{"id":5317,"date":"2022-10-05T14:52:16","date_gmt":"2022-10-05T17:52:16","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/relatorio-semestral-sobre-o-mercado-de-credito-privado\/"},"modified":"2026-09-29T15:20:39","modified_gmt":"2026-09-29T18:20:39","slug":"relatorio-semestral-sobre-o-mercado-de-credito-privado","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/relatorio-semestral-sobre-o-mercado-de-credito-privado\/","title":{"rendered":"Biannual report on the private credit market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O primeiro semestre de 2022 contou com movimenta\u00e7\u00f5es regulat\u00f3rias importantes no mercado de capitais brasileiro:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decis\u00e3o da CVM indicando que empresas podem captar recursos via CRI para destinarem a pagamento de alugu\u00e9is;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aprova\u00e7\u00e3o do Senado do Novo Marco Legal para a securitiza\u00e7\u00e3o que amplia a diversos setores o Certificado de Receb\u00edveis (CR) e cria a Letra de Risco de Seguros (LRS);<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avan\u00e7o da resolu\u00e7\u00e3o CVM 160 que unifica as ofertas p\u00fablicas e revoga as instru\u00e7\u00f5es 476 e 400 usadas nas capta\u00e7\u00f5es de mercado at\u00e9 o momento.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nesse contexto, seguindo o monitoramento do mercado de cr\u00e9dito privado, a \u00e1rea de Capital Solutions do \u00c1rtica preparou um breve relat\u00f3rio sobre o primeiro semestre do ano. Confira<\/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 deb\u00eantures destinadas para refinanciamento de passivo e resgate aumentaram em rela\u00e7\u00e3o a 1S21, bem como a indexa\u00e7\u00e3o em CDI+, sinal de maior demanda das empresas por renegocia\u00e7\u00e3o<\/i><\/b><\/p>\n  <div class=\"pil-grid2\" style=\"gap:32px\">\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es por semestre<\/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 semestre, em R$ bilh\u00f5es (CRA, CRI, deb\u00eantures): 1S20 6, 7, 49; 1S21 10, 13, 99; 1S22 16, 15, 134\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1S20<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:4.5%;background:#c5ccd8\"><\/i><\/div><em>6<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:5.2%;background:var(--light)\"><\/i><\/div><em>7<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:36.6%\"><\/i><\/div><em>49<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1S21<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:7.5%;background:#c5ccd8\"><\/i><\/div><em>10<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:9.7%;background:var(--light)\"><\/i><\/div><em>13<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:73.9%\"><\/i><\/div><em>99<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1S22<\/p>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:11.9%;background:#c5ccd8\"><\/i><\/div><em>16<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:11.2%;background:var(--light)\"><\/i><\/div><em>15<\/em><\/div>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:100%\"><\/i><\/div><em>134<\/em><\/div>\n      <\/div>\n      <div class=\"pil-note\"><span><b>+ R$ 14BI de Notas Comerciais em <i>44<\/i> opera\u00e7\u00f5es<\/b> <i>(22 de novos emissores)<\/i><\/span><\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Taxa m\u00e9dia por <i>rating<\/i> \u2013 1S22 <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 58% 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><\/tr>\n          <tr><td><b>CRA<\/b><\/td><td class=\"n\"><b>95%<\/b><\/td><td class=\"n\"><b>5%<\/b><\/td><td class=\"n\"><b>6%<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">95%<\/td><td class=\"n\">5%<\/td><td class=\"n\">6%<\/td><td class=\"n\">9%<\/td><\/tr>\n          <tr><td><b>CRI<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>4%<\/b><\/td><td class=\"n\"><b>10%<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\"><\/td><td class=\"n\">4%<\/td><td class=\"n\">10%<\/td><td class=\"n\">9%<\/td><\/tr>\n          <tr><td><b>Deb\u00eanture<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>3%<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><td class=\"n\"><b>11%<\/b><\/td><\/tr>\n          <tr><td>AAA<\/td><td class=\"n\"><\/td><td class=\"n\">2%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA+<\/td><td class=\"n\"><\/td><td class=\"n\">2%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA<\/td><td class=\"n\"><\/td><td class=\"n\">5%<\/td><td