The affected SPT required Suzano’s Scope 1 + 2 greenhouse gas emissions intensity not to exceed 0.190 tCO₂e/tonne produced, calculated as an average of the 2024 and 2025 figures. The company attributes the miss to its recent growth and international expansion, specifically the incorporation of Suzano Packaging, which materially increased reported GHG emissions during the observation period. The step-up will take effect from 16 July 2026, raising the coupon to 4.00% per annum, first payable on 15 January 2027.
Suzano has two further SLBs outstanding — one maturing in 2028 and another in 2032 — each linked to SPTs on industrial water withdrawal intensity and women in leadership positions. We find that the women in leadership target, which requires 30% or more of leadership positions to be held by women, was MET in 2025. We rank the water withdrawal target, meanwhile, as Currently MET.
On market pricing, our analysis of Suzano’s USD bond curve indicates that the 2031 SLB is trading broadly in line with its peers, suggesting the confirmed target miss and forthcoming coupon step-up have not yet been fully reflected in the bond’s current pricing.
