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Cescon, Barrieu, Flesch & Barreto Advogados’ capital markets team has specialist expertise in fund formation and securitisation, while also covering regulatory, equity and debt matters, and the level of service it provides is ‘very high’. It advised the underwriters, including Banco Itaú BBA, BB-Banco de Investimento and Banco Bradesco BBI, on a fifth issuance of unsecured non-convertible debentures for public distribution by Arteris. Daniel de Miranda Facó has ‘not only technical skills and knowledge but also business acumen’; he is a ‘skilled negotiator’ and a ‘dealmaker who provides solutions that mitigate risks’. Also recommended are Alexandre Gossn Barreto and Joaquim José Aceturi de Oliveira.

Lefosse Advogados’ nine-partner team is an undisputed leader in the capital markets arena. It has particular expertise on the equity side, advising on 11 equity offerings in 2017. Regularly acting for underwriters, it advised Banco Itaú BBA, Deutsche Bank, Banco Bradesco BBI, Banco Santander and others on the primary and secondary public offerings of preferred shares issued by Azul. Another highlight was assisting Banco Santander and other underwriters with a R$2bn secondary public offering. Carlos Barbosa Mello heads the group, which includes Rodrigo Azevedo Junqueira, Ricardo Prado and Mauricio Paschoal.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados’ nine capital markets partners offer a particularly broad range of services, covering equity and debt offerings, securitisation, fund formation, derivatives and regulatory matters. Among the team’s highlights in 2017, it acting as special Brazilian counsel to JSL on an issuance of $325m worth of senior notes; and advised sugar and ethanol producer São Martinho on a public offering of agribusiness receivables, with the ‘committedBruno Mastriani Simões Tuca leading the advice on this. José Eduardo Carneiro Queiroz, Vanessa Fiusa and Renato Schermann Ximenes de Melo are recommended for securities matters, while Marina Anselmo Schneider and Jean Marcel Arakawa stand out for their work on structured finance transactions.

Pinheiro Guimarães – Advogados has a longstanding reputation in the Brazilian capital markets area, acting for clients such as Citibank, Itaú BBA, Credit Suisse, BTG Pactual, Santander, HSBC and Votorantim. The team has been particularly active in funding transactions. It advised the underwriters, including Banco Itaú BBA and Banco J.P. Morgan, and placement agents, including Bradesco Securities and Santander Investment Securities, on the $5bn initial secondary public offering of common shares in BR Distribuidora. Plinio Pinheiro Guimarães Neto, Francisco José Pinheiro Guimarães, Ivie Moura Alves and Paula Pessôa are recommended.

With ‘strong business acumen’, Brazilian powerhouse Pinheiro Neto Advogados covers the full range of capital markets work. It assisted Stone Pagamentos and Banco Votorantim in the formation of a credit rights investment fund, and advised Azul on its initial public offering with dual listing registration. Ricardo Simões Russo led advice to Credit Agricole Securities, JP Morgan Securities and Merrill Lynch on the issuance of $1bn worth of green bonds for the development, construction and expansion of solar and wind farm projects. Tiago Lessa was kept busy with agribusiness securities issuances. Henrique Silva Gordo Lang heads the group, in which José Luiz Homem de Mello, José Carlos Meirelles and Fernando dos Santos Zorzo are other key names.

The ‘very business-savvy’ Camila Goldberg leads BMA - Barbosa, Müssnich, Aragão’s ‘service-oriented’ capital markets team. It assisted Lojas Americanas in relation to an offer, issuance and sale of common and preferred shares with restricted placement efforts; and advised the initial purchasers, including J.P. Morgan, Merrill Lynch and Santander, on an issuance of senior notes by Raizen Fuels Finance. Founding partners Paulo Cezar Aragão and Luiz Antonio de Sampaio Campos are also recommended.

BMA - Barbosa, Müssnich, Aragão - Portuguese translation: Camila Goldberg, “com vasto conhecimento em negócios”, lidera a equipe "centrada nos clientes" de Mercados de Capitais da BMA - Barbosa, Müssnich, Aragão. Assessorou a Lojas Americanas na oferta, emissão e venda de ações ordinárias e preferenciais com esforços restritos de colocação; e fez aconselhamento dos compradores iniciais, incluindo J.P. Morgan, Merrill Lynch e Santander, sobre uma emissão de notas seniores pela Raizen Fuels Finance. Os sócios fundadores Paulo Cezar Aragão e Luiz Antonio de Sampaio Campos também são recomendados.

