1.2. Indicators - Percentage Accumulated YTD Return - Jul/2019 · IFIX (REIT index) IRF-M (fixed rate sovereign index) IMA-S (floating sovereigns index) IMA-B (inflation linked sovereigns

15,8

16,9

20,2

13,1

8,1

3,7

16,7

6,2

3,7

2,9

2,4

5,1

Ibovespa

IbrX-100

S&P 500

IFIX (REIT index)

IRF-M (fixed rate sovereign index)

IMA-S (floating sovereigns index)

IMA-B (inflation linked sovereignsindex)

IHFA (mutual funds index)

CDI Overnight Base Rate

BRL/USD

CPI

CRB (commodities)

1.2. Indicators - Percentage Accumulated YTD Return - Jul/2019

Sources: Bloomberg, BCB

Market Report

Index 1. Market Performance

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ic

1

1. Market Performance

2. Macroeconomic Indicators

3. Securities Offerings - Overview

3. Securities Offerings - Selected Assets

4. Secondary Market - Trade Information

5. Securities Offerings - International Comparison

6. Regulated Markets - Totals

6. Regulated Markets - Participants

6. Regulated Markets - Investment Funds

6. Regulated Markets - Registered Companies

6. Regulated Markets - Other Assets

2. Macroeconomic Indicators

Gross Debt: jul/2019. Gross Debt Estimates correspond to the simple average of Itau Unibanco e Banco Bradesco most recent estimates.

CPI: jul/19; GDP (rolling 4 quarters): jun/19; BRL/USD (PTAX ask): 08/28/19; Base Rate SELIC: 08/28/19. Estimates: Focus Report of 08/12/19. Primary and Nominal: jul/2019. Estimate: Focus Report of 08/12/19.

FDI and Current Account: jul/2019. Estimates: Focus Report of 08/12/19.

Sources: BCB e IBGE.

2

3.2

1.0

4.15

6.0

3.8

0.8

3.75

5.0

3.9

2.1

3.80

5.5

CPI (% trailing 12month accumulated)

GDP Growth (%) FX (BRL/USD) SELIC Base Rate (%)

2.1. Macroeconomics

Last Value 2019 Estimate 2020 Estimate

79.0

77.8

79.3

Gross Debt (%GDP)

2.2. Gross Debt


-1.4

-6.5

-1.3

-6.3

-1.0

-6.0

Primary Surplus (%GDP - accumulated trailing12 months)

Nominal Result (%GDP - accumulated trailing12 months)

2.3. Public Finances


94.9

-24.5

85.0

-22.0

85.3

-32.5

FDI (US$ bi - accumulated trailing 12 months) Current Account Result (US$ bi -accumulated trailing 12 months)

2.4. Balance of Payments


3. Securities Offerings - Overview

(1) Values and quantities include: stocks+BDR, corporate bonds, commercial paper, Real Estate ABS, Agrobusiness ABS, CDOs, Real Estate Funds and Private Equity Funds (and corresponding FoFs)(2) Corpoate bonds – excludes lease offerings.

Source: CVM

3

10357 47 70

89 76 57

669722

637541

800

987

572

2 3

100

200

300

400

500

600

700

800

2013 2014 2015 2016 2017 2018 2019 (jul)

3.1. Number of offerings

Registered Offerings (ICVM400) Restricted Efforts Offerings (ICVM476) Exemptions of Register (ICVM400)

55.729.0

43.520.8

48.533.5

47.6

117.5

142.7126.3

120.3

171.6

242.7199.3

0.1 0.1

50

100

150

200

250

300

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)

3. Securities Offerings - Selected Assets

Source: CVM4

20

2 2 3

11

35

4

7

14

2

12

5

10

15

20

25

30

2013 2014 2015 2016 2017 2018 2019 (jul)

3.2. Equity (number)

23.9 15.4 16.7

4.3

21.8

6.8

22.8

-

-1.6

6.5

17.0

4.4

27.3

10

20

30

40

50

60

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)

Restricted Efforts Offerings (ICVM476)

Registered Offerings (ICVM400)

16 8 9 4 10 5 4

252 277

205166

254

346

195

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017 2018 2019

(jul)

3.3. Corporate bonds (number)

10.9 3.7 10.6 1.9 6.4 2.7 5.9

57.9 68.8 52.0 61.8

81.8

146.4

105.7

20

40

60

80

100

120

140

160

2013 2014 2015 2016 2017 2018 2019

(jul)

R$ (bi)



10 7 522

10 10 5

115136

121 8293 90

68

20

40

60

80

100

120

140

160

2013 2014 2015 2016 2017 2018 2019 (jul)

