"n\">35%<\/td><\/tr>\n          <tr><td>Outros Renda Fixa<\/td><td class=\"n\">97<\/td><td class=\"n\">151<\/td><td class=\"n\">56%<\/td><\/tr>\n          <tr><td>T\u00edtulos Imobili\u00e1rios<\/td><td class=\"n\">68<\/td><td class=\"n\">85<\/td><td class=\"n\">25%<\/td><\/tr>\n          <tr><td>CDB\/RDB<\/td><td class=\"n\">73<\/td><td class=\"n\">83<\/td><td class=\"n\">15%<\/td><\/tr>\n          <tr><td>Direitos Credit\u00f3rios<\/td><td class=\"n\">41<\/td><td class=\"n\">80<\/td><td class=\"n\">96%<\/td><\/tr>\n          <tr><td>Outros<\/td><td class=\"n\">87<\/td><td class=\"n\">91<\/td><td class=\"n\">5%<\/td><\/tr>\n          <tr><td><b>Total<\/b><\/td><td class=\"n\"><b>5.081<\/b><\/td><td class=\"n\"><b>5.555<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"pil-sub\" style=\"margin-top:28px\"><span>Volume de deb\u00eantures negociadas por trimestre<\/span><\/div>\n  <span class=\"pil-unit\">R$ BI<\/span>\n  <div class=\"pil-cagr\"><span>+46%<\/span><\/div>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"Volume de deb\u00eantures negociadas por trimestre, em R$ bilh\u00f5es: 1T19 21; 1T20 41; 1T21 38; 1T22 66. Crescimento de +46%\">\n    <div class=\"e\" style=\"height:31.8%\"><span>21<\/span><\/div>\n    <div class=\"e\" style=\"height:62.1%\"><span>41<\/span><\/div>\n    <div class=\"e\" style=\"height:57.6%\"><span>38<\/span><\/div>\n    <div class=\"e\" style=\"height:100%\"><span>66<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>1T19<\/span><span>1T20<\/span><span>1T21<\/span><span>1T22<\/span><\/div>\n\n  <div class=\"pil-sub\" style=\"margin-top:28px\"><span>Taxa m\u00e9dia Anbima negociada no secund\u00e1rio <sup>(2)<\/sup><\/span><\/div>\n  <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px\"><span class=\"pil-unit\">Spread (%) x Duration (anos)<\/span><span class=\"pil-legend\" style=\"margin:0\"><span><i style=\"background:#2d3a51;border-radius:50%;width:10px\"><\/i><span>CRA<\/span><\/span><span><i style=\"background:#1fbf6f;border-radius:50%;width:10px\"><\/i><span>CRI<\/span><\/span><span><i style=\"background:#c8c8c8;border-radius:50%;width:10px\"><\/i><span>Deb\u00eantures<\/span><\/span><\/span><\/div>\n  <div class=\"pil-grid3\" style=\"margin-top:10px\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5271-dispersao-ipca.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em IPCA +: negocia\u00e7\u00f5es concentradas entre 4% e 8% de spread, com duration de 0 a 10 anos\" loading=\"lazy\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5271-dispersao-di.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em DI +: negocia\u00e7\u00f5es concentradas entre 0% e 3% de spread, com duration at\u00e9 cerca de 5 anos\" loading=\"lazy\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5271-dispersao-pctdi.png\" alt=\"Dispers\u00e3o de taxa por duration das emiss\u00f5es em % DI: deb\u00eantures entre 100% e 126% do DI; CRA e CRI entre 100% e 112% do DI, com duration at\u00e9 cerca de 4 anos\" loading=\"lazy\">\n  <\/div>\n  <div class=\"pil-src\">(1) N\u00e3o contempla todas as emiss\u00f5es de CRI e CRA no mercado (2) Negocia\u00e7\u00f5es no mercado secund\u00e1rio em 19\/04\/22<br>Fonte: Anbima; XP; V\u00f3rtx; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>To monitor and share information about the private credit market in Brazil, \u00c1rtica&#039;s Capital Solutions area prepared a brief quarterly report on the primary and secondary markets in early 2022.<\/p>","protected":false},"author":1,"featured_media":5268,"template":"","meta":[],"class_list":["post-5271","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5271","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\/5268"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}