Debêntures de infraestrutura e o desenvolvimento do mercado de capitais brasileiro

Abstract

This thesis explores the recent regulatory evolution of infrastructure indentures within the context of the Brazilian capital markets, along with an assessment of their role in financing projects in sectors considered essential for the country’s economic development. This study analyzed whether infrastructure debentures constitute a viable financing alternative for companies in the sector.The research investigated the specific characteristics of incentivized debentures, as well as the evolution of their relevance over time, and how tax incentives have made these capital market financing mechanisms attractive to investors. In this regard, the present study examined the recent innovation introduced by infrastructure debentures through Law No. 14,801 of January 9, 2024, which extended tax benefits to issuers, It was observed, however, that the sectoral segmentation regarding the requirements for issuing infrastructure debentures has posed challenges to effective implementation, given that ministerial definitions are still incomplete. This represents a legal risk and, consequently, limits the issuance of this type of asset in the sector.This thesis aimed to contribute to a broader understanding of the potential of infrastructure debentures as a strategic tool for strengthening the Brazilian capital market, as well as to provide a diagnostic of the regulatory developments up to the present date