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Who Represents Who

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Lefosse Advogados has invested heavily in the capital markets area, and now counts eight partners in its team; Mauricio Paschoal joined from Pinheiro Guimarães – Advogados, Roberto Zarour Filho joined from an in-house position at Itaú BBA, and Felipe Gibson was promoted internally. Other standout names in Carlos Barbosa Mello’s team are Rodrigo Azevedo Junqueira and Ricardo Prado. The firm remains the standout name for equity transactions, despite a quiet market, and has been active in other areas. Its recent highlights include advising the underwriters – Itaú BBA, Bank of America Merrill Lynch, Banco Múltiplo and Banco Santander – on a primary and secondary public offering of common shares worth over R$674m by Centro de Imagem Diagnósticos; and assisting CVC Brasil and BTC FIP with an offering, with restricted placement efforts, of secondary common shares worth R$1.23bn.

A leader in the area, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a broad practice covering equity and debt offerings, securitisation, fund formation, derivatives and regulatory matters. On the project bonds side, Marina Anselmo Schneider led advice to COMGAS on an issue of three different classes of tax-exempt infrastructure debentures with a total value of R$592m. Jean Marcel Arakawa and Vanessa Fiusa were involved in the first public equity offering of 2016, leading advice to Banco BTG Pactual, Banco Bradesco BBI, Banco Santander and others as underwriters on Energisa’s issuance of common and preferred shares worth approximately R$1.5bn. Bruno Mastriani Simões Tuca is ‘experienced and committed’, and is recommended along with Renato Schermann Ximenes de Melo, José Eduardo Carneiro Queiroz and Sergio Spinelli Silva Jr. -

One of the leading firms in the capital markets arena, Pinheiro Guimarães – Advogados ‘drafts perfect agreements’. The group advised the arrangers, including Banco Bradesco BBI, Merrill Lynch, HSBC Securities and Santander Investment Securities, on an issuance and public offering of notes by Vale Overseas, in the amount of $1.25bn. Another highlight was assisting Gif V Pipe FIP and Gávea Investimentos in an issuance and primary public offering, with restricted placement efforts, of shares in Fras-le worth R$300m. The team’s large portfolio of institutional clients includes Banco Itáu BBA. Plinio Pinheiro Guimarães Neto, Francisco José Pinheiro Guimarães, Ivie Moura Alves and Paula Pessôa are recommended.

Led by the ‘very professional’ Henrique Silva Gordo Lang, the capital markets team at Pinheiro Neto Advogados is ‘quick to respond’ and shows ‘strong business acumen’. In 2016, José Carlos Meirelles led advice to the underwriters, BB Banco de Investimento, Banco Bradesco BBI and Caixa Econômica Federal, on an issuance of infrastructure debentures by SPVias valued at R$1.2bn. Infrastructure expert Ricardo Simões Russo acted for the issuer, EDP – Energias do Brasil, in its public offering of over R$892m worth of simple debentures, non-convertible into shares, in three series. Other standout names in the team include Fernando dos Santos Zorzo, José Luiz Homem de Mello, Fernando de Almeida Prado and newly promoted partner Guilherme Sampaio Monteiro.

Cescon, Barrieu, Flesch & Barreto Advogados specialises in fund formation and securitisation alongside its regulatory, equity and debt work. The group advised the selling shareholders, FIP Coliseu and CEMIG, on a restricted-effort placement of shares in energy transmission company Taesa, with a total value of R$1.29bn. Another highlight was assisting GJP Fundo de Investimento em Participações with a secondary offering of shares representing approximately 45% of the voting and total capital stock of CVC Brasil Operadora e Agência de Viagens, worth R$1.23bn. Following the promotion of Ana Paula Calil, Daniel Laudisio and Rio de Janeiro based Eduardo Abrantes, the team now includes ten partners, notably Daniel de Miranda Facó, Alexandre Gossn Barreto and Joaquim José Aceturi de Oliveira.

The team at BMA – Barbosa, Müssnich, Aragão, led by the ‘excellent’ Camila Goldberg, is ‘very business savvy’. It assisted the initial purchasers, including Banco Bradesco BBI, HSBC Securities and Santander Investment Securities, in an issuance of $500m 7% senior notes due 2027 by Cosan Luxembourg; and advised Ultrapar International (as issuer) and Ultrapar Participações and Ipiranga Produtos de Petróleo (as guarantors) on an issuance of $750m 5.250% senior unsecured notes due 2026. Within the four-partner team, Paulo Cezar Aragão and Luiz Antonio de Sampaio Campos are recommended for their regulatory expertise.

