{"id":5432,"date":"2023-02-07T15:38:51","date_gmt":"2023-02-07T18:38:51","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/relatorio-trimestral-sobre-o-mercado-de-credito-privado\/"},"modified":"2026-09-30T08:54:06","modified_gmt":"2026-09-30T11:54:06","slug":"relatorio-trimestral-sobre-o-mercado-de-credito-privado","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/relatorio-trimestral-sobre-o-mercado-de-credito-privado\/","title":{"rendered":"Quarterly report on the private credit market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O ano de 2022 foi marcado pelo volume de capta\u00e7\u00e3o recorde na hist\u00f3ria da renda fixa, ao todo foram R$ 457 bilh\u00f5es, puxados pela maior oferta de deb\u00eantures, CRI (Certificado de receb\u00edveis imobili\u00e1rios) e CRA (Certificado de receb\u00edveis do agroneg\u00f3cio) no mercado de capitais. De janeiro a dezembro de 2022, as emiss\u00f5es de CRI atingiram o volume de R$ 50 bilh\u00f5es, representando 49% de crescimento em rela\u00e7\u00e3o ao mesmo per\u00edodo de 2021. As emiss\u00f5es de CRA cresceram 62% no ano, marcando um volume total de R$41 bilh\u00f5es em emiss\u00f5es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na contram\u00e3o do aquecimento de oferta observado no mercado prim\u00e1ria de cr\u00e9dito privado, em 2022, ocorreu a sa\u00edda l\u00edquida de R$ 163 bilh\u00f5es nos fundos de investimento com saques l\u00edquidos tamb\u00e9m registrados em fundos de renda fixa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seguindo o monitoramento do mercado de cr\u00e9dito privado, a \u00e1rea de Capital Solutions do \u00c1rtica preparou um breve relat\u00f3rio sobre o resultado acumulado de 2022. 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:empty{width:14px;height:10px;display:inline-block;flex:none}\n\/* grafico de colunas: .pil-bars > div[style=height:%] > span (valor); .pil-years > span *\/\n.pil-bars{display:flex;align-items:flex-end;gap:2.2%;height:240px;border-bottom:1.5px solid #333;padding:22px 1% 0}\n.pil-bars>div{flex:1;background:var(--light);position:relative;min-height:1px}\n.pil-bars>div.e{background:var(--blue)}\n.pil-bars>div.cur{background:var(--navy)}\n.pil-bars>div>span{position:absolute;top:-19px;left:50%;transform:translateX(-50%);font-size:12px;white-space:nowrap}\n.pil-years{display:flex;gap:2.2%;padding:4px 1% 0;font-size:11px;text-align:center}\n.pil-years span{flex:1}\n.pil-cagr{text-align:center;font-size:12px;font-weight:700}\n.pil-cagr span{display:inline-block;border:1.5px solid #222;border-radius:50%;padding:2px 8px;margin-top:4px}\n\/* barras horizontais: .pil-hbars > .r > (b nome) (.bar > i[style=width:%]) (em valor) *\/\n.pil-hbars{display:grid;gap:8px;font-size:13px}\n.pil-hbars .r{display:grid;grid-template-columns:minmax(90px,30%) 1fr auto;gap:10px;align-items:center}\n.pil-hbars .bar{background:var(--pale);height:18px}\n.pil-hbars .bar i{display:block;height:100%;background:var(--blue)}\n.pil-hbars em{font-style:normal;font-weight:700;color:var(--navy);min-width:48px;text-align:right}\n\/* cartoes de numeros *\/\n.pil-box{border:2px solid var(--navy);border-radius:0 0 10px 10px;background:#fff}\n.pil-box>h3{margin:0;background:var(--navy);color:#fff;font-size:14px;text-align:center;padding:8px}\n.pil-stat{text-align:center;padding:16px 14px;font-size:13px;line-height:1.45}\n.pil-stat strong{display:block;font-size:40px;color:var(--blue);font-weight:800;line-height:1.1}\n.pil-stat strong small{font-size:22px}\n.pil-stat em{font-style:normal;color:var(--blue);font-weight:700}\n.pil-card{background:#fff;border-radius:12px;box-shadow:0 1px 5px rgba(0,0,0,.14);padding:14px 16px;font-size:13px;line-height:1.5}\n.pil-card h3{font-size:15px;color:var(--navy);margin:0 0 