Brazil capital markets hit record R$963B in 2025, but IPO drought persists

Brazil's capital markets saw record R$963 billion in public offerings in 2025, driven by R$493 billion in debentures across 26 sectors, yet no IPO occurred, extending a nearly five-year drought. The piece is an opinion column questioning who will deliver predictability, implying policy or market uncertainty is stifling equity issuance. This matters as it highlights a structural imbalance favoring debt over equity financing, potentially constraining corporate growth and market depth.