3.4. Real Estate ABS (number)

2.2 0.9 0.3

2.4 2.2 2.9 1.4

13.8 15.7

9.3

15.6

5.4 5.4 5.8

2

4

6

8

10

12

14

16

18

20

2013 2014 2015 2016 2017 2018 2019

(jul)

R$ (bi)



38 10

19 21

10 137

12 6

19

45

39

12

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018 2019 (jul)

3.5. Agrobusiness ABS (number)

0.2 1.4

3.6

8.8 9.7

3.6

7.3

0.8 0.5

1.0

3.6 2.6

2.4

0.4

2

4

6

8

10

12

14

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)


Exemptions of Register (ICVM400)

34

16 10 1326

4027

27

2040

50

45

62

48

2

1

20

40

60

80

100

120

2013 2014 2015 2016 2017 2018 2019

(jul)

3.6. Real Estate Funds (number)

10.6

4.7 5.8

2.25.2

11.28.3

3.0

1.7

4.0

3.9

2.8

6.3

7.2

0.1

0.0

2

4

6

8

10

12

14

16

18

20

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)

Exemptions of Register (ICVM400) Restricted Efforts Offerings (ICVM476)


9 5 4 2 4 4 1

7168

10592

125

182

77

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018 2019

(jul)

3.7. Private Equity Funds (number)

4.21.1 3.6 0.4

5.20.5

17.918.3

40.8

17.521.2

29.3

19.2

5

10

15

20

25

30

35

40

45

50

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)



11 11 7 7 7 4 2

26

53 59 53

124

182

1242

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018 2019 (jul)

3.8. Receivables Funds (number)

3.51.8 2.9 0.9 2.3 1.2 1.5

3.1 7.4 4.6

2.7

13.7

19.413.9

0.0

0.1

5

10

15

20

25

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)

Exemptions of Register (ICVM400)



171156

97

72

10084

3620

40

60

80

100

120

140

160

180

2013 2014 2015 2016 2017 2018 2019 (jul)

3.9. Commercial Paper (number)

20.9

30.3

13.08.8

27.229.0

19.8

5

10

15

20

25

30

35

2013 2014 2015 2016 2017 2018 2019 (jul)

R$ (bi)


4. Secondary Market - Trade Information

5

6,6 6,46,1

6,6

7,8

11,0

14,2

2013 2014 2015 2016 2017 2018 2019 (Jul)

Ave

rage

dai

ly v

olum

e (R

$ bi

)

4.1. Equity - Round Lot

Source: B3

0.70.8

1.2 1.2

2.3

1.1

0.5

2013 2014 2015 2016 2017 2018 Jul/19

Ave

rage

dai

ly v

olum

e (R

$ bi

)

4.2. Corporate bonds

Source: SND

394

286

309 303

354371

227

83 82 77 71 7492

54

20 20 17 19 19 24 20

2013 2014 2015 2016 2017 2018 2019 (jul)

Nu

mb

er

of

con

trac

ts (m

illi

on

s)

4.3. Derivatives

CDI Futures USD/BRL Futures Ibovespa FuturesSource: B3

31.6

20.5 21.522.5

30.6

45.7

85.4

2013 2014 2015 2016 2017 2018 Jul/2019

Ave

rage

of t

ota

l dai

ly v

olu

me

(R$

mil

lio

ns)

4.4. Real Estate Funds

Source: B3

5. Securities Offerings – International Comparison

5.1. IPOs – Stocks* 2011 2012 2013 2014 2015 2016 2017 20182019 (jul)

Total – Global (US$ bi) 183.1 132.4 183.4 241.2 206.2 132.9 209.0 211.0 98,9

Total – Global (number of offerings) 1.717 1.344 1.273 1.618 1.670 1.370 1.938 1.616 712

Brazil (US$ bi) 4,3 2,3 8,4 0,2 0,3 0,2 6,3 2.0 1.0

Brazil (number of offerings) 11 3 11 1 1 1 10 3 2

Mexico (US$ bi) 0,5 1,2 2,9 1 1,9 0,3 4,1 0,6 -

Mexico (number of offerings) 2 3 5 3 5 3 6 3 -

China (US$ bi) 41.3 15.1 - 12.5 25.6 23.9 44.7 55.1 24,8

China (number of offerings) 278 149 - 125 219 227 487 190 153

Indonesia (US$ bi) 2.2 1.1 1.7 0.8 0.9 1 0.7 1.3 0.7

Indonesia (number of offerings) 25 22 30 24 16 15 36 55 32

Australia (US$ bi) 1.3 0.4 5.7 15.5 6.5 4.2 4.3 5.6 1.3

Australia (number of offerings) 104 44 57 73 94 89 100 86 27

5.2. Foreign Currency-Denominated Bonds**

2011 2012 2013 2014 2015 2016 2017 20182019 (jul)

