Nicolas's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q1 2025
Question
Nicolas asked for more color on the company's debt refinancing strategy for the coming years, noting that current market yields are very high, particularly for bonds maturing in 2028.
Answer
An unnamed executive explained that the treasury team is focused on proactive liability management and has already refinanced and extended some debt. For the large 2028 bond, they are monitoring the market but feel the current yield of around 9% is not the right level for a major operation. They are waiting for an improved global scenario, such as a Fed rate cut, and better company results to drive down yields before executing a liability management transaction for that bond.