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Bond Market News
Shell to Provide $668mn Investment Backstop for Raizen
March 4, 2026
Shell’s Brazil CEO, Cristiano Pinto da Costa, said that the company is committed to investing BRL 3.5bn ($667.84mn) in Raizen, effectively providing a backstop amid the latter’s financial troubles. Raizen has reported a series of losses with its net debt levels rising, prompting bondholders to prepare for a potential debt restructuring. However, the company has made progress on a capital injection plan from its controlling shareholders Shell and Cosan. In late-February sources indicated that Raizen planned to raise BRL 3-5bn ($680-970mn) from its current shareholders. Of this, Shell was expected to contribute BRL 1.5-3.5bn ($286-668mn) while Cosan was expected to inject about BRL 1bn ($190mn). Raizen was also said to be in talks to include investments from PE funds managed by Banco BTG Pactual which would acquire a large stake of its fuel distribution business for ~BRL 5.5bn ($1.05bn). However, Reuters reported that Raizen’s creditors were unhappy with the proposal from BTG Pactual.
Raizen’s dollar bonds were trading higher across the curve with its 6.45% 2034s up by over 4 points to trade at 49.9 cents on the dollar.
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