By Cynthia Decloedt São Paulo, 10/10/2025 - The overseas debt securities (bonds) of Raízen are beginning to fall to levels that are catching the attention of investors, and the justifications for this movement are perceptions that the company is burning through cash quickly and that the R$ 10 billion investment made in Cosan may not be sufficient for the group's renewable energy company. There is also a risk aversion priced into Raízen's securities, as an effect of contamination by Braskem's problems, which are putting pressure on bond prices, as well as the prospect of Ambipar filing for judicial recovery soon. "The maxim 'too big to fail' may no longer be true," said a trader of these securities. According to market sources, Raízen's bond maturing in 2054 fell 20% from yesterday's close and 30% from Wednesday's, trading at 62.875% of face value. At this price, the return to the investor exceeds 11%, which is typically offered by bonds that are in the "distress" category, meaning ...