class=\"n\">7%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA-<\/td><td class=\"n\"><\/td><td class=\"n\">3%<\/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\">12%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>BBB<\/td><td class=\"n\"><\/td><td class=\"n\">2%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\"><\/td><td class=\"n\">3%<\/td><td class=\"n\">9%<\/td><td class=\"n\">11%<\/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 42% 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><\/tr>\n          <tr><td><b>CRA<\/b><\/td><td class=\"n\"><b>100%<\/b><\/td><td class=\"n\"><b>5%<\/b><\/td><td class=\"n\"><b>6%<\/b><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\">100%<\/td><td class=\"n\">5%<\/td><td class=\"n\">6%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td><b>CRI<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>4%<\/b><\/td><td class=\"n\"><b>10%<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\"><\/td><td class=\"n\">4%<\/td><td class=\"n\">10%<\/td><td class=\"n\">9%<\/td><\/tr>\n          <tr><td><b>Deb\u00eanture<\/b><\/td><td class=\"n\"><\/td><td class=\"n\"><b>3%<\/b><\/td><td class=\"n\"><b>7%<\/b><\/td><td class=\"n\"><b>9%<\/b><\/td><\/tr>\n          <tr><td>AAA<\/td><td class=\"n\"><\/td><td class=\"n\">2%<\/td><td class=\"n\">7%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA+<\/td><td class=\"n\"><\/td><td class=\"n\">3%<\/td><td class=\"n\">7%<\/td><td class=\"n\">10%<\/td><\/tr>\n          <tr><td>AA<\/td><td class=\"n\"><\/td><td class=\"n\">4%<\/td><td class=\"n\">7%<\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>AA-<\/td><td class=\"n\"><\/td><td class=\"n\">3%<\/td><td class=\"n\"><\/td><td class=\"n\"><\/td><\/tr>\n          <tr><td>Sem <i>rating<\/i><\/td><td class=\"n\"><\/td><td class=\"n\">3%<\/td><td class=\"n\">7%<\/td><td class=\"n\">9%<\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n    <\/div>\n\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es por tipo de ativo \u2013 1S22<\/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\">10<\/td><td class=\"n\">6<\/td><td class=\"n\"><b>16<\/b><\/td><\/tr>\n          <tr><td>CRI<\/td><td class=\"n\">11<\/td><td class=\"n\">4<\/td><td class=\"n\"><b>15<\/b><\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">129<\/td><td class=\"n\">5<\/td><td class=\"n\"><b>134<\/b><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Tipo de indicador em emiss\u00f5es de deb\u00eantures<\/span><\/div>\n      <span class=\"pil-unit\">% Volume Total<\/span>\n      <div class=\"pil-legend\" style=\"margin-top:6px\"><span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span>CDI+<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>IPCA+<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>Outros<\/span><\/span><span><i style=\"background:#1fbf6f\"><\/i><span>% CDI<\/span><\/span><\/div>\n      <div style=\"display:grid;gap:8px;font-size:12px\" role=\"img\" aria-label=\"Tipo de indicador em emiss\u00f5es de deb\u00eantures, % do volume: 1S21 CDI+ 64%, IPCA+ 24%, Outros 12%, % CDI 0%; 1S22 CDI+ 83%, IPCA+ 13%, Outros 3%, % CDI 0%\">\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S21<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:64%;background:var(--pale)\">64%<\/span><span style=\"width:24%;background:var(--light)\">24%<\/span><span style=\"width:12%;background:var(--blue);color:#fff\">12%<\/span><\/div><\/div>\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S22<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:83%;background:var(--pale)\">83%<\/span><span style=\"width:13%;background:var(--light)\">13%<\/span><span style=\"width:4%;background:var(--blue);color:#fff;font-size:9px\">3%<\/span><\/div><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"font-size:12px;margin-top:6px\">% CDI: 0% em 1S21 e em 1S22<\/p>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Destina\u00e7\u00e3o dos recursos em emiss\u00f5es de deb\u00eantures<\/span><\/div>\n      <span class=\"pil-unit\">% Volume Total<\/span>\n      <div class=\"pil-legend\" style=\"margin-top:6px\"><span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span>Capital de giro<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Recompra\/resgate ou Refinanciamento de passivo<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>Investimento em Infraestrutura<\/span><\/span><span><i style=\"background:#1fbf6f\"><\/i><span>Outros<\/span><\/span><\/div>\n      <div style=\"display:grid;gap:8px;font-size:12px\" role=\"img\" aria-label=\"Destina\u00e7\u00e3o