Brazil’s National Treasury raised its target for the share of Selic-linked bonds in the federal public debt to 49%-53% for the end of 2026, up from the earlier projection of 46%-50%. The adjustment reflects heightened demand for floating-rate securities amid ongoing economic uncertainty and market volatility.
The revised Annual Financing Plan also reduced the allocation for inflation-linked bonds to 21%-25%, down from the prior range of 23%-27%. Fixed-rate bond issuance targets were lowered to 20%-24%, compared with the previous 21%-25% range. Exchange-rate-linked bond targets remained unchanged at 3%-7%.
The National Treasury did not provide explicit reasons for the reallocation but noted that the adjustments align with market conditions and debt management objectives. The changes were announced on Wednesday, August 26, 2026, as part of the updated financing strategy for the coming year.
