The National Treasury announced the launch of new *Treasury’s Retail Verbrief Bonds* (OTRV), a return on debt issuances aimed at individual investors, with maturities in six years and a rate indexed to the 6-month Selic rate plus a premium of 0.25%. This offering represents an alternative to savings certificates, increasing competition in fixed-income instruments available to the public.

The initiative arose as part of a strategy to diversify sources of financing and attract small savers, at a time when the European Central Bank (ECB) is progressively reducing interest rates. The Institute of Financial Management and Public Debt (IGCP) will fulfill, by the end of May, approximately 47% of the annual issuance plan, which suggests continuity in the capture of national savings.

For investors, the proposal is attractive given the expectation that the Selic rate will remain above 2% for 6 months, offering a return adjusted to sovereign credit risk. Even so, caution is advised, since European money market conditions may evolve, affecting the cost of financing for the State.

This operation reveals changes in the affiliation of domestic investors, who now seem to prefer instruments with variable rates and shorter terms, in contrast to traditional savings accounts linked to the State.