Nature loss

AMAGGI: engagement opportunity for bondholders

Written by Josephine Richardson

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AMAGGI (ticker AMAGGI), reportedly the world's largest private soybean producer, has a USD850mn debt stack maturing in 2027 and 2028. As a privately-owned company, bondholders are its only external investors — and the upcoming refinancing offers a rare window for engagement on its deforestation commitments.

AMAGGI's 2021 commitment to a 100% deforestation and conversion-free (DCF) supply chain by end-2025 may not have been fully achieved. A 2026 policy update retained the target date but extended the scope — potentially an implicit acknowledgement that the original boundary was not reached. The company also left the Amazon Soy Moratorium in January 2026, raising further questions about the direction of travel.

Its 2021 Sustainability Bond proceeds were used almost entirely to purchase certified soy — an operating expenditure that provided no ongoing restrictions on future sourcing. With the bond maturing in 2028, investors have an opportunity to require stronger accountability in the next financing. AFII's bondholder engagement toolkit identifies collaborative disclosure and bondholder coordination as some tools to aid this well-timed engagement opportunity.

About the author

Josephine Richardson

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

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