10/09/2024 – 6:00
Investment operations in Tesouro Direto broke records for the second consecutive month. After 760 thousand transactions in June, the program reached the mark of 869,618 applications in July. The total transaction was R$6.43 billion, compared to R$5.68 billion in the previous month.
Once again, demand was higher for inflation-indexed bonds (Tesouro IPCA+, Tesouro IPCA+ with Semiannual Interest, Tesouro RendA+ and Tesouro Educa+), which totaled sales of R$3.02 billion, or 47.0% of the total. Next came bonds indexed to the Selic rate, with R$2.51 billion or 38.9% of sales. Finally, fixed-rate bonds (Tesouro Prefixado and Tesouro Prefixado com Interos Semestrais) with R$903.9 million, or 14.1% of the total.
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The monthly report from the National Treasury highlighted the strong demand for Renda+ bonds, which are linked to inflation and created for those who want to plan for retirement. There were R$195.3 million in sales, or 3.0% of the total. In terms of repurchases, or early redemptions, the most prominent were bonds indexed to the Selic rate, which totaled R$1.97 billion (62.1%).
The program’s stock closed the month at R$145.4 billion, an increase of 1.5% compared to R$143.2 billion in July. The highlight in the stock is also the bonds linked to the IPCA (R$74.9 billion, or 51.5% of the total), followed by those indexed to the Selic rate (R$53.2 billion or 36.6%) and the fixed-rate bonds (R$17.3 billion or 11.9%).
Regarding the term, most investments are concentrated in bonds with maturities between one and five years (47.9% or R$69.6 billion). Around R$47.2 billion or 32.4% are invested in bonds that mature after more than five years. As for the remaining R$28.6 billion or 19.7%, they are in bonds that mature in one year.
What explains the strong demand for IPCA-linked securities?
Filipe Arend, Head of Fixed Income at Faz Capital, believes that the projections of higher inflation in the future are directly linked to the search for these bonds. “These inflation bonds, thinking in the medium to long term, are the ones that in fact, even in our view, carry a better expectation of return for investors,” he says.
Regarding the renewed record, Arend attributes it to the high interest rate, which allows for good gains with Tesouro Direto. In addition, Treasury bonds are an easy and safe investment. Thus, they end up functioning as a gateway for people into the world of investments.
How does Tesouro Direto work?
Tesouro Direto is an investment that allows citizens to lend money to the government, receiving a remuneration in return. This can be linked to inflation or the Selic rate, or pre-determined at the time of purchase of the bond.
The securities have a maturity date, but the investor can withdraw the money before it expires. However, this requires that the investor be subject to fluctuations in the price of the security on the market – that is, the investor can withdraw the money with a return, but they can also lose money. However, if the investment is held until the end of the term, the return follows what is established for the type of security at the time of purchase.
Tesouro Direto is considered a conservative investment, recommended by experts for investors who have low risk tolerance.
In April, the total number of active investors in Tesouro Direto, that is, those who currently have a balance in investments in the Program, reached the mark of 2.58 million, an increase of 33,774 investors in the month.
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