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BNDES coordinated and fully subscribed a BRL 2 billion debenture issuance by Rumo S.A. (the rail-logistics arm of the Cosan group) to fund completion of the first 162km stage of the Ferrovia de Mato Grosso (FMT) — a state railway running from Rondonópolis (MT) to a new grain terminal near the BR-070 highway at Dom Aquino (MT). The terminal is designed to handle up to 10 million tonnes/year of grain (mainly soybeans and corn), diverting cargo from road transport onto rail to cut logistics costs for Mato Grosso's export-oriented agribusiness sector.
This stage is the first of a planned five-phase, ~743km FMT network that will eventually connect Rondonópolis to Lucas do Rio Verde with a branch serving Cuiabá — Brazil's principal grain-belt logistics corridor. BNDES's subscription is the latest in a series of 2025 debenture-backed financings for Rumo: across three separate 2025 issuances the company raised BRL 4.8 billion earmarked for the FMT and the Malha Paulista rail network, with BNDES acting as coordinator and anchor subscriber in each case.
2025-12-23-brazil-bndes-eldorado-celulose-railway-loan and 2025-12-29-brazil-bndes-csn-volta-redonda-modernisation-loan: BNDES using debenture-subscription financing to fund single-company rail/logistics capex tied to Brazilian export competitiveness, filed the same week.
cost advantage in global grain export markets versus competing origins (US, Argentina) that lack comparable state-subsidised rail build-out.
debenture-subscription/coordination) for the remaining four phases of the ~743km FMT network, implying further BNDES exposure to Rumo as subsequent stages reach financial close.
and whether BNDES will again act as anchor subscriber.
this BRL 2 billion is one tranche) carries concessional terms relative to market rates, and the scale of implicit state subsidy this represents.