Brazil (US$ bi) 26.2 26.4 21.7 28.0 6.1 19.5 40.8 22.5 10.9

Latin America and Caribbean(ex-Brazil) (US$ bi)

41.1 48.7 65.1 58.9 32.5 51.9 56.0 46.8 20.8

Mexico 20.2 31.2 33.1 25.5 20.7 36.7 33.8 31.4 5.4

Chile 3.9 5.2 6.5 11.1 4.7 2.2 8.3 2.8 4.6

Argentina 0.8 1.1 3.4 2.6 2.6 4.9 4.9 3.8 2.0

* Values converted to USD considering the offering date. Excludes ADR/BDR/GDR offered abroad by Brazilian companies. Country data is aggregated by location of the exchange which hosted the offering.** Only non-financial corporate offerings, country data aggregated by “ultimate county of risk”, that is, the country in which the majority of the economic risk of the issuer is supported. Values converted to USD considering the offering date.

Source: Bloomberg

6

6. Regulated Markets - Totals

Note: There is some double counting due to investment funds assets.Sources: CVM, ANBIMA, B3.

7

1

2

3

4

5

6

7

8

1

2

3

4

5

6

7

8ja

n-14

mar

-14

mai

-14

jul-1

4

set-

14

nov-

14

jan-

15

mar

-15

mai

-15

jul-1

5

set-

15

nov-

15

jan-

16

mar

-16

mai

-16

jul-1

6

set-

16

nov-

16

jan-

17

mar

-17

mai

-17

jul-1

7

set-

17

nov-

17

jan-

18

mar

-18

mai

-18

jul-1

8

set-

18

nov-

18

jan-

19

mar

-19

mai

-19

jul-1

9

US$ (tri) 6.1. Regulated Markets (Jul/2019)

NAV ICVM 555 Funds (ex-FoF) NAV non-ICVM/555 Funds (ex-FoF) Derivatives Total Gross Notional

Corporate Bonds Commercial Paper Real Estate ABS

Agrobusiness ABS Stock Market Total Market Cap Total

6. Regulated Markets - Participants

6.2. Participants (number)2012 2013 2014 2015 2016 2017

2018 (dez)

Registered companies, including foreign and subsidized, with active status

756 767 750 725 690 672 666

Registered Investment Funds 13.165 14.278 14.875 15.094 14.936 16.182 17.719

Registered Asset Managers* (sum) 3.086 3.347 3535 3662 3353 3.411 3.475

Fiduciary Administrators (exclusive) 29 36 42

Asset Managers (exclusive) 3227 3281 3349

Both 97 94 84

Registered Custodians 87 88 189 153 144 145 139

Registered Bookkeepers 36 33 35 53 59

Registered Brokerage Firms (trading) 106 104 99 93 84 74 74

Registered Brokerage Firms (distribution) 133 129 115 109 107 94 101

Registered Brokers 9.969 8.218 5.393 5.123 5.980 6.596 7.745

Registered Independent Auditors 427 419 417 406 408 391 375

Registered Rating Agencies 5 7 7 7 7 7 7

Registered Research Analysts 713 723 726 723 624 606 615

Registered Investment Consultants 534 582 632 649 648 686 669

Registered Non-Resident Investors 19.023 19.140 20.900 20.899 18.429 19.416 19.293

Plataformas Eletrônicas Crowdfunding 14

Total 48.004 47.802 47.674 47.676 45.445 48.333 50.411• Distinction after ICVM 558/15.

Sources: CVM. Does not include B3 stock exchange.

8

6. Regulated Markets - Investment Funds

6.2.1. Investment Funds- International Comparison*

2015 (jun)

2015(dez)

2016 (jun)

2016(dez)

2017 (jun)

2017 (dez)

2018 (jun)

2018 (dez)

2019 (mar)

Total – World (US$ bi) 39.289 38.253 39.409 40.643 44.992 49.300 49.446 46.693 49.998

Total – World (number) 104.181 106.064 107.910 110.125 112.278 112.948 115.152 118.261 119.623

Brazil (US$ bi) 911 744 984 1.061 1.137 1.238 1.109 1.211 1.231

Brazil (number) 8.660 8.783 9.057 9.224 9.479 9.774 9.957 10.257 10.415

Americas (ex-Brazil) (US$ bi) 19.466 18.885 19.373 20.127 21.784 23.660 23.889 22.428 24.505

Americas ex-Brazil (number) 16.011 16.216 16.296 16.472 16.695 16.794 17.715 17.440 17.500

Europe (US$ bi) 14.135 13.733 13.969 14.112 16.081 17.722 17.675 16.476 17.257

Europe (number) 52.782 53.212 53.251 53.513 54.350 54.558 55.217 56.001 56.172

Asia/Pacific (US$ bi) 4.630 4.770 4.950 5.198 5.830 6.498 6.609 6.421 6.836

Asia/Pacífic (number) 25.503 26.526 27.903 29.396 30.198 30.196 31.312 32.996 33.937

* NAV of open ended regulated mutual funds in each jurisdiction. Excludes FoF.Source: ICI

9Note: does not include sep/15 due to technical problems.

