Tesouro Direto has the largest net funding in July since April 2020; Treasury Selic defeats Treasury IPCA+ in investor preference

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SAO PAULO – Sales once again exceeded redemptions at Tesouro Direto in July, for the fourth consecutive month, with net funding of R$934.1 million – the highest since April 2020, when it reached R$1.6 billion .

The result of the last month is due to sales through the purchase and sale of public securities to individuals in the order of R$ 2.46 billion, against outflows of R$ 1.53 billion, related to repurchases and maturities.

With the result of July, the program, which until May had losses in the year, started to accumulate net funding of R$ 1.5 billion in 2021.

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With the change in a trend seen since December, in which securities linked to the Extended National Consumer Price Index (IPCA) stood out in investor preference, the Treasury Selic was the most demanded paper in July, with a share of 44.8 % on sales.

Inflation-linked bonds, on the other hand, accounted for 41.2% of the total, while fixed-rate bonds ranked third, with a participation of 14%.

With regard to the term of issue of the bonds, investors’ preference fell on papers with intermediate maturities, with terms of five to ten years, with 50.1% of sales. The shortest public bonds (with maturities between one and five years) appear next, with a share of 35.8%. Those longer, over ten years, accounted for 14.1% of last month’s sales.

Stock and investors

According to data from Tesouro Direto, 460 thousand operations were carried out in July – the highest volume since December 2020, when there were 478.7 thousand operations.

In the period, the average value per operation was R$ 5,347.38, the lowest since December, with 85.6% of sales with values ​​below R$ 5 thousand.

The program’s stock reached an amount of R$ 67.9 billion, growth of 2.3% compared to June, and 9.5% compared to July 2020.

Securities indexed to price indices account for the largest volume in the stock, with 54.8% of the total. Next, there are securities indexed to the Selic rate, with a participation of 25.5%, and, finally, fixed rate papers, with 19.6%.

With regard to the number of active investors, that is, those currently with a balance in investments in the program, the total grew again and reached 1,597,402 in July, an increase of 20.6% in the last 12 months. Last month, the increase was 38,800 new active investors.