Daily liquidity, lock-up and maturity in a CDB: three different time concepts
Understand the difference between daily liquidity, the lock-up period and maturity in a Brazilian CDB and how each affects early redemption.
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Between Rates & Assets
Between Rates & Assets explains Brazilian Treasury securities, fixed income, funds, ETFs, stocks, and other investments to help individuals compare returns, risk, liquidity, costs, and taxes with better context.
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Tesouro IPCA+ with or without semiannual coupons: cash flow, tax and reinvestment
See how semiannual coupons change payment timing, income tax timing and the need to reinvest when the goal is long-term accumulation.
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Fixed income ETF, CDB or Tesouro Direto: what changes in index, price, liquidity and tax
Understand how fixed income ETFs, CDBs and Tesouro Direto differ in structure, pricing, liquidity, risk, taxation, FGC coverage and maturity.
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FGC in practice: how the R$250,000 limit, the R$1 million cap, and joint accounts work
Learn how to calculate FGC coverage by CPF or CNPJ, institution or conglomerate, including the four-year global cap and the split for joint accounts.
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Fixed Income11 articles
Tesouro Direto, CDBs, LCIs, LCAs, debentures, CDI, Selic, maturities, guarantees and mark-to-market explained with a focus on how they work and their risks.
Funds & ETFs1 articleHow funds and ETFs work, including indexes, fees, liquidity, portfolio composition, management and differences between products.
Stocks & Dividends1 articleConcepts for understanding stocks, companies, distributions, dividends, prices, risks and how the stock market works.
Comparisons1 articleInvestments compared on the same basis of net return, risk, term, liquidity, costs, taxes and exit conditions.
Risk & Portfolio1 articleDiversification, risk profile, time horizon, volatility, credit risk, liquidity and principles of portfolio construction.
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Tesouro RendA+ vs. Tesouro IPCA+: same inflation protection, different payment structures
See why both securities track IPCA plus a real rate, while one pays monthly income for 20 years and the other pays at maturity.
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Dividends in Brazil in 2026: when withholding tax applies, who withholds it, and what to check
Understand Brazil’s 10% withholding on profits and dividends in 2026, the resident and non-resident rules, payer deadlines, and what to review on your annual income statement.
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September Copom: what comes out on Sep. 16 and what the Sep. 22 minutes add
Understand the September meeting sequence and how the statement and minutes serve different roles in reading Copom's decision, risks, and strategy.
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Tesouro Selic vs. daily-liquidity CDB: what to compare beyond the CDI percentage
Compare Tesouro Selic and daily-liquidity CDBs by net return, access to funds, credit risk, FGC coverage, fees, and taxes — not only by the CDI percentage.
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Mark-to-market in Tesouro Prefixado and IPCA+: why prices fall when yields rise
Learn why higher market yields push down the price of Brazilian Treasury fixed-rate and IPCA+ bonds, how early selling changes returns, and why maturity matters.
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CDB vs LCI/LCA: how to compare net yield, maturity and FGC coverage
Learn how to adjust CDB returns for tax, compare maturity and liquidity, and understand FGC's aggregated limit before choosing among CDB, LCI and LCA.
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B3 on Brazil’s September 7 holiday: what stops and what resumes on September 8
B3 suspends trading on September 7, including private fixed income, while Tesouro Direto has no trading or investment confirmation. See what resumes on September 8.
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Tesouro Direto app ended: how to access, invest and redeem bonds now
Since August 17, 2026, the official Tesouro Direto app has been discontinued. See how to use the Investor Portal or your financial institution’s channels to track your portfolio, i...
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Brazil fixed-income tax: what changes on days 180, 181, 360, 361, 720 and 721
Understand Brazil’s 2026 regressive fixed-income tax schedule, the 180-, 360- and 720-day boundaries, and which dates to use when counting the holding period.
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- 01September Copom: what comes out on Sep. 16 and what the Sep. 22 minutes addFixed Income
- 02CDB vs LCI/LCA: how to compare net yield, maturity and FGC coverageFixed Income
- 03B3 on Brazil’s September 7 holiday: what stops and what resumes on September 8Fixed Income
- 04Tesouro Direto app ended: how to access, invest and redeem bonds nowFixed Income
- 05Brazil fixed-income tax: what changes on days 180, 181, 360, 361, 720 and 721Fixed Income
Fixed Income
Tesouro Direto, CDBs, LCIs, LCAs, debentures, CDI, Selic, maturities, guarantees and mark-to-market explained with a focus on how they work and their risks.
Redeeming fixed income before 30 days: how IOF and income tax affect returns together
Learn how Brazil's regressive IOF reduces returns during the first 29 days, why income tax is calculated after IOF, and what remains in hypothetical examples.
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September Copom: how Selic can move Tesouro Prefixado and IPCA+ prices before maturity
Understand how changes in market yields after Copom can affect Tesouro Prefixado and IPCA+ prices before maturity, without forecasting the decision or recommending trades.
Read articleDaily liquidity, lock-up and maturity in a CDB: three different time concepts
Understand the difference between daily liquidity, the lock-up period and maturity in a Brazilian CDB and how each affects early redemption.
Read articleTesouro IPCA+ with or without semiannual coupons: cash flow, tax and reinvestment
See how semiannual coupons change payment timing, income tax timing and the need to reinvest when the goal is long-term accumulation.
Read articleFunds & ETFs
How funds and ETFs work, including indexes, fees, liquidity, portfolio composition, management and differences between products.
Fixed income ETF, CDB or Tesouro Direto: what changes in index, price, liquidity and tax
Understand how fixed income ETFs, CDBs and Tesouro Direto differ in structure, pricing, liquidity, risk, taxation, FGC coverage and maturity.
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Stocks & Dividends
Concepts for understanding stocks, companies, distributions, dividends, prices, risks and how the stock market works.
Dividends in Brazil in 2026: when withholding tax applies, who withholds it, and what to check
Understand Brazil’s 10% withholding on profits and dividends in 2026, the resident and non-resident rules, payer deadlines, and what to review on your annual income statement.
Read articleNo articles published yet.
Comparisons
Investments compared on the same basis of net return, risk, term, liquidity, costs, taxes and exit conditions.
Tesouro RendA+ vs. Tesouro IPCA+: same inflation protection, different payment structures
See why both securities track IPCA plus a real rate, while one pays monthly income for 20 years and the other pays at maturity.
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About Between Rates & Assets
Between Rates & Assets is a financial education blog dedicated to explaining investments available to individual investors in Brazil. We compare products based on how they work, their risks, liquidity, time horizon, taxation, costs, and possible fluctuations.
The content is informational and educational. It does not replace an individual assessment of goals, financial situation, risk profile, or appropriate professional guidance. Rates, tax rules, and product characteristics can change; content that is sensitive to these changes should identify its sources and update date.