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Bond Market News
Cosan Revives IPO Plan for Compass
February 24, 2026
Cosan SA is considering a share sale of its gas and energy subsidiary Compass through a potential IPO as part of efforts to reduce its debt burden. The company previously attempted to list Compass in 2020 for about BRL 5bn ($964mn) but abandoned the plan due to unfavorable market conditions. The move reflects Cosan’s broader strategy to divest assets and deleverage after receiving fresh capital last year. Market participants believe Cosan’s need for cash could strengthen buyer bargaining power and potentially lower the valuation. Amid rising debt at its key affiliate Raizen SA, analysts note that Cosan’s financial pressures have intensified. Raizen has been seeking additional funding and recently had its credit ratings downgraded signifcantly to junk status.
Separately, bank creditors to Raizen SA, are hiring FTI Consulting as an adviser as the company struggles with heavy debt and weakening finances. The creditor group includes major lenders such as Santander Brasil, Itaú Unibanco, Bradesco, BNP, Banco do Brasil and Citigroup. At the same time, Raízen’s bondholders have already retained Moelis & Co and the law firm White & Case, signaling rising concern over a potential restructuring.
It’s 5.5% 2029s were stable at 101.8, yielding 5.03%.
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