Brazil’s National Treasury reported federal public debt of 9.29 trillion reais at the end of August, in its monthly debt report released on September 28. Compared with 9.28 trillion reais at the end of July, the nominal change was 0.04%. The report tracks the stock of federal domestic and external public debt and its composition by maturity and interest-rate type. Floating-rate securities rose from 51.11% of the total in July to 52.74% in August. The Treasury described that share as the highest in the series beginning in December 2000. This composition measure is distinct from the size of the overall debt stock and does not, by itself, determine its future direction.

During the month, the federal government issued 211.62 billion reais in debt securities and redeemed 296.05 billion reais, resulting in net redemptions of 84.43 billion reais. Within domestic federal securities, issuance included 105.51 billion reais in floating-rate securities, 84.05 billion in fixed-rate securities and 21.85 billion linked to price indexes. These are the categories of domestic issuance specified in the report; issuance amounts are not the same measure as the composition of the outstanding stock at month-end. The change in the debt stock also reflected 88.39 billion reais in accrued interest. Accrued interest is one of the stock effects reported separately from cash issuance and redemptions.

At the end of August, floating-rate securities represented 52.74% of Federal Public Debt. Securities linked to price indexes accounted for 23.22%, while fixed-rate securities represented 20.31%. Those three shares do not cover the entire total; other classifications and external debt are also within the report’s scope. Changes in the shares indicate a shift in the mix of financing instruments. However, this portion of the report does not forecast future interest rates, Treasury issuance choices or the budget’s future interest costs. The 52.74% figure should therefore be presented as an observation in the historical series defined by the source, rather than as evidence by itself of a future borrowing path.

The average debt maturity increased to 4.10 years in August from 4.05 years in July. The share due within the next 12 months fell from 18.91% to 16.39%. The average cost accumulated over the previous 12 months increased from 12.45% to 12.59% a year. These measures answer different questions: average maturity describes the time distribution of the debt; the near-term share indicates upcoming payment concentration; and average cost is a backward-looking cost rate. None of them alone establishes future refinancing terms or interest payments from the August observation. Their movement should be read with the relevant definitions and reference periods in the monthly report.

The Treasury’s liquidity reserve declined from 1.371 trillion reais in July to 1.208 trillion at the end of August. It was nevertheless 6.49% higher in nominal terms than in August 2025 and, according to the Treasury, covered 7.18 months of debt maturities. The monthly decline compares the reserve with the prior month; the annual percentage uses a different reference period. The report presents these figures together to show separate dimensions of the debt stock, maturity schedule, cost and cash buffer. It records official measurements at the end of August. Those values should not be used alone to infer a debt crisis, a safe debt threshold or a future policy decision, none of which is established by this release.