The IDEX read of private credit

Proprietary indices to track different debenture universes, with proprietary methodology, history since 2017, and recurring sample updates.

Methodology

IDEX index family

Three proprietary index families with transparent methodology, history since 2017, and recurring updates.

IDEX-CDI

CDI-indexed debentures (DI+ and %DI) with strong liquidity standards. Three cuts: General, Core, and Low Rated.

3 variations · Single methodology · Public access

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IDEX-Infra

IPCA+ indexed infrastructure debentures with strong liquidity standards. Two cuts: General and Core.

2 variations · Single methodology · Public access

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IDEX-NTN-B

Total return indices for NTN-Bs with coupon reinvestment, segmented by maturity.

5 variations (30, 35, 45, 50, 60) · Maturity-based methodology · Public access

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Relatórios mensais

Panorama completo de cada índice atualizado mensalmente.

IDEX-CDI

Relatório Mensal - Idex CDI

Panorama mensal completo do índice: performance, composição, spreads, liquidez e principais movimentos.

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IDEX-Infra

Relatório Mensal - Idex Infra

Panorama mensal completo do índice: performance, composição, spreads, liquidez e principais movimentos.

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Comparative table

PERIODIC UPDATE

Index	Ativos	Duration (years)	Average spread	Composition
IDEX-CDI General	405	2,7	DI + 1,81%	Floating rate
IDEX-CDI Core	301	2,7	DI + 1,84%	High grade DI+
IDEX-CDI Low Rated	61	2,3	DI + 4,20%	Unrated / below AA
IDEX-Infra General	460	5,4	IPCA + 7,74%	Tax-incentivized infrastructure
IDEX-Infra Core	253	5,5	IPCA + 7,63%	Publicly listed w/ rating

Inclusion criteria: >70% frequency in broker calls | Issuances >R$100 million | Firm offers in standard lots of R$1 million | Monthly rebalancing

IDEX-CDI General

MONTH RETURN

+1,24%

12M RETURN

+14,8%

DURATION (years)

2,7

ASSETS

1.000+

Chart · history since 2017

Monthly report · PDF Historical series · CSV Request institutional access

Open methodology for institutional analysis

Access the criteria that guide IDEX index composition, including eligibility, liquidity, rebalancing, corporate events, and rules for sample maintenance and calculations.

Asset universe

Debentures traded in the Brazilian secondary market, calculated from bid rates obtained in reference brokers' calls, where trading orders are executable. The CDI family covers DI+ and %DI debentures. The Infra family covers IPCA+ infrastructure debentures. The NTN-B family tracks government bonds segmented by maturity, on a total return basis.

Inclusion criteria

The sample is adjusted monthly. To enter the indices, debentures must have bid-ask spreads in more than 70% of the days of the last 2 months in reference brokers' calls, time to maturity greater than 2 months, nominal issuance volume above R$ 100 million (R$ 300 million for the Core cut), be non-convertible, and not have differentiated taxation. The Core cut additionally requires publicly listed issuers and credit rating. The Low Rated cut selects assets with rating below AA or without rating.

Rebalancing

The composition is reviewed on the first business day of each month. Assets that no longer meet the criteria are removed. Weighting is based on the market value of each issuance, with a 10% cap per asset. Extraordinary rebalancing occurs in cases of unscheduled early redemption, default, or events that prevent correct price calculation.

Return, duration, and spread calculation

Daily return is calculated from the price change derived from the lowest bid rate obtained in the calls, including paid events (interest, amortizations, premiums). The change is decomposed into a market component and a carry component. In NTN-B indices, the return is total, with reinvestment of coupon payments.

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