Title of Agrarian Debt

  • The product

    The instrument was created by the federal government and has been registered at B3 since 1992, entailing greater security and transparency for parties to transactions.
    The federal government created the Agricultural Debt Security (TDA) pursuant to the National Agrarian Reform Program, which is linked to the expropriation of rural land in the interest of society and to acquisitions through buying and selling real estate to the same end. Through Decree 578 of 1992, these instruments went from being hard copy to book-entry, resulting in recognition and registration of the debt at B3.
    The National Treasury, which is the issuer of the TDAs, has made use of B3‘s trading environment since that date. In this way, all of the transactions and payments involving TDAs are integrated into the financial system.
    In providing this service, B3 provides infrastructure for the market, guaranteeing for example that the buyer really is acquiring the owners’ security and that the lender and borrower recognize the existence of the asset. In other words, registration of the security is bilateral and consensual. The main benefits of this registration are security and transparency for the parties involved in the transaction – a B3 trademark in its relationship with the market.