Firms To Watch: Capital markets

Coelho Advogados has extensive expertise in real estate and agribusiness-related debt capital markets; name partner Diego Coelho is commended for his ‘great alignment with the client‘.

Capital markets in Brazil

BMA Advogados

The ‘strong’ team at BMA Advogados is ‘very experienced in capital markets matters’, attracting high-profile instructions from a variety of domestic and international clients, including publicly traded companies and investment banks. The practice’s ‘extensive knowledge in the area and a varied list of transactions’, including all forms of debt and equity listings, as well as regulatory matters, facilitates ‘quality, fast and effective advice’. The ‘highly experienced and knowledgeable‘ practice head Camila Goldberg brings together expertise in public and private offerings, and structured finance. Felipe Prado is often retained by financial institutions, public companies, private equity funds and portfolio managers in equity and debt transactions. Other key partners include Conrado de Castro Stievani, who has 'extensive national and international experience' of acting for issuers, underwriters and placement agents in capital markets deals, and the 'very attentive' Jane Goldman Nusbaum, who stands out for her strong track record in investment funds' offerings and real estate-related capital markets transactions. Luis Eduardo Al-Contar, who joined from Mattos Filho in June 2021 and was recently promoted to senior associate, is another name to note for equity offerings and regulatory issues. Júlia Rodrigues is no longer at the firm.

Practice head(s):

Camila Goldberg


Testimonials

‘Jane Goldman brought the working group a lot of security and dynamics so that it was possible to complete the structuring of the deal in the shortest time, as desired.’

‘Strong team, which is very experienced in capital markets matters. The team is also highly responsive and business-oriented, focusing on everything that is needed to get the deal done.’

‘Partners Camila Goldberg and Felipe Prado are highly experienced and knowledgeable. Associate Luis Eduardo Al-Contar is responsive, proactive, available if needed, and completely focused in getting the deal done, solving practical problems along the way.’

‘BMA is the best capital markets firm in Brazil, with extensive knowledge in the area and a varied list of transactions that allow for quality, fast and effective advice.’

‘Jane Nusbaum is very attentive, has vast knowledge of capital markets matters, and serves us very quickly.’

‘Conrado Stievani is totally focused on the business and success of the transaction. He has extensive national and international experience in the area. He brings confidence and great results.’

‘It is a complete firm, made up of qualified professionals who are extremely committed to deliveries, in addition to being available and versatile.’

‘Felipe Prado – very qualified professional with in-depth knowledge of corporate law and a genuine interest in understanding the company’s perspective.’

Key clients

Banco BTG Pactual


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários


Banco Safra


Bank of America Merril Lynch Banco Múltiplo


Americanas


CSN – Companhia Siderúrgica Nacional


Santos Brasil Participações


Rio Bravo Investimentos DTVM


BRF


Totvs


Bemobi Mobile Tech


Braskem


Petrorecôncavo


SPX Gestão de Recursos


Positivo Tecnologia


G2D Investments


AES Brasil Energia


Grupo Soma


Vinci Partners Investments


CVC Brasil Operadora e Agência de Viagens


Sinqia


Iochpe Maxion


Iguatemi


Grupo Fleury


Suno Gestora de Recursos


Central Capital Gestão de Recursos


Via


BR Properties


Work highlights


  • Acted as deal counsel in connection with the public restricted offering of the 4th Issue of simple non-convertible unsecured Debentures of XP Investimentos, in two series, under CVM Rule 476.
  • Acted for BRF in the largest non-state company equity offering of 2023.
  • Advised Iguatemi on its public offering of Units, common and preferred shares.

Cescon Barrieu

Cescon Barrieu possesses a market-leading capital markets practice that offers a comprehensive service across various product types, encompassing equity, debt, and securitisations. The team has lawyers spread throughout its Brazilian network capable of representing issuers and underwriters, including major domestic and international financial institutions and corporates from across a wide range of sectors. The firm is well versed in cross-border deals, and has played a prominent role on some of the largest transactions to hit the debt capital markets. Alexandre Gossn Barreto, who is active in local and international DCM deals and securitisations, and Daniel Laudisio, who manages a diverse workload featuring equity and debt transactions, jointly lead the department. Up-and-coming partners include Eduardo Kuhlmann Abrantes, Mariana Borges, and the recently promoted Marcelo Moura. Joaquim De Oliveira is no longer at the firm. Vitor Henrique Pagani Arantes, the former head of Mello Torres' banking and finance practice, joined the firm in May 2023.

Practice head(s):

Daniel Laudisio; Alexandre Barreto


Testimonials

‘Personalised service.’

‘The team is very good, knows the CVM rules well and can help with any questions that arise throughout the process.’

Key clients

Goldman Sachs


Centrais Elétricas Brasileiras  – Eletrobras.


Localiza Fleet


JP Morgan


Companhia de Saneamento Básico do Estado de São Paulo – SABESP.


Algar Telecom


CCR


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários


Banco BTG Pactual


CPFL


Morgan Stanley


Petro Rio


Banco Itaú BBA


Transmissora Aliança Energia Elétrica  – Taesa


Banco Bradesco BBI


General Shopping e Outlets do Brasil


UBS Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários


Açucareira Quatá


Usina Coruripe Açúcar e Álcool


EDP


Work highlights


  • Advised JPMorgan Chase Bank, Goldman Sachs Bank USA and other members of the syndicate of agents on two issuance of notes by Latam Airlines, in the context of its DIP to exit financing, which enabled Latam Airlines to emerge from Chapter 11.
  • Advised Coruripe Netherlands on the issuance and sale of senior secured notes, guaranteed by the company and GTW Agronegócios.
  • Advised Centrais Elétricas Brasileiras  – Eletrobras on its first issuance of commercial notes worth R$6bn.

Lefosse Advogados

Considered a ‘national benchmark in capital markets’, Lefosse Advogados offers a ‘great' regulatory and transactional services. Led by managing partner Rodrigo Junqueira, the practice excels in equity capital markets, acting for a wide range of issuers and underwriters in both domestic and cross-border initial and secondary offerings. The team is also noted for its strong capabilities in debt issuances, where it advises banks and issuers. Key corporate partners, including Carlos Mello, provide crucial support to the team. Ricardo Prado, Roberto Zarour, who focuses on capital markets transactions, debt restructurings and structured finance, and senior associate Lucas Padilha are among the lawyers noted for their ‘organised and proactive manner’ and for ‘always bringing innovative ideas to better serve the client’. Other noteworthy individuals include Jana Araujo, who has led on some of the largest equity public offerings in Brazil, Felipe Gibson, Bruno Massis (a key contact for issuers, underwriters, investors, creditors and debtors), and senior associate Mariana Pollini, who handles both DCM and ECM work, including public offerings and private placement of securities.

Practice head(s):

Rodrigo Junqueira


Testimonials

‘Lefosse is a recognised law firm in the capital markets area. Its lawyers, such as Roberto Zarour, Ricardo Prado and Lucas Padilha, conduct deals in an organised and proactive manner, always bringing innovative ideas to better serve the client.’

‘Highly qualified team. Legal knowledge. Great service and prompt responses.’

‘Lefosse is a national benchmark in capital markets.’

