{"id":5507,"date":"2023-05-12T16:25:45","date_gmt":"2023-05-12T19:25:45","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/6376\/"},"modified":"2026-09-29T15:20:01","modified_gmt":"2026-09-29T18:20:01","slug":"6376","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/6376\/","title":{"rendered":"Quarterly report on the private credit market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O ano de 2023 tem sido marcado pela desacelera\u00e7\u00e3o do mercado de capitais se comparado ao primeiro trimestre de 2022. Este efeito, se deve a queda continua nas emiss\u00f5es de renda vari\u00e1vel (IPO e follow-ons), al\u00e9m da redu\u00e7\u00e3o de 38% no volume de renda fixa. No primeiro trimestre de 2023, as ofertas de renda fixa atingiram R$ 56 BI frente a movimenta\u00e7\u00e3o de R$91 BI no primeiro trimestre do ano anterior.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Acompanhando a redu\u00e7\u00e3o das ofertas prim\u00e1rias no 1T23, os fundos de investimento apresentaram sa\u00edda l\u00edquida de R$ 82 BI, com saques l\u00edquidos tamb\u00e9m registrados em fundos de renda fixa (R$12BI).<\/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 do 1T23. 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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No inicio de 2023, as ofertas da ind\u00fastria passaram a seguir a nova ICVM 160<\/i><\/b><\/p>\n  <div class=\"pil-grid2\" style=\"gap:32px\">\n    <div>\n      <div class=\"pil-sub\"><span>Volume de emiss\u00f5es no mercado de capitais<\/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>Renda Fixa<\/span><\/span><span><i style=\"background:var(--blue)\"><\/i><span>Renda Variavel<\/span><\/span><span><i style=\"background:var(--navy)\"><\/i><span>H\u00edbrido<\/span><\/span><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"margin-top:10px\" role=\"img\" aria-label=\"Volume de emiss\u00f5es no mercado de capitais, em R$ bilh\u00f5es (renda fixa, renda vari\u00e1vel, h\u00edbrido): 1T21 56, 32, 14; 1T22 91, 12, 4; 1T23 56, 3, 6\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T21<\/p>\n        <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:61.5%;background:var(--light)\"><\/i><\/div><em>56<\/em><\/div>\n        <div class=\"r\"><b>Renda Variavel<\/b><div class=\"bar\"><i style=\"width:35.2%\"><\/i><\/div><em>32<\/em><\/div>\n        <div class=\"r\"><b>H\u00edbrido<\/b><div class=\"bar\"><i style=\"width:15.4%;background:var(--navy)\"><\/i><\/div><em>14<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T22<\/p>\n        <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--light)\"><\/i><\/div><em>91<\/em><\/div>\n        <div class=\"r\"><b>Renda Variavel<\/b><div class=\"bar\"><i style=\"width:13.2%\"><\/i><\/div><em>12<\/em><\/div>\n        <div class=\"r\"><b>H\u00edbrido<\/b><div class=\"bar\"><i style=\"width:4.4%;background:var(--navy)\"><\/i><\/div><em>4<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T23<\/p>\n        <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:61.5%;background:var(--light)\"><\/i><\/div><em>56<\/em><\/div>\n        <div class=\"r\"><b>Renda Variavel<\/b><div class=\"bar\"><i style=\"width:3.3%\"><\/i><\/div><em>3<\/em><\/div>\n        <div class=\"r\"><b>H\u00edbrido<\/b><div class=\"bar\"><i style=\"width:6.6%;background:var(--navy)\"><\/i><\/div><em>6<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:10px\">Renda