Benefiting from strong demand for asset-backed agribusiness and real estate securitisations, Demarest Advogados was very active in 2016. It advised new client Ambev on a public offering of debentures worth R$1bn, and assisted Monsanto in the offering of an agribusiness receivables certificate worth BR$315m. The firm covers the full range of capital markets matters, including the structuring of funds, with recent examples including Votorantim Asset Management’s FIP Nova Raposo. Thiago Giantomassi Medeiros’ 11-strong team includes the ‘knowledgeable and business-savvy’ Thiago Sandim and junior partner Denise Okimura.

Machado Meyer Sendacz e Opice Advogados has an ‘accessible and highly competent’ team, which ‘adds value to complex deals’. Recent highlights include advising Brasil Pharma on a R$400m public offering of common shares, with restricted placement efforts; and assisting Banco Bradesco BBI, as intermediary institution, in relation to Évora’s mandatory delisting public tender offer, valued at over R$143m. Eliana Ambrósio Chimenti, who ‘knows CVM regulations by heart’, heads an 11-partner team following the addition of Elie Sherique, from Jones Day, and Thiago Spercel, from Simpson Thacher & Bartlett LLP. Also recommended are Eduardo Avila de Castro and the ‘exceptional’ Adriano Schnur Gabriel Ferreira, who specialises in structured finance, and ‘combines technical skills with business acumen’.

Stocche Forbes Advogados is ‘excellent in every sense’. The group recently acted on several Brazilian infrastructure debenture issuances, and was also involved in the first equity offering by a Brazilian power company in three years, advising Energisa on its public offering of common and preferred shares amounting to approximately R$1.5bn. Another highlight was advising Santander Leasing’s commercial lease group on a public offering of debentures worth RS$20bn, with Banco Santander as underwriter. ‘Great negotiator’ Henrique Bonjardim Filizzola, Marcos Canecchio Ribeiro and Frederico Cursino de Moura are recommended.

Tauil & Chequer Advogados in association with Mayer Brown’s impressive track record includes advising Sanepar on its R$1.76bn re-IPO, with Banco Bradesco BBI, Banco Itaú BBA, Banco BTG Pactual and Banco Votorantim as underwriters; and assisting Inbrands with its fourth restricted efforts debenture issuance, in the amount of R$474m. Caio Cossermelli led the advice on both matters, while practice head Carlos Motta was active across equity and bond instructions. Milton Pinatti left for Lobo de Rizzo Advogados.

TozziniFreire Advogados is experienced in the structuring of public offerings of agribusiness, infrastructure and real estate securities, and has been particularly active in the aviation sector, including representing JP Morgan Securities as deal manager in relation to Gol Linhas Aereas Inteligentes’ $175m debt restructuring through a landmark exchange offer using the airline’s spare parts as collateral. In other work, it advised Votorantim Cimentos on launching a tender offer, buying back €122m worth of notes in the process; and assisted Octante Securitizadora as issuer and Banco Santander as lead underwriter in an issuance of agribusiness receivables certificates worth R$216m. Alexei Bonamin and Kenneth Ferreira are recommended.

Veirano Advogados’ capital markets team includes nine partners under the lead of Carlos Lobo and Lior Pinsky. While most of the team is based in Rio de Janeiro, Daniela Anversa joined the São Paulo office from Rabobank in January 2017. In the area of debenture issuances, the group acted both on the company side (such as for payment methods, identification systems and digital certification provider Valid on a sixth issuance, worth approximately R$200m) and on the bank side (such as advising Banco Bradesco BBI, Banco Itaú BBA, Banco Santander and others on an issuance by UTC Participações’ and UTC Engenharia, worth approximately R$1.5bn).

Fábio Cascione and Marcos Pulino co-lead Cascione, Pulino, Boulos & Santos Advogados’ ‘accessible and competent’ capital markets team, which is particularly rated for infrastructure financings. A recent highlight was advising Caixa Fi Fgp-Pr Multimercado on Sanepar’s R$1.7bn public placement of preferred stock. It also assisted Banco do Brasil, BB-Banco de Investimento and Gaia Securitizadora in a public offering of real estate receivable certificates issued by Gaia Securitizadora and backed by approximately 3,500 residential real estate financing agreements.

Perlman Vidigal Godoy Advogados is highly recommended for structured finance and securitisation. In 2016 it advised Banco Ourinvest and Suppliercard on a fourth public offering of shares by its open-ended receivables investment fund, worth R$500m; and assisted Empírica Investimentos and Nubank in the structuring of a R$200m receivables investment fund. Name partners Marcelo Giovanni Perlman and Rubens de Camargo Vidigal Neto, are recommended together with associate Allan Crocci de Souza.

