B3 and Polato Sementes carry out the first public CPR transaction indexed to the dollar.

B3, the Brazilian stock exchange, carried out the settlement of the first public CPR (Rural Product Certificate), aimed at individual investors, with profitability linked to the dollar. The issuance was made by Polato Sementes, a company based in Rondonópolis, Mato Grosso, which produces and markets high-quality seeds, grains, and fibers. The operation was structured by Itaú BBA and consisted of the issuance of CPR-F worth R$ 137 million, divided into two series. The differentiating factor of this operation was the indexation in foreign currency, with pre-fixed interest rates added to the variation in the closing exchange rate for the sale of the US commercial dollar (PTAX800). “This year we celebrate 45 years of the company's trajectory and, throughout these decades, we have followed the development of Brazilian agribusiness and learned that sustainable growth doesn't happen by chance; it is the result of long-term vision, discipline, and adaptability. This moment goes far beyond an innovative financial operation; it represents the ability of a family business to preserve its roots while preparing for new challenges, it represents the strength of agribusiness connected to global markets, and the confidence that the market places in our company,” comments Orlando Henrique Polato, CEO of Polato Sementes. “The possibility of raising capital with exchange rate adjustment via CPRs came in 2020 with the revision of the product law. This is the first time that flexibility has been used in a public offering, and this move expands the possibilities for both companies and investors, creating a new alternative for raising capital and investment,” says Leonardo Betanho, superintendent of OTC products at B3. B3 acts as a registrar of CPRs and is a leader in the segment. In public CPR operations, it also acts as a depository and is responsible for the infrastructure for distributions in the primary market. Since August 2025, when the model began to be used, B3 has already registered 25 CPR issuances aimed at individual investors, totaling R$ 15.4 billion. What is a CPR? Created by Law No. 8,929 of 1994, the CPR is a security representing a promise of future delivery of agricultural products and can be issued by rural producers or their associations, including cooperatives. Currently, this is the main instrument for financing the agribusiness production chain, as it allows the issuer to obtain resources for the development of their rural production or ventures. A CPR (Rural Product Certificate) is a negotiable instrument traded on an organized over-the-counter market and can be issued in two forms: Physical CPR, where settlement occurs through delivery of the product by the issuer in the quantity and quality described in the certificate, and Financial CPR, a form created by Law No. 10,200 of 2001, which has payment through financial settlement, with maturity and value specified in the certificate. Since 2021, CPRs, whether financial or physical, must be registered with an entity authorized by the Central Bank, such as B3, to be valid and effective. Traditionally, the CPR is a product used in bilateral negotiations, between rural producers and cooperatives, for example, or serves as collateral for the issuance of CRAs (Agribusiness Receivables Certificates). In August 2025, the Financial CPR also began to be offered to individual investors. 

This text was translated by machine from Brazilian Portuguese.