-
15,8
16,9
20,2
13,1
8,1
3,7
16,7
6,2
3,7
2,9
2,4
5,1
Ibovespa
IbrX-100
S&P 500
IFIX (REIT index)
IRF-M (fixed rate sovereign index)
IMA-S (floating sovereigns index)
IMA-B (inflation linked sovereignsindex)
IHFA (mutual funds index)
CDI Overnight Base Rate
BRL/USD
CPI
CRB (commodities)
1.2. Indicators - Percentage Accumulated YTD Return -
Jul/2019
Sources: Bloomberg, BCB
Market Report
Index 1. Market Performance
sto
cks
inve
stm
ent
fun
ds
mac
roec
on
om
ic
1
1. Market Performance
2. Macroeconomic Indicators
3. Securities Offerings - Overview
3. Securities Offerings - Selected Assets
4. Secondary Market - Trade Information
5. Securities Offerings - International Comparison
6. Regulated Markets - Totals
6. Regulated Markets - Participants
6. Regulated Markets - Investment Funds
6. Regulated Markets - Registered Companies
6. Regulated Markets - Other Assets
-
2. Macroeconomic Indicators
Gross Debt: jul/2019. Gross Debt Estimates correspond to the
simple average of Itau Unibanco e Banco Bradesco most recent
estimates.
CPI: jul/19; GDP (rolling 4 quarters): jun/19; BRL/USD (PTAX
ask): 08/28/19; Base Rate SELIC: 08/28/19. Estimates: Focus Report
of 08/12/19. Primary and Nominal: jul/2019. Estimate: Focus Report
of 08/12/19.
FDI and Current Account: jul/2019. Estimates: Focus Report of
08/12/19.
Sources: BCB e IBGE.
2
3.2
1.0
4.15
6.0
3.8
0.8
3.75
5.0
3.9
2.1
3.80
5.5
CPI (% trailing 12month accumulated)
GDP Growth (%) FX (BRL/USD) SELIC Base Rate (%)
2.1. Macroeconomics
Last Value 2019 Estimate 2020 Estimate
79.0
77.8
79.3
Gross Debt (%GDP)
2.2. Gross Debt
Last Value 2019 Estimate 2020 Estimate
-1.4
-6.5
-1.3
-6.3
-1.0
-6.0
Primary Surplus (%GDP - accumulated trailing12 months)
Nominal Result (%GDP - accumulated trailing12 months)
2.3. Public Finances
Last Value 2019 Estimate 2020 Estimate
94.9
-24.5
85.0
-22.0
85.3
-32.5
FDI (US$ bi - accumulated trailing 12 months) Current Account
Result (US$ bi -accumulated trailing 12 months)
2.4. Balance of Payments
Last Value 2019 Estimate 2020 Estimate
-
3. Securities Offerings - Overview
(1) Values and quantities include: stocks+BDR, corporate bonds,
commercial paper, Real Estate ABS, Agrobusiness ABS, CDOs, Real
Estate Funds and Private Equity Funds (and corresponding FoFs)(2)
Corpoate bonds – excludes lease offerings.
