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Bond Market News
Braskem’s Dollar Bonds Rally as IG4 Capital Moves Closer to Take a Controlling Stake
April 15, 2026
Braskem’s dollar bonds were higher by over 3 points across the curve. As per news outlet Valor, its shareholder Petrobras wants IG4 Capital to close its deal to buy a controlling stake in Braskem before any debt restructuring. It also wants a new shareholders agreement and a new management for Braskem alongside an improvement in petrochemical spreads. According to Cesar Fernandez from Alpha Credit Advisors, “The market is dialing down the probability of a coercive restructuring…Petrobras appears reluctant to take a hit ahead of IG4’s entry, which materially shifts the recovery narrative and reduces near-term downside tail risks”. Last week, Brazil’s antitrust authority approved a proposed transaction to allow IG4 Capital to buy a controlling stake in Braskem from Novonor. The positive update came after initial rumors that IG4 Capital might abandon talks to acquire a controlling stake due to regulatory delays.
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