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Bond Market News
Braskem’s Dollar Bonds Rally Across The Curve
June 9, 2026
Braskem’s dollar bonds rallied across the curve by over 1.5 points. UBS BB came out with a positive note on the Brazilian petrochemical company, raising its share price target to $4.0 from $3.8 while maintaining a neutral rating. The bank highlighted that improving petrochemical spreads, driven by supply disruptions in the Middle East, should boost the Braskem’s financial outlook. Braskem’s 2026 EBITDA is expected to reach $2.6bn, exceeding its expected cash-flow breakeven threshold of $1.5bn. This is expected to alleviate the severe cash burn that has plagued the company in recent quarters. Analysts also noted that spreads are unlikely to slip back to historical troughs, with industry experts estimating a full global capacity recovery to take 12-18 months. UBS BB also views the recent transfer of Braskem’s control from Novonor to IG4 Capital as a positive catalyst, noting it could eventually trigger a shareholder tender offer.
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