Many international jurisdictions have already given the green light to the deal, including China.

The shareholder meetings almost had to be postponed due to complaints sent to the securities commission, CVM, but the authorities found no issue to stop the vote.

Last Thursday the company opted not to issue cross-border bonds despite gaining significant investor interest throughout a roadshow that concluded on Wednesday.

The pulp and paper exporter told investors it would review market conditions again next week ahead of a potential $2bn, two-part transaction, according to sources.

"[Suzano] did not like the last two trading sessions and since going on the road their existing bonds have widened a touch," one syndicate banker in New York said.

On Monday morning, two DCM bankers said the company may even hold off from a new issue this week.

Investors remain selective with their commitments given the wider market volatility, and have since upped their asking price for new issue concessions, a bond buyer from New York said last week.

"Emerging market volatility is still all over the place," he said in reference to Argentina and Turkey's currency woes. "I do not think today would have worked for [Suzano] to issue."

Suzano is understood to have sought 20bp to 25bp less for a potential two-part trade, according to the investor, but some on the buyside deemed this generous.

"It is tough right now to bite on a new issue concession, there are some opportunities, but not likely until the market calms a bit more," he added.

Ba1/BBB-/BBB- rated Suzano is exactly the type of credit that both the buy- and sell-side are looking for to reopen the LatAm new issue space, which has not seen a cross-border bond since the Dominican Republic and Brazilian power company Cemig issued debt in July.

"If anyone can get a deal done, it is these guys," a DCM banker familiar with the transaction said of Suzano's chances to issue debt. "But even though they can get it done, it will be expensive, especially for the 30-year paper."