 

Key clients

JBS


Petrobrás – Petróleo Brasileiro


Equatorial Energia


Cosan


Cogna Educação


Dasa – Diagnósticos da América


AES Brasil Energia


Gol Linhas Aéreas


Rumo


Vitru Brasil


XP Investimentos


TOTVS


Marfrig Global Foods


BR Advisory Partners


Neoenergia


Raia Drogasil


Transmissora Aliança de Energia Elétrica


Rede D’or São Luiz


Banco Itaú BBA


Banco BTG Pactual


Banco Bradesco BBI


Banco Santander (Brasil)


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários


Banco Citbank


Morgan Stanley


BofAML


Work highlights


  • Acted as Brazilian special counsel to the underwriters in the R$2.8bn primary follow-on listing of Equatorial Energia.
  • Acted as Brazilian special counsel to the underwriters in the R$2.675bn follow-on offering of Assaí Atacadista.
  • Advised BNDES on the R$33bn IPO of Centrais Elétricas Brasileiras – Eletrobras.

Mattos Filho

Mattos Filho is home to a highly specialised capital markets team that is regularly involved in Brazil’s largest offerings. The firm is especially strong on the underwriter side; its recent advice to a syndicate of Brazilian banks on the R$33.7bn Eletrobras IPO is testament to its standing in the market and reputation as a go-to destination for major equity listings. Debt work also features prominently on its workload, as does investment funds-related matters and regulatory issues concerning securities. The firm fields a strong selection of debt and equity specialists who are noted for their ‘quick responses’ and ‘proactiveness’. Key debt partners include: Frederico Kerr Bullamah, ‘a lawyer with in-depth technical knowledge‘ of financing and capital markets transactions; Bruno Tuca, who leads on the majority of DCM transactions for major Brazilian corporations; Marina Anselmo Schneider, who is especially active in the infrastructure sector; and Flavia Magliozzi. On the equity front, Caio Cossermelli has extensive experience in IPOs and follow-ons, Jean Marcel Arakawa is a reference for corporations, financial institutions and institutional investors seeking assistance in ECM matters, and Vanessa Fiusa handles both transactional, regulatory and corporate governance work. Recently promoted partner Henrique Antunes Ferreira is also developing a good reputation in the ECM space.

Practice head(s):

Bruno Tuca; Caio Cossermelli; Flavia Magliozzi; Frederico Kerr Bullamah; Jean Marcel Arakawa; Marina Anselmo Schneider; Vanessa Fiusa


Testimonials

‘Quick responses and proactiveness.’

‘Frederico Kerr Bullamah is recommended.’

‘Mattos Filho delivers excellent quality work and the lawyers are very available and proactive in meeting and anticipating our demands. I have a lot of confidence in the services provided by the firm, with partner Frederico Bullamah as the focal point of our relationship.’

‘Frederico Bullamah is a lawyer with in-depth technical knowledge and always works impeccably in our transactions. He is available and concerned about the quality of work. Frederico is familiar with and also works extensively in complex deals, involving the most diverse structures and situations. This combination of knowledge and performance is unique and makes him stand out in negotiations, proposing creative solutions.’

‘Jean Marcel Arakawa advises us on equity transactions. He is extremely technical and has a lot of experience with this type of work and with matters related to public companies. He helped us access the capital market quickly and with plenty of legal certainty.’

Key clients

Banco BTG Pactual


Nubank – NU Pagamentos


Perfin Administração de Recursos


Ambipar Participações e Empreendimentos


Banco Itaú


Advent do Brasil Consultoria e Participações


IRB-Brasil Resseguros


EZ-TEC Técnica Engenharia e Construções


Interplayers Soluções Integradas


Cerradinho Bioenergia


Carlyle South America Buyout Fund (Delaware)


BRK Ambiental Participações


Pet Center Comércio


Eurofarma Laboratórios


Votorantim


Telefonica Brasil


Banco Morgan Stanley


União Química Farmacêutica Nacional


Banco Bradesco


Ambev


Smart Fit Escola de Ginástica e Dança


Banco Santander (Brasil)


Dasa – Diagnósticos da América


Pátria Investimentos


Work highlights


  • Advised the Brazilian Syndicate, formed by twelve underwriters, on the primary and secondary R$33.7bn global public offering of 792.315.284 common shares issued by Centrais Elétricas Brasileiras (Eletrobras).
  • Assisted BRK Ambiental Participações in its R$1.95bn public offering of simple debentures.
  • Advised Itaúsa on the structuring of a R$3.5bn public debenture offering.

Pinheiro Guimarães

Pinheiro Guimarães provides top-notch expertise in high-profile debt and equity capital markets deals. Major listed companies, financial institutions, and investment funds routinely turn to the practice for support in their most significant listings. With extensive experience in acting for both issuers and underwriters, the group’s ‘deep knowledge’ and broad service offering covers cross-border IPOs, secondary offerings, private placements, as well as real estate and agribusiness certificates. The team is led by highly esteemed banking, M&A and capital markets specialists Plinio Pinheiro Guimarães and Francisco José Pinheiro Guimarães, who are based in Rio de Janeiro and São Paulo respectively. Senior partner Cristina Tomiyama combines comprehensive knowledge of capital markets regulations with a strong track record in ECM transactions, including IPOs, follow-ons and dual listings. The ‘extremely diligent and assertiveIvie Moura Alves is particularly skilled in debt offerings, while Bruno Lardosa maintains a broad practice acting for financial institutions, investors, multilaterals, asset managers and large corporations in ECM and DCM deals. The ‘excellentMariana Silveira Martins Jost and the ‘very technicalCarolina Testoni Alonso Camargo, who excels in asset-backed capital markets transactions, are also part of the core team.

Practice head(s):

Plinio Pinheiro Guimarães N.; Francisco José Pinheiro Guimarães; Paula Pessôa; Ivie Moura Alves


Testimonials

‘The firm has deep knowledge in the corporate area (public companies) and provides solid advice.’

‘Pinheiro Guimarães has a multidisciplinary team that is technically very good and very efficient, offering excellent cost-benefit ratios.’

‘Partner Ivie Moura Alves is extremely diligent and assertive. Working with Mariana Martins Jost for the first time was also a pleasant surprise. Excellent professional, with a very good writing power and synthesis.’

‘Bruno Lardoso and Carolina Testoni Alonso are very technical, close to the client and focused on the success of the deals.’

Key clients

Citibank


Itaú BBA


Credit Suisse


BTG Pactual


Santander


Bradesco BBI


Organizações Globo


XP Investimentos


HSBC


Votorantim


Rede D’Or


JP Morgan


B3 – Brasil, Bolsa, Balcão


Iopche


Neoenergia


Enel


Suzano Papel e Celulose


Pátria Investimentos


CTG


Diagnósticos da América (DASA)


GP Investimentos


Banco Safra


Klabin


Group Boticário


International Finance Corporation – IFC


Vale


Positivo


Estapar


Sicredi


CSN


BRFoods


UBS BB


Work highlights


  • Acted as counsel to Centrais Elétricas Brasileiras – Eletrobras, as issuer and offeror, on its R$33.6bn global primary and secondary public offering of shares of the common stock.
  • Advising Rede D’Or São Luiz on its R$2.3bn offering of unsecured and non-convertible debentures.
  • Advising Cálamo Distribuidora de Produtos de Beleza on its R$2bn issuance and public offering of non-convertible debentures.

