Slow Bank Loans Push Brazil’s Builders Toward Receivables Funds

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— —

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164.55

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74.36

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3,939

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353.28

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48.16

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1.48

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9.80

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7.90

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6.68

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4.50

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11.46

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24.13

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24.23

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33.80

— 0.00%

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43.30

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10.86

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39.81

▲ 1.89%

LREN3

14.64

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VIVT3

33.75

▼ 0.15%

RAIL3

13.89

▼ 2.11%

KLABIN

16.76

▼ 0.89%

RAIA DROGASIL

17.51

▼ 3.26%

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33.11

▼ 3.33%

HAPV3

11.22

▼ 8.26%

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14.70

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17.30

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24.92

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29.48

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35.04

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50.71

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29.45

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2.31

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20.50

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25.79

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2.94

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26.72

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ASAI3

8.79

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27.23

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51.44

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208.36

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211.61

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22.33

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179.77

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57.07

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9.27

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21.93

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411.68

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294.00

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217.15

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184.78

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293.02

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37.71

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70,051

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6,200

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69.40

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5,579

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76.50

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2,181

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1,053

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167.48

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LATAM AIR

22.41

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YPF

83,400

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GGAL

7,455

▲ 1.43%

PAMPA

5,115

— 0.00%

TXAR

685.50

▲ 1.18%

ALUAR

1,012

▼ 0.30%

TGS

9,285

▲ 0.87%

CEPU

2,286

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MIRGOR

16,950

▲ 0.15%

COME

48.31

▲ 0.83%

LOMA NEGRA

3,505

▲ 1.52%

BYMA

293.50

▲ 0.17%

TELECOM ARG

4,038

▼ 0.37%

ECOPETROL

15.35

▼ 1.48%

BANCOLOMBIA

72.51

▲ 0.36%

GRUPO AVAL

4.95

▼ 0.60%

CREDICORP

330.74

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SOUTHERN COPPER

192.10

▼ 2.28%

BUENAVENTURA

34.67

▲ 2.39%

MERCADOLIBRE

1,648

▲ 0.56%

NUBANK

12.03

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XP

15.74

▲ 0.87%

PAGSEGURO

8.82

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STONE

10.72

▲ 0.70%

GLOBANT

39.54

▼ 0.33%

TECNOGLASS

42.11

▼ 0.57%

GAP AIRPORT

237.85

▼ 1.19%

ASUR

294.00

▼ 0.93%

OMA AIRPORT

100.60

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AMX ADR

25.29

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122.40

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12.90

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18.09

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15.86

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3.13

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NEAR

2.42

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ATOM

1.84

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AAVE

72.25

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SELIC

14.50%

—

EMBRAER

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52,653

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16.30

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1,358

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67,471

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4,905

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25,253

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IPSA

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IPC MEX

67,336

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3,191,065

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2,238.99

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34,836.62

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17.29

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896.23

