Tesouro Prefixado Bond Yield Calculator

How Tesouro Prefixado yields are computed

The LTN (Letra do Tesouro Nacional) is a zero-coupon federal bond. It carries a face value of R$ 1,000 at maturity and you buy it today at a discount. The price comes from P = 1000 / (1 + i)^t, where i is the contracted annual rate and t the term in years (the official quote uses 252 business days per year). With Selic around 15% in 2026, a 5-year prefixado usually trades at 12-14% a year, since the curve is already pricing in future rate cuts.

Take R$ 10,000 at 11% a year over 5 years. It grows to 10000 × 1.11^5 = R$ 16,851, so the gross gain is R$ 6,851. Income tax is regressive, starting at 22.5% in the first 6 months and falling to 15% after 24 months, which leaves you with about R$ 15,824 net after IR/15%. B3 custody runs 0.20% a year, waived up to R$ 10,000 of stock since 2023. Because of mark-to-market the daily quote moves with the yield curve, but hold to maturity and the contracted rate is locked.

Brazilian context

Prefixado makes sense when you expect Selic to fall. By locking the high rate today you capture price appreciation as future rates drop. It shows up a lot in retirement planning and other long-term goals. The classic play is buying just before a Copom rate-cut cycle. The flip side is risk: a sudden hike on the long end can knock 5-10% off the secondary price intraday for a 5-year bond, though the contracted yield still holds if you carry it to maturity.

FAQ

What happens if Selic rises after I buy? The market price drops, which is a mark-to-market loss, but your contracted yield stays exactly the same as long as you hold to maturity.

LTN or NTN-F? NTN-F pays semiannual coupons, which helps with cash flow but gets taxed at the top IR bracket. LTN reinvests implicitly, so it's the more tax-efficient option when you're accumulating.

Is there FGC coverage? No. Tesouro Direto carries sovereign risk, the lowest you'll find within Brazil. At that level FGC isn't needed.

Can I redeem early? Yes, on any business day, at the Treasury's buyback price set by mark-to-market. Just know the rate you actually realize may differ from the one you contracted.