As Luciano Guimaraes Tebar highlights, investing in bills of exchange is an attractive alternative for those seeking diversification, safety, and profitability in fixed income. This private credit security is issued by finance companies, generally smaller than large banks, offering more competitive rates and the protection of the Credit Guarantee Fund (FGC).
Interested in the topic? Learn more below!
What is a Bill of Exchange?
According to Luciano Guimaraes Tebar, a bill of exchange (LC) is a fixed-income security similar to a Certificate of Bank Deposit (CDB), but with some important differences. While CDBs are issued by banks, LCs are issued by finance companies, which need to attract investors by offering higher interest rates. This characteristic makes LCs an interesting investment for those who want to maximize returns without giving up the protection provided by the FGC.
Main Characteristics of a Bill of Exchange
As Luciano Guimaraes Tebar explains, an LC has the following characteristics:
Profitability: may be fixed-rate (set at the time of purchase), floating-rate (linked to CDI or Selic), or hybrid (part fixed and part linked to inflation, such as IPCA);
Maturity: usually medium- to long-term, requiring planning;
Liquidity: lower than other products, since in many cases funds can only be withdrawn at maturity;
Safety: backed by the FGC up to R$250,000 per CPF and financial institution, limiting the risk of loss in the event of issuer insolvency.
Advantages of Investing in Bills of Exchange
As Luciano Guimaraes Tebar points out, the main benefits of bills of exchange are:
Higher returns: in many cases, LCs offer higher rates than CDBs, LCIs, and LCAs, precisely because they are issued by smaller institutions;
Portfolio diversification: broadens fixed-income options, balancing risk and return;
FGC protection: ensures investor safety up to the established limit;
Accessibility: many brokerages offer LCs with minimum investments starting at R$1,000, making the product accessible to different investor profiles.
Risks of Bills of Exchange
In line with Luciano Guimaraes Tebar, it is important to consider the risks of bills of exchange. Low liquidity is one of the main points of concern, since in most cases, early redemption is not possible. Another aspect is that they are issued by smaller finance companies, which requires careful selection of solid institutions and reinforces the importance of diversification. Additionally, external factors such as rising interest rates or unexpected inflation can reduce the attractiveness of the contracted rate.
Why Are Bills of Exchange a Good Alternative?
As Luciano Guimaraes Tebar notes, it is important to compare LCs with other assets. CDBs, for example, are more common, issued by banks, but generally offer lower rates. LCIs and LCAs have the advantage of being exempt from income tax, but usually deliver lower returns. Treasury bonds, on the other hand, provide greater liquidity but may not always offer rates higher than LCs. Thus, bills of exchange can be considered an excellent alternative for investors who accept lower liquidity in exchange for more attractive returns.
Are Bills of Exchange a Solid Option?
Bills of exchange prove to be a solid option for those seeking higher returns and diversification in fixed income, especially for conservative and moderate profiles looking to boost earnings without giving up FGC protection. As Luciano Guimaraes Tebar states, with proper planning and an understanding of liquidity and maturity conditions, LCs can become an excellent ally in building wealth and ensuring financial security.
Author: Vania Quimmer
