Debêntures, including incentivadas

A debênture is a bond issued by a company (not a bank) to raise financing directly from investors. You are lending to the firm, so the return reflects that firm’s credit quality — and these are not covered by the FGC guarantee.

The risk-return step up

Because there is no FGC safety net, debêntures pay more than equivalent bank instruments to compensate for the issuer’s default risk. Assessing that risk matters:

• Credit rating — agencies rate issuers; a higher rating signals lower default risk and usually a lower yield.
• The company’s fundamentals — its debt load, cash flow and sector.
• Seniority and guarantees — some debêntures are backed by collateral or rank ahead of others in a default.

Debêntures incentivadas — the tax-exempt kind

A special category, debêntures incentivadas, funds infrastructure projects (energy, transport, sanitation). To encourage that investment, their returns are, at the time of writing, exempt from income tax for individuals — a meaningful edge over ordinary debêntures, which are taxed on the regressive table. As always, confirm the current tax rules.

They are typically inflation-linked ("IPCA + X%") and long-dated, fitting long-term, inflation-protected goals — provided you are comfortable with the issuer’s credit risk and the limited liquidity.

Liquidity reality

Debêntures trade on a secondary market, but liquidity can be thin. Selling before maturity may mean accepting an unfavourable price, or waiting for a buyer.

When to use them

Suitable for investors who have outgrown the basics, understand credit analysis, and want higher yields — with the clear understanding that the higher return is payment for the absence of an FGC guarantee.