Lombard loans in Brazil.
Private credit against Brazil-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Brazil-listed shares is credit secured by a pledge of equity listed on the B3. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment.
- Lombard loans are arranged against shares listed on the B3 (B3).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in BRL or cross-currency.
- Structured under the CVM regime, with disclosure from 5%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Brazil venue: B3 — Brasil, Bolsa, Balcão (B3). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Brazil are regulated by Comissão de Valores Mobiliários (CVM). Substantial-shareholding disclosure is triggered from 5%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in BRL or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | B3 — Brasil, Bolsa, Balcão (B3) |
|---|---|
| Regulator | Comissão de Valores Mobiliários (CVM) |
| Currency | BRL (cross-currency available) |
| Disclosure threshold | From 5% substantial-holding disclosure |
| Principal indices | Ibovespa, IBrX 50 |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Considering a Lombard loan against a Brazil-listed position?
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Disclosure and regulation
Under CVM Resolution 80 a material change in beneficial ownership around the 5% level is reportable, so a substantial holder in a B3-listed company operates within a defined disclosure perimeter. The nuance in Brazil is governance: a company in the Novo Mercado tier carries one-share-one-vote and full free-float commitments, which shape how much of a controlling-shareholder line is genuinely available to pledge and how enforcement would interact with that free float. A Lombard credit is arranged with the issuer’s listing tier and the CVM reporting threshold both in view, keeping the client’s disclosed position intact.
An illustrative example
Consider a private client with BRL 200 million in a large-cap B3-listed holding. At an illustrative loan-to-value of 40% — within the disclosed 20–65% range — a Lombard loan frees roughly BRL 80 million in cash while the position stays pledged and the client retains ownership, dividends, and the upside. The facility may be funded in BRL or, where the client prefers hard currency, on a cross-currency basis in USD or EUR. The amounts are round and illustrative, offered to show the shape of the transaction rather than any indicative pricing.
Illustrative only — not an offer, a quotation, or a commitment to lend.