Lombard loans on B3.
Private, securities-backed credit against B3-listed shares — pledged, not sold.
A Lombard loan against B3-listed shares is credit secured by a pledge of equity listed on B3 (Brasil, Bolsa, Balcão). The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment. In plainer terms it is a share-backed loan: a loan against shares, not a disposal of them. US markets call the practice securities-based lending.
- Facilities are arranged against equity listed on B3 (Brasil, Bolsa, Balcão), São Paulo.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in BRL or cross-currency.
- Structured under the CVM regime, with disclosure at 5%.
The venue
B3 is the principal Latin American equities venue. The Novo Mercado tier imposes one-share-one-vote and full free-float requirements that materially affect the eligibility of controlling-shareholder positions for collateralisation.
Regulator and disclosure
B3 (Brasil, Bolsa, Balcão) operates under the Comissão de Valores Mobiliários (CVM). CVM Resolution 44 Art. 12: a holder whose direct or indirect stake crosses 5%, 10%, 15% or any further multiple of 5% of a class, up or down, informs the company immediately; the company passes the notice to the CVM and B3.
A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
For who must report a pledge, and what an enforcement would make public, in each market the firm covers, see the comparison of share pledge disclosure rules.
Structuring a facility here
Lombard facilities against B3-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in BRL or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread. Unlike a stock loan in the securities-lending sense, title does not pass: the line stays registered to the holder for the life of the facility.
| Exchange | B3 (Brasil, Bolsa, Balcão) |
|---|---|
| City · Country | São Paulo · Brazil |
| Regulator | Comissão de Valores Mobiliários (CVM) |
| Disclosure | Substantial holdings at 5% |
| Principal indices | Ibovespa, IBrX 50 |
| Segments | Novo Mercado (highest corporate-governance tier); Level 2; Level 1; Bovespa Mais |
| Currency · Tenor | BRL · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
The Brazil market as a whole
The Brazil country overview sets B3 in context: the national disclosure regime, the wider securities-backed lending picture, and the common ground behind any loan against shares listed in Brazil.
- Lombard loans in Brazil — the country overview: the national disclosure regime, currency, and how a facility is arranged.
Financing a position listed on B3?
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On this market, specifically.
Liquidity and the index
B3 is the principal Latin American equities venue, and its most liquid names populate the Ibovespa and the IBrX 50. Liquidity is concentrated in the larger index constituents, so for a substantial line the depth of the specific name — and its free float once any controlling block is set aside — matters more than headline market turnover. The governance tier is part of the liquidity picture too: Novo Mercado names, with their full free-float commitment, tend to offer a cleaner tradeable float, which supports how a Lombard loan is sized against the position.
Structuring notes
The defining structuring point on B3 is the governance tier. A Novo Mercado listing requires one-share-one-vote and a full free float, which affects how much of a controlling-shareholder line is genuinely available to pledge and how enforcement would interact with that float; Level 2, Level 1, and Bovespa Mais carry lighter commitments. Settlement runs through the Brazilian infrastructure, with the pledged shares held by a qualified custodian. The Lombard credit is documented with the issuer’s tier and the CVM reporting threshold in view, and can be funded in BRL or in hard currency.