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3,563

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3.41

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1,438

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40.36

▲ 1.76%

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6,037

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6.86

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57.93

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456.90

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7.62

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26.64

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36.62

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558.97

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1.00

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2.00

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156.87

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6.66

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5.89

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94.80

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92.47

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IRON ORE

161.91

— —

COPPER

6.53

▲ 0.75%

GOLD

4,509

▲ 1.63%

SILVER

74.08

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SOY

1,124

▼ 2.60%

CORN

422.75

▼ 2.03%

WHEAT

580.50

▼ 1.15%

COFFEE

247.80

▼ 2.09%

SUGAR

14.26

▲ 0.14%

ORANGE JUICE

164.55

▼ 2.29%

COTTON

74.36

▼ 3.09%

COCOA

3,939

▼ 3.27%

BEEF

241.70

▼ 2.00%

CATTLE

353.28

▲ 3.11%

LITHIUM

83.21

▼ 1.94%

PETR4

41.25

▼ 0.77%

VALE3

81.79

▼ 3.78%

ITUB4

38.72

▼ 2.12%

BBDC4

17.37

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16.07

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19.53

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15.52

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41.78

▼ 0.52%

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62.59

▲ 0.98%

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41.22

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40.44

▼ 3.32%

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17.38

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3.58

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0.39

▲ 2.63%

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1.54

▼ 1.91%

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4.20

▼ 0.24%

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48.16

▼ 1.19%

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1.48

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3.75

▼ 7.64%

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14.98

▼ 2.03%

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9.80

▼ 0.61%

BRKM5

9.43

▼ 5.79%

RANI3

7.90

▲ 0.51%

CSNA3

6.68

▼ 6.31%

CMIN3

4.50

▼ 5.86%

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11.46

▼ 4.82%

GGBR4

24.13

▼ 2.11%

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24.23

▼ 4.42%

NEOE3

33.80

— 0.00%

CPFE3

43.30

▼ 0.46%

CMIG4

10.86

▼ 1.27%

EQTL3

39.81

▲ 1.89%

LREN3

14.64

▼ 5.67%

VIVT3

33.75

▼ 0.15%

RAIL3

13.89

▼ 2.11%

KLABIN

16.76

▼ 0.89%

RAIA DROGASIL

17.51

▼ 3.26%

RDOR3

33.11

▼ 3.33%

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11.22

▼ 8.26%

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14.70

▼ 4.11%

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17.30

▼ 1.14%

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24.92

▼ 3.07%

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29.48

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35.04

▼ 0.26%

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50.71

▼ 4.77%

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29.45

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2.31

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20.50

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25.79

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2.94

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26.72

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ASAI3

8.79

▼ 2.87%

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27.23

▼ 1.66%

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51.44

▼ 1.40%

GMEXICO

208.36

▼ 2.65%

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211.61

▼ 0.09%

CEMEX

22.33

▼ 0.53%

GFNORTE

179.77

▼ 0.51%

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57.07

▼ 2.24%

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9.27

▲ 2.54%

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21.93

▼ 1.22%

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411.68

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294.00

▼ 0.93%

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217.15

▼ 1.14%

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184.78

▼ 1.21%

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293.02

▼ 0.48%

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37.71

▼ 1.00%

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70,051

▼ 1.34%

COPEC

6,200

▲ 1.64%

BSANTANDER

69.40

▲ 1.91%

FALABELLA

5,579

▲ 2.36%

ENELAM

76.50

▼ 0.35%

CENCOSUD

2,181

▲ 0.60%

CMPC

1,053

▲ 2.40%

BANCO CHILE

167.48

▲ 2.13%

LATAM AIR

22.41

▲ 0.54%

YPF

83,400

▲ 0.42%

GGAL

7,455

▲ 1.43%

PAMPA

5,115

— 0.00%

TXAR

685.50

▲ 1.18%

ALUAR

1,012

▼ 0.30%

TGS

9,285

▲ 0.87%

CEPU

2,286

▼ 1.00%

MIRGOR

16,950

▲ 0.15%

COME

48.31

▲ 0.83%

LOMA NEGRA

3,505

▲ 1.52%

BYMA

293.50

▲ 0.17%

TELECOM ARG

4,038

▼ 0.37%

ECOPETROL

15.35

▼ 1.48%

BANCOLOMBIA

72.51

▲ 0.36%

GRUPO AVAL

4.95

▼ 0.60%

CREDICORP

330.74

▲ 1.01%

SOUTHERN COPPER

192.10

▼ 2.28%

BUENAVENTURA

34.67

▲ 2.39%

MERCADOLIBRE

1,648

▲ 0.56%

NUBANK

12.03

▲ 3.35%

XP

15.74

▲ 0.87%

PAGSEGURO

8.82

▲ 0.51%

STONE

10.72

▲ 0.70%

GLOBANT

39.54

▼ 0.33%

TECNOGLASS

42.11

▼ 0.57%

GAP AIRPORT

237.85

▼ 1.19%

ASUR

294.00

▼ 0.93%