Source: CVM
3
10357 47 70
89 76 57
669722
637541
800
987
572
2 3
100
200
300
400
500
600
700
800
2013 2014 2015 2016 2017 2018 2019 (jul)
3.1. Number of offerings
Registered Offerings (ICVM400) Restricted Efforts Offerings
(ICVM476) Exemptions of Register (ICVM400)
55.729.0
43.520.8
48.533.5
47.6
117.5
142.7126.3
120.3
171.6
242.7199.3
0.1 0.1
50
100
150
200
250
300
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
-
3. Securities Offerings - Selected Assets
Source: CVM4
20
2 2 3
11
35
4
7
14
2
12
5
10
15
20
25
30
2013 2014 2015 2016 2017 2018 2019 (jul)
3.2. Equity (number)
23.9 15.4 16.7
4.3
21.8
6.8
22.8
-
-1.6
6.5
17.0
4.4
27.3
10
20
30
40
50
60
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
Registered Offerings (ICVM400)
16 8 9 4 10 5 4
252 277
205166
254
346
195
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 2018 2019
(jul)
3.3. Corporate bonds (number)
10.9 3.7 10.6 1.9 6.4 2.7 5.9
57.9 68.8 52.0 61.8
81.8
146.4
105.7
20
40
60
80
100
120
140
160
2013 2014 2015 2016 2017 2018 2019
(jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
Registered Offerings (ICVM400)
10 7 522
10 10 5
115136
121 8293 90
68
20
40
60
80
100
120
140
160
2013 2014 2015 2016 2017 2018 2019 (jul)
3.4. Real Estate ABS (number)
2.2 0.9 0.3
2.4 2.2 2.9 1.4
13.8 15.7
9.3
15.6
5.4 5.4 5.8
2
4
6
8
10
12
14
16
18
20
2013 2014 2015 2016 2017 2018 2019
(jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
Registered Offerings (ICVM400)
38 10
19 21
10 137
12 6
19
45
39
12
10
20
30
40
50
60
70
2013 2014 2015 2016 2017 2018 2019 (jul)
3.5. Agrobusiness ABS (number)
0.2 1.4
3.6
8.8 9.7
3.6
7.3
0.8 0.5
1.0
3.6 2.6
2.4
0.4
2
4
6
8
10
12
14
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
Exemptions of Register (ICVM400)
34
16 10 1326
4027
27
2040
50
45
62
48
2
1
20
40
60
80
100
120
2013 2014 2015 2016 2017 2018 2019
(jul)
3.6. Real Estate Funds (number)
10.6
4.7 5.8
2.25.2
11.28.3
3.0
1.7
4.0
3.9
2.8
6.3
7.2
0.1
0.0
2
4
6
8
10
12
14
16
18
20
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Exemptions of Register (ICVM400) Restricted Efforts Offerings
(ICVM476)
Registered Offerings (ICVM400)
9 5 4 2 4 4 1
7168
10592
125
182
77
20
40
60
80
100
120
140
160
180
200
2013 2014 2015 2016 2017 2018 2019
(jul)
3.7. Private Equity Funds (number)
4.21.1 3.6 0.4
5.20.5
17.918.3
40.8
17.521.2
29.3
19.2
5
10
15
20
25
30
35
40
45
50
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
Registered Offerings (ICVM400)
11 11 7 7 7 4 2
26
53 59 53
124
182
1242
20
40
60
80
100
120
140
160
180
200
2013 2014 2015 2016 2017 2018 2019 (jul)
3.8. Receivables Funds (number)
3.51.8 2.9 0.9 2.3 1.2 1.5
3.1 7.4 4.6
2.7
13.7
19.413.9
0.0
0.1
5
10
15
20
25
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Exemptions of Register (ICVM400)
Restricted Efforts Offerings (ICVM476)
