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FS - Fueling Sustainability

Why buy this bond?
"Agriculture for the 21st Century."
Attractive income with regular semi-annual income payment

EBITDA +149% to BRL 414.9 billion

Revenue +156% to BRL 1.163 billion 

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FS Bioenergy RI

The company is a corn grower and biomass processor in Brazil. With a production capacity of 1.4 billion liters of ethanol, 1.24 million tons of corn, 41 thousand tons of corn oil and 642,000 MWh of electricity in its biomass power plant.

"Agriculture for the 21st Century."

Complete information

FS Agrisolutions Industria de Biocombustiveis Ltda.
The name of the issue
 FS Agrisolutions Industria de Biocombustiveis, 10% 15Dec2025
US dollar $
Emission volume
600,000,000 USD

The face value of the bond


Indicative market price

1018 USD


18 USD
Coupon from face value
10% p.a
Coupon payout frequency

Due date

semi-annual salary

 100% liquidity

Minimum volume

Yield to Maturity 

9.60% pa - before taking into account all costs

Preferred scenario

9.06% pa - before taking into account all costs
BB- (Fitch)
Hierarchy of debt
Senior secured
You can find the prospectus for the bonds here:
10.00% Senior Secured Notes due 2025 - Prospectus


The company is growing very fast, as the demand for its products is high, at the same time, thanks to new technologies, its EBITDA margin remains at excellent levels for the sector at 39%.

Revenue +156% to BRL 1.163 billion 

EBITDA +149% to BRL 414.9 billion

Debt/EBITDA: 3.9 (very good)

Since the company operates in a capex (capital expenditure) demanding environment, it uses the most advantageous way for financing, namely the placement of bonds, which are secured by the company's assets, on the capital market.

fueling sustainability

Bond summary

Bonds are very attractive in terms of yield as they are an anti-cyclical business. The reasons why the company had to offer higher percentages when signing bonds are related to the overall situation on the credit market, where investors often still ask for higher coupons, despite the fact that Covid-19 is not a problem for the company, which is proven by the numbers. After the credit market calms down (happens all year, see the history of all our trades for 2020), we expect the bond value to rise to $1,160 +10%.


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