Brazilian Incentivized Debenture Yield Calculator

Incentivized debentures and tax exemption rule

Law 12.431/2011 created the debêntures incentivadas: corporate bonds issued to fund infrastructure projects in Brazil (energy, sanitation, transport, logistics, telecom) once the relevant ministry signs off. What sets them apart is the full income tax exemption (IR) for individuals (PF) resident in Brazil. There's no regressive table (22.5%→15%) and no IOF after 30 days. Maturities usually run 5 to 10 years, and most issues track IPCA+ a spread (say, IPCA + 6.5% a.a.), though a few are prefixed. CRI and CRA (real estate and agribusiness certificates) carry a comparable PF exemption under Law 12.024/2009 and 11.033/2004. Example: a 7% a.a. coupon over 1,080 days for an individual returns ~21.4% gross with zero IR. A CDB at 110% of a 10% CDI would look bigger on paper, but 15% of it goes to IR.

Applications

Individual investors (PF) reach for these when building a tax-efficient fixed-income sleeve. They sit next to LCI/LCA (also IR-exempt, but with shorter terms and FGC coverage up to R$ 250k) as an alternative, and on the issuer side they're a way to raise long-term infrastructure capital where demand tends to be strong. You'll see them often in pension and long-horizon portfolios, since the inflation-linked leg (IPCA+) protects purchasing power.

FAQ

Is the IR exemption only for individuals? Yes. Legal entities (PJ) pay 15% IR on gains. The exemption is reserved for PF residents.

Is there FGC coverage? No. The Credit Guarantee Fund (FGC) does not cover debentures, so the credit risk rests with the issuer. Look at the rating before buying (AAA–A is investment grade).

What about liquidity? You can trade them on B3's secondary market, but the spreads can get wide. If you want predictable returns, plan on holding to maturity.

How does IPCA+ work? The coupon pays inflation (IPCA) plus a real spread, so your purchasing power stays protected for the whole holding period.