dos recursos em deb\u00eantures, % do volume: 1S21 Capital de giro 44%, Recompra\/resgate ou refinanciamento de passivo 22%, Investimento em infraestrutura 22%, Outros 13%; 1S22 37%, 30%, 18%, 13%\">\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S21<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:44%;background:var(--pale)\">44%<\/span><span style=\"width:22%;background:var(--light)\">22%<\/span><span style=\"width:22%;background:var(--blue);color:#fff\">22%<\/span><span style=\"width:12%;background:#1fbf6f;color:#fff\">13%<\/span><\/div><\/div>\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S22<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:37%;background:var(--pale)\">37%<\/span><span style=\"width:30%;background:var(--light)\">30%<\/span><span style=\"width:18%;background:var(--blue);color:#fff\">18%<\/span><span style=\"width:15%;background:#1fbf6f;color:#fff\">13%<\/span><\/div><\/div>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Distribui\u00e7\u00e3o de deb\u00eantures por subscritor<\/span><\/div>\n      <span class=\"pil-unit\">% Volume Total<\/span>\n      <div class=\"pil-legend\" style=\"margin-top:6px\"><span><i style=\"background:var(--pale);border:1px solid #c5ccd8\"><\/i><span>Participantes ligados \u00e0 oferta<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Fundos de Investimento<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span><span>Outros<sup>(2)<\/sup><\/span><\/span><\/span><span><i style=\"background:#1fbf6f\"><\/i><span>Pessoas f\u00edsicas<\/span><\/span><\/div>\n      <div style=\"display:grid;gap:8px;font-size:12px\" role=\"img\" aria-label=\"Distribui\u00e7\u00e3o de deb\u00eantures por subscritor, % do volume: 1S21 Participantes ligados \u00e0 oferta 45%, Fundos de investimento 35%, Outros 16%, Pessoas f\u00edsicas 5%; 1S22 49%, 40%, 7%, 4%\">\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S21<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:45%;background:var(--pale)\">45%<\/span><span style=\"width:35%;background:var(--light)\">35%<\/span><span style=\"width:15%;background:var(--blue);color:#fff\">16%<\/span><span style=\"width:5%;background:#1fbf6f;color:#fff;font-size:9px\">5%<\/span><\/div><\/div>\n        <div style=\"display:grid;grid-template-columns:40px 1fr;gap:8px;align-items:center\"><b>1S22<\/b><div style=\"display:flex;height:26px;text-align:center;line-height:26px\"><span style=\"width:49%;background:var(--pale)\">49%<\/span><span style=\"width:40%;background:var(--light)\">40%<\/span><span style=\"width:7%;background:var(--blue);color:#fff;font-size:9px\">7%<\/span><span style=\"width:4%;background:#1fbf6f;color:#fff;font-size:9px\">4%<\/span><\/div><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) N\u00e3o contempla todas as emiss\u00f5es de CRI e CRA no mercado; (2) Investidores estrangeiros e demais investidores institucionais<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Mercado Secund\u00e1rio do 1\u00ba semestre de 2022<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>A capta\u00e7\u00e3o l\u00edquida dos fundos de renda fixa atingiu R$ 89BI no primeiro semestre de 2022, com queda em investimentos de renda vari\u00e1vel e aumento nos instrumentos de renda fixa na carteira dos fundos no comparativo do primeiro semestre de 2022 em rela\u00e7\u00e3o ao ano anterior<\/i><\/b><\/p>\n  <div class=\"pil-grid2\" style=\"gap:32px\">\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\">Jun\/21<\/th><th class=\"n\">Jun\/22<\/th><th class=\"n\">Var. %<\/th><\/tr>\n          <tr><td>T\u00edt. P\u00fabl. Federais<\/td><td class=\"n\">2.622<\/td><td class=\"n\">2.652<\/td><td class=\"n\">1%<\/td><\/tr>\n          <tr><td>Opera\u00e7\u00e3o Compromissada<\/td><td class=\"n\">1.015<\/td><td class=\"n\">1.244<\/td><td class=\"n\">23%<\/td><\/tr>\n          <tr><td>Renda Vari\u00e1vel<\/td><td class=\"n\">826<\/td><td class=\"n\">608<\/td><td class=\"n\">(26%)<\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">230<\/td><td class=\"n\">342<\/td><td class=\"n\">49%<\/td><\/tr>\n          <tr><td>Letras Financeiras<\/td><td class=\"n\">219<\/td><td class=\"n\">351<\/td><td class=\"n\">61%<\/td><\/tr>\n          <tr><td>Outros Renda Fixa<\/td><td class=\"n\">133<\/td><td class=\"n\">142<\/td><td class=\"n\">7%<\/td><\/tr>\n          <tr><td>Direitos Credit\u00f3rios<\/td><td class=\"n\">78<\/td><td class=\"n\">92<\/td><td class=\"n\">18%<\/td><\/tr>\n          <tr><td>T\u00edtulos Imobili\u00e1rios<\/td><td class=\"n\">71<\/td><td class=\"n\">86<\/td><td