12.5 12.8 12.9 13.1 14.0 14.8 15.5

2.21

2.40

2.69

3.18

3.78

4.20

4.58

2013 2014 2015 2016 2017 2018 jul/19 | Jul/19

6.2.2. ICVM 555 Funds

Number (IF+FoF) (x1000) NAV (ex-FoF) (R$ tri)Source: CVM

28

60

32

139

178

125

114

2013 2014 2015 2016 2017 2018 2019 (jul)

6.2.3. ICVM 555 Funds: Net Issuance (ex-FoF) (R$ bi)

Source: CVM


10

9 6 23 10 7 4 7

647 640 619614 611

614 609

2.4

2.2

1.9

2.5

3.2

3.6

4.1

2013 2014 2015 2016 2017 2018 2019 (jul)

6.3.1. Registered Companies

Suspended Active Listed Companies Total Market Cap (R$ tri)

Source: CVM; B3


* CVM estimates based on latest Formulário de Referência up to this edition deadline. Information take into account first level shareholder data.** Companies in the following status: operational, pre-operational, Chapter 11 equivalents, in suspension. Listed but never traded companies were excluded.*** National control if the proportion of voting shares owned by first level controlling national shareholders is greater than the proportion held by controlling first level foreign shareholders.

Source: B3, CVM.

11

6.3.2. Companhias Abertas – Controle e Acordo de Acionistas* jun/2017 dez/2017 jun/2018 dez/2018

Companhias abertas com registro ativo e ações negociadas em bolsa de valores**

330 338 337 333

Companhias com controlador definido 271 275 286 282

Controle nacional privado*** 218 221 231 227

Controle nacional estatal 27 27 27 27

Controle estrangeiro 26 27 28 28

Companhias sem controlador definido 59 63 51 51

Companhias abertas com registro ativo e ações negociadas em bolsa de valores**

330 338 337 333

Companhia possui acordo de acionistas 126 126 127 124

Companhia sem controlador definido 7 7 5 5

Companhia com controlador definido 119 119 122 119

Companhia não possui acordo de acionistas 204 212 210 209

Companhia sem controlador definido 52 56 46 46

Companhia com controlador definido 152 156 164 163

6. Regulated Markets - Other Assets

Sources: CVM, ANBIMA, B3, CETIP.

12

3

5

7

9

11

13

15

17

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

jan

-14

ab

r-1

4

jul-

14

ou

t-1

4

jan

-15

ab

r-1

5

jul-

15

ou

t-1

5

jan

-16

ab

r-1

6

jul-

16

ou

t-1

6

jan

-17

ab

r-1

7

jul-

17

ou

t-1

7

jan

-18

ab

r-1

8

jul-

18

ou

t-1

8

jan

-19

ab

r-1

9

jul-

19

6.4. Derivatives (Jul/19)

Exchange Based OTC Based Gross Notional - R$ Trillions (R)

100

200

300

400

500

600

700

800

900

fev-

14

abr-

14

jun

-14

ago

-14

ou

t-14

de

z-1

4

fev-

15

abr-

15

jun

-15

ago

-15

ou

t-15

de

z-1

5

fev-

16

abr-

16

jun

-16

ago

-16

ou

t-16

de

z-1

6

fev-

17

abr-

17

jun

-17

ago

-17

ou

t-17

de

z-1

7

fev-

18

abr-

18

jun

-18

ago

-18

ou

t-18

de

z-1

8

fev-

19

abr-

19

jun

-19

R$ (bi) 6.5. Corporate Bonds (Jul/2019)

33,9

71,4

38,5

20

40

60

80

100

120

140

160

jan

-14

mar

-14

mai

-14

jul-

14

set-

14

no

v-1

4

jan

-15

mar

-15

mai

-15

jul-

15

set-

15

no

v-1

5

jan

-16

mar

-16

mai

-16

jul-

16

set-

16

no

v-1

6

jan

-17

mar

-17

mai

-17

jul-

17

set-

17

no

v-1

7

jan

-18

mar

-18

mai

-18

jul-

18

set-

18

no

v-1

8

jan

-19

mar

-19

mai

-19

jul-

19

R$ (bi) 6.6. ABS+Commercial Paper (Jul/2019)

Commercial Paper Real Estate ABS Agrobusiness ABS

Documents

1.2. Indicators - Percentage Accumulated YTD Return - Jul/2019 · IFIX (REIT index) IRF-M (fixed rate sovereign index) IMA-S (floating sovereigns index) IMA-B (inflation linked sovereigns