<\/p>\n
The Brazilian capital market has been gaining ground in discussions regarding financing in Latin America. In this context, our partner Fab\u00edola Cammarota de Abreu was interviewed by LexLatin to comment on the main drivers behind this growth.<\/p>\n
According to the specialist, the market’s advancement is largely due to the variety and versatility of the debt instruments available today, which allow each company to choose the structure most suitable to its profile, the intended use of funds, maturity, guarantees, governance, target investors, and its capacity to meet regulatory and disclosure obligations.<\/p>\n
Regarding incentivized debentures, she points out that the tax advantage is not automatic. It requires a robust legal framework, a specific allocation of funds, and proper monitoring mechanisms, which reduces flexibility of use and increases the need for legal structuring and consistent documentation. On the other hand, traditional debentures, according to the attorney, usually offer more freedom and can be used for working capital, debt refinancing, general investments, or financial reorganization, with greater flexibility also in the design of guarantees and tenors.<\/p>\n
Fab\u00edola also comments on CVM\u2019s new FACIL Regime, arguing that it should act as an entry point for smaller companies to access the capital market through debt instruments, expanding the portfolio available to the financial market.<\/p>\n
Finally, regarding the carbon market, she sees a promising sector, especially following the creation of the Brazilian Greenhouse Gas Emissions Trading System (Law No. 15,042\/2024), but warns that this market demands legal caution, credit solvency, traceability, clear ownership, governance, and compliance with applicable regulatory and voluntary standards.<\/p>\n