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Bond Market News
Raizen’s Dollar Bonds Drop Sharply
October 10, 2025
Raizen’s dollar bonds fell by over 7-11 points across the curve (as seen in the chart below). While there was no specific corporate information explaining the move, Bloomberg notes that the sentiment for highly leveraged Brazilian companies has soured. Raizen, a JV between Brazilian holding company Cosan and UK-based Shell, is said to have seen a rise in it debt levels following an expansion plan that did not pay off. Raizen is among the top four largest energy companies in Brazil by revenue but operates in a cyclical industry. According to Luiz Felipe Scalercio of BCP Securities, the company is said to be “at a low point” in its business cycle.
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