Donald Baker: Foreign capital shows interest, but real surge remains ahead

17, março 2026

• Scarcity of alternatives outside the US and tariffs benefit Brazil
• Caution about expectations of an immediate boom
• Positive outlook for the medium term
• Brazilian financial sector differentiated by solid regulation and high degree of innovation
• Corporate resilience rooted historically in cycles of inflation and instability

The following interview was conducted in Portuguese. You can find the original story here.

Brazil’s great market moment may be coming. It just hasn’t arrived. After years of inactivity in new listings – the last IPO on B3, Brazil’s stock exchange, occurred in 2021 –early 2026 showed encouraging signs. Two Brazilian fintechs that have evolved into full-service banks in recent years, PicPay and Agibank, made their debuts on Nasdaq and NYSE respectively. A handful of follow-on transactions added momentum to the domestic equity market, while a significant uptick in foreign capital flows buoyed sentiment in the first quarter.