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Bond Market News
CSN’s Dollar Bonds Rally After Securing $1.2bn Loan
March 24, 2026
Brazilian conglomerate CSN’s dollar bonds rallied across the curve by over 2 points. The development comes after the company received a $1.2bn loan secured partly by certain assets designated for sale. It was reported that there was a possibility of increasing the loan size to $1.4bn if required. The lenders involved include Morgan Stanley, Citigroup, Crédit Agricole, HSBC, Banco XP, BNP Paribas, Banco do Brasil’s (NY branch) and Banco Bradesco. The facility comes at a time when analysts have raised concerns about CSN’s ability to meet near-term debt obligations. As per a filing, the loan will support CSN until it can raise cash via asset sales. The conglomerate also plans to use the proceeds of the facility to refinance debt and pay related fees. CSN has been hit with rating downgrades due to concerns over its debt levels. Recently, its net debt rose 11% to BRL 41.2bn ($7.8bn) in 4Q2025, thereby widening its net debt-to-EBITDA ratio to 3.47x from 3.14x in the previous quarter.
CSN’s 6.75% 2028s were up 2.8 points to trade at 78.2, yielding 21.8% and its 8.875% 2030s were up 2.6 points at 74, yielding 17.1%.
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