OMA AIRPORT

100.60

▼ 0.58%

AMX ADR

25.29

▼ 0.98%

FEMSA ADR

122.40

▲ 0.48%

CEMEX ADR

12.90

▼ 0.04%

PETROBRAS ADR

18.09

▼ 0.55%

VALE ADR

15.86

▼ 1.28%

ITAU ADR

7.69

▲ 1.25%

SANTANDER BR

5.36

▲ 1.04%

AMBEV ADR

3.13

▼ 0.48%

CSN

1.30

▼ 1.15%

GERDAU

4.77

▲ 0.42%

LATAM ADR

49.73

▲ 0.04%

BTC

63,391

▼ 0.97%

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1,768

▼ 2.42%

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69.31

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602.72

▼ 2.80%

ADA

0.19

▼ 6.61%

DOGE

0.09

▼ 2.44%

AVAX

7.75

▼ 3.73%

LINK

8.04

▼ 3.54%

DOT

1.07

▼ 3.31%

LTC

46.23

▼ 1.94%

BCH

247.18

▲ 1.82%

TRX

0.33

▼ 0.66%

XLM

0.21

▼ 1.80%

HBAR

0.09

▲ 0.19%

NEAR

2.42

▼ 14.00%

ATOM

1.84

▼ 1.00%

AAVE

72.25

▼ 2.91%

SELIC

14.50%

—

EMBRAER

69.67

▼ 3.17%

EMBRAER ADR

56.47

▲ 2.30%

JBS

12.16

▲ 2.36%

JBS BDR

59.90

▼ 1.17%

MBRF3

15.78

▼ 0.44%

MBRFY

3.06

— 0.00%

INTER

5.76

▼ 0.78%

EGX

52,653

▲ 0.17%

USD/ZAR

16.30

▼ 0.14%

USD/NGN

1,358

▲ 0.06%

NIKKEI

67,471

▼ 1.36%

CSI300

4,905

▼ 0.69%

HSI

25,253

▼ 1.48%

NIFTY

23,417

▲ 0.05%

KOSPI

8,639

▼ 1.84%

JCI

5,840

▼ 1.70%

USD/JPY

159.98

▼ 0.01%

USD/CNY

6.7730

▲ 0.06%

DAX

24,945

▲ 0.60%

CAC

8,244

▲ 1.15%

FTSE

10,360

▲ 0.27%

MIB

50,174

▲ 0.27%

IBEX

18,276

▲ 0.55%

STOXX

624.45

▲ 0.52%

EUR/USD

1.1627

▲ 0.22%

GBP/USD

1.3435

▲ 0.10%

SPX

7,582

▲ 0.38%

DJI

51,559

▲ 1.72%

NDX

30,413

▼ 0.52%

RUT

2,930

▲ 1.27%

TSX

35,220

▲ 1.20%

VIX

15.45

▼ 3.80%

USD/CAD

1.3898

▲ 0.04%

US10Y

4.4650

▼ 0.58%

Brazil · Markets

Key Facts

—The shift: Slow, costly bank credit is pushing Brazil’s construction firms toward receivables funds known as FIDCs.

—The market: Brazil’s private credit market moved R$192.8bn ($37.9bn) in the first quarter of 2026, up 22.5% from a year earlier.

—The inflows: FIDCs drew the market’s largest monthly inflow in April, a net R$4.5bn ($885m), for R$12.1bn ($2.38bn) so far in 2026.

—The contrast: Fixed-income and multi-strategy funds saw heavy withdrawals over the same month.

—The mechanism: FIDCs buy or structure receivables, turning future payment streams into immediate cash for companies.

When the bank is too slow and the building site cannot wait, Brazilian developers are increasingly turning to a corner of the capital markets that converts tomorrow’s payments into today’s cash.

RTAsk Rio TimesAsk about Latin American markets, currencies, and companies — answered from our reporting and live data.Start asking →

A mismatch between the urgency of the construction site and the slow pace of bank lending is fueling a shift in how Brazilian companies fund themselves, with receivables funds emerging as a favored alternative. According to Anbima, the association that represents Brazil’s financial and capital markets, the private credit market moved R$192.8bn ($37.9bn) in the first quarter of 2026, up 22.5% from a year earlier, and the standout vehicle was the receivables fund, known locally as a FIDC.

Why builders are turning to receivables funds

For construction firms, the appeal is timing. Bank credit in Brazil has been both slow to approve and expensive, weighed down by high interest rates, while building projects need cash to keep moving.

A FIDC buys or structures receivables, such as contracts, installment sales and trade bills, and converts those future payment flows into immediate liquidity for the company that originated them. That makes it a natural fit for developers who are cash-constrained but hold a pipeline of expected payments.

The instrument is well established in Brazil and has long drawn interest from international investors and hedge funds, because the funds are often built in tranches, with the originating bank keeping the first-loss layer, which can give the fund a better credit rating than the underlying loans.

Record inflows as other funds bleed

The money flows tell the story. In April, the broader fund industry recorded net redemptions of R$18.1bn ($3.56bn), with fixed-income funds losing R$19.3bn ($3.79bn) and multi-strategy funds shedding R$5.4bn ($1.06bn).

Against that tide, FIDCs posted the market’s largest monthly inflow, a net R$4.5bn ($885m), bringing their positive balance for 2026 to R$12.1bn ($2.38bn). The divergence underscores how investors, faced with high rates, are gravitating toward credit instruments backed by identifiable cash flows rather than traditional pooled funds.

What it signals about Brazil’s credit market

The trend points to a gradual disintermediation of Brazilian finance, in which capital markets pick up funding that the traditional banking system is slow to provide. That can be healthy, widening the menu of financing for companies and giving investors yield in a high-rate environment, but it also concentrates exposure to the quality of the underlying receivables, a risk that grows if the economy softens.

For the construction sector specifically, the surge in FIDC funding is a workaround for a credit bottleneck rather than a cure for it, and its durability will depend on whether borrowing costs ease as the central bank weighs its next moves. For now, the receivables fund has become one of the more telling barometers of how Brazilian companies are adapting to expensive money.

Frequently Asked Questions

What is a FIDC?

A receivables fund that buys or structures future payment streams, such as contracts and installment sales, turning them into immediate cash for companies.

Why are builders using them?

Bank credit has been slow and costly amid high interest rates, so construction firms use FIDCs to raise liquidity against their expected payments.

How big are the inflows?

FIDCs drew a net R$4.5bn ($885m) in April, the market’s largest, for R$12.1bn ($2.38bn) in 2026, even as other funds saw withdrawals.

What is the risk?

The funds concentrate exposure to the quality of the underlying receivables, a risk that grows if the economy weakens and borrowers struggle to pay.