Field notes on Brazilian financial data.
Practical perspectives on credit, receivables, due diligence, and getting verified, source-traced figures out of Brazil's documents.
Follow on LinkedInZombie Firms in Brazil: What Interest Coverage Shows Before the Default
A study of 375 B3-listed companies finds Brazil's zombie-firm problem is structural. Why coverage and credit mix matter before a loan goes 90 days overdue.
Read →When the Price Is Administered: Reading Brazil's Circuit-Breaker Session as a Credit Analyst
A 15% opening drop, a 30-minute halt, long rates up 182 bp and fixed-rate Treasury auctions cancelled: what a stress session changes in a credit file.
Read →When Inflation Crosses the Ceiling: How Brazil's Continuous Target Defines a Miss
September's 12-month IPCA of 4.58% sits above the 4.5% ceiling. Under the continuous target, a single reading is not a miss — six in a row is. Here is how the count works and why credit analysts should track it.
Read →When Default Rises Into an Easing Cycle: Reading Brazil's Record 6% Consumer Delinquency
Consumer default reached a record 6% in August while the average lending rate rose to 32.3% and revolving card credit hit 444.9% a year. What the breakdown says to anyone holding consumer receivables.
Read →When the Claim Is Still in Dispute: What the CMN's FIDC Rule on Judicial Credit Changes
The CMN has barred FIDCs from buying judicial and arbitral claims that lack liquidity, a defined funding source and enforceability, and raised the valuation bar for funds that already hold them.
Read →When the Consideration Is a Bond: Reading the Braskem Exchange Offer as a Credit Decision
IG4's Shine I fund is offering Braskem shareholders NSP Investimentos bonds as consideration. Tendering turns an equity position into a credit exposure, and the analysis has to change with it.
Read →When the Market Is Open for Some: Reading Brazil's R$1.48 Trillion Corporate Maturity Wall
Brazilian issuers owe R$1.48 trillion in principal and interest on corporate debt securities from September 2026 through 2030. Aggregate issuance still covers maturities; the question is who can actually refinance.
Read →Selic at 13.75%: When the Easing Path Stops Being Pre-Announced
The Copom cut the Selic to 13.75%, yet its updated inflation projection assumes no further cut. What a data-dependent easing path means for analysts modelling BRL funding and credit.
Read →When the Index Redraws Its Perimeter: What BDR Eligibility in the Ibovespa Actually Changes
B3 opens the Ibovespa to BDRs of Brazilian companies. The liquidity screen is unchanged — what changed is which instruments get to take it.
Read →When the Liquidity Is Manufactured: Reading CVM's R$201 Million Fund Ruling as a Diligence Problem
CVM fined seven individuals and nine companies R$201 million over a real-estate fund. The mechanism — assets contributed above value, turnover between related parties — leaves a checkable trail.
Read →When the Bylaws Are the Liability: Reading Brazil's Oncoclínicas OPA Ruling as a Credit Analyst
CVM ruled that Oncoclínicas must honour the tender-offer clause in its own bylaws. Why constituent documents belong in credit due diligence.
Read →CVM’s ‘Comply or Explain’ Shift on IFRS S1/S2: What Brazilian Analysts Need to Track
CVM Resolution 244 replaces mandatory IFRS S1/S2 disclosure with a comply-or-explain model. How institutional investors, credit analysts, and CFOs should navigate the new flexibility.
Read →NTN-B Real Yields at 8%+: What the Treasury’s Shift to LFT Tells Institutional Investors
Brazilian NTN-B real yields remain above 8% despite recent pullback. The Treasury’s pivot to LFT issuance signals structural demand weakness. Implications for credit analysis and inflation hedging.
Read →From scattered documents to verified data: how AI changes Brazilian financial analysis
Brazil's opportunity is real, but the figures you need are buried in documents — local, fragmented, and slow to extract. How an AI-native workflow turns those documents into verified, source-traced data, without taking the decision out of human hands.
Read →Due diligence on a Brazilian receivables portfolio: a 7-point checklist
A field checklist for screening a receivables (recebíveis) portfolio — from originator quality to data reconciliation — and how an AI-native workflow shortens each step.
Read →What is a FIDC? A practical primer for credit investors
FIDCs are one of the most common ways to take credit exposure in Brazil — and one of the easiest to misread. A plain-language look at the structure, the risks, and where diligence really matters.
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