Overview

• Tesouro Nacional announced the revision on September 30, updating the 2025 PAF reference for the federal public debt stock.
• The new band replaces the earlier projection of R$8.1 trillion to R$8.5 trillion set at the start of the year.
• The federal public debt reached R$8.14 trillion in August, a 2.59% increase from July’s R$7.94 trillion.
• August saw R$175.69 billion in gross issuance and R$136.64 billion in net issuance, led by domestic securities sales.
• Officials described a healthier issuance environment that rebuilt the Treasury’s liquidity cushion and noted the band is a comfortable reference rather than a target for the upper limit.