Demarest Advogados focuses on registered and exempted offerings, and has a leading securitisation practice. It advised Banco Honda, Honda Automóveis and Bradesco BBI on the incorporation of an open-ended FIDC and a public offering of FIDC quotas; and acted for Raízen Combustíveis on its public offering of agribusiness receivables certificates. Practice head Thiago Giantomassi Medeiros and senior associate Denise Okimura are recommended.

Machado Meyer Sendacz e Opice Advogados’ ‘highly competent’ group offers the full range of capital markets services. It acted as Brazilian counsel to the underwriters, including National Bank Financial and Cormark Securities, on an offering of common shares by Brio Gold. Another highlight was advising construction firm Direcional Engenharia and XP Investimentos, as underwriter, on a public offering of real estate receivables certificates. Eliana Ambrósio Chimenti, Gustavo Rugani and the ‘exceptionalAdriano Schnur Gabriel Ferreira are recommended. Rafael Carretero and investment fund specialist Luciana Costa Engelberg made partner in May 2017.

Stocche Forbes Advogados has recently acted on several infrastructure debenture issuances. Other work in 2017 included advising Citigroup Global Markets and Santander Investment Securities, as initial purchasers, on an issuance of bonds by Gerdau Trade; the advice was led by Marcos Canecchio Ribeiro. Frederico Cursino de Moura assisted three energy companies with public offerings of commercial notes, while Henrique Bonjardim Filizzola advised Lojas Americanas on a public offering of debentures worth R$1.5bn.

TozziniFreire Advogados regularly acts on the structuring of public offerings of agribusiness, infrastructure and real estate securities. Other work included advising online travel company Despegar on its IPO; assisting RN Comércio Varejista with an issuance of debentures worth R$1.42bn; and acting for the initial purchasers, including Merrill Lynch and Santander Investment Securities, on an issuance of green bonds. Alexei Bonamin and Kenneth Ferreira are the names to note. The practice group was further strengthened in August 2018 with the hire of Gustavo Rabello who has over 10 years' capital markets experience, as well as on syndicated loans and project finance.

Veirano Advogados’ client portfolio includes numerous banks, including Banco Citibank, Banco J. Safra and Banco Alfa de Investimento. The team acted for Banco Itaú BBA and Banco Santander on a second issuance of non-convertible debentures by Sonae Sierra, worth R$250m. On the company side, Claro is an active client, instructing the team in relation to the issuance of non-convertible debentures and commercial paper. Carlos Lobo and Lior Pinsky head the eight-partner group, in which Daniela Anversa is a standout practitioner.

Cascione, Pulino, Boulos & Santos Advogados has an impressive track record which includes a public offering of agribusiness receivables certificates issued by Eco Securitizadora, advising VLI Multimodal as the originator of the receivables that backed the transaction. The ‘accessible and competent’ team, under the lead of Fábio Cascione and Marcos Pulino, also advised on the issuance of real estate receivables certificates and the public offering of debentures and commercial paper. Marcelo Padua Lima was promoted to partner in January 2018.

Investment funds specialist FreitasLeite Advogados regularly handles debt and asset-backed securities transactions as well as CVM litigation. It recently advised RBR Asset Management on the structuring of a real estate investment fund, and Perfin Investimentos on the structuring of a private equity fund. Luiz Paulo Lago Daló is ‘responsive and reliable’, and is recommended along with founding partner Cristiano da Cruz Leite and Leonardo Di Cola.

Lobo de Rizzo Advogados regularly handles debt transactions. Milton Pinatti advised energy distributor CPFL on an issuance of non-convertible debentures, while Fabrizio de Oliveira Sasdelli acted for the Inter-American Development Bank, as senior lender, on a third issuance of subordinated debentures by the concessionaire of São Paulo’s Metro Line Four. The scope of the practice has been broadened by the arrival of Caio Cossermelli and Paula Magalhães from Tauil & Chequer Advogados in association with Mayer Brown in June 2018.

