Brazil’s Federal Debt Tops R$9 Trillion After Record May Treasury Issuance

Heavy Selic-linked issuance with R$94 billion of interest appropriation raised the debt, prompting the Tesouro to expand its liquidity cushion to support near-term rollovers.

Overview

The Tesouro Nacional reported that the federal public debt (DPF) reached R$9.03 trillion in May 2026, a 2.66% increase from April driven by Treasury operations and interest accruals.
Record domestic supply explained much of the rise: gross DPMFi issuance hit R$166.23 billion in May and net issuance exceeded redemptions by about R$135.6 billion.
Monthly interest appropriation added roughly R$94.17 billion to the stock, a result of the materially elevated Selic policy rate that boosts interest on Selic‑linked paper.
Debt composition shifted toward Selic-linked securities, which rose to about 48.99% of the stock while inflation‑linked and FX‑linked shares edged down; the average maturity fell slightly to about 4.07 years.
The Tesouro increased its liquidity 'colchão' to R$1.211 trillion (covering 9.14 months) even as R$1.804 trillion of federal maturities fall due over the next 12 months and the PAF projects year-end 2026 DPF between R$9.7 trillion and R$10.3 trillion.