vari\u00e1vel: <b style=\"color:var(--red)\">-64%<\/b> (1T21 \u2192 1T22) e <b style=\"color:var(--red)\">-72%<\/b> (1T22 \u2192 1T23) \u00b7 Redu\u00e7\u00e3o cont\u00ednua de IPO e follow-ons<\/p>\n      <div class=\"pil-note solid\" style=\"background:var(--pale)\"><span><b>Redu\u00e7\u00e3o no volume de Renda Fixa no 1T23 :<\/b> puxado pela queda em 34% na emiss\u00e3o de Deb\u00eantures (principal instrumento de capta\u00e7\u00e3o do segmento)<\/span><\/div>\n\n      <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px;margin-top:22px\"><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=\"Emiss\u00f5es de renda fixa, em R$ bilh\u00f5es (deb\u00eantures, CRI, CRA): 1T21 31, 4, 3; 1T22 56, 5, 7; 1T23 37, 6, 5\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T21<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:55.4%;background:var(--light)\"><\/i><\/div><em>31<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:7.1%\"><\/i><\/div><em>4<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:5.4%;background:var(--navy)\"><\/i><\/div><em>3<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T22<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--light)\"><\/i><\/div><em>56<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:8.9%\"><\/i><\/div><em>5<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:12.5%;background:var(--navy)\"><\/i><\/div><em>7<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T23<\/p>\n        <div class=\"r\"><b>Deb\u00eantures<\/b><div class=\"bar\"><i style=\"width:66.1%;background:var(--light)\"><\/i><\/div><em>37<\/em><\/div>\n        <div class=\"r\"><b>CRI<\/b><div class=\"bar\"><i style=\"width:10.7%\"><\/i><\/div><em>6<\/em><\/div>\n        <div class=\"r\"><b>CRA<\/b><div class=\"bar\"><i style=\"width:8.9%;background:var(--navy)\"><\/i><\/div><em>5<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:10px\">Deb\u00eantures: <b style=\"color:var(--red)\">-34%<\/b> (1T22 \u2192 1T23)<\/p>\n      <div class=\"pil-note solid\" style=\"background:var(--pale)\"><span><b>+ R$ 6 BI em H\u00edbridos no 1T23:<\/b> consolida\u00e7\u00e3o do Fundo de Investimento em Cadeias Agroindustriais (FIAGRO) e emiss\u00f5es de Fundos Imobili\u00e1rios (FII)<\/span><\/div>\n\n      <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px;margin-top:22px\"><span class=\"pil-unit\">R$ BI<\/span><span class=\"pil-legend\" style=\"margin:0\"><span><i style=\"background:var(--navy)\"><\/i><span>FIAGRO<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>FII<\/span><\/span><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"margin-top:10px\" role=\"img\" aria-label=\"Emiss\u00f5es de h\u00edbridos, em R$ bilh\u00f5es: 1T21 FIAGRO n\u00e3o existente, FII 14; 1T22 FIAGRO 2, FII 3; 1T23 FIAGRO 3, FII 4\">\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T21<\/p>\n        <div class=\"r\"><b>FIAGRO<\/b><span style=\"font-size:13px;font-weight:700\">N\u00e3o existente<\/span><em><\/em><\/div>\n        <div class=\"r\"><b>FII<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--light)\"><\/i><\/div><em>14<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T22<\/p>\n        <div class=\"r\"><b>FIAGRO<\/b><div class=\"bar\"><i style=\"width:14.3%;background:var(--navy)\"><\/i><\/div><em>2<\/em><\/div>\n        <div class=\"r\"><b>FII<\/b><div