Structured finance and securitisation are areas of particular expertise for Perlman Vidigal Godoy Advogados. Alongside its work on public offerings of shares and debentures, the team assisted Banco Itaú BBA in the structuring of two investment funds, one of which consists mainly of debentures issued to finance infrastructure projects. Rubens de Camargo Vidigal Neto leads the team and is recommended along with fellow name partner Marcelo Giovanni Perlman and associate Allan Crocci de Souza. Claudio Gomez made partner in January 2018.

Carlos Motta heads the team at Tauil & Chequer Advogados in association with Mayer Brown, which stands out for its international expertise. A highlight in 2017 was advising CCR, which manages ten toll road concessions, on a follow-on offering of shares worth R$4.1m; and, on the underwriter side, advising Banco Itaú BBA, Banco Santander and others on a follow-on offering of shares in International Meal Company worth R$445m. Caio Cossermelli and Paula Magalhães left for Lobo de Rizzo Advogados in June 2018, reducing the number of partners on the team to three.

The capital markets team at Vaz, Barreto, Shingaki & Oioli Advogados is ‘very pragmatic’. It acted as deal counsel on the structuring of Cyrela Commercial Properties’ eighth issuance of debentures, worth R$200m. Erik Oioli is ‘a pleasure to work with’, and is recommended along with José Alves Ribeiro.

Campos Mello Advogados is ‘excellent on the technical side, responsive and extremely business oriented’. It assisted Banco RCI Brasil with the issuance of financial bills worth R$1.2bn; and acted as deal counsel for Camargo Corrêa and BB Banco de Investimento on an issuance of debentures. Roberto Vianna do Rego Barros is ‘extremely hands-on and really involved in transactions’.

CaselliNavarro Advogados is the result of the 2017 merger of Navarro Advogados and Caselli Guimarães Advogados. Elvis Camargo Silva de Brong Mattar heads the capital markets team, which is highly experienced in the issuance of real estate receivables certificates and recently acted as deal counsel for Banco Máxima and Gaia Securitizadora on an issuance of such certificates by the latter.

Dias Carneiro Advogados regularly acts on the financing of energy and infrastructure projects on the capital markets, and recently advised Logos Companhia Securitizadora, as issuer, on an offering of real estate receivables certificates. Thiago Vallandro Flores leads the team, which now includes five partners following the arrival of Artur Fernandes Andrezo from Stocche Forbes Advogados in June 2017.

In 2017, KLA-Koury Lopes Advogados handled numerous issuances of real estate receivables certificates. Another recent highlight was advising Rádio e Televisão Bandeirantes on an issuance of debentures worth R$250m. Ricardo Higashitani, Fernanda Levy and Ricardo Stuber are the names to note.

Landi, Rodrigues, Nakano e Giovannetti Advogados is well known for handling funds, debt capital markets and securitisation work. It advised Kinea on an issuance of shares, and acted for Prime Incorporações e Construções on a public offering of debentures and commercial papers. Rogerio Padua Nakano, Ronaldo Bassitt Giovannetti and Ricardo Mahlmann de Almeida are recommended.

Madrona Advogados is particularly active in relation to the issuance of real estate receivables certificates. Its recent work includes advising investment management firm Valora on the incorporation of a REIT; and acting as deal counsel on a public issuance of real estate receivables certificates by Habitasec Securitizadora. Marcelo Cosac has ‘an impressive network with investors and issuers’.

Founded in 2016, Monteiro, Rusu, Cameirão, Bercht e Grottoli Advogados is developing its name as a capital markets and banking and finance boutique, with a client portfolio including banks such as Banco Santander and Banco Bradesco as well as companies such as Claro and Cemig. It was instructed by Banco BTG Pactual and Banco Itaú BBA in relation to an issuance of debentures by Triângulo do Sol Auto-Estradas. Roberto Rusu and Allan Bercht are standout practitioners.

Trench Rossi Watanabe is particularly strong in company listings. A team led by Helen Naves assisted Natura Cosméticos with matters including an issuance of notes worth $750m and a public offering of debentures worth R$2.6bn.

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