Since the end of last year, B3 () has accepted debentures as a guarantee in the operations in which it acts as counterpart. The decision, according to the company, accompanied the growing use of this instrument of fundraising by companies and increasing liquidity in negotiations of these assets in the secondary market, reaching an average daily volume of almost R $ 3 billion. Now, the scholarship administrator launches its first debenture rate, in order to reinforce its benchmarks (reference indices) in the fixed income segment.
The DI B3 Ultra Quality Debenture Index debuts this Thursday (13) and consists of 22 assets of eight broadcasters-Compass, Cosan (), Sabesp (), D’Or (), Localiza (), Algar, Algar Marfrig () and Equatorial Energy ().
What are debentures
Debentures are debt securities issued by companies. This asset generates a right of credit to the investor and can be issued by corporations of public or closed. The title is used to finance projects or restructure debt from broadcasters.
B3 criteria for the debenture index
All titles listed in the index are accepted as collateral by B3, the main criterion for being part of the index. In addition to it, the selection was made based on the size of the emission (over R $ 300 million), the average daily value of the title in the last 12 months (over R $ 500 million) and respecting duration limits.
Debentures that are part of the index cannot be due over 10 years. Nor can it be convertible or permutable. Both assets and broadcasters (which may have more than one debenture listed) are limited to 15% in the index.
“Unlike an action that tends to be perpetual, fixed income instruments have salaries. Therefore, they need to be renamed frequently, so as not to win while they are part of the wallet, ”explained Ricardo Cavalheiro, B3 index superintendent.
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For this reason, the index will be rebellious month by month, but portfolio adjustments can be made daily, according to specific events related to the payment of debentures (interest, amortization, awards) or redemptions.
Check out the composition of the B3 debenture index below its debut:
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B3 wants to replicate index in products
Gentleman explains that B3 negotiates the licensing of the index so that it can be replicated by financial instruments, such as an ETF, still in the short term.
B3 launched a record number of seven new rates in a year in 2024, and now intends to overcome it by 2025.
“We can see the almost immediate adhesion of all these rates launched by products. […] Due to the growing demand of the fixed income universe, we will focus a lot to meet the demands of this asset class and work close to providers to have products linked to these rates from the first moment, ”said Cavalheiro.
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