Overview

• The National Treasury raised the 2025 Annual Financing Plan band for Federal Public Debt to R$8.50–R$8.80 trillion while keeping composition and maturity targets unchanged.
• Federal Public Debt stood at R$8.14 trillion in August, up 2.59% from July, after gross issuance of R$175.69 billion and redemptions of R$39.05 billion for net issuance of R$136.64 billion.
• Officials cited a favorable issuance window with lower intermediate and long-term yields to support larger domestic placements and to avoid price pressure.
• The 2025 issuance mix became more balanced, with LFTs at 39% of sales through September versus 65% in 2024, prefixed around 40%, and IPCA-linked NTN-Bs at 21%.
• Retail channel Tesouro Direto recorded R$6.38 billion in gross sales and R$3.454 billion in redemptions in August, lifting its stock to R$190.2 billion, with Tesouro Selic leading demand at 53.13%.