CRAs lost 60% of the market. The money didn't vanish, it moved to Fiagros
A rule change cut eligible CRA collateral, and the market reorganized fast. Fiagros raised 274% more.
To save you time4
- What happened to CRAs?
- Issuance of agribusiness receivables certificates fell more than 60% in 2026, per Anbima. The overall agri securities market shrank 8.2% to R$33.1bn.
- Why?
- Resolution 5.128 from Brazil's Monetary Council narrowed the receivables that can back a CRA.
- Where did the money go?
- Fiagros raised R$10.2bn (+274.7%) and CPR-Fs jumped from R$3.9bn to R$11.8bn.
- What changes for investors?
- More tax-exempt product in Fiagros, but you need to scrutinize concentration, collateral and unit liquidity.
Read the full analysis +
If you follow agri credit in Brazil, you've felt it: the CRA market shrank. But read this before concluding the market dried up.
Anbima data show CRA issuance fell more than 60% in 2026. The whole agri securities market, however, fell only 8.2%, to R$33.1 billion. Doesn't add up? It does: the money changed address.
Where it went
- Fiagros (agri investment funds): R$10.2 billion raised, +274.7%;
- CPR-Fs (financial rural product notes): from R$3.9 billion to R$11.8 billion.
Why it changed
Resolution 5.128 from Brazil's National Monetary Council narrowed the receivables that can back a CRA. With less collateral, arrangers moved to vehicles that still have tax perks: Fiagros, which pay income-tax-exempt distributions to individuals, and CPRs, which are more flexible to originate.
What it means for you
If you invest: there's more exempt product on the shelf, but of a different kind. A Fiagro is a fund, check borrower concentration, collateral and unit liquidity, especially with the sector renegotiating debt.
If you borrow: costs stay high (Selic at 13.75%), and pricing is now driven by competition for exempt paper, not by CRAs.
2025 figures differ across sources, so we stick to the 2026 change.
