Braskem Coupon Payment Alleviates Immediate Default Risk

January obligations ongoing, keeping liquidity execution and funding clarity in focus

We maintain our view that Braskem’s large domestic footprint, political relevance, and partial government ownership make a default event less likely in the near term. That said, we think the timing of liquidity measures and clarity on policy relief will be decisive for any sustained re-pricing. At current spread levels, we view most of the downside as already reflected in prices, with Braskem bonds trading in the $36–44 range, improving from the $31–39 range in mid-October 2025. In this context, we favor exposure to the lower-priced bonds within the curve, where investors have better protection against potential haircuts.