Suzano Expands Foothold in China with Second Panda Bond, Raising RMB 1.4 Billion

Shanghai, China (October 20, 2025) – On October 17, Suzano, the world’s leading market pulp producer, has successfully issued its second Panda Bond, renminbi-denominated debt sold in China onshore market by a foreign issuer, raising RMB 1.4 billion in the Chinese interbank bond market. The issuance was structured in two tranches, providing balanced maturity profile:
Tranche 1: RMB 1.3 billion with a 3-year term and an annual coupon of 2.55%.
Tranche 2: RMB 0.1 billion with a 5-year term and an annual coupon of 2.90%.

This marks Suzano’s latest step under the financing program approved by the company’s Board of Directors in August 2024, a program that allows Suzano to access the Chinese market for raising up to RMB 20 billion. This transaction follows the company’s pioneering debut in November 2024, when it raised RMB 1.2 billion as the first non-financial corporation from the Americas to issue Panda Bonds. The proceeds from this second issuance will be used for general corporate purposes, further diversifying the company’s funding base and optimizing its capital structure.

Pablo Machado, Suzano Global Executive Vice-President for China Business and Strategy, Suzano Asia President of Business Management, commented,

“We are proud to successfully price this second Panda Bond issuance, which marks a significant milestone in our funding program. Exploring and utilizing the Chinese capital market is a core part of our long-term financial strategy. It provides Suzano with a diversified and competitive source of funding and, additionally, supports the solidification of the vital economic bridge between Brazil and China. This is another concrete action towards our commitment to the Chinese market, another contributing factor to our growing presence here, as well as a demonstration of our confidence on the great potential of the Panda bonds market and the Chinese market more broadly”.

Bank of China acted as the Lead Underwriter and Bookrunner for this transaction, while Industrial and Commercial Bank of China, Bank of Communications, China Construction Bank, BNP Paribas, HSBC are Joint Lead Underwriters.