In today’s briefing:
- Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential
Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential
- Within Suzano’s capital structure, we prefer the 3.750% 2031 and 3.125% 2032 bonds, as they compare favorably to select peers, the broader EM BBB Index, and the US BBB Index.
- Uncertainty over Brazil’s economic outlook, including currency weakness and fiscal challenges, along with potential trade policy risks under the new US administration, increases headline risk and limits upside potential.
- Suzano is the world’s largest producer of eucalyptus pulp and a leading integrated pulp and paper company.
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