Pinheiro Neto Advogados

Pinheiro Neto Advogados offers a comprehensive capital markets service with the scale to handle an impressive annual volume of debt and equity deals. In addition to high-profile equity listings, where it represents issuers and underwriters, the group is also active on the debt side, including real estate receivables and agribusiness certificates. A popular choice for investment funds-related advice, the team, which brings together practitioners with strong backgrounds in corporate and M&A, banking and project finance, stands out for its regulatory capabilities. Leading partners such as the highly regarded Henrique Lang, Guilherme Sampaio Monteiro, a key contact for listed companies and their shareholders, Jose Luiz Homem de Mello, and Fernando Zorzo, whose ‘remarkable knowledge and experience‘ in IPOs and follow-on offerings is rated by clients, drive the equity side of the practice. Ricardo Russo, who specialises in public offerings of fixed-income instruments issued by local companies and financial institutions, Tiago A. D. Themudo Lessa , who leads the agribusiness-focused group, and the up-and-coming Rafael Gaspar, whose specialisms include derivatives  and agribusiness securitisation structures, are the names to note for DCM transactions. Counsel Marcos Proença leads the capital markets area in the Rio de Janeiro office, focusing on the issuance of bonds and debentures. Recently promoted counsel Camila Misciasci Derisio and senior associate Paula Rodrigues handle both private placements and public offerings of debt and equity securities in Brazil and abroad.

Testimonials

‘An excellent team that understands our business, corporate and governance structure. They serve us in various areas (corporate, M&A, debt, regulatory, funds, etc.). They have a sense of urgency and are business-oriented.’

‘Ricardo Russo is our main contact. He is an outstanding professional and makes a difference in our deals. Guilherme Sampaio and Camila Derizo also serve us very well.’

‘Technical quality, knowledge of market trends and practices, and great client services.’

‘Guilherme Monteiro – availability, knowledge of market trends and practices. Tiago Themudo Lessa – impeccable technical knowledge and a reference in the area.’

‘Fernando Zorzo and his team are always available and have a lot of knowledge and experience in complex matters Furthermore, Zorzo is a great listener and extremely loyal and helpful. These are qualities that I value and make me always seek his advice. In addition to his remarkable knowledge and experience, he is also an accessible person and always ready to work together to build solutions and strategies.’

Key clients

Nubank


V.tal


Cielo


Via


Energisa


Aegea


Natura & Co


Mubadala


Azul


Pátria


CPFL


Rumo


Raízen


Cosan


WDC (Livetech)


Jalles Machado


Multilaser


Localiza


SLC Agrícola


Elfa Medicamentos


Work highlights


  • Acted as legal counsel to V.Tal – Rede Neutra de Telecomunicações as issuer in a R$5.4bn issuance of debentures.
  • Acted as deal counsel to Cielo and the underwriters, Banco Bradesco BBI and UBS, in a R$3bn debenture issue.
  • Advised COSAN (the issuer) and Banco Itaú BBA, Banco Bradesco BBI, Banco BTG Pactual, Banco Safra, Banco Santander (Brasil), and UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários (the underwriters) on the R$1.5bn issuance of debentures by Cosan.

Demarest Advogados

Praised for its ‘creativity’ and ability to ‘add value’, Demarest Advogados‘ fields a team with ‘in-depth knowledge of the capital markets area and related legislation‘. Led by Thiago Giantomassi, the group shines in complex, first-of-a-kind debt and equity products, where it regularly acts for major banks, investment funds, and debt issuers. The group is present in an array of key industries, most notably agribusiness and energy, advising on a broad range of matters, from tokenised securities trading to high-profile US listings. Asset-backed securitisations and investment funds-related matters are other key strengths for the department. Joao Paulo Minetto possesses strong credentials on the equity side, while recently promoted partner Leticia Galdino Wanderley has notable experience in the investment funds space. The practice was reinforced in December 2023 by the arrival of three partners from Lobo de Rizzo Advogados: Paula Magalhães, Maiara Madureira and Luiz Felipe Eustaquio.

Practice head(s):

Thiago Giantomassi


Testimonials

‘The firm has a lot of creativity in conducting work. There is always a differentiated solution seeking to add value to our business.’

‘Extremely diligent, available and quick to carry out the contracted work.’

‘Letícia Galdino Wanderley is recommended. The partners have always provided special attention to the transactions, always making themselves available for discussions and contributions.’

‘The team has in-depth knowledge of the capital markets area and related legislation, allowing advisory processes to flow quickly. This knowledge allowed the various parties interested in the process to feel comfortable using the firm as a central adviser in the process.’

‘The firm has always taken the lead in searching for solutions, clarifying doubts, presenting paths that have always been closely aligned with our company and business.’

‘Thiago Giantomassi has been our main partner, helping us build our paths.’

Key clients

Agro Quartzo Administração e Participações Sociedade Unipessoal


Banco Itaú BBA


XP Investimentos Corretora de Câmbio


Títulos e Valores Mobiliários


UBS Brasil Corretora de Câmbio


Banco BTG Pactual


Banco Modal


Banco Santander (Brasil)


Banco Yamaha Motor do Brasil


Banco XP


Caixa Econômica Federal


Companhia Mineira de Açúcar e Álcool Participações


Companhia de Locação das Américas


Concessionária de Iluminação Pública Conecta Aracaju


Concessionária de Iluminação Pública Conecta Feira de Santana


Czarnikow Group Limited


Czarnikow Brasil


Eco Securitizadora de Direitos Creditórios do Agronegócio


Farol Industria e Comercio


FazSol Energias Renováveis UFV 04


Indústria de Rações Patense


ISH Tech


Jive Investments Consultoria


Katrium Indústrias Químicas  Locamérica Rent a Car


WHG High Governance Capital


Alvarez & Marsal


Lupo , União Química


Ser Educacional


Gafisa


Banco Inter


BB Seguridade Participações , Nuveen LLC


Banco Bradesco BBI


Safra Assessoria Financeira


Banco J.P. Morgan


Banco Citbank


Ford Motor Company do Brasil


Jive Asset Gestão de Recursos


Minerva


Minerva Dawn Farms Indústria e Comércio de Proteínas


Oaktree Capital Management


Syngenta Proteção de Cultivos


Syngenta Seeds


Vórtx Distribuidora de Títulos e Valores Mobiliários and XP Investimentos Corretora de Câmbio


Oaktree Capital Management


Work highlights


  • Assisted Inter and Inter Platform in the corporate reorganisation to allow its free float to migrate to a US listed entity.
  • Advised StartMeUp on the creation, within the CVM regulatory sandbox environment, of a platform aimed at the trading of tokenised securities issued by start-ups, nurturing the evolution of a secondary crowdfunding market.
  • Advised XP Investimentos on São Martinho’s first registered offering in more than 10 years, involving over R$1bn of non-convertible project debentures.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados is home to a capital markets team composed of ‘extremely qualified professionals, with very high delivery, both in volume and quality’. Clients, including issuers and underwriters, particularly appreciate the ‘close, individualised and deeply specialised service’ which covers debt and equity products. The firm’s strong banking relationships ensures that it is particularly adept at navigating regulatory complexities. In addition to its capabilities in the banking sector, the group is also present in the infrastructure, healthcare, energy, real estate, telecoms and technology spaces. Key partners include the versatile Eliana Helena de Gregório Ambrósio Chimenti, and Gustavo Secaf Rebello, who is well versed in capital markets deals and M&A involving publicly traded companies. Raphael Zono, Guilherme Azevedo and Bruno Racy, all of whom are highly active on the debt side, are singled out for their ‘technical capacity’ and ‘differentiated analytical outlook’. Belo Horizonte-based partner Gustavo Rugani is considered an ‘exceptional professional’.

