Direct Treasury: sale of bonds totals BRL 42.4 billion and breaks record in 2022 with high interest rates

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Strong demand for government bonds takes place in a scenario of high interest rates to combat inflation, which increases the profitability of securities issued by the federal government. The sale of public securities through the Direct Treasury totaled R$ 42.4 billion in all of last year and broke a record, informed this Wednesday (25) the National Treasury Secretariat. Created in January 2002, the program allows individuals to buy and sell government securities over the Internet through brokerage houses. According to the National Treasury, public bond redemptions totaled BRL 26 billion in 2022. As a result, net issuance, that is, the difference between the amount issued and redeemed, was BRL 16.4 billion in the period. The institution reported that the results for 2022 “reflect the improvements in the program in recent years and the favorable conditions for fixed income [juros altos]”. High interest rates The strong demand for public securities takes place at a time when the economy’s basic interest rate is rising, currently the highest in six years, which increases the remuneration of the securities offered by the federal government and, consequently, the attractiveness for investors. Investors also look for Treasury Direct securities as protection against losses generated by inflation. by TradeMap consultancy, government bonds are among the investment categories that offered real gains (above inflation) last year. good return on government bonds is also combined with a “minimal” risk for investors, as the National Treasury, in theory, is the last to fail. “I believe there should be a migration stronger for these applications due to what happened at Lojas Americanas and the events to which the private sector is subject. In addition to profitability, people are also looking for less risk until they have a slightly more peaceful scenario”, he said. At the beginning of the year, Lojas Americanas reported R$ 43 billion in previously unrecorded debts and entered into a judicial recovery process. , investors fear the loss of resources. In a scenario of increased public spending to recompose the 2023 budget, through the transition PEC, Silva assessed that interest rates may remain high for a while yet. “What can change the scenario is the tax framework [novas regras para as contas públicas], which we are waiting for April. It’s what can set the tone for a change in direction from more optimism or less optimism”, he explained. Total balance and number of investors According to the National Treasury, the total balance (stock) of securities on the market in the hands of individuals totaled BRL 105.1 billion in December last year, against BRL 79.18 billion at the end of 2021. In October last year, the balance surpassed the BRL 100 billion mark for the first time. in the Direct Treasury, that is, those who currently have a balance in investments, reached the mark of 2.12 million people in December 2022, against 1.81 million at the end of the previous year. The number of investors registered in the program reached the mark of 22.48 million people at the end of 2022, with an increase of 6.1 million people compared to the end of 2021 (16.29 million investors)

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