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Bond Market News
Dollar Bonds of Brazil’s CSN and Raizen Drop Sharply
February 6, 2026
CSN’s dollar bonds slipped by 1-3 points across the curve. The company was said to be planning to raise up to $1.5bn through a secured loan to refinance maturing bonds and improve its debt profile, as per sources. The financing would be backed by shares in CSN subsidiaries, including its cement unit. The fundraising plan comes amid the pressure of high interest rates on its already heavily leveraged balance sheet and investment capacity. CSN said last month that it intends to divest assets to cut debt, setting a target of BRL 15–18bn ($2.9–3.4bn), roughly half its total debt, starting this year. CSN has also hired advisers to sell a significant stake in CSN Infraestrutura and control of its cement business, while also seeking a strategic partner to modernize its core steel operations.
Separately, bonds of another Brazilian corporate, Raizen, continued to tumble by another 6-8 points amid rising fears that its two main shareholders, Cosan and Shell, may not cover an estimated $4bn funding gap.
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