Practice head(s):

Gustavo Rugani; Renato Maggio; Adriano Schnur; Gabriel Ferreira


Testimonials

‘Extremely qualified teams, up-to-date with capital market regulations, available for assistance, excellent communication skills and very organised. The team is 100% ready to serve any bank or company in a capital market deal.’

‘Out-of-the-curve relationship and interlocution capacity, technical capacity and a differentiated analytical outlook. Guilherme Azevedo, Raphael Zono and Bruno Racy are recommended.’

‘One of the best firms we work with in public offerings. Guilherme Alves always responds in an exemplary manner.’

‘Extremely qualified professionals, with very high delivery, both in volume and quality. I understand that the biggest highlight is the partnership and availability.’

‘I particularly recommend Guilherme Azevedo and Gustavo Rugani. Their great distinction in relation to competitors is the complete partnership, throughout all the moments of the transaction, added to the high technical quality. The combination of both qualities is still rare in the market.’

‘The firm has a team with great seniority and complete control over its performance in the capital markets. With a close, individualised and deeply specialised service, they stand out from others in this area.’

‘I highlight the partner Gustavo Rugani, an exceptional professional.’

Key clients

Banco J.P. Morgan


JP Morgan Chase Bank


ASTM S.p.A


Banco BTG Pactual


Citigroup Global Markets Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários


Bank of America Merrill Lynch Banco Múltiplo


Banco Santander


UBS Brasil Corretora de Câmbio, Títulos e Valores Imobiliários


Banco Bradesco BBA


Banco Itaú BBA


Banco Bradesco BBI


Sendas Distribuidora


Géant International BV


Helicco Participações


Wilkes Participações


Inspirali Educação


Ânima Holding


Banco Safra


XP Investimentos


Companhia de Locação das Américas


Caixa Econômica Federal


Banco Inter


Unifique Telecomunicações


Localiza Rent a Car


Telefônica


JBS


Ecorrodovias


BRK Ambiental


GPA


Vamos Locação de Caminhões, Máquinas e Equipamentos


Fras-Le


Mubadala


Alpargatas


Neoenergia


CBA


Work highlights


  • Advised Banco Itaú BBA, Banco Bradesco, and Banco Santander on the 5th issuance of two-series unsecured simple debentures (bonds), non-convertible into shares, for public distribution with restricted efforts.
  • Assisted ASTM—a global company involved in the infrastructure sector and motorway concessions—in the issuance of unsecured bonds offered exclusively to professional investors.
  • Assisted the underwriters (Banco BTG Pactual; Banco Itaú BBA; Banco Bradesco BBA; UBS Brasil Corretora de Câmbio, Títulos e Valores Imobiliários; Banco Santander Banco J.P. Morgan; Bank of America Merrill Lynch Banco Múltiplo; Citigroup Global Markets Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários)in a public share offering by Eneva.

Stocche Forbes Advogados

A popular choice for both issuers and underwriters, Stocche Forbes Advogados is skilled in capital markets transactions and in investment funds-related regulatory matters. The department is particularly active in the infrastructure and renewables sectors, and has recently advised on prominent debenture issuances and sustainability-linked offerings. Key partners include Marcos Ribeiro, who has a good track record in domestic and cross-border debt, equity, and investment fund offerings, and Henrique Filizzola, who has over 20 years’ market experience. Rio de Janeiro-based Frederico Moura excels in project finance-related deals. Recently promoted partner Thadeu Bretas is steadily building a strong reputation in the financial and capital markets spaces. Victor Manso stands out at the associate level for his involvement in the public offering of securities, project finance and debt restructurings.

Practice head(s):

Henrique Filizzola; Frederico Moura; Marcos Ribeiro; Thadeu Bretas


Key clients

Hapvida Participações e Investimentos


Banco Itaú BBA


Highline do Brasil II Infraestrutura de Telecomunicações


Equatorial Energia


Energisa Group


Copel Group


CM Hospitalar


CCR Group


Companhia Brasileira de Alumínio – CBA


Banco BTG Pactual


XP Investimentos


Work highlights


  • Advised Equatorial Energia on the R$2.78bn follow-on public offering, with restricted efforts, of 118.3m common shares.
  • Advised Banco Itaú BBA on the R$4.367bn financing for the acquisition, by investment vehicles of Brookfield Asset Management, as part of the portfolio of BR Properties.
  • Advised Scala Data Centers on its R$2bn public offering of debentures.

Tauil & Chequer Advogados

Carlos Motta leads the practice at Tauil & Chequer Advogados, which offers clients a broad range of domestic and international capabilities, powered by the firm’s association with Mayer Brown. Singled out for its ‘technical knowledge‘ and ‘familiarity with capital markets transactions‘, the team handles listings in the equity and debt capital markets in a multitude of sectors, including infrastructure, energy, financial services, and food. A recent highlight for the team included advising the Brazilian development bank BNDES as shareholder on the milestone Eletrobras IPO and privatisation. Rodolfo Constantino De Tella is a trusted adviser to companies, shareholders, financial institutions and institutional investors in equity and debt securities offerings. Banking partner Eduardo Lima, and Luis Montes, who is particularly experienced in the infrastructure sector. Bruno Cerqueira is knowledgeable of asset-backed securities within the real estate and agribusiness sectors.

Practice head(s):

Carlos Motta


Testimonials

‘The team stands out for its technical knowledge, familiarity with capital markets transactions and ability to propose solutions to specific cases.’

‘Luis Montes has exceptional technical quality, follows cases closely, proposing creative solutions without losing legal quality.’

Key clients

Ecorodovias Group


Vinci Partners


Alpargatas


Companhia Siderúrgica Nacional – CSN


Banco BTG Pactual


Banco Santander


Bradesco BBI


Banco Itaú BBA


UBS BB


UBS Brasil Corretora de Câmbio, Títulos e Valores, Mobiliários


Goldman Sachs


Bank of America


Banco Nacional de Desenvolvimento Econômico e Social – BNDES


XP Investimentos


Credit Suisse


Concessionária Ecovias dos Imigrantes


Aegea Saneamento e Participações


Banco ABC Brasil


Sanema – Saneamento de Maceió (CONASA Group)


Eletrobras


Farmácia Nissei


Alubar Metais e Cabos


BR Partners


Banco Votorantim


Energisa Transmissão de Energia


Banco Safra


Work highlights


  • Advising BNDES, as owner, on structuring the privatisation of Eletrobras.
  • Advised BTG Pactual, BB – BI and Bradesco BBI, as placement agents, in connection with Eletrobas’s R$6bn commercial notes issuance.
  • Acted as Brazilian counsel to Alpargatas, as the issuer, in the R$2.5bn follow-on share offering.

TozziniFreire Advogados

Commended by clients for its ‘knowledge of the market and regulations, high responsiveness and collaboration‘, TozziniFreire Advogados has built a good reputation for cross-border debt and equity listings and regulatory support. The firm has carved out a strong niche in ESG-linked products, including manufacturing, renewables, and infrastructure-related green bonds. The firm is particularly active on the underwriter side, building on good links with many of Brazil’s top banks and financial institutions. Led by capital markets, structured finance and derivatives expert Alexei Bonamin, the practice covers transactional, regulatory, and investment fund matters. Ricardo Stuber is the main contact for the real estate receivables segment, while Fabíola Augusta Cavalcanti is active in domestic and cross-border matters involving debentures, shares, bonds, promissory notes and the constitution of investment funds.

