Brazilian companies prepare to raise funds abroad
Despite being shortened by the Tiradentes holiday on Tuesday (21), this week is expected to be active in terms of U.S. dollar debt issuance. Rede D’Or, C6 Bank, and Oceânica are set to expand the list of bond offerings, which have totaled over $19 billion since the beginning of 2026. Last year, offerings reached approximately $34 billion.
On Monday, the three companies began investor presentations. According to sources familiar with the discussions, Rede D’Or plans to offer ten-year bonds and use the proceeds for general corporate purposes, such as paying other debts and increasing liquidity. The last time the company raised funds abroad was in September, when it issued $500 million at an annual rate of 6.45%.
Digital bank C6, on the other hand, plans to make its debut in the bond market with a three-year issuance with “benchmark size,” starting at $500 million. Although new to this type of operation, the lender counts U.S. bank J.P. Morgan among its shareholders. According to sources, C6 has attracted interest from the International Finance Corporation (IFC) to act as an anchor investor, with an order of up to $50 million, subject to the final terms and conditions of the offer.
Meanwhile, Oceânica, which provides services to the oil and gas industry, is expected to bring a five-year bond to the international market and use part of the funds raised for the repurchase of notes maturing in 2029, as informed to investors. Last year, the company issued $150 million by reopening that same 2029 note.
In recent weeks, Brazilian companies have launched debt offerings following investor signals indicating a renewed appetite for risk, which had waned since the onset of the conflict involving Iran, the United States, and Israel. JBS, which had already raised $2 billion at the end of March, reopened the issuance on April 9 and raised an additional $500 million.
Days later, Minerva issued $600 million, J&F, the Batista family’s holding company, raised $400 million, and Banco do Brasil launched $500 million. In the European market, the National Treasury made a record issuance of €5 billion last week.
This movement was not exclusive to Brazil. Issuers from various emerging countries that had postponed fundraising plans returned to the market in April. As a result, the volume of issuances from developing countries increased by about 200% as of April 17, reaching $46 billion, according to data compiled by Bloomberg.
The current season’s issuances may partially offset the weaker-than-expected start to the year. Investment banks had anticipated a concentration of offerings at the beginning of 2026, considering the expected volatility surrounding the election period. However, factors such as the conflict in the Middle East and increased concerns about corporate leverage ended up frustrating some issuers’ plans.
Bradesco BBI, BTG, Itaú BBA, and J.P. Morgan are involved in Rede D’Or’s operation. The C6 offering is coordinated by J.P. Morgan, Bradesco BBI, Deutsche Bank, Goldman Sachs, Itaú BBA, Banco Safra, and UBS BB. For Oceânica, Goldman Sachs, Itaú BBA, BTG, Santander, UBS BB, Bradesco BBI, and BCP Securities are involved.
