Debentures for Brazilian Ports and Airports Reach R$29.2 Billion

Brazil's Ministry of Ports and Airports (MPor) released a report showing that between 2023 and 2026, debenture issuances earmarked for projects in the port, airport, and waterway sectors totaled R$29.2 billion. During that period, 47 projects were authorized to use this financing instrument, with R$47.5 billion in investments already disbursed.

In October alone, issuances totaled R$8.436 billion linked to 18 projects, equivalent to roughly 29% of the total volume reported for the entire period under review.

Debentures are debt securities that allow companies to raise funds directly from investors, taking on repayment obligations under the terms set for each issuance. According to Transporte Moderno, although the R$47.5 billion disbursed reflects progress in the financial execution of the projects, that amount does not necessarily correspond solely to funds raised through debentures, since projects may combine different funding sources, and the ministry's survey does not specify the share of each source or break down amounts by segment or by project.

The growth in issuances comes alongside an expansion of tax incentives for private infrastructure financing, after Law 14,801 of 2024 created a new debenture category with tax benefits. In October, the MPor also presented a pipeline of approximately R$160 billion for the 2027-2030 period, which includes 34 port tenders worth R$20.6 billion, 70 private authorizations worth R$33.1 billion, around R$7.6 billion in waterway works, and R$2 billion for regional airports. Among the featured projects are Tecon Santos 10 at the Port of Santos, with an estimated R$6.45 billion, the SSB01 terminal in São Sebastião, with R$3.84 billion, and ITJ01 in Itajaí, with R$2.66 billion.

The rise in issuances coincides with a scenario of high interest rates and greater caution among investors. The Infrastructure Barometer prepared by EY-Parthenon together with Abdib, released in August 2026 after surveying 233 participants, showed that the share of managers who view the investment outlook for the following six months favorably fell from 54.2% to 37.8%, while the unfavorable assessment rose from 20.4% to 30.9%, against a backdrop in which Abdib estimates Brazil would need to invest an additional R$225 billion per year over a decade to close its infrastructure gap, despite sector investments reaching a historic record of R$280.4 billion in 2025.