Government creates the third phase of Desenrola

In brief

The federal government will buy at auction up to R$ 150 billion in old household debt, with a minimum 90% discount.

The government set aside R$ 15 billion for Desenrola 3.

Verified fact · material
A provisional measure signed on September 25 creates the third phase of Desenrola, in which the federal government may buy up to R$ 150 billion in household debt.
Creates a new channel to sell defaulted portfolios.
Sources[01][02][03]
Verified fact · material
Debts will carry a minimum 90% discount for the debtor, and the government set aside R$ 15 billion for the program.
Sets benefit and fiscal cost.
Sources[01][02][03]
Verified fact
According to Agência Brasil, eligible debts are those overdue for two to four and a half years, of up to R$ 10,000 each, with Caixa and Banco do Brasil executing the operations.
Defines the target group.
Sources[01]
Verified fact
According to Agência Brasil, the timeline calls for a creditor call in November and discounts starting in February 2027.
Indicates when the effect begins.
Sources[01]

Transmission to assets

For banks and debt buyers, the program offers an exit for old portfolios with low recovery.

For the rates market, it adds new spending in an election year to an already pressured deficit picture.

Bancos e credores de varejopositive

Sale of old provisioned portfolios may generate extra recovery.

Effect depends on regulations.

What would change the view: Auction prices above book value.

sector35% confidence

Juros futuros longosnegative

New spending in an election year weighs on the fiscal premium.

Small amount relative to the Budget.

What would change the view: No offset in the Budget.

rates30% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

Limits of the reporting

Pre-announcement versions cited discounts of up to 95% and a lower cost; the final text set 90% and R$ 15 billion.