| Liabilities arising from securities |
| 18. | Liabilities arising from securities |
The breakdown, by classification and type, of “Liabilities
arising from securities” is as follows:
| Schedule of liabilities
arising from securities |
|
|
| Thousand of Reais |
2025 |
2024 |
| Classification: |
|
|
| Financial Liabilities Measured at Fair Value in Income Held for Trading |
3,263,266 |
4,045,496 |
| Financial liabilities at amortized cost |
156,662,290 |
135,632,632 |
| Total |
159,925,556 |
139,678,128 |
| Type: |
|
|
| Real estate credit notes - LCI (1) |
53,374,694 |
45,798,532 |
| Eurobonds |
18,052,632 |
19,851,326 |
| Financial Bills (2) |
38,233,834 |
24,515,804 |
| Agribusiness credit notes - LCA |
38,740,151 |
32,447,165 |
| Secured Real Estate Notes (3) |
11,524,245 |
17,065,301 |
| Total |
159,925,556 |
139,678,128 |
| (1) |
Real estate credit notes ("LCI") are fixed income securities backed by real estate loans and secured by either mortgage or
fiduciary transfer of properties. As of December 31, 2025, their maturity dates ranged from 2026 to 2034 (2024 - with maturity dates
from 2025 to 2034). |
| (2) |
The key attributes of financial bills include a minimum term of two years, a minimum nominal value of R$50, and the permission for early
redemption of only 5% of the issued amount. As of December 31, 2025, their maturity dates ranged from 2026 to 2035 (2024 - with maturity
dates from 2025 to 2034). |
| (3) |
Secured real estate notes are fixed-income securities backed by real estate loans collateralized by the issuer and by a pool of real
estate loans segregated from the issuer's other assets. As of December 31, 2025, their maturity dates ranged from 2026 to 2045 (2024
- with maturity dates from 2025 to 2035)."
|
| Schedule of indexing |
|
|
| Indexing Units: |
Domestic Currency |
Foreign Currency |
| Financial Bills |
100% to 106,75% of CDI |
— |
| |
100% of IPCA |
— |
| |
Pre fixed: 10.10% to 16.38% |
— |
| Real estate credit notes - LCI |
70% to 105.8% of CDI |
— |
| |
Pre fixed: 5.20% to 15.66% |
— |
| Agribusiness credit notes - LCA |
80% to 108% of CDI |
— |
| |
Pre fixed: 7.74% to 15.76% |
— |
| Secured Real Estate Notes - LIG |
92% to 106% of CDI |
— |
| |
100% of IPCA |
— |
| Eurobonds |
— |
Up to 15% |
| |
— |
3.67% of SOFR |
The currency breakdown of the balance for this item
is as follows:
| Schedule of breakdown by currency |
|
|
| Thousand of Reais |
|
| Currency: |
2025 |
2024 |
| Real |
141,872,924 |
119,826,802 |
| U.S. dollar |
18,052,632 |
19,851,326 |
| Total |
159,925,556 |
139,678,128 |
| |
|
|
| |
Average interest rate (%) |
| Currency: |
2025 |
2024 |
| Real |
11.9% |
11.4% |
| U.S. dollar |
5.7% |
6.1% |
| Total |
8.8% |
8.8% |
The changes in “Liabilities arising from securities”
were as follows:
| Schedule of changes in liabilities arising from securities |
|
|
|
| Thousand of Reais |
2025 |
2024 |
2023 |
| Balance at the beginning of the fiscal year |
139,678,128 |
130,383,015 |
116,042,393 |
| Issuances |
88,504,440 |
39,541,342 |
75,404,958 |
| Payments |
(79,939,286) |
(33,038,049) |
(63,400,960) |
| Interest |
3,839,689 |
3,778,418 |
4,998,766 |
| Exchange differences and Others |
7,842,585 |
(986,598) |
(2,662,142) |
| Balance at the end of the fiscal year |
159,925,556 |
139,678,128 |
130,383,015 |
As of December 31, 2025, 2024 and 2023, none of these
instruments had been converted into shares of the Bank nor had they obtained privileges or rights that, under certain circumstances, would
render them convertible into shares.
Note 43-d provides details on the residual maturity
periods of the financial liabilities at amortized cost for each fiscal year.
The breakdown of “Eurobonds and other securities”
is as follows:
| Schedule of breakdown of eurobonds and other securities |
|
|
|
|
| |
|
|
|
|
| Issuance |
Maturity by |
Interest Rate (p.a.) |
2025 |
2024 |
| 2021 |
2031 |
Up to 6% |
2,608,545 |
4,195,534 |
| 2022 |
2035 |
Up to 15% |
1,247,459 |
1,459,607 |
| 2023 |
2029 |
Up to 15% |
2,022,920 |
3,102,939 |
| 2024 (1) |
2029 |
Up to 6% |
2,568,847 |
11,093,246 |
| 2025 |
2035 |
Up to 15% |
9,604,861 |
- |
| Total |
|
|
18,052,632 |
19,851,326 |
|