Inflation-protected income ladder in BRL
A ladder of inflation-linked bonds that mature in different years, so part of the capital comes back every year while the coupons keep pace with inflation.
- Risk level
- Low to moderate
- Horizon
- 3 to 10 years
- Currency
- BRL
- Income
- Semi-annual coupons
- Issuer
- Tesouro Nacional (Brazilian federal government)
- Indicative yield
- IPCA + 7.43% to 7.74% a year
- Rates as of
- 10 Nov 2026
Indicative market rates on the date shown. Rates change daily and your price depends on your broker and the time of purchase. Source: Tesouro Direto rates (IPCA+ 2032 to 2050) via Eu Quero Investir
Illustrative only. Not an offer, solicitation or recommendation. Details, availability and eligibility depend on the issuing bank and your jurisdiction.
The idea
Split the capital across inflation-linked bonds that mature in consecutive years. Each year one "rung" matures. The investor can spend that money or reinvest it at the far end of the ladder.
How it pays
- Coupons, typically paid twice a year, linked to the inflation index plus a real rate.
- Principal returned rung by rung, one maturity per year.
Where rates stand
On 10 Nov 2026, Tesouro IPCA+ bonds were quoted between IPCA + 7.43% and IPCA + 7.74% a year: about 7.74% for 2032, 7.45% for 2040 and 7.43% for 2050. The semi-annual coupon version maturing in 2060 was at IPCA + 7.49%. Real rates at this level are high by historical standards, which is what makes locking them in with a ladder attractive.
Main risks
- Price risk before maturity: if rates rise, the market value of the bonds falls. Holding to maturity avoids locking in that loss.
- Credit risk on corporate bonds; government bonds carry sovereign risk.
- Reinvestment risk: future rungs may be bought at lower rates.
Who it may suit
Investors who want predictable income that keeps up with inflation, and who can hold each bond to its maturity.
What we are building
Members will be able to model this ladder with real bonds, see each year's maturity and the month-by-month coupon calendar, and compare government and corporate rungs.