Juros futuros disparam com estresse no mercado secundário de títulos públicos
O estresse renovado no mercado secundário de títulos públicos diante das indefinições quanto ao rumo das contas públicas reverberou nos juros futuros e fez com que as taxas disparassem na manhã desta sexta-feira. Em alguns vértices da curva, a abertura das taxas chegou à faixa de 20 pontos-base, no momento em que os agentes têm demandado maior prêmio pelos títulos públicos diante da alta necessidade de financiamento que o governo tem pela frente.
Por volta de 12h55, a taxa do contrato de Depósito Interfinanceiro (DI) para janeiro de 2022 subia de 2,82% no ajuste anterior para 2,88%; a do DI para janeiro de 2023 avançava de 4,14% para 4,29%; a do contrato para janeiro de 2025 escalava de 6,02% para 6,21%; e a do DI para janeiro de 2027 saltava de 7,01% para 7,20%.
“Estamos em um momento de reprecificação das curvas de juros como um todo devido a um problema que o Tesouro tem com a emissão de dívida. Esse prêmio começou afetando as LTN, mas agora já se espalha nos mercados secundários de LFT e de NTN-B e afeta os juros futuros”, afirma um profissional de renda fixa que prefere não se identificar. Ele nota que o movimento já afeta alguns fundos de renda fixa, que têm vendido papéis, o que gera a pressão “tomadora” (aposta na alta das taxas) na curva de DI.
O movimento no mercado de juros já vem de alguns dias, mas ontem houve um alívio após o Tesouro Nacional ter diminuído drasticamente a quantidade ofertada de títulos, especialmente em relação às LTN de prazo mais longo...
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