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Bond Market News
Raizen’s Bondholders Prep for Debt Restructuring
February 12, 2026
Raizen’s bondholders have organized a creditor committee and hired White & Case as their legal adviser, according to sources. The creditor group reportedly includes major investors such as Pimco, BlackRock and T. Rowe Price and is said to hold a majority of the company’s outstanding dollar bonds. Raizen is facing mounting financial pressure from high interest rates, weaker harvests and heavy investments that have yet to generate returns. UBS estimates the company needs a capital injection of BRL 20–25bn ($3.8–4.7bn). Recently, the company hired legal advisers and a financial adviser to help address its mounting financial stress and to strengthen its liquidity. Following this, major credit rating agencies reacted aggressively — Fitch downgraded Raizen eight notches to CCC, while S&P cut it by seven notches to CCC+, citing rising default and restructuring risk. As a result, there was a sharp selloff in Raizen’s bonds.
Its 6.45% 2034s continue to trade at distressed levels of 42.4 cents on the dollar.
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