class=\"bar\"><i style=\"width:21.4%;background:var(--light)\"><\/i><\/div><em>3<\/em><\/div>\n        <p style=\"margin:4px 0 0;font-weight:700;color:var(--navy)\">1T23<\/p>\n        <div class=\"r\"><b>FIAGRO<\/b><div class=\"bar\"><i style=\"width:21.4%;background:var(--navy)\"><\/i><\/div><em>3<\/em><\/div>\n        <div class=\"r\"><b>FII<\/b><div class=\"bar\"><i style=\"width:28.6%;background:var(--light)\"><\/i><\/div><em>4<\/em><\/div>\n      <\/div>\n      <p class=\"pil-p\" style=\"margin-top:10px\">1T22 \u2192 1T23: FIAGRO <b>+47%<\/b> \u00b7 FII <b>+36%<\/b><\/p>\n    <\/div>\n\n    <div>\n      <div class=\"pil-sub\"><span>Ofertas via ICVM 160<\/span><\/div>\n      <p class=\"pil-p\" style=\"text-align:center\"><i>O primeiro trimestre do ano destaca o in\u00edcio das emiss\u00f5es a mercado seguindo a nova instru\u00e7\u00e3o CVM n\u00ba160 (ICVM 160)<\/i><\/p>\n      <div style=\"display:grid;gap:14px;font-size:14px;line-height:1.5\">\n        <div style=\"display:grid;grid-template-columns:52px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5507-ic-ofertas.png\" alt=\"\u00cdcone de alvo\" loading=\"lazy\"><span>Disp\u00f5e sobre as ofertas p\u00fablicas de distribui\u00e7\u00e3o prim\u00e1ria ou secund\u00e1ria de valores mobili\u00e1rios<\/span><\/div>\n        <div style=\"display:grid;grid-template-columns:52px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5507-ic-simplificacao.png\" alt=\"\u00cdcone de caneta assinando\" loading=\"lazy\"><span>Gera simplifica\u00e7\u00f5es para o processo de registro de ofertas p\u00fablicas (rito autom\u00e1tico e ordin\u00e1rio)<\/span><\/div>\n      <\/div>\n\n      <div class=\"pil-sub\" style=\"margin-top:26px\"><span>Distribui\u00e7\u00e3o prim\u00e1ria dos ativos (1T23)<\/span><\/div>\n      <span class=\"pil-unit\">% Volume Total<\/span>\n      <div class=\"pil-note solid\" style=\"background:var(--pale);margin-top:8px\"><span><b>Concentra\u00e7\u00e3o de investidores Pessoa F\u00edsica (PF) em ativos incentivados:<\/b> os CRA, CRI, FIAGRO e FII s\u00e3o isentos de tributa\u00e7\u00e3o de rendimentos para PF<\/span><\/div>\n      <div class=\"pil-tw\" style=\"margin-top:14px\">\n        <table class=\"pil-table\">\n          <tr><th><\/th><th class=\"n\">Pessoas f\u00edsicas<\/th><th class=\"n\">Fundos de Investimento<\/th><th class=\"n\">Investidores estrangeiros<\/th><th class=\"n\">Outros institucionais<\/th><th class=\"n\">Intermedi\u00e1rios da oferta<\/th><\/tr>\n          <tr><td><b>CRI<\/b><\/td><td class=\"n\">32%<\/td><td class=\"n\">31%<\/td><td class=\"n\">2%<\/td><td class=\"n\">13%<\/td><td class=\"n\">23%<\/td><\/tr>\n          <tr><td><b>CRA<\/b><\/td><td class=\"n\">63%<\/td><td class=\"n\">14%<\/td><td class=\"n\">0%<\/td><td class=\"n\">2%<\/td><td class=\"n\">20%<\/td><\/tr>\n          <tr><td><b>FIAGRO<\/b><\/td><td class=\"n\">81%<\/td><td class=\"n\">4%<\/td><td class=\"n\">0%<\/td><td class=\"n\">13%<\/td><td class=\"n\">2%<\/td><\/tr>\n          <tr><td><b>FII<\/b><\/td><td class=\"n\">41%<\/td><td class=\"n\">44%<\/td><td class=\"n\">5%<\/td><td class=\"n\">9%<\/td><td class=\"n\">1%<\/td><\/tr>\n        <\/table>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Mercado Secund\u00e1rio do 1\u00ba trimestre de 2023<\/h2>\n  <p class=\"pil-p\" style=\"text-align:center\"><b><i>Sa\u00edda l\u00edquida de R$ 82BI de fundos de