Registered Offerings (ICVM400)
171156
97
72
10084
3620
40
60
80
100
120
140
160
180
2013 2014 2015 2016 2017 2018 2019 (jul)
3.9. Commercial Paper (number)
20.9
30.3
13.08.8
27.229.0
19.8
5
10
15
20
25
30
35
2013 2014 2015 2016 2017 2018 2019 (jul)
R$ (bi)
Restricted Efforts Offerings (ICVM476)
-
4. Secondary Market - Trade Information
5
6,6 6,46,1
6,6
7,8
11,0
14,2
2013 2014 2015 2016 2017 2018 2019 (Jul)
Ave
rage
dai
ly v
olum
e (R
$ bi
)
4.1. Equity - Round Lot
Source: B3
0.70.8
1.2 1.2
2.3
1.1
0.5
2013 2014 2015 2016 2017 2018 Jul/19
Ave
rage
dai
ly v
olum
e (R
$ bi
)
4.2. Corporate bonds
Source: SND
394
286
309 303
354371
227
83 82 77 71 7492
54
20 20 17 19 19 24 20
2013 2014 2015 2016 2017 2018 2019 (jul)
Nu
mb
er
of
con
trac
ts (m
illi
on
s)
4.3. Derivatives
CDI Futures USD/BRL Futures Ibovespa FuturesSource: B3
31.6
20.5 21.522.5
30.6
45.7
85.4
2013 2014 2015 2016 2017 2018 Jul/2019
Ave
rage
of t
ota
l dai
ly v
olu
me
(R$
mil
lio
ns)
4.4. Real Estate Funds
Source: B3
-
5. Securities Offerings – International Comparison
5.1. IPOs – Stocks* 2011 2012 2013 2014 2015 2016 2017 20182019
(jul)
Total – Global (US$ bi) 183.1 132.4 183.4 241.2 206.2 132.9
209.0 211.0 98,9
Total – Global (number of offerings) 1.717 1.344 1.273 1.618
1.670 1.370 1.938 1.616 712
Brazil (US$ bi) 4,3 2,3 8,4 0,2 0,3 0,2 6,3 2.0 1.0
Brazil (number of offerings) 11 3 11 1 1 1 10 3 2
Mexico (US$ bi) 0,5 1,2 2,9 1 1,9 0,3 4,1 0,6 -
Mexico (number of offerings) 2 3 5 3 5 3 6 3 -
China (US$ bi) 41.3 15.1 - 12.5 25.6 23.9 44.7 55.1 24,8
China (number of offerings) 278 149 - 125 219 227 487 190
153
Indonesia (US$ bi) 2.2 1.1 1.7 0.8 0.9 1 0.7 1.3 0.7
Indonesia (number of offerings) 25 22 30 24 16 15 36 55 32
Australia (US$ bi) 1.3 0.4 5.7 15.5 6.5 4.2 4.3 5.6 1.3
Australia (number of offerings) 104 44 57 73 94 89 100 86 27
5.2. Foreign Currency-Denominated Bonds**
2011 2012 2013 2014 2015 2016 2017 20182019 (jul)
Brazil (US$ bi) 26.2 26.4 21.7 28.0 6.1 19.5 40.8 22.5 10.9
Latin America and Caribbean(ex-Brazil) (US$ bi)
41.1 48.7 65.1 58.9 32.5 51.9 56.0 46.8 20.8
Mexico 20.2 31.2 33.1 25.5 20.7 36.7 33.8 31.4 5.4
Chile 3.9 5.2 6.5 11.1 4.7 2.2 8.3 2.8 4.6
Argentina 0.8 1.1 3.4 2.6 2.6 4.9 4.9 3.8 2.0
* Values converted to USD considering the offering date.
Excludes ADR/BDR/GDR offered abroad by Brazilian companies. Country
data is aggregated by location of the exchange which hosted the
offering.** Only non-financial corporate offerings, country data
aggregated by “ultimate county of risk”, that is, the country in
which the majority of the economic risk of the issuer is supported.
Values converted to USD considering the offering date.
Source: Bloomberg
6
-
6. Regulated Markets - Totals
Note: There is some double counting due to investment funds
assets.Sources: CVM, ANBIMA, B3.