Practice head(s):

Alexei Bonamin


Testimonials

‘High knowledge of the market and regulations, high responsiveness and collaboration – TozziniFreire’s legal assistance in capital markets was fundamental in conducting projects in this area.’

‘Fabiola Cavalcanti – responsiveness, business vision, legal knowledge, collaboration, assertiveness.’

‘Despite its size, the firm has never lost the essence of being close to the client, providing good service,  having great speed in dealings, and a sense of prioritisation. The partners have direct and very close involvement with the work, in addition to having very competent, multidisciplinary teams. The partners’ ability to negotiate and solve problems efficiently is a real difference, in addition to being extraordinary people.’

‘We have been working for several years with Tozzini, a full-service office with a global, qualified profile, but at the same time with personalised and constant service.’

‘TozziniFreire has established itself as a firm with notable performance in this area, providing a service of high technical quality. They always try to understand the company’s strategy and segments globally and in detail, as a way of better guiding the legal aspects involved.’

Key clients

Habitasec Securitizadora


Gaia Impacto Securitizadora


Blue Like an Orange Sustainable Capital


Sainsbury’s Supermarket


Tesco


Vert Companhia Securitizadora


AgroGalaxy


FRAM Capital


Banco BTG


Faro Energy


Banco Bradesco


Oak Holding


Construtora Barbosa Mello


Mobitech Locadora


Porto Seguro


Virgo


Alcoeste


ClickSign Gestão de Documentos


Naia Capital


Revelo Companhia Securitizadora de Créditos Financeiros


Haitong Banco de Investimento do Brasil


Work highlights


  • Advised Gaia Impacto on a R$14.7m Receivables Certificates (CRI) issuance.
  • Advised Coruripe on a $300m note offering.
  • Acted as Brazilian counsel to the UK supermarkets Tesco and Sainsbury’s which were investors in the first Green CRA Issuance denominated in US dollars registered outside Brazil, under the $11m Responsible Commodities Facility to finance farmers in Brazil who commit to reforestation and conversion-free  soy cultivation.

Bocater, Camargo, Costa e Silva, Rodrigues Advogados

Bocater, Camargo, Costa e Silva, Rodrigues Advogados boasts an impressive track record in debt and equity capital markets matters. The firm offers a multifaceted range of services encompassing transactional, regulatory, and administrative litigation advice, where Jaques Wurman is especially strong. The firm’s regulatory prowess is bolstered by the experience of lead partners Francisco da Costa e Silva, a former chairman of Brazil’s Securities and Exchange Commission (CVM), and Maria Isabel do Prado Bocater, a former CVM commissioner. Other key individuals include Matheus Corredato Rossi and Flávio Martins Rodrigues, a contact for funds-related advice.

Practice head(s):

Maria Isabel Bocater; Francisco Costa e Silva; Matheus Corredato Rossi


Testimonials

‘Diverse team, encompassing several areas. They have availability and good solutions.’

‘Matheus Corredato Rossi is always available, calmly and safely presenting excellent solutions.’

Key clients

Banco Itaú BBA


Banco Fator


Vinci Partners


XP Investimentos


Bombril


Skysites Americas


Reichhold do Brasil


Woori Bank Brasil


3R Petroleum


Petro Rio S


Grupo Big Brasil


Companhia Brasileira de Distribuição (Grupo Pão de Açúcar)


Índigo DTVM


I9 Capital Gestão de Recursos


M Square Investimentos


LAEP Investments


Banco Máxima


A5 Gestão de Investimentos


Banco Paulista


Planner Corretora de Valores


Reit Securitizadora de Recebíveis Imobiliários


Fundação Previdenciária dos Servidores do Instituto de Resseguros do Brasil (IRB) – Previrb


Infinity Asset Management


Fundação Petrobras de Seguridade Social


Fundação Sabesp de Seguridade Social (Sabesprev)


Fundação de Previdência Complementar do Estado de São Paulo (Prevcom)


Singulare (Former Socopa Sociedade e Corretora Paulista)


AQ3 Asset Management


Nova Futura Corretora


Fundo Banespa de Seguridade Social (Banesprev)


DESENVOLVE SP


BB Previdência Fundo de Pensão


Work highlights


  • Represented BTG Pactual Serviços Financeiros in an administrative proceeding before the Brazilian SEC (CVM), concerning the interpretation of relevant accounting regulations, which could have consequences on investors’ income taxation.
  • Advised Embraer on its investment into the drone company XMobots in a transaction made through an investment fund whose sole shareholder is Embraer.
  • Advising Infinity Asset on investment fund regulations and day-to-day matters, and on the public issuance of quotas for four funds with a total value of R$115m.

FreitasLeite Advogados

FreitasLeite Advogados has established itself as a leading player in the investment funds sector. The ‘very available’ team provides a comprehensive range of services, including fund launches and advisory work on equity and debt offerings. The firm’s solid foundation in regulatory and administrative litigation adds further value. The transactional practice covers various asset classes, encompassing real estate, student loans, distressed debt, private equity, and emerging areas like fintech. Founding partner Cristiano Da Cruz Leite stands out for his strong regulatory skills. Humberto De Paula Lima Isaac, who specialises in funds and collective investment vehicles, and offshore funds expert Isabela Nunes are singled out for their ‘level of knowledge’ and ‘attention’.

Practice head(s):

Cristiano Leite; Humberto Isaac


Testimonials

‘All of our contacts are always very available, in addition to demonstrating complete knowledge of the necessary subjects.’

‘Isabela Nunes and Humberto Isaac – level of knowledge, proximity, attention, availability. Many of our clients decide to hire the firm because they feel confident from the first meeting, not only in terms of knowledge, but also service.’

‘I work with the FreitasLeite Advogados’ capital markets team principally in the establishment and on-going maintenance of offshore funds for Brazilian managers and family offices. Their strength is their attention to detail, their understanding of offshore laws and regulations that they are able to meld with the applicable Brazilian laws and provide the client with a turnkey solution. You feel in very safe hands with FreitasLeite Advogados.’

The two standout individuals are Humberto Isaac and Isabela Nunes. Both are excellent technically, always on top of the latest developments in Brazil and offshore. They are excellent at managing a transaction; and they have a great way with clients, distilling what can sometimes be complex issues into understandable communications, on which the clients can decide and act on.’

Key clients

Avenue Securities


Galápagos Capital


Pravaler


Credit Agricole Brasil


Work highlights


  • Advised SPX Private Equity Gestão de Recursos on the incorporation of local and offshore vehicles (investment funds) managed by the private equity arm of SPX Capital, derived from the local branch of Carlyle Group.
  • Assisted FIDC Zipdin I in its 1st issuance of senior shares and creation of three new classes of subordinated shares for the fund.
  • Assisted Pravaler in the 8th and 9th issuance of senior shares of the Crédito Universitário II FIDC and in the creation of two new classes of subordinated shares for the fund.

Lobo de Rizzo Advogados

With ‘a strong background and experience in large capital markets transactions‘, Lobo de Rizzo Advogados has a highly experienced debt capital markets team that is ‘always attentive to legislative and regulatory changes’. The firm, which has been particularly active in the DCM space, is popular with leading Brazilian banks and underwriters, and also advises issuers from the renewables sector on sustainability-linked bond issuances. Milton Pinatti specialises in debt transactions, while project finance and fund raising in the capital markets are core areas of expertise for Fabrizio De Oliveira Sasdelli. Maria Costa Neves Machado handles a large volume of debt issuances; Gustavo Silveira Da Cunha focuses on the infrastructure sector; and André Ramos Bedim is also noted for financial and capital markets transactions. Since publication, Paula Magalhães has left the firm, effective as of December 2023.

