The Financial Espresso: XP‘s stake in A5X; BB; Credit growth in May; BMG; SME financing in Argentina

Research evidence excerpt

The Financial Espresso: XP‘s stake in A5X; BB; Credit growth in May; BMG; SME financing in Argentina

o enter its assisted production phase in early July, following the

Central Bank’s authorization for three registrars to begin operating the new

infrastructure. Large corporates, including companies such as Petrobras and

Stellantis, are expected to participate in the initial rollout, which remains

voluntary before a broader implementation phase. Over time, the platform could

support greater liquidity in the receivables ecosystem, benefiting banks, FIDCs and

other financing providers through improved access to verified collateral. Market

participants expect the reform to increase efficiency in supply-chain financing and

receivables-backed credit, potentially contributing to lower funding costs and

broader credit availability for corporates, particularly SMEs. Our take: We note that

B3 is progressing its strategy to establish a presence throughout the full credit value

chain. The new framework is expected to increase transparency, reduce fraud risks,

improve collateral quality and support broader access to credit. But we also note

that it should start to generate revenues only in 2027 - see more details here.

Banco do Brasil Secures TCU Approval to Reschedule Treasury Repayments

Banco do Brasil received approval from the Brazilian federal audit court (TCU) to

reschedule the repayment of R$4.1bn owed to the National Treasury under a hybrid

capital instrument (see here for the PR). Under the revised timetable, the bank will

make two R$100mn payments in Jul-26 and Jul-27, followed by a R$1bn installment

in Jul-28 and the remaining balance of R$2.9bn in 2029. While the total amount

owed and the final maturity remain unchanged, the new structure materially