7
1
2
3
4
5
6
7
8
1
2
3
4
5
6
7
8ja
n-14
mar
-14
mai
-14
jul-1
4
set-
14
nov-
14
jan-
15
mar
-15
mai
-15
jul-1
5
set-
15
nov-
15
jan-
16
mar
-16
mai
-16
jul-1
6
set-
16
nov-
16
jan-
17
mar
-17
mai
-17
jul-1
7
set-
17
nov-
17
jan-
18
mar
-18
mai
-18
jul-1
8
set-
18
nov-
18
jan-
19
mar
-19
mai
-19
jul-1
9
US$ (tri) 6.1. Regulated Markets (Jul/2019)
NAV ICVM 555 Funds (ex-FoF) NAV non-ICVM/555 Funds (ex-FoF)
Derivatives Total Gross Notional
Corporate Bonds Commercial Paper Real Estate ABS
Agrobusiness ABS Stock Market Total Market Cap Total
-
6. Regulated Markets - Participants
6.2. Participants (number)2012 2013 2014 2015 2016 2017
2018 (dez)
Registered companies, including foreign and subsidized, with
active status
756 767 750 725 690 672 666
Registered Investment Funds 13.165 14.278 14.875 15.094 14.936
16.182 17.719
Registered Asset Managers* (sum) 3.086 3.347 3535 3662 3353
3.411 3.475
Fiduciary Administrators (exclusive) 29 36 42
Asset Managers (exclusive) 3227 3281 3349
Both 97 94 84
Registered Custodians 87 88 189 153 144 145 139
Registered Bookkeepers 36 33 35 53 59
Registered Brokerage Firms (trading) 106 104 99 93 84 74 74
Registered Brokerage Firms (distribution) 133 129 115 109 107 94
101
Registered Brokers 9.969 8.218 5.393 5.123 5.980 6.596 7.745
Registered Independent Auditors 427 419 417 406 408 391 375
Registered Rating Agencies 5 7 7 7 7 7 7
Registered Research Analysts 713 723 726 723 624 606 615
Registered Investment Consultants 534 582 632 649 648 686
669
Registered Non-Resident Investors 19.023 19.140 20.900 20.899
18.429 19.416 19.293
Plataformas Eletrônicas Crowdfunding 14
Total 48.004 47.802 47.674 47.676 45.445 48.333 50.411•
Distinction after ICVM 558/15.
Sources: CVM. Does not include B3 stock exchange.
8
-
6. Regulated Markets - Investment Funds
6.2.1. Investment Funds- International Comparison*
2015 (jun)
2015(dez)
2016 (jun)
2016(dez)
2017 (jun)
2017 (dez)
2018 (jun)
2018 (dez)
2019 (mar)
Total – World (US$ bi) 39.289 38.253 39.409 40.643 44.992 49.300
49.446 46.693 49.998
Total – World (number) 104.181 106.064 107.910 110.125 112.278
112.948 115.152 118.261 119.623
Brazil (US$ bi) 911 744 984 1.061 1.137 1.238 1.109 1.211
1.231
Brazil (number) 8.660 8.783 9.057 9.224 9.479 9.774 9.957 10.257
10.415
Americas (ex-Brazil) (US$ bi) 19.466 18.885 19.373 20.127 21.784
23.660 23.889 22.428 24.505
Americas ex-Brazil (number) 16.011 16.216 16.296 16.472 16.695
16.794 17.715 17.440 17.500
Europe (US$ bi) 14.135 13.733 13.969 14.112 16.081 17.722 17.675
16.476 17.257
Europe (number) 52.782 53.212 53.251 53.513 54.350 54.558 55.217
56.001 56.172
Asia/Pacific (US$ bi) 4.630 4.770 4.950 5.198 5.830 6.498 6.609
6.421 6.836
Asia/Pacífic (number) 25.503 26.526 27.903 29.396 30.198 30.196
31.312 32.996 33.937
* NAV of open ended regulated mutual funds in each jurisdiction.
Excludes FoF.Source: ICI
9Note: does not include sep/15 due to technical problems.
