ALTERNATIVAS DE INVESTIMENTOS EM RENDA FIXA NO BRASIL: COMPARAÇÃO ENTRE UM BANCO DE INVESTIMENTO E UM BANCO DE VAREJO

Abstract

Objective: the objective of this research was to compare fixed income options in the Brazilian financial market in a retail bank and an investment bank. Background: The fixed income market has grown significantly in recent years and is represented by approximately 3 million investors and have a financial transaction of more than R $ 2 trillion, according to the Custody and Financial Settlement Center for Securities (2016). Fixed income investments can be made through financial institutions. There are several configurations of banks in Brazil, that is, there are commercial or retail banks; Investment banks; Development banks and mixed banks. Method: The returns on investments in Savings account, CDB, LCA, CRI, CRA, Debentures, Fixed Treasury and Investment Funds were compared between 2007 and 2016, after which the coefficients of variability of these investments were calculated in order to observe the risk. Results: From the results, discounting the inflation of the analyzed period in an investment bank, the most profitable investments were: CRI, followed by CRA, LCA, Treasury prefixed, CDB, Investment Funds, Debentures and savings. In the retail bank, the best real income in the period were: CRI, followed by CRA, Treasury prefixed, Investment Funds, LCA, Debentures, Savings and CDB. The profitability of the investment bank was higher at 5.83% in the period. The coefficient of variability indicated low volatility in investments in CRI, CRA e LCA and high in investments in CDB and Debentures. Contributions: This research contributes to fill in a gap in financial research in Brazil, because there are few studies carry out an analysis of current financial products and how they can contribute to the decision making of companies and individuals. (English) [ABSTRACT FROM AUTHOR]