Practice head(s):

André Ramos Bedim; Fabrizio de Oliveira Sasdelli; Gustavo Silveira da Cunha; Maria Costa Neves Machado; Milton Pinatti


Testimonials

‘Quality, speed, and cost-effectiveness.’

‘I hadn’t worked with the office until I met partner Maria Costa Neves Machado. She stands out for her firm, polite and professional attitude, and enormous technical knowledge.’

‘The team is always attentive to legislative and regulatory changes, producing relevant content, which allows its clients to also be up to date. The professionals have a strong background and experience in large capital markets transactions.’

Key clients

Banco Santander (Brasil)


Banco Bradesco BBI


Banco Itaú BBA


Casa de Ventos


São Martinho


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários


Banco Votorantim


Banco BTG Pactual


Eurofarma Laboratórios


Hypera


MPM Corpóreos


Companhia de Saneamento do Paraná – SANEPAR


BK Brasil Operação e Assessoria A Restaurantes


TMF Brasil Administração e Gestão de Ativos


MRL Engenharia e Empreendimentos


Hospital Anchieta


CPFL Energia


MEZ Energia


UNIMED


GDPAR SN Participações  (Franklin Templeton Investiments)


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários


Banco Safra


Banco Citibank


Itaú Asset Managment


Trisul


Tenda Construtora


Infracommerce CXAAS


Work highlights


  • Advising Banco Santander (Brasil), Banco Bradesco BBI and Banco Itaú BBA on a R$3.1bn debenture offering by Companhia Paulista de Força e Luz.
  • Assisted São Martinho in two debenture offerings worth R$1bn+ and R$500m.
  • Advising Eurofarma Laboratórios on a R$1bn sustainability-linked debenture offering.

Madrona Fialho Advogados

A combination of issuers, underwriters and investors turn to Madrona Fialho Advogados for advice on debt and equity listings. Standing out for its activity in the asset management sector, the group assists various funds and family offices with fund launches and IPOs. On the DCM front, the team is regularly instructed in mandates involving real estate and agribusiness debentures. Marcelo Cosac, who focuses on debt issuances, and Luis Bellini, who is especially active in agribusiness-related matters, are praised for their ‘great technical and pro-business knowledge’. Leonardo Di Cola possesses extensive regulatory expertise, while Nair Veras Saldanha is strong on the corporate side.

Practice head(s):

Marcelo Cosac; Leonardo Di Cola; Nair Saldanha; Luis Bellini


Testimonials

‘Great technical and pro-business knowledge – Luis Bellini and Marcelo Cosac are recommended.’

Key clients

Valora Gestão de Investimentos


Banco Itaú BBA


Kijani


Banco BTG


REIT


EQI


Embraer


LPS Construtora e Incorporadora


XP


CAMIL ALIMENTOS


CI&T


ISA CTEEP


tigre


BRF


Votorantim


ATOM


Work highlights


  • Acted as Bookrunners’ local counsel in the tender offer to purchase R$59.9m in unsecured notes issued by Embraer.
  • Advised Mogno Capital Investimentos, as manager of Mogno Renda Urbana Fundo de Investimento Imobiliário, on a R$85m CRI offering.
  • Advised advised Allonda Ambiental Saneamento, as issuer, on its R$150m public debenture offering.

NFA – Negrão Ferrari Advogados

NFA – Negrão Ferrari Advogados has notable strength acting for public and private investment funds, especially those focused on the real estate sector. Intermediary leaders, investors, debtors and securitisation companies regularly retain the team in debt and equity offerings. 2022 saw the team advise on over 65 debt security offerings, including Real Estate Receivable Certificates (CRI), debentures and bank credit bills, worth more than R$4.6bn. With extensive experience in debt offerings, Carlos Eduardo Peres Ferrari has significant expertise in structured finance, real estate funds, and assets securitisation. These are also core areas of activity for Bruno Gagliardi, a key contact for developers, originators of real estate assets, investment funds and financial institutions. The up-and-coming Guilherme Iuassê Osima focuses on investment funds and real estate securitisations.

Practice head(s):

Carlos Eduardo Peres Ferrari; Bruno Gagliardi; Guilherme Iuassê Osima


Key clients

Banco BTG Pactual


Itaú BBA


Banco Ourinvest


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários


Setin Empreendimentos e Participações


Banco BR Partners


Rio Bravo Investimentos


RBR Asset Management


Opea Companhia de Securitização


Virgo Companhia de Securitização


CashMe


Habitat Capital Partners


Gafisa


GD8 Incorporadora


Warren Corretora de Valores Mobiliários e Câmbio


Conx Empreendimentos Imobiliários


Working Capital


Banco Modal


ONM Health


Suno Gestora de Recursos


Seed Construções e Intermediação Imobiliária


Work highlights


  • Advising the fund administrator and the intermediary leader BTG Pactual on the R$350m public share offering of the real estate investment fund, BTG Pactual Crédito Para Incorporação – FII Fundo De Investimento Imobiliário.
  • Assisting Virgo Companhia de Securitização in the R$1bn+ public offering of Certificates of Real Estate Receivables by Virgo Companhia de Securitização.
  • Acting as deal counsel to all parties on the R$242m public offering of Certificate of Real Estate Receivables by Habitasec Securitizadora.

Trench Rossi Watanabe

With a strong profile in the debt and equity markets, Trench Rossi Watanabe attracts regular instructions from issuers and underwriters on equity listings, debt offerings and regulatory compliance issues. Drawing on its cooperation with Baker McKenzie and its impressive network of international lawyers, the team is well positioned to handle cross-border matters. Leading the team is Daniel Facó, a lawyer with over 20 years of experience in acting for shareholders, issuers, financial institutions and investors in an array of debt and equity deals. Luís Ambrósio is well versed in domestic and multijurisdictional listings. Capital markets specialist Evaristo Lucena was promoted to the partnership in July 2022. The firm was strengthened by the arrival of Eduardo José Herszkowicz from Cescon Barrieu in August 2023; he is now the head of the investment funds, securitisation and asset management practice.

Practice head(s):

Daniel de Miranda Facó


Key clients

Althaia Indústria Farmacêutica


Banco BTG Pactual


Boa Safra Sementes


Braskem


CPFL Energias Renováveis


CTC – Centro De Tecnologia Canavieira


D1000 Varejo Farma Participações


Goldman Sachs Do Brasil Banco Múltiplo


GP Investments


Grupo SBF


Intelbras


Mosaico


Natura Cosméticos


Profarma Distribuidora de Produtos Farmacêuticos


Wiz Soluções E Corretagem De Seguros


Work highlights


  • Advised Natura & Co Luxembourg Holdings on its issuance of $600m bonds, guaranteed on a senior unsecured basis by Natura &Co Holding and Natura Cosméticos.
  • Assisted Natura Cosméticos in a R$1bn+ private debenture issuance guaranteed by Natura & Co linked to Real Estate Receivables Certificates (CRI) offering issued by Virgo Companhia de Securitização.
  • Advised Intelbras – Indústria de Telecomunicação Eletrônica Brasileira on a R£500m issuance of debentures.

