The allocation of the resources raised through debt and the company`s sector are important variables considered by investors and credit analysts and, for that reason, might influence companies decisions about the source of financing. However, the main empiric researches use the company’s characteristics as explanatory variables to solve those questions. Therefore, the objective of this study is to investigate if both the allocation of resources and the company’s sector influence the decision in the use of debt capital market over the private debt placement. In order to evaluate empirically those questions, a Logistic-Normal model with a latent variable in the ordinary logistic model is proposed. The results provide evidence that companies from regulated sectors and companies with lower perspectives of growth have higher probability of using debentures. Besides, the allocation of the resources raised through debt has also shown influence when the companies access the debt capital market. Those results are in line with the agency theory, since companies from regulated sectors have more chance of using public debt placements, as a way to impose some standards in the managers' performance and to increase the transparency. Companies also use the debt capital market in order to avoid liquidity problems and monitoring costs of private placements of debt.