Brazilian fixed-rate bond yields rise 0.06 point ahead of IPCA-15

Brazilian fixed-rate bond yields in the Tesouro Direto program rose by 0.06 percentage points across all maturities on Thursday, September 24, 2026. The increase ended a consecutive series of declines ahead of the release of mid-month inflation data.

The rate on the Tesouro Prefixado 2032 rose to 14.14% per year, up from 14.08% on Wednesday. The 2029 maturity increased from 13.77% to 13.83%, while the 2037 bond with semiannual coupons advanced from 14.10% to 14.16%. Despite the daily increase, the 2032 yield remained down by 0.20 percentage points compared to the prior Thursday.

Inflation-linked bond rates remained largely stable. The Tesouro IPCA+ 2032 moved from IPCA plus 7.66% to IPCA plus 7.68%, representing the highest real yield among the notes. The IPCA+ 2040 and IPCA+ 2050 stood unchanged at IPCA plus 7.31% and IPCA plus 7.16%, respectively. Breakeven inflation priced into 2032 bonds returned to 6% per year.

Statistics agency IBGE is scheduled to publish the September IPCA-15 inflation reading on Friday, September 25. The print serves as an indicator for future adjustments to the benchmark Selic rate, which stands at 13.75% per year.