class=\"n\">21%<\/td><\/tr>\n          <tr><td>CDB\/RDB<\/td><td class=\"n\">76<\/td><td class=\"n\">83<\/td><td class=\"n\">9%<\/td><\/tr>\n          <tr><td>Investimento no Exterior<\/td><td class=\"n\">65<\/td><td class=\"n\">57<\/td><td class=\"n\">(12%)<\/td><\/tr>\n          <tr><td>Outros<\/td><td class=\"n\">25<\/td><td class=\"n\">16<\/td><td class=\"n\">(36%)<\/td><\/tr>\n          <tr><td><b>Total<\/b><\/td><td class=\"n\"><b>5.359<\/b><\/td><td class=\"n\"><b>5.672<\/b><\/td><td class=\"n\"><b>6%<\/b><\/td><\/tr>\n        <\/tbody><\/table>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Capta\u00e7\u00e3o l\u00edquida de fundos por classe -1S22<\/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 1S22, em R$ bilh\u00f5es: Renda Fixa 89; A\u00e7\u00f5es -49; Multimercados -62; Cambial 1; Previd\u00eancia -1; ETF -1; FIDC 32; FIP -1\">\n        <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>89<\/em><\/div>\n        <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:55.1%;background:var(--light)\"><\/i><\/div><em>-49<\/em><\/div>\n        <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:69.7%;background:var(--light)\"><\/i><\/div><em>-62<\/em><\/div>\n        <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:1.1%;background:var(--light)\"><\/i><\/div><em>1<\/em><\/div>\n        <div class=\"r\"><b>Previd\u00eancia<\/b><div class=\"bar\"><i style=\"width:1.1%;background:var(--light)\"><\/i><\/div><em>-1<\/em><\/div>\n        <div class=\"r\"><b>ETF<\/b><div class=\"bar\"><i style=\"width:1.1%;background:var(--light)\"><\/i><\/div><em>-1<\/em><\/div>\n        <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:36%;background:var(--light)\"><\/i><\/div><em>32<\/em><\/div>\n        <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:1.1%;background:var(--light)\"><\/i><\/div><em>-1<\/em><\/div>\n      <\/div>\n      <div class=\"pil-note solid\"><span>Renda fixa com maior capta\u00e7\u00e3o entre os fundos<\/span><\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"pil-sub\" style=\"margin-top:28px\"><span>Volume de deb\u00eantures negociadas no mercado secund\u00e1rio<\/span><\/div>\n  <span class=\"pil-unit\">R$ BI<\/span>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"Volume de deb\u00eantures negociadas no mercado secund\u00e1rio, em R$ bilh\u00f5es: 1S21 156; 1S22 150; jan-22 18; fev-22 19; mar-22 26; abr-22 26; mai-22 28; jun-22 32\">\n    <div class=\"cur\" style=\"height:100%\"><span>156<\/span><\/div>\n    <div class=\"cur\" style=\"height:96.2%\"><span>150<\/span><\/div>\n    <div class=\"e\" style=\"height:11.5%\"><span>18<\/span><\/div>\n    <div class=\"e\" style=\"height:12.2%\"><span>19<\/span><\/div>\n    <div class=\"e\" style=\"height:16.7%\"><span>26<\/span><\/div>\n    <div class=\"e\" style=\"height:16.7%\"><span>26<\/span><\/div>\n    <div class=\"e\" style=\"height:17.9%\"><span>28<\/span><\/div>\n    <div class=\"e\" style=\"height:20.5%\"><span>32<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>1S21<\/span><span>1S22<\/span><span>jan-22<\/span><span>fev-22<\/span><span>mar-22<\/span><span>abr-22<\/span><span>mai-22<\/span><span>jun-22<\/span><\/div>\n\n  <div class=\"pil-sub\" style=\"margin-top:28px\"><span>Taxa m\u00e9dia Anbima de negocia\u00e7\u00f5es no mercado secund\u00e1rio <sup>(3)<\/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\/5317-dispersao-ipca.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em IPCA +: negocia\u00e7\u00f5es concentradas entre 5% 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\/5317-dispersao-di.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em DI +: negocia\u00e7\u00f5es concentradas entre 0% e 4% 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\/5317-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 110% 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) Investidores estrangeiros e demais investidores institucionais; (3) Negocia\u00e7\u00f5es no mercado secund\u00e1rio em 04\/08\/22<br>Fonte: Anbima; XP; V\u00f3rtx; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The first half of 2022 saw important regulatory moves in the Brazilian capital market:<br \/>\nDecis\u00e3o da CVM indicando que empresas podem captar recursos via CRI para destinarem a pagamento de alugu\u00e9is.<\/p>","protected":false},"author":1,"featured_media":5314,"template":"","meta":[],"class_list":["post-5317","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5317","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\/5314"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}