8px}\n.pil-card.tint{background:var(--card);box-shadow:none}\n\/* listas e fatos *\/\n.pil-list{margin:0;padding-left:18px;font-size:14px;line-height:1.6}\n.pil-list li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n.pil-tw{overflow-x:auto;-webkit-overflow-scrolling:touch;max-width:100%}\n.pil-tw .pil-table{width:100%;min-width:max-content}\n.pil-tw .pil-table th,.pil-tw .pil-table td{padding:6px 7px}\n.pil-table td:first-child,.pil-table th:first-child{white-space:nowrap}\n.pil-tw .pil-table.dense,.pil-tw .pil-table:has(tr>*:nth-child(8)){font-size:12px}\n.pil-tw .pil-table:has(tr>*:nth-child(11)){font-size:11.5px}\n.pil-tw .pil-table:has(tr>*:nth-child(11)) th,.pil-tw .pil-table:has(tr>*:nth-child(11)) td{padding:5px 4px}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed 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\r\n\r\n\r\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>Mercado Prim\u00e1rio 4\u00ba trimestre de 2022<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>Volume de capta\u00e7\u00e3o record em renda fixa, R$ 457 MM em 2022, puxada pelas emiss\u00f5es de deb\u00eantures, CRI e CRA. As emiss\u00f5es de CRI de janeiro a dezembro de 2022 atingiram R$ 50 bilh\u00f5es de reais (49% de crescimento em rela\u00e7\u00e3o a 2021), enquanto o volume de CRA cresceu 62% no per\u00edodo<\/i><\/b><\/p>\n\n  <div class=\"pil-sub\"><span>Ofertas encerradas por modalidade de ativo<\/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(--navy)\"><\/i><span>Renda Fixa<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Renda Variavel<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>H\u00edbrido<\/span><\/span><\/span><\/div>\n  <p class=\"pil-p\" style=\"margin:8px 0 0;color:#888\"><i><b>Renda fixa em 10 anos representa o maior volume de ofertas no mercado de capitais brasileiro<\/b><\/i><\/p>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"Ofertas encerradas por modalidade, em R$ bilh\u00f5es (renda fixa, renda vari\u00e1vel, h\u00edbrido): 2012 132, 14, 16; 2013 121, 24, 13; 2014 136, 15, 3; 2015 96, 18, 7; 2016 109, 9, 8; 2017 160, 39, 7; 2018 225, 13, 13; 2019 300, 90, 41; 2020 217, 116, 45; 2021 429, 128, 53; 2022 457, 55, 32\">\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:28.9%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:3.1%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:3.5%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:26.5%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:5.3%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:2.8%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:29.8%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:3.3%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:0.7%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:21%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:3.9%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:1.5%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:23.9%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:2%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:1.8%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:35%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:8.5%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:1.5%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:49.2%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:2.8%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:2.8%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:65.6%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:19.7%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:9%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:47.5%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:25.4%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:9.8%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:93.9%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:28%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:11.6%;background:var(--blue)\"><\/i><\/div>\n        <div style=\"background:none;height:100%;display:flex;align-items:flex-end;gap:1px\"><i style=\"flex:1;min-height:1px;height:100%;background:var(--navy)\"><\/i><i style=\"flex:1;min-height:1px;height:12%;background:var(--light)\"><\/i><i style=\"flex:1;min-height:1px;height:7%;background:var(--blue)\"><\/i><\/div>\n  <\/div>\n  <div class=\"pil-years\"><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><b>2022<\/b><\/span><\/div>\n  <div class=\"pil-tw\" style=\"margin-top:12px\">\n    <table class=\"pil-table\">\n      <tr><th><\/th><th class=\"n\">2012<\/th><th class=\"n\">2013<\/th><th class=\"n\">2014<\/th><th class=\"n\">2015<\/th><th class=\"n\">2016<\/th><th class=\"n\">2017<\/th><th class=\"n\">2018<\/th><th class=\"n\">2019<\/th><th class=\"n\">2020<\/th><th class=\"n\">2021<\/th><th class=\"n\">2022<\/th><\/tr>\n      <tr><td>Renda Fixa<\/td><td class=\"n\">132<\/td><td class=\"n\">121<\/td><td class=\"n\">136<\/td><td class=\"n\">96<\/td><td class=\"n\">109<\/td><td class=\"n\">160<\/td><td class=\"n\">225<\/td><td class=\"n\">300<\/td><td class=\"n\">217<\/td><td class=\"n\">429<\/td><td class=\"n\"><b>457<\/b><\/td><\/tr>\n      <tr><td>Renda Variavel<\/td><td class=\"n\">14<\/td><td class=\"n\">24<\/td><td class=\"n\">15<\/td><td class=\"n\">18<\/td><td class=\"n\">9<\/td><td class=\"n\">39<\/td><td class=\"n\">13<\/td><td class=\"n\">90<\/td><td class=\"n\">116<\/td><td class=\"n\">128<\/td><td class=\"n\">55<\/td><\/tr>\n      <tr><td>H\u00edbrido<\/td><td class=\"n\">16<\/td><td class=\"n\">13<\/td><td class=\"n\">3<\/td><td class=\"n\">7<\/td><td class=\"n\">8<\/td><td class=\"n\">7<\/td><td class=\"n\">13<\/td><td class=\"n\">41<\/td><td class=\"n\">45<\/td><td class=\"n\">53<\/td><td class=\"n\">32<\/td><\/tr>\n    <\/table>\n  <\/div>\n  <div class=\"pil-note solid\"><span>Capta\u00e7\u00e3o com renda fixa atingiu seu <i>record<\/i> de volume em 2022<\/span><\/div>\n\n  <div class=\"pil-grid2\" style=\"gap:32px;margin-top:30px\">\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es por tipo de instrumento<\/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(--light)\"><\/i><span>Deb\u00eantures<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>CRI<\/span><\/span><span><i style=\"background:var(--navy)\"><\/i><span>CRA<\/span><\/span><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"margin-top:10px\" role=\"img\" aria-label=\"Volume de emiss\u00f5es por instrumento, em R$ bilh\u00f5es (deb\u00eantures, CRI, CRA): 2020 121, 15, 15; 2021 250, 34, 25; 2022 271, 50, 41\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2020<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:44.6%;background:var(--light)\"><\/i><\/div><em>121<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:5.5%\"><\/i><\/div><em>15<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:5.5%;background:var(--navy)\"><\/i><\/div><em>15<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2021<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:92.3%;background:var(--light)\"><\/i><\/div><em>250<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:12.5%\"><\/i><\/div><em>34<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:9.2%;background:var(--navy)\"><\/i><\/div><em>25<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2022<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--light)\"><\/i><\/div><em>271<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:18.5%\"><\/i><\/div><em>50<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:15.1%;background:var(--navy)\"><\/i><\/div><em>41<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:10px\">2021 \u2192 2022: CRI <b>49%<\/b> \u00b7 CRA <b>62%<\/b><\/p>\n      <div class=\"pil-note solid\" style=\"background:var(--pale)\"><span><b>R$ 43 MM de Notas Comerciais foram emitidas em 2022,<\/b> tomando o espa\u00e7o das Notas Promiss\u00f3rias como instrumento de capta\u00e7\u00e3o para companhias limitadas. De 2020 para 2022, o volume de emiss\u00f5es de Notas Promiss\u00f3rias reduziu 76%<\/span><\/div>\n      <div class=\"pil-legend\" style=\"margin-top:16px;justify-content:flex-start\"><span><i style=\"background:var(--navy)\"><\/i><span>Notas Comerciais<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Notas Promiss\u00f3rias<\/span><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"margin-top:8px\" role=\"img\" aria-label=\"Notas Comerciais e Notas Promiss\u00f3rias: 2020 0 e 22; 2021 3 e 24; 2022 43 e 5\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2020<\/p>\n        <div class=\"r\"><b>Notas Comerciais<\/b><div class=\"bar\"><i style=\"width:0%;background:var(--navy)\"><\/i><\/div><em>0<\/em><\/div>\n        <div class=\"r\"><b>Notas Promiss\u00f3rias<\/b><div class=\"bar\"><i style=\"width:51.2%;background:var(--light)\"><\/i><\/div><em>22<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2021<\/p>\n        <div class=\"r\"><b>Notas Comerciais<\/b><div class=\"bar\"><i style=\"width:7%;background:var(--navy)\"><\/i><\/div><em>3<\/em><\/div>\n        <div class=\"r\"><b>Notas Promiss\u00f3rias<\/b><div class=\"bar\"><i style=\"width:55.8%;background:var(--light)\"><\/i><\/div><em>24<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">2022<\/p>\n        <div class=\"r\"><b>Notas Comerciais<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>43<\/em><\/div>\n        <div class=\"r\"><b>Notas Promiss\u00f3rias<\/b><div class=\"bar\"><i style=\"width:11.6%;background:var(--light)\"><\/i><\/div><em>5<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:10px\">Notas Promiss\u00f3rias 2020 \u2192 2022: <b style=\"color:var(--red)\">-76%<\/b><\/p>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es de certificado de receb\u00edveis (CR)<\/span><\/div>\n      <p class=\"pil-p\"><b>R$ 100 MM de certificado de receb\u00edveis emitidos em 2022<\/b><br>Instrumento de securitiza\u00e7\u00e3o lastreado em receb\u00edveis de qualquer setor criado em agosto de 2022 pela Lei 14.430\/22 que instituiu o marco legal da securitiza\u00e7\u00e3o de cr\u00e9ditos<\/p>\n      <div class=\"pil-legend\" style=\"justify-content:flex-start\"><span><i style=\"background:var(--navy)\"><\/i><span>Certificado de receb\u00edveis<\/span><\/span><\/div>\n      <span class=\"pil-unit\">R$ MM<\/span>\n      <div class=\"pil-hbars\" style=\"margin-top:8px\" role=\"img\" aria-label=\"Certificado de receb\u00edveis, em R$ milh\u00f5es: 2020 n\u00e3o existente; 2021 n\u00e3o existente; 2022 100\">\n        <div class=\"r\"><b>2020<\/b><span style=\"font-size:13px;font-weight:700\">N\u00e3o existente<\/span><em><\/em><\/div>\n        <div class=\"r\"><b>2021<\/b><span style=\"font-size:13px;font-weight:700\">N\u00e3o existente<\/span><em><\/em><\/div>\n        <div class=\"r\"><b>2022<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>100<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:22px\"><b>Capital social dos emissores (apenas ICVM 476):<\/b><\/p>\n      <span class=\"pil-unit\">Distribui\u00e7\u00e3o % do volume<\/span>\n      <div class=\"pil-hbars\" style=\"margin-top:8px\" role=\"img\" aria-label=\"Distribui\u00e7\u00e3o do volume: Pessoas f\u00edsicas 40%; Intermedi\u00e1rios e participantes ligados \u00e0 oferta 60%\">\n        <div class=\"r\"><b>Pessoas f\u00edsicas<\/b><div class=\"bar\"><i