investimento no 1T23, saques l\u00edquidos tamb\u00e9m registrados em fundos de renda fixa. No comparativo de fevereiro de 2023 versus 2022, as deb\u00eantures adquiridas diretamente por fundos aumentaram em 28% frente a uma queda de 17% em ativos de renda vari\u00e1vel<\/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>Patrim\u00f4nio L\u00edquido em R$ BI<\/th><th class=\"n\">Fev\/22<\/th><th class=\"n\">Fev\/23<\/th><th class=\"n\">Var. %<\/th><\/tr>\n          <tr><td>T\u00edtulos P\u00fablicos Federais<\/td><td class=\"n\">2.635<\/td><td class=\"n\">2.665<\/td><td class=\"n\">1%<\/td><\/tr>\n          <tr><td>Opera\u00e7\u00f5es Compromissadas<\/td><td class=\"n\">1.157<\/td><td class=\"n\">1.293<\/td><td class=\"n\">12%<\/td><\/tr>\n          <tr><td>Renda Vari\u00e1vel<\/td><td class=\"n\">685<\/td><td class=\"n\">567<\/td><td class=\"n\">(17%)<\/td><\/tr>\n          <tr><td>Deb\u00eantures<\/td><td class=\"n\">294<\/td><td class=\"n\">377<\/td><td class=\"n\">28%<\/td><\/tr>\n          <tr><td>Letras Financeiras<\/td><td class=\"n\">286<\/td><td class=\"n\">391<\/td><td class=\"n\">37%<\/td><\/tr>\n          <tr><td>Outros Renda Fixa<\/td><td class=\"n\">164<\/td><td class=\"n\">169<\/td><td class=\"n\">3%<\/td><\/tr>\n          <tr><td>Direitos Credit\u00f3rios<\/td><td class=\"n\">80<\/td><td class=\"n\">80<\/td><td class=\"n\">(1%)<\/td><\/tr>\n          <tr><td>T\u00edtulos Imobili\u00e1rios<\/td><td class=\"n\">85<\/td><td class=\"n\">99<\/td><td class=\"n\">16%<\/td><\/tr>\n          <tr><td>CDB\/RDB<\/td><td class=\"n\">83<\/td><td class=\"n\">97<\/td><td class=\"n\">17%<\/td><\/tr>\n          <tr><td>Investimento no Exterior<\/td><td class=\"n\">61<\/td><td class=\"n\">62<\/td><td class=\"n\">3%<\/td><\/tr>\n          <tr><td>Outros<sup>(1)<\/sup><\/td><td class=\"n\">24<\/td><td class=\"n\">7<\/td><td class=\"n\">(73%)<\/td><\/tr>\n          <tr><td><b>Total Ativos<\/b><\/td><td class=\"n\"><b>5.555<\/b><\/td><td class=\"n\"><b>5.807<\/b><\/td><td class=\"n\"><b>5%<\/b><\/td><\/tr>\n        <\/table>\n      <\/div>\n      <div class=\"pil-note solid\" style=\"background:var(--pale)\"><span><b>Expans\u00e3o de investimentos:<\/b> a ind\u00fastria expandiu o seus ativos em 5% e o n\u00famero de contas saltou de 31,5 MM (fev\/22) para 35,4 MM (fev\/23)<\/span><\/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$ 43 BI<\/strong>1T2022<br>(Acumulado)<\/div>\n          <div class=\"pil-hbars\" role=\"img\" aria-label=\"Capta\u00e7\u00e3o l\u00edquida por classe no 1T2022, em R$ bilh\u00f5es: Renda Fixa 108; A\u00e7\u00f5es -31; Multimercados -41; Cambial 1; Previd\u00eancia -3; ETF -2; FIDC 12; FIP -3\">\n            <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:100%;background:var(--navy)\"><\/i><\/div><em>108<\/em><\/div>\n            <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:28.7%;background:var(--light)\"><\/i><\/div><em>-31<\/em><\/div>\n            <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:38%;background:var(--light)\"><\/i><\/div><em>-41<\/em><\/div>\n            <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:0.9%;background:var(--navy)\"><\/i><\/div><em>1<\/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:1.9%;background:var(--light)\"><\/i><\/div><em>-2<\/em><\/div>\n            <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:11.1%;background:var(--navy)\"><\/i><\/div><em>12<\/em><\/div>\n            <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:2.8%;background:var(--light)\"><\/i><\/div><em>-3<\/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$ 82 BI<\/strong>1T2023<br>(Acumulado)<\/div>\n          <div class=\"pil-hbars\" role=\"img\" aria-label=\"Capta\u00e7\u00e3o l\u00edquida por classe no 1T2023, em R$ bilh\u00f5es: Renda Fixa -12; A\u00e7\u00f5es -24; Multimercados -37; Cambial -1; Previd\u00eancia -5; ETF -2; FIDC -3; FIP 3\">\n            <div class=\"r\"><b>Renda Fixa<\/b><div class=\"bar\"><i style=\"width:11.1%;background:var(--navy)\"><\/i><\/div><em>-12<\/em><\/div>\n            <div class=\"r\"><b>A\u00e7\u00f5es<\/b><div class=\"bar\"><i style=\"width:22.2%;background:var(--light)\"><\/i><\/div><em>-24<\/em><\/div>\n            <div class=\"r\"><b>Multimercados<\/b><div class=\"bar\"><i style=\"width:34.3%;background:var(--light)\"><\/i><\/div><em>-37<\/em><\/div>\n            <div class=\"r\"><b>Cambial<\/b><div class=\"bar\"><i style=\"width:0.9%;background:var(--light)\"><\/i><\/div><em>-1<\/em><\/div>\n            <div class=\"r\"><b>Previd\u00eancia<\/b><div class=\"bar\"><i style=\"width:4.6%;background:var(--light)\"><\/i><\/div><em>-5<\/em><\/div>\n            <div class=\"r\"><b>ETF<\/b><div class=\"bar\"><i style=\"width:1.9%;background:var(--light)\"><\/i><\/div><em>-2<\/em><\/div>\n            <div class=\"r\"><b>FIDC<\/b><div class=\"bar\"><i style=\"width:2.8%;background:var(--light)\"><\/i><\/div><em>-3<\/em><\/div>\n            <div class=\"r\"><b>FIP<\/b><div class=\"bar\"><i style=\"width:2.8%;background:var(--navy)\"><\/i><\/div><em>3<\/em><\/div>\n          <\/div>\n          <div class=\"pil-note solid\" style=\"margin-top:12px\"><span>Queda principalmente de fundos do tipo Dura\u00e7\u00e3o Baixa (carteira de renda fixa com <i>duration<\/i> menor que 21 dias uteis)<\/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\/5507-dispersao-ipca.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em IPCA +: a maioria das negocia\u00e7\u00f5es entre 6% e 10% de spread, com duration de 0 a 10 anos\" loading=\"lazy\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5507-dispersao-di.png\" alt=\"Dispers\u00e3o de spread por duration das emiss\u00f5es em DI +: a maioria das negocia\u00e7\u00f5es 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\/5507-dispersao-pctdi.png\" alt=\"Dispers\u00e3o de taxa por duration das emiss\u00f5es em % DI: deb\u00eantures entre 100% e 127% do DI; CRA e CRI concentrados 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 24\/04\/23<br>Fonte: Anbima; Relat\u00f3rio XP; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The year 2023 has been marked by a slowdown in the capital markets compared to the first quarter of 2022. This effect is due to the continued decline in equity issuances (IPOs and follow-ons), in addition to the 38% reduction in fixed income volume. In the first quarter of 2023, fixed income offerings reached R$56 billion, compared to R$91 billion in the first quarter of the previous year.<\/p>","protected":false},"author":1,"featured_media":5504,"template":"","meta":[],"class_list":["post-5507","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5507","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\/5504"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}