Veirano Advogados

Veirano Advogados is noted for its ‘great experience in capital markets’, both in domestic and cross-border deals. With a strong following of issuers and underwriters, the group often advises on high-value debt issuances. Asset-backed securities issuances linked to  the real estate and agribusiness industries are core areas of activity for the practice, which is under the leadership of Lior Pinsky, who brings together experience in capital markets, corporate and M&A, and private equity. Luiz Rafael de Vargas Maluf left the firm in June 2023, while Ingrid Hessling joined from Souto Correa Advogados in October 2023.

Practice head(s):

Lior Pinsky


Testimonials

‘Great experience in capital markets’

 

Key clients

Refrigeração Dufrio


Grupo Panvel (Dimed)


Humberg Agribrasil


Work highlights


  • Acted for Claro in four public offerings, collectively worth over R$8bn.
  • Advising on the public debenture offering by Companhia Caminho Aéreo Pão de Açúcar (Bondinho).
  • Advising on the public debenture offering by Intelbras – Indústria de Telecomunicação Eletrônica Brasileira.

Campos Mello Advogados in cooperation with DLA Piper

Campos Mello Advogados in cooperation with DLA Piper has an experienced capital markets team that is praised for its ‘technical knowledge, availability and assertiveness in providing services’. The firm’s extensive global network makes it popular among domestic and international clients seeking advice on multijurisdictional mandates. Covering debt and equity products, the group provides assistance to banks, as issuers and underwriters, and corporates across multiple industries. The ‘highly trained, experiencedRoberto Vianna do R. Barros and Jorge Luiz Barbieri Gallo, both of whom are noted for financial and capital markets transactions, lead the team.

Practice head(s):

Roberto Vianna do R. Barros; Jorge Gallo


Testimonials

‘Technical knowledge, availability and assertiveness in providing services.’

‘Jorge Gallo and Roberto Vianna do R. Barros, highly trained, experienced professionals available when needed.’

Key clients

Grupo Rio Alto


Oceânica Engenharia e Consultoria


Supermercados DB


Banco do Brasil


Banco RCI Brasil


Grupo Gaia


Work highlights


  • Advised Banco do Brasil on the issuance of Senior Unsecured Social Bonds.
  • Acted as deal counsel on the first issuance of private commercial papers by Oceânica Engenharia e Consultoria.
  • Advised Banco RCI Brasil on its twelfth issuance of financial bills (letras financeiras) in the Brazilian local market.

Cascione Pulino Boulos Advogados

Cascione Pulino Boulos Advogados assists issuers and underwriters in a broad range of debt capital markets transactions. The team, whose expertise encompasses agribusiness and real estate securitisations, debenture offerings, cross-border bond issuances, and buybacks, handled over R$1.45bn worth of issuances in these sectors throughout 2022. Founding partner Fábio de Souza Aranha Cascione has a wealth of experience in domestic and cross-border capital markets transactions. He receives key support from Rio de Janeiro-based partner Gabriel Capella, who focuses on structured investment funds and debt securities.

Practice head(s):

Fabio Cascione; Gabriel Capella


Key clients

Banco Votorantim


Banco Itaú BBA


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários


Banco BTG Pactual


Banco Santander (Brasil)


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários


REIT Securitizadora


Vinci Partners Gestora de Recursos


Virgo Companhia de Securitização


Canal Companhia de Securitização


Banco Fator


Opea Securitizadora


True Securitizadora


VERT Companhia Securitizadora


Parcelex Correspondente Bancário


Caixa Econômica Federal


Prima Empreendimentos Inovadores


Caramuru Alimentos


J. Macêdo


You Inc Incorporadora e Participações


Editora Sanar


Mega Recuperação de Ativos


Fazendão Indústria e Comércio de Produtos do Agronegócio


Copasul Cooperativa Agrícola Sul Matogrossense


Unipar Indupa do Brasil


Reag Distribuidora de Títulos e Valores Mobiliários  e Reag Administradora de Recursos


Work highlights


  • Advised Prima on a R$400m convertible debenture offering.
  • Assisted Caramuru in the R$600m public offering of agribusiness receivables certificates.
  • Acted for Caixa, as underwriter, in a R$1bn public debenture by Localiza Fleet.

Dias Carneiro Advogados

Dias Carneiro Advogados offers a broad range of debt capital markets expertise, including advice to issuers on cross-border offerings. Practitioners have extensive experience in debenture issuances, and stands out for its skills in CRI offerings linked to the energy and renewables sectors. Thiago Vallandro Flores‘s notable areas of practice include debt offerings and debt restructuring transactions. Ricardo Sanches is the key regulatory contact, while Gustavo Junqueira handles energy-related deals.

Practice head(s):

Thiago Vallandro Flores


Key clients

Logos Companhia Securitizadora


True Securitizadora


Marisol / Marisol Vestuário


Voltalia Group


Banco KEB HANA


Canadian Solar


Biosev


Mitsubishi UFJ Trust and Banking Corporation


Catálise Investimentos


Inter-American Development Bank / |Inter-American Investment Corporation


Corporación Interamericana para el Financiamiento de Infraestructura,


Banco Brasil Plural


International Finance Corporation


Companhia Securitizadora de Créditos Financeiros Vert-Leve Capital


Banco ABC


Brasil Bio Fuels


Acqio Holding


Work highlights


  • Advised Banco ABC and Lavras II Holding on the R$100m issuance of simple debentures.
  • Advised Acqio Holding Participações on its restructuring of R$55m in debt originated through two debenture issuances.
  • Advised Opea Securitizadora and Brasil Bio Fuels on an Agribusiness Receivables Certificates (CRA) offering and the restructuring of the financial terms.

i2a Advogados

i2a Advogados provides an ‘excellent service’ to a diverse range of investment funds. The firm is best known for ‘specialising in the capital markets and real estate sector’ and has extensive experience in real estate receivables certificates (CRI) and the Brazilian REITs (FII) markets. Praised for his ‘command of issues involving regulatory and capital markets for real estate funds’, Ronaldo Ishikawa assists clients in the structuring of their IPOs, equity deals and debt instruments. He oversees the practice alongside Luis Peyser, a key contact for CRI transactions and equity instruments structures such as Real Estate Funds (FIIs).

Practice head(s):

Ronaldo Ishikawa; Luis Peyser


Testimonials

‘An excellent service, it stands out in the capital markets area for its broad knowledge and for the proposed solutions for eventual impasses in the negotiations, aiming at a balance between the parties and the safe conclusion of the projects.’

‘Luiz Peyser and Rafael Godinho Francisco have extensive technical knowledge and market practice that greatly facilitate the structuring and conclusion of deals.’

‘A firm specialising in the capital markets and real estate sector.’

Key clients

Kinea


Itaú BBA


Vinci Partners


NorthWest Healthcare REIT


Barzel Properties


BR Partners


Pátria Investimentos


XP Inc.


Copa Investimentos


Itaú Asset


Mauá Capital


Brookfield Property Group (Brazil)


Alianza Gestora de Recursos


Banco Genial


Vórtx DTVM


Banco Modal


Banco Fator Ourinvest


Tellus Gestora


Guardian Gestora


BlueMacaw


Panorama Investimentos


Tishman Speyer Gestora de Recursos


Work highlights


  • Advised Brookfield on the R$4.3bn issuance of Certificates of Real Estate Receivables (CRIs) to finance 70% of Brookfield’s acquisition of 12 Triple-A properties from BR Properties.
  • Assisted Vinci Partners in the issuance of new quotas by the real estate investment fund Vinci Shopping Centers FII.
  • Acted as counsel to the asset manager Kinea in connection with the incorporation and 1st issuance of quotas by Kinea Crédito Agro Fiagro-Imobiliário.