style=\"width:66.7%;background:var(--navy)\"><\/i><\/div><em>40%<\/em><\/div>\n        <div class=\"r\"><b>Intermedi\u00e1rios e participantes ligados \u00e0 oferta<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>60%<\/em><\/div>\n      <\/div>\n      <div class=\"pil-card tint\" style=\"margin-top:16px\"><h3>Potencial de CR no mercado de varejo<\/h3><p class=\"pil-p\" style=\"margin:0\">As pessoas f\u00edsicas representaram 40% da coloca\u00e7\u00e3o do ativo, mesmo sem benef\u00edcio fiscal em sua aquisi\u00e7\u00e3o<\/p><\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Mercado Secund\u00e1rio do 4\u00ba trimestre de 2022<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>Sa\u00edda l\u00edquida de R$ 163 BI nos fundos de investimento em 2022, com saques l\u00edquidos tamb\u00e9m registrados em fundos de renda fixa. As deb\u00eantures adquiridas diretamente por fundos aumentaram em 36% no comparativo de novembro de 2022 versus 2021<\/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          <tr><th>PL em R$ BI<\/th><th class=\"n\">Nov\/21<\/th><th class=\"n\">Nov\/22<\/th><th class=\"n\">Var. %<\/th><\/tr>\n          <tr><td>T\u00edtulos P\u00fablicos Federais<\/td><td class=\"n\">2.593<\/td><td class=\"n\">2.674<\/td><td class=\"n\">3%<\/td><\/tr>\n          <tr><td>Opera\u00e7\u00f5es Compromissadas<\/td><td class=\"n\">1.173<\/td><td class=\"n\">1.294<\/td><td class=\"n\">10%<\/td><\/tr>\n          <tr><td>Renda Vari\u00e1vel<\/td><td class=\"n\">685<\/td><td class=\"n\">634<\/td><td class=\"n\">(8%)<\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">278<\/td><td class=\"n\">379<\/td><td class=\"n\">36%<\/td><\/tr>\n          <tr><td>Letras Financeiras<\/td><td class=\"n\">263<\/td><td class=\"n\">382<\/td><td class=\"n\">45%<\/td><\/tr>\n          <tr><td>Outros Renda Fixa<\/td><td class=\"n\">141<\/td><td class=\"n\">161<\/td><td class=\"n\">14%<\/td><\/tr>\n          <tr><td>Direitos Credit\u00f3rios<\/td><td class=\"n\">87<\/td><td class=\"n\">86<\/td><td class=\"n\">(1%)<\/td><\/tr>\n          <tr><td>T\u00edtulos Imobili\u00e1rios<\/td><td class=\"n\">78<\/td><td class=\"n\">95<\/td><td class=\"n\">22%<\/td><\/tr>\n          <tr><td>CDB\/RDB<\/td><td class=\"n\">81<\/td><td class=\"n\">96<\/td><td class=\"n\">18%<\/td><\/tr>\n          <tr><td>Investimento no Exterior<\/td><td class=\"n\">63<\/td><td class=\"n\">66<\/td><td class=\"n\">4%<\/td><\/tr>\n          <tr><td>Outros<sup>(1)<\/sup><\/td><td class=\"n\">31<\/td><td class=\"n\">10<\/td><td class=\"n\">(68%)<\/td><\/tr>\n          <tr><td><b>Total<\/b><\/td><td class=\"n\"><b>5.473<\/b><\/td><td class=\"n\"><b>5.875<\/b><\/td><td class=\"n\"><b>7%<\/b><\/td><\/tr>\n        <\/table>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Capta\u00e7\u00e3o l\u00edquida de fundos por classe<\/span><\/div>\n      <span class=\"pil-unit\">R$ BI<\/span>\n      <div class=\"pil-grid2\" style=\"gap:20px;margin-top:8px\">\n        <div>\n          <div class=\"pil-stat\" style=\"padding:4px 0 10px\"><strong style=\"font-size:30px\">R$ 412<\/strong>2021<br>(Acumulado)<\/div>\n          <div class=\"pil-hbars\" role=\"img\" aria-label=\"Capta\u00e7\u00e3o l\u00edquida por classe em 2021, em R$ bilh\u00f5es: Renda Fixa 239; A\u00e7\u00f5es 9; Multimercados 86; Cambial 1; Previd\u00eancia 7; ETF 8; FIDC 72; FIP -7\">\n            <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>239<\/em><\/div>\n            <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:3.8%;background:var(--light)\"><\/i><\/div><em>9<\/em><\/div>\n            <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:36%;background:var(--light)\"><\/i><\/div><em>86<\/em><\/div>\n            <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:0.4%;background:var(--light)\"><\/i><\/div><em>1<\/em><\/div>\n            <div class=\"r\"><b>Previd\u00eancia<\/b><div class=\"bar\"><i style=\"width:2.9%;background:var(--light)\"><\/i><\/div><em>7<\/em><\/div>\n            <div class=\"r\"><b>ETF<\/b><div class=\"bar\"><i style=\"width:3.3%;background:var(--light)\"><\/i><\/div><em>8<\/em><\/div>\n            <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:30.1%;background:var(--light)\"><\/i><\/div><em>72<\/em><\/div>\n            <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:2.9%;background:var(--light)\"><\/i><\/div><em>-7<\/em><\/div>\n          <\/div>\n        <\/div>\n        <div>\n          <div class=\"pil-stat\" style=\"padding:4px 0 10px\"><strong style=\"font-size:30px;color:var(--red)\">&#8211; R$ 163<\/strong>2022<br>(Acumulado)<\/div>\n          <div class=\"pil-hbars\" role=\"img\" aria-label=\"Capta\u00e7\u00e3o l\u00edquida por classe em 2022, em R$ bilh\u00f5es: Renda Fixa -49; A\u00e7\u00f5es -70; Multimercados -88; Cambial 0; Previd\u00eancia 13; ETF 0; FIDC 13; FIP 18\">\n            <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:20.5%;background:var(--navy)\"><\/i><\/div><em>-49<\/em><\/div>\n            <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:29.3%;background:var(--light)\"><\/i><\/div><em>-70<\/em><\/div>\n            <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:36.8%;background:var(--light)\"><\/i><\/div><em>-88<\/em><\/div>\n            <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:0%\"><\/i><\/div><em>0<\/em><\/div>\n            <div class=\"r\"><b>Previd\u00eancia<\/b><div class=\"bar\"><i style=\"width:5.4%;background:var(--light)\"><\/i><\/div><em>13<\/em><\/div>\n            <div class=\"r\"><b>ETF<\/b><div class=\"bar\"><i style=\"width:0%\"><\/i><\/div><em>0<\/em><\/div>\n            <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:5.4%;background:var(--light)\"><\/i><\/div><em>13<\/em><\/div>\n            <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:7.5%;background:var(--light)\"><\/i><\/div><em>18<\/em><\/div>\n          <\/div>\n          <div class=\"pil-note solid\" style=\"margin-top:12px\"><span>Renda fixa registrou saque l\u00edquido de R$ 49 BI em 2022<\/span><\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/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>(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\/5432-dispersao-ipca.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em IPCA +: negocia\u00e7\u00f5es concentradas entre 6% e 9% de spread, com duration de 0 a 10 anos\" loading=\"lazy\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5432-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\/5432-dispersao-pctdi.png\" alt=\"Dispers\u00e3o de taxa por duration das emiss\u00f5es em % DI: deb\u00eantures entre 100% e 119% do DI; CRA e CRI entre 100% e 106% do DI, com duration at\u00e9 4 anos\" loading=\"lazy\">\n  <\/div>\n  <div class=\"pil-src\">(1) DPGE, CCB, Op\u00e7\u00f5es entre outros (2) Taxa de fechamento das negocia\u00e7\u00f5es no mercado secund\u00e1rio em 22\/01\/23<br>Fonte: Anbima; Relat\u00f3rio XP; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>O ano de 2022 foi marcado pelo volume de capta\u00e7\u00e3o recorde na hist\u00f3ria da renda fixa, ao todo foram R$ 457 bilh\u00f5es, puxados pela maior oferta de deb\u00eantures, CRI (Certificado de receb\u00edveis imobili\u00e1rios) e CRA (Certificado de receb\u00edveis do agroneg\u00f3cio) no mercado de capitais. <\/p>","protected":false},"author":1,"featured_media":5429,"template":"","meta":[],"class_list":["post-5432","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5432","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\/5429"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}