Soares Bumachar Chagas Barros Advogados is prominent in the electric power sector and particularly well known for fundraisings for infrastructure projects, as well as handling debt offerings, securitisations and other structured finance deals. The group advised the arrangers, Banco Fator, Banco ABC Brasil, Banco Caixa Geral and Banco Santander, in connection with a third issuance of debentures by Companhia Paulista de Securitização and the related public offering by the arrangers to qualified investors. Senior partner Eduardo Soares and Lea Futami Yassuda are the key names.

Noted for its ‘very pragmatic approach’, Vaz, Barreto, Shingaki & Oioli Advogados ‘focuses on results’. It acted as deal counsel on the structuring of Companhia Brasileira de Distribuição’s first issuance of commercial papers, worth R$500m; and advised Banco Rabobank International Brasil on the incorporation of a receivables investment fund and an issuance of quotas with restricted placement efforts. The lead partner on both deals was José Alves Ribeiro. Erik Oioli is ‘a pleasure to work with’. José Barreto da Silva Netto has left the firm.

Campos Mello Advogados acted for Camargo Corrêa and BB – Banco de Investimento as deal counsel on a R$1.1bn issuance of debentures, and assisted Banco RCI Brasil in its first and second issuance of financial bills, each worth around R$700m. The lead partner was the ‘experienced’ Roberto Vianna do Rego Barros.

Dias Carneiro Advogados is experienced in the financing of infrastructure projects on the capital markets. It recently advised Voltalia on obtaining a bridge loan from Banco BNP Paribas and Banco Santander via a public offering of debentures. Another highlight was assisting Logos Companhia Securitizadora, as issuer, in its fourth public offering of certificates of real estate receivables, in the total amount of R$26m. Thiago Vallandro Flores is the name to note.

FreitasLeite Advogados’ four-partner group is very experienced in the establishment of funds. In 2016 it advised Ideal Invest on its R$100m public offering of a new series of senior shares; and assisted Sabemi Seguradora in a public offering of shares worth R$256m. Leonardo Di Cola led the advice on both matters, while Cristiano da Cruz Leite is another name to note.

KLA-Koury Lopes Advogados covers fund structurings, securitisation and regulatory matters, and was particularly active in the real estate sector in 2016. It advised Banco Paulista on Altere Securitizadora’s issuance of real estate credit certificates based on debentures issued by real estate developer Milo Investimentos. Ricardo Higashitani and Fernanda Levy were joined by Ricardo Stuber from Lino, Beraldi, Belluzzo e Caminati Advogados.

Landi, Rodrigues, Nakano e Giovannetti Advogados is particularly rated for its funds work, including fund formation, and in 2016 also acted in various public offerings of promissory notes and debentures. Rogerio Padua Nakano, Ronaldo Bassitt Giovannetti and Ricardo Mahlmann de Almeida are the names to note.

Lobo de Rizzo Advogados is highly rated for debt transactions. Milton Pinatti, who is experienced in private placements and public debt offerings, joined the group from Tauil & Chequer Advogados in association with Mayer Brown in September 2016, and now works alongside Fabrizio de Oliveira Sasdelli.

Capital markets and banking and finance boutique Monteiro, Rusu, Cameirão, Bercht e Grottoli Advogados was established in September 2016, with Daniel Lopes Monteiro (previously of Araújo e Policastro Advogados) a founding partner. In its first year, the team advised Banco BTG Pactual and Banco Itaú BBA on a third issuance of debentures by Triângulo do Sol Auto-Estradas, by means of a restricted public offering worth R$110m. Another highlight was advising Banco Santander, Banco Bradesco BBI and BB-Banco de Investimento as bookrunners on Banco RCI Brasil’s second issuance of financial bills, worth R$700m.

Navarro Advogados is highly experienced in the issuance of real estate receivables certificates, recently advising companies such as Esser Holding and Nex Group and institutions such as Banco Máxima in this area. It also acted as deal counsel for WTorre and Banco Bradesco on the company’s second issuance of promissory notes, worth R$53.7m. Elvis Camargo Silva de Brong Mattar is recommended.

Trench Rossi Wanatabe was particularly active in the public offering of agribusiness and infrastructure receivables certificates. Helen Naves led advice to Transmissora Sul Litorânea de Energia on a public offering of infrastructure debentures, in the amount of R$150m; and assisted Fibria Celulose in a public offering of two agribusiness receivables certificates backed by credit rights derived from an export credit note, worth R$374m and R$326m.

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