What are Debentures?
Debentures are debt securities issued by companies. When you buy a debenture, you are lending money to the company — and they pay you interest for it. It’s like a CDB, but issued by companies (not banks).
Types
Common Debentures
- Taxed by IR (regressive table)
- No FGC guarantee
- Yield generally CDI + spread
Incentivized Debentures
- Exempt from IR for individuals
- Finance infrastructure projects
- Yield: IPCA + fixed rate
Advantages
- Yield is generally higher than CDB and Treasury
- Incentivized debentures are exempt from IR
- Diversification of fixed income
- Varied terms (2 to 15 years)
Risks
- Credit risk: company may not pay (no FGC)
- Liquidity risk: it may be difficult to sell before maturity
- Market risk: price may fluctuate if sold before
How to Evaluate
Before investing, check:
- Company rating (credit score: AAA is the best)
- Company sector (stable sectors are safer)
- Guarantees (real, floating, unsecured)
- Term (the longer, the higher the risk)
For Whom is it Indicated
- Investors with assets over R$ 50,000
- Those who already have Treasury and CDB and want to diversify
- Those seeking IR exemption (incentivized debentures)
- Moderate to aggressive profile