Brazil’s state-run oil company Petrobras said Monday (26) it is considering a potential issuance of up to R$3 billion in tax-exempt infrastructure debentures. The transaction is still under discussion and subject to internal approvals, the company said in a statement.
The last time Petrobras tapped the market with a similar offering was in 2019, when it raised the same amount through debentures maturing in 2029.
The market for these so-called incentivized debentures—bonds that offer income tax exemptions to investors—remains robust. According to data from Brazil’s capital markets association Anbima, issuances reached R$55.2 billion between January and April, a 64% increase from the same period last year and the highest for the period since the series began in 2012.
In April alone, companies raised R$9.2 billion through tax-exempt bonds, a 33.3% drop compared to the same month in 2024.
Overall, corporate fundraising through Brazil’s capital markets hit a record R$202 billion in the first four months of the year, driven largely by both tax-exempt and traditional debenture offerings. Combined, these raised R$126.4 billion, a 13.7% year-over-year increase and the highest volume ever recorded for the period.
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