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SÃO PAULO – Treasury Direct and the CBD are among the most sought-after investments by investors. Therefore, doubts about the value of these two values are very common among those who start.
In reality, there is no immediate answer, it depends on a few factors. We will show you how you can choose between these two products in the best possible way.
The idea is to present, by themes, the main characteristics of each of these two titles. If you already know everything, from fixed incomes, you can go directly to the conclusion, in the subject 8.
Leandro Santiago, Investment Advisor at Habitus Investimentos
1 – What are
The CBDs are as direct as fixed income securities. The first is a federal public title, that is, issued by the Brazilian government. The second is a private instrument issued by the banks.
2 – Types of Remuneration
Both applications provide for three different types of remuneration. They are:
* Postfixed
In the case of the CBD, the post-fixed remuneration is linked to the CDI (interbank deposit certificate). The CDI is an interbank rate that always varies very closely with the Selic, the base rate.
The fixed-rate Treasury is marketed under the name of Tesouro Selic and its remuneration is based on its own base rate.
* Fixed
In fixed rate applications, the investor knows at the time of purchase what his income will be until the maturity of the security. Thus, even if the Selic increases or decreases, the yield will not change – hence the name "prefixed".
But beware: this only applies to those who carry the application to maturity. If you must sell the bond before the deadline, you will be subject to market fluctuations in that security – and you may even lose money.
"The investor needs to know the market value, which is the daily change in the market price of that security." This price may fluctuate with future expectations, "says Leandro Santiago, Investment Advisor at Habitus Investimentos. [19459108] * Linked Inflation (pay at fixed rate plus inflation for the period)
In this case, the investor receives a predefined rate, defined at the time of l. purchase of the title, as well as the inflation index of the period.
Example:
. IPCA + 2035 with a yield of 5.5%. This means that enters today and 2035 (year of maturity of the title), the investor will receive 5.5% of income per year plus the official index inflation rate, which is the IPCA – Consumer Price Index
As in the case of fixed rate bonds, the guaranteed remuneration does not applies only to those who apply at maturity.
On
On
On
On Treasury Direct allows the investor to sell his or her title every working day. It is therefore a liquidity application.
In Fixed Treasury and Treasury IPCA +, even if it is possible to sell at any time, it is possible to sell the security before expiration without the risk of losing money. # 39; money. the investor must be attentive to market conditions to avoid losses.
In CBD liquidity depends on the grace period of the bond. There are unnecessary applications, that is to say that can be used at any time – they are ideal for the money that will be in your emergency reserve.
4 – Risk (credit)
The Treasury Direct is the country from the point of view of credit risk. That's because it's issued by the federal government, which is the best of all payers.
The CBD already has a credit risk of the issuing bank. However, there is a kind of "insurance" called the Credit Guarantee Fund (FGC). This fund guarantees claims of up to BRL 250,000 (per CPF and per financial institution) in the event of bankruptcy or intervention of the issuing bank
Therefore, if you deposit up to this amount in the BDC, you can rest badured that your money will be safe. by FGC
5 – Costs
Many investment dealers do not offer any custody rights to applications for direct treasury shares. XP Investimentos has a zero rate for Direct Treasury and a full fixed income platform.
But there is a rate you can not escape – B3 charges 0.3% a year for keeping these bonds.
To invest in the CBD, some banks or brokerages may charge a fee.
6 – How to invest
You can apply to the Direct Treasury and the CBD through banks and brokerage firms. A very important tip: in brokerage firms, the private fixed income product offering is much larger and the yield higher than in the big banks.
So, if you want to invest in CBD, the best option is to open one account at a time. brokerage firm that offers several different products. This way, you can choose the one that best meets your needs in terms of time and return. Choose the best CBD from the market.
7 – Taxation
The CBD and Treasury Direct are both taxed by the fixed income investment table, which starts at 22.5% and goes up to 15% on income for periods longer than two years. See below the table:
| Investment Period | Ir Rate |
| Up to 180 days | 22.5% |
| From 181 to 360 days | ] 20% |
| 361 to 720 The CBD and the Direct Treasury are fixed-income securities with similar characteristics. | 17.5% |
| Above 720 days | 15% |
8 – Conclusion : . In many cases, the CBD will outperform the Direct Treasury.
"It is natural in the financial market for applications to respect a risk-return relationship: the greater the risk, the higher the income expectations, the lower the risk, the higher the expectation. As the Direct Treasury has a low risk, the expectation of return is lower, while the CBDs expect a more robust income, "says Santiago
. you want to set up an emergency reserve (if you do not know what it is, click here) – choose between a fixed rate CBD with daily liquidity (provided that it pays at least 100 % CDI) and Selic Fixed Treasury Direct cash.)
Both applications will allow withdrawals whenever you need them. Since Direct Treasury has a low annual cost of 0.3%, the CBD may be a slightly better option, especially if you get a bond that pays 101% or up to 102% of the CDI. In the medium term (2 or 3 years, for example), fixed rate applications are generally good. In this case, the ideal is to look for those who pay a higher return over the period – either on the Treasury Direct platform or among the CBDs.
For those looking for long-term investments with a target of 10 years or more, For example, the Direct Treasury offers excellent options related to inflation.
This type of title is considered excellent for those who invest in the idea of retiring because it has very long maturities – 2035 and 2050, for example. As it pays a flat rate plus the IPCA, you are still certain to have real incomes, regardless of the period's inflation.
Not to mention that you have the guarantee of a federal government credit, which gives more peace of mind to an application that will last for years to come.
Ultimately, having a balanced portfolio of fixed income securities with Treasury Direct and CBD in addition to other products), with different types of pay and different salaries is usually the best option
The bottom line is that there is no better application: you have to observe the characteristics of each, badess your own needs and diversify your fixed income portfolio between products and different issuers. Thus, your return will be more consistent and your risk will be diluted. Good investment!
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