Before, the deadline for the redemption money to go to the investor’s account was of D+1, that is, one business day after request. Redemption operations made after 1 pm will continue with settlement on the business day following the request. Requests after 6 pm, which were answered within two business days, will now have the money available in the investor’s account in one business day.
“THE B3 and the National Treasury They are always looking for constant improvement, and based on listening to the market’s needs, we were able to reduce the Treasury Direct liquidation period, opening new horizons for investors’ resource allocation strategies in line with market expectations as a whole”, Vinicius Brancher, B3 Personal Relationship Superintendent.
The change brings greater “convenience” for the small investor, according to Renato Pascon, fixed income and multimarket manager at Franklin Templeton, which sees “strong competition” for Tesouro Direto with the largest offer of CDBs (Bank Deposit Certificates) by digital platforms that facilitate access – and redemption – of this type of application.
Paulo Marques, institutional relationship manager at the National Treasury, states that the change is in line with the program’s purpose of facilitating the investor experience.
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“It’s a convenience for those who forgot to pay a bill and the money is in the Treasury Direct, something like that. Before, they had to take a loan for a day or stay on the overdraft for a day because they only received the ransom the next day,” he says. Pascon, by Franklin Templeton. Financial emergencies that arise can also be resolved more quickly by investors.
Despite making Treasury Direct bonds slightly more appetizing from a liquidity point of view, CDBs continue to gain in profitability in most cases.
“O CDB will gain in rate because it has more risk, because even guaranteed by the FGC, it is a security of a private institution, it has greater risk”, observes Pascon. FGC (Credit Guarantee Fund) is a kind of insurance for some fixed income investments, such as CDB, and is responsible for returning the money to the investor in the event of a “failure” of the issuing banks of these bonds. The ceiling for this “insurance” is up to R$ 250,000 per individual and financial conglomerates.
“If we are talking about investors with investments below the FGC limit are insured persons and, for them, it would be more worthwhile to go to the CDB, since the change of term is a small convenience“, assesses the manager of Franklin Templeton.
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Despite this, Pascon says that Treasury Direct bonds are an “excellent alternative” to the CDB because they offer greater transparency, especially for those who opt for fixed rate bonds linked to the country’s official inflation, the IPCA (Extended National Consumer Price Index) .
“The IPCA Treasury and the Prefixed Treasury are modalities that reliably follow the market’s behavior, while these platforms that sell CDBs, when they offer post-fixed, have the possibility of early exit, but when it is prefixed or linked to the IPCA, they state that the exit is ‘according to market conditions’. The investor doesn’t know and the platform kind of puts the prize they want“, explains Pascon.
According to him, Treasury Direct IPCA+ and fixed rate bonds are better for investors because they tend to offer better “exit” rates from the investment.
Treasury Direct Investor can receive same day cash from today — Photo: Getty Images