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Bond Market News
Troubled Waters: Braskem Idesa and New Fortress Energy Miss Coupon Payments
November 21, 2025
Braskem Idesa failed to make the $33.3mn semiannual coupon payment due on 18 November 2025 on its 7.45% 2029s, indicating severe liquidity deterioration. As per S&P, the company’s cash balance of only $60–65mn as of end-September, is far too low to cover near-term obligations, even with grace periods. The missed payment was formally disclosed on November 19 without any plan for curing the default, reinforcing expectations that the interest will not be paid within the grace period. As a result the company was downgraded to D from CCC by S&P. Fitch also downgraded the company to C from CCC+ in a span of two days. Overall, the situation suggests that a default across all of Braskem Idesa’s liabilities is virtually certain, as per S&P.
Bonds of Braskem Idesa continue to trade at stressed levels. For instance its 7.45% 2029s trades at 55.5, yielding 26.1.
New Fortress Energy (NFE) also missed the coupon on its 12% 2029s due on 15 November 2025. As a result, Fitch downgraded the issuer to RD (Restricted Default) from CCC and cut the related secured notes to C reflecting high default risk. NFE entered a 30-day forbearance agreement with creditors, but the missed payment and the company’s stated intent to pursue a broader restructuring signal a high likelihood of default across its capital structure, Fitch noted. The rating agency said that it does not expect meaningful revenue recovery in Q4 with NFE having delayed filing its 3Q results.
New Fortress Energy’s 8.75% 2029s are trading at deeply distressed levels of only 10.5 cents on the dollar.
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