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Bond Market News
Braskem Pays Coupon on Hybrid Bonds Due 2081
January 26, 2026
Braskem SA successfully paid interest due on its hybrid bonds maturing in 2081 on Friday. The notes were heavily impacted by a selloff last year because their indenture allows the company to defer interest payments without triggering a formal default. As hybrid debt, these securities rank lower in the creditor hierarchy than senior debt. This payment follows a similar move earlier this month regarding its notes due 2028, where it paid coupons despite its financial stress. The company is currently working toward presenting an out-of-court restructuring plan by March. The timeline depends on the outcome of IG4 Capital acquiring Novonor’s stake in Braskem. The transaction still requires regulatory approval including in Brazil and the US. In the meantime, Braskem’s has coupons due on its dollar bonds maturing in 2030 and 2050 over the next five days.
Braskem’s dollar bonds were trading stable, albeit at distressed levels of 36-44 cents on the dollar.
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