Mello Torres

The team at Mello Torres is popular destination for public offerings and investment funds-related advice. Its comprehensive service offering covers local and international markets, including public offerings, private placements, tender offers, and securitisation transactions for debt and equity instruments. Practitioners are well versed in the registration procedures with the Brazilian Securities Commission (CVM). Former practice head Vitor Henrique Pagani Arantes and associate Marcela Rivellino Moreira left the firm in April and May 2023, respectively.

Testimonials

‘The Mello Torres team is our first option for investment funds and public offerings, supporting us in our growth plan in recent years.’

Key clients

XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários


Eco Securitizadora de Direitos Creditórios do Agronegócio


Tereos Açúcar e Energia Brasil


BlueMacaw Gestora de Recursos


UBS BB Serviços de Assessoria Financeira e Participações


Banco Itaú BBA


Opea Securitizadora


Cury Construtora e Incorporadora


Cyrela Brazil Realty  Empreendimentos e Participações


Banco Btg Pactual


Banco ABC Brasil


Banco Safra


Work highlights


  • Advising the underwriters on the R$500m public offering by Eco Securitizadora De Direitos Creditórios Do Agronegócio.
  • Advising the underwriters on the R$480m public offering of real estate receivable certificates by Opea Securitizadora and backed by real estate credits assigned by Cyrela Brazil Realty.
  • Advising XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários on a R$360m public offering of real estate receivable certificates issued by True Securitizadora and backed by real estate credits assigned by Even Construtora e Incorporadora.

Monteiro, Rusu, Cameirão e Bercht Advogados

Monteiro, Rusu, Cameirão e Bercht Advogados has a highly rated team of debt capital markets lawyers who are ‘very attentive and available to address any problems and/or challenges that may arise’. The team acts for several leading banks and financial institutions, both as issuers and underwriters. Structured products, such as agribusiness and real estate receivables certificates, dominate the workload. Daniel Lopes Monteiro, who maintains a broad practice in banking, capital markets and investment funds, and Allan Borba Bercht are considered ‘highly trained and experienced professionals, available when needed’. Roberto Rusu also ‘stands out’ for his ‘level of knowledge and experience in capital market activities’. Marina Lipener Fenerich and Thaisa Menzato are also noted.

Practice head(s):

Daniel Lopes Monteiro; Roberto Pekelman Rusu; Allan Borba Bercht; Marina Lipener Fenerich; Thaisa Menzato


Testimonials

‘Technical knowledge, availability and assertiveness in providing services.’

‘Daniel Lopes Monteiro and Allan Borba Bercht are highly trained and experienced professionals, available when needed.’

‘They are very attentive and available to address any problems and/or challenges that may arise during the operation. Roberto Rusu stands out for his level of knowledge and experience in capital market activities.’

Key clients

Banco Itaú BBA


Banco Bradesco BBI


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários


Banco CNH Industrial Capital


Porto Seguro


Banco RCI Brasil


Agasus


Neomille


Companhia Siderúrgica Nacional


Work highlights


  • Advised Bradesco BBI, as underwriter, on the R$600m debt issuance by Grupo Big Brasil.
  • Advised a large group of underwriters on the R$600m public offering of CRAs by Eco Securitizadora de Direitos Creditórios do Agronegócio.
  • Assisted Mills Estruturas e Serviços De Engenharia in its R$300m debentures offering.

VBSO Advogados

VBSO Advogados applies its strong capital markets experience to good effect for clients investing and operating in the agribusiness and real estate industries. The firm advises issuers and underwriters, and provides comprehensive transactional and regulatory support to numerous investment funds. Partners Erik Oioli and José Alves Ribeiro bring substantial transactional and regulatory expertise to the table; Ribeiro is proficient in the public offering of debentures and promissory notes. Henrique Vicentin Lisboa, who handles a mix of capital markets, banking and project finance work, is also part of the core team.

Practice head(s):

Erik Frederico Oioli; José Alves Ribeiro; Henrique Lisboa


Key clients

Banco Itaú BBA


Banco Bradesco BBI


Banco Rabobank International Brasil


Banco Safra


BRVias Holding VRD


Solfarma Comércio de Produtos Farmacêuticos


Forte Securitizadora


UBY Agroquímica


Banco Inter


Opea Securitizadora


Travessia Assessoria Financeira


True Securitizadora


EcoAgro Securitizadora


Riza Gestora de Recursos


Banco BTG Pactual


Banco BOCOM BBM


Banco Indusval  – VOITER


Eólica Serra das Vacas Participações


Perfin Gestão de Recursos


Oncoclínicas do Brasil Serviços Médicos


Mateus Supermercados


Sendas Distribuidora  (Assai Supermercados)


Companhia Brasileira de Distribuição (Pão de Açúcar)


Kobold Gestora de Fundos


BancoSeguro  – Pagbank


Cyrela Brazil Realty  Empreendimentos e Participações


Quasar Asset Management


WNT Gestora de Recursos


JF Citrus Agropecuária


Bank of America Merrill Lynch Banco Múltiplo


Grupo AKRK Participações


Valora Gestão de Investimentos


Supplier Administradora de Cartões


Banco Sofisa


Blue Asset Gestão de Recurso


Tenda Atacado


Work highlights


  • Advised Supplier Administradora de Cartões de Crédito on the structuring of the R$2bn public offering of quotas by Cartão de Compra Supplier Fundo de Investimento em Direitos Creditórios.
  • Advised Banco BTG Pactual and Travessia Securitizadora de Créditos Financeiros on the securitisation of financial credits through a R$2bn debenture offering.
  • Acting as deal counsel in the R$1bn public offering of the R$1bn issuance of financial bills by Banco Daycoval.

Vella Pugliese Buosi e Guidoni Advogados

Vella Pugliese Buosi e Guidoni Advogados has an experienced capital markets team capable of handling a broad range of domestic and cross-border deals. The firm’s capabilities in multijurisdictional transactions are powered by its strategic alliance with Dentons. Real estate, energy and financial services companies, including major investment funds, regularly engage the team in debt issuances. Gabriella Maranesi Najjar heads up the group, and is a regional practice leader for capital markets. Real estate partner Daniel Lopes Coelho is another key contact.

Practice head(s):

Gabriella Maranesi Najjar


Key clients

Banco BTG Pactual


Banco Santander (Brasil)


Citibank


Diamond Offshore Drilling


Ebes Sistemas De Energia


EQI Agentes Autônomos De Investimentos


Fibra Experts Empreendimentos Imobiliários


Grupo CCR


Huf Hülsbeck & Fürst (Huf)


Iclinic Participações


Naturgy Group


Neuberger Berman Services


Plato Desenvolvimento Urbano e Participações


RB Capital Companhia de Securitização


Totvs


Work highlights


  • Advised Fibra Experts Empreendimentos Imobiliários on its R$100m Real Estate Receivables Certificates issuance.
  • Assisted EQI AAI, a major independent investment agents company (AAI), in the termination of its relationship with XP Investimentos and the formation of a joint venture with BTG Pactual to form one of the largest brokers in Brazil.
  • Advising Diamond Offshore Drilling on the Brazilian law aspects of Exit Facilities related to its Chapter 11 bankruptcy procedure.