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Tesouro Direto Assets Climb to R$205.4 Billion in November on Continued Retail Inflows

Investors favor inflation‑linked holdings, reflecting a preference for protection in a high‑rate environment.

Overview

  • November saw R$6.19 billion in sales and R$3.37 billion in redemptions, yielding net issuance of R$2.83 billion, with R$3.06 billion from early buybacks and R$308.8 million from maturities.
  • Active accounts reached 3,309,305, up 19.2% year over year, with a monthly gain of 51,511, while total registered investors rose to 33,970,911 after 204,152 new sign‑ups in November.
  • Inflation‑indexed securities make up 50.4% of balances, Selic‑linked 37.0%, and fixed‑rate bonds 12.6%, according to the Treasury’s latest report.
  • The stock’s maturity profile is concentrated within ten years, with 11.7% due in up to one year, 42.9% in one to five years, 27.7% in five to ten years, and 17.7% beyond a decade.
  • In monthly flow, Selic‑linked bonds led sales at 57.4%, followed by IPCA‑indexed at 31.9% and fixed‑rate at 10.7%, with 81.6% of transactions at or below R$5,000 and an average ticket of R$7,715.