12.5 12.8 12.9 13.1 14.0 14.8 15.5
2.21
2.40
2.69
3.18
3.78
4.20
4.58
2013 2014 2015 2016 2017 2018 jul/19 | Jul/19
6.2.2. ICVM 555 Funds
Number (IF+FoF) (x1000) NAV (ex-FoF) (R$ tri)Source: CVM
28
60
32
139
178
125
114
2013 2014 2015 2016 2017 2018 2019 (jul)
6.2.3. ICVM 555 Funds: Net Issuance (ex-FoF) (R$ bi)
Source: CVM
-
6. Regulated Markets - Registered Companies
10
9 6 23 10 7 4 7
647 640 619614 611
614 609
2.4
2.2
1.9
2.5
3.2
3.6
4.1
2013 2014 2015 2016 2017 2018 2019 (jul)
6.3.1. Registered Companies
Suspended Active Listed Companies Total Market Cap (R$ tri)
Source: CVM; B3
-
6. Regulated Markets - Registered Companies
* CVM estimates based on latest Formulário de Referência up to
this edition deadline. Information take into account first level
shareholder data.** Companies in the following status: operational,
pre-operational, Chapter 11 equivalents, in suspension. Listed but
never traded companies were excluded.*** National control if the
proportion of voting shares owned by first level controlling
national shareholders is greater than the proportion held by
controlling first level foreign shareholders.
Source: B3, CVM.
11
6.3.2. Companhias Abertas – Controle e Acordo de Acionistas*
jun/2017 dez/2017 jun/2018 dez/2018
Companhias abertas com registro ativo e ações negociadas em
bolsa de valores**
330 338 337 333
Companhias com controlador definido 271 275 286 282
Controle nacional privado*** 218 221 231 227
Controle nacional estatal 27 27 27 27
Controle estrangeiro 26 27 28 28
Companhias sem controlador definido 59 63 51 51
Companhias abertas com registro ativo e ações negociadas em
bolsa de valores**
330 338 337 333
Companhia possui acordo de acionistas 126 126 127 124
Companhia sem controlador definido 7 7 5 5
Companhia com controlador definido 119 119 122 119
Companhia não possui acordo de acionistas 204 212 210 209
Companhia sem controlador definido 52 56 46 46
Companhia com controlador definido 152 156 164 163
-
6. Regulated Markets - Other Assets
Sources: CVM, ANBIMA, B3, CETIP.
12
3
5
7
9
11
13
15
17
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
jan
-14
ab
r-1
4
jul-
14
ou
t-1
4
jan
-15
ab
r-1
5
jul-
15
ou
t-1
5
jan
-16
ab
r-1
6
jul-
16
ou
t-1
6
jan
-17
ab
r-1
7
jul-
17
ou
t-1
7
jan
-18
ab
r-1
8
jul-
18
ou
t-1
8
jan
-19
ab
r-1
9
jul-
19
6.4. Derivatives (Jul/19)
Exchange Based OTC Based Gross Notional - R$ Trillions (R)
100
200
300
400
500
600
700
800
900
fev-
14
abr-
14
jun
-14
ago
-14
ou
t-14
de
z-1
4
fev-
15
abr-
15
jun
-15
ago
-15
ou
t-15
de
z-1
5
fev-
16
abr-
16
jun
-16
ago
-16
ou
t-16
de
z-1
6
fev-
17
abr-
17
jun
-17
ago
-17
ou
t-17
de
z-1
7
fev-
18
abr-
18
jun
-18
ago
-18
ou
t-18
de
z-1
8
fev-
19
abr-
19
jun
-19
R$ (bi) 6.5. Corporate Bonds (Jul/2019)
33,9
71,4
38,5
20
40
60
80
100
120
140
160
jan
-14
mar
-14
mai
-14
jul-
14
set-
14
no
v-1
4
jan
-15
mar
-15
mai
-15
jul-
15
set-
15
no
v-1
5
jan
-16
mar
-16
mai
-16
jul-
16
set-
16
no
v-1
6
jan
-17
mar
-17
mai
-17
jul-
17
set-
17
no
v-1
7
jan
-18
mar
-18
mai
-18
jul-
18
set-
18
no
v-1
8
jan
-19
mar
-19
mai
-19
jul-
19
R$ (bi) 6.6. ABS+Commercial Paper (Jul/2019)
Commercial Paper Real Estate ABS Agrobusiness ABS