{"id":97139,"date":"2026-01-09T18:47:14","date_gmt":"2026-01-09T21:47:14","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97139"},"modified":"2026-01-09T18:47:14","modified_gmt":"2026-01-09T21:47:14","slug":"brazilian-issuers-ready-10bn-wave-of-overseas-bonds","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazilian-issuers-ready-10bn-wave-of-overseas-bonds\/","title":{"rendered":"Brazilian issuers ready $10bn wave of overseas bonds"},"content":{"rendered":"
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Investment expect another strong year for dollar-denominated debt issuance following market\u2019s recovery in 2025, when fundraising reached about $34bn<\/em><\/strong><\/h6>\n<\/div>\n<\/div>\n
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01\/09\/2026\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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After a brief setback in the international bond market for Brazilian issuers, as investors became more cautious following concerns\u00a0involving Ambipar<\/a>\u00a0and\u00a0Braskem<\/a>, companies from the country are expected to resume the pace of dollar fundraising in early 2026. Expectations are that the first issuance window of the year, between January and February, could total up to $10bn, with around ten companies on the list of potential offerings.<\/p>\n<\/div>\n

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If confirmed, the volume would match the same period in 2025, which was already very strong, marked by the return of large issuers to the external market.<\/p>\n<\/div>\n

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The start of the year is expected to be the most favorable period of 2026. Many companies are likely to bring forward their fundraising plans to avoid getting too close to Brazil\u2019s presidential elections. Issuers, however, are keeping an eye on\u00a0possible developments stemming from the U.S. operation in Venezuela<\/a>, which resulted in the arrest of\u00a0Nicol\u00e1s Maduro<\/strong>. So far, the event has not had significant negative effects on the secondary market for Brazilian bonds. The risk of spillover, however, is not negligible, according to some asset managers.<\/p>\n<\/div>\n

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Despite the electoral calendar, the view among investment bankers is that this will be another strong year for dollar-denominated debt issuance following the market recovery in 2025, when fundraising reached about $34bn.<\/p>\n<\/div>\n

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Gustavo Siqueira<\/strong>, co-head of capital markets and fixed income for Latin America at Morgan Stanley, says he believes that more than the elections themselves, the factor that will dictate the pace of transactions will be the domestic market, which has been growing and has led many companies to concentrate their issuance locally. \u201cOn the map, we have to put the local market, because depending on how the dynamics are here, more companies may look abroad,\u201d he says.<\/p>\n<\/div>\n

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For January and February, Siqueira projects between $7bn and $10bn raised, with around ten transactions. He believes Brazilian offerings could reach around $30bn for the year, marking a new positive cycle.<\/p>\n<\/div>\n

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For\u00a0Miguel Diaz<\/strong>, head of external fixed income at Santander Brasil, \u201cthe macro environment outside the country tends to outweigh the domestic macroeconomic scenario\u201d in issuers\u2019 decision-making. \u201cIf there is ample liquidity and greater clarity around monetary policy abroad, that should outweigh Brazilian political uncertainties,\u201d he says.<\/p>\n<\/div>\n

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In Diaz\u2019s view, as in several moments last year, issuance decisions will be taken at the last minute. \u201cIn 2025 we saw companies doing behind-the-scenes work with investors, and decisions were made very close to the offering,\u201d he says. According to him, since early December companies have resumed contact with investors, but without finalizing transactions.<\/p>\n<\/div>\n

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Part of this behavior is explained by the fact that other issues are currently on chief financial officers\u2019 radar, such as dividend taxation, says the Santander executive. \u201cWhat we expect is that at the turn of the year they will move toward fundraising,\u201d he adds.<\/p>\n<\/div>\n

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Diaz expects offerings to gain traction from February onward, as fourth-quarter financial results are released.<\/p>\n<\/div>\n

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Joel Schimchak<\/strong>, who heads fixed income at Goldman Sachs in Brazil, says election-related volatility should emerge only in the second half of the year and that stability in US Treasuries will keep the market open to Brazilian issuers. According to him, companies are likely to prefer issuing in the first half to secure market access and navigate the electoral period more smoothly.<\/p>\n<\/div>\n

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A Bank of America (BofA) study shows that in non-election years, 40% of transactions are concentrated in the second half. In election years, however, that share drops to 20%, says Caio de Luca Sim\u00f5es, head of fixed income at the bank. \u201cThere is a perception that the earlier, the better, because the issuer can avoid some volatility and drink cleaner water.\u201d<\/p>\n<\/div>\n

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The main point of attention, according to Schimchak, will be geopolitical events. Investors will also continue to monitor more highly leveraged companies. Siqueira, of Morgan Stanley, does not believe recent credit events will be strong enough to contaminate other transactions, but investor caution will lead to more detailed due diligence, especially for companies seeking access to the international fixed-income market for the first time.<\/p>\n<\/div>\n

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Sim\u00f5es also says he does not believe in the possibility of contagion. According to him, the current moment is one of credibility with investors, despite isolated events. \u201cThere was no credit crisis with companies going bankrupt, for example, because of interest rate levels. These were governance issues and problems in specific industries,\u201d he says.<\/p>\n<\/div>\n

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Last year saw intense activity for banks involved in overseas issuance. After calmer years, issuance volume reached $34bn across more than 40 transactions, 59% higher than in 2024.<\/p>\n<\/div>\n

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The Treasury issued more than $10bn in external debt securities, becoming one of the most active issuers of the year. The federal government accessed the market four times in 2025. The most recent offering took place in November, amid COP 30 in Bel\u00e9m. On that occasion, new green bonds were issued, the Global 2033 Sustainable, and the current 10-year benchmark, the Global 2025, was reopened.<\/p>\n<\/div>\n

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JBS, Bradesco, Embraer, FS Bio, Vale and Ra\u00edzen also raised funds more than once last year.<\/p>\n<\/div>\n

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The largest transaction was by JBS. In June, the food producer raised $3.5bn. Demand reached $16.7bn, nearly five times the offering size, according to sources. Beyond the volume, the deal set other milestones: in one of the 30-year tranches, the yield reached the lowest level ever recorded for Brazilian issuances with the same maturity. In another, the bond was issued with the longest maturity ever for a Brazilian company\u201440 years. According to investment banks, such maturities are typically seen only in deals by US companies.<\/p>\n<\/div>\n

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The year also saw debut issuers. In November, Eldorado Brasil raised $500m in the last external issuance by a Brazilian company in 2025. In September, car rental company Vamos made its debut with a $300m transaction.<\/p>\n

*By\u00a0Fernanda Guimar\u00e3es\u00a0and\u00a0Rita Azevedo\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Investment expect another strong year for dollar-denominated debt issuance following market\u2019s recovery in 2025, when fundraising reached about $34bn       01\/09\/2026\u00a0 After a brief setback in the international bond market for Brazilian issuers, as investors became more cautious following concerns\u00a0involving Ambipar\u00a0and\u00a0Braskem, companies from the country are expected to resume the pace of dollar […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26694],"class_list":["post-97139","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazilian-issuers-ready-10bn-wave-of-overseas-bonds"],"yoast_head":"\nBrazilian issuers ready $10bn wave of overseas bonds - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazilian-issuers-ready-10bn-wave-of-overseas-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazilian issuers ready $10bn wave of overseas bonds - 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