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Bond Market News
CSN’s Dollar Bonds Drop as Net Debt, Leverage Jumps
March 13, 2026
CSN’s dollar bonds fell by over 1 point after the company reported its Q4 results. Its net debt rose 11% to BRL 41.2bn ($8bn). Its net debt-to-EBITDA rose to 3.47x from 3.14x. Its net loss stood at BRL 721mn ($137mn). The results come at a time when analysts have cited investor concerns over the company’s debt levels. However, Benjamin Steinbruch, the CEO of CSN said that it was a “one-off event”. The company is aiming to sell a significant stake in its infrastructure and logistics arm and control of its cement business for BRL 15-18bn ($2.9-3.4bn). Separately, CSN is set to use equity in its cement unit as collateral for a loan of ~$1.3-1.5bn ($250-290mn). As per a statement, CSN has raised new funding and refinanced bilateral agreements, extending maturities through 2030.
CSN’s dollar bonds were trading weaker – its 8.875% 2030s were down 1.6 points to trade at 75.6, yielding 16.5%.
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