Brazilian capital markets: Infrastructure debentures and childhood market growth

In the Brazilian capital markets, Riza Asset projects that tax-exempt debentures could reach R$ 935 billion by 2036, up from R$ 571 billion this year. This 64% growth is expected to be driven by a new infrastructure investment cycle, particularly in transport and logistics, as private financing increasingly replaces BNDES funding.

Simultaneously, companies linked to the childhood market saw significant activity on the B3 exchange. Between January and August 2026, 11 companies—including Microsoft, Netflix, Disney, and Grupo Multi—moved R$ 9.44 billion through stocks and BDRs. Microsoft led the group with R$ 6.64 billion in BDR transactions, followed by Netflix with R$ 2.01 billion.