Banking and finance in Brazil

Cescon Barrieu has established a strong reputation for transactional work, and is regularly involved in major financings involving federal and state entities, as well as state-owned companies. Distressed debt has inevitably crept up the agenda in the wake of the Covid-19 pandemic, and the firm has already built a good standing through its work for debtors and creditors, including debt funds; the firm's advice to Oaktree Capital on its $2.3bn debtor-in-possession (DIP) financing to LATAM being a prime example. The team is respectively led out of São Paulo and Rio de Janeiro by versatile partners Ronald Herscovici and Maurício Teixeira dos Santos. Other key partners include Joaquim De Oliveira, Ana Paula Calil and Alexandre Gossn Barreto, who is active on the project finance side.

Machado Meyer Sendacz e Opice Advogados has a multidisciplinary banking and finance practice with a strong following among the main domestic and international banks and financial institutions. On the transactional side, the firm's lawyers comfortably advise on complex banking instruments and products. The firm's wider standing in M&A and infrastructure also ensures a strong flow of acquisition and project financings, both for borrowers and lenders. The team is also strong on the regulatory side, and is increasingly active in the fintech and payments space. Nei Schilling Zelmanovits leads the team, which includes Adriano Schnur, who handles project and structured finance transactions, and Eduardo Avila de Castro, who is especially active on the regulatory front. Newer partners such as Rafael Carretero and Bruno Racy area also making strong names for themselves.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a multi-faceted team offering strong expertise in corporate finance, regulatory matters, and emerging markets such as fintech and payments. The firm has strong relationships with most of the domestic and international banks, and on the transactional front is especially strong in project and acquisition finance, debt capital markets, structured debt and export finance. Among the partners, Frederico Kerr Bullamah has a strong track record in cross-border financings and is highlighted as ‘very skilled in negotiations and in solving complex situations‘. Bruno Mastriani Simões Tuca regularly advises on securitisations and other forms of structured finance; debt capital markets and project finance are core areas for Marina Anselmo Schneider; while in Rio de Janeiro, Pablo Sorj is active in energy and infrastructure related financings. Pedro Eroles is also strong on fintech and regulatory matters.

Pinheiro Guimarães is well known for its strong transactional track record in domestic and cross-border financings. The firm's clients come from across the financial services sector, including major creditors, debtors, governments and multilateral organisations. The team has a strong reputation for structured and acquisition finance, and has recently been involved in several major restructurings and project finance deals. The team is respectively led from Rio de Janeiro and São Paulo by Plinio Pinheiro Guimarães Neto and Francisco José Pinheiro Guimarães. Ivie Moura Alves has a good name for cross-border syndicated loans, while senior partner Francisco Pinheiro Guimarães Neto also continues to play an active role on deals. Other key individuals include Fábio Yanitchkis Couto for structured finance and the acquisition of non-performing loans (NPLs), Marcela Taquette Vaz and Bruno Lardosa.

Pinheiro Neto Advogados successfully strikes a balance between the transactional and the regulatory. In the latter, the firm has a strong track record advising established and emerging players in the payments and fintech space. Work in other areas,  including debt renegotiations and refinancings, accelerated as a result of the Covid-19 pandemic, and team members were involved in the creation of Brazil’s first Relief Fund. This is in addition to its normal activities such as acquisition finance, syndicated lending, infrastructure loans and debt capital markets. Key partners include Bruno Balduccini on the regulatory side, and José Luiz Homem de Mello for transactional matters. Fernando Ruiz de Almeida Prado and Tiago Themudo Lessa are active in structured finance. Recently promoted partners Yuka Ono and Ricardo Binnie are also making good names for themselves. Since publication, Raphael Palmieri Salomão has been promoted to partner, effective January 2022.

'Combining legal knowledge with a practical view of the business', BMA - Barbosa, Müssnich, Aragão has a strong track record in complex financings, particularly for major corporate borrowers. Acquisition financings feature prominently on the firm's workload, although in the past year the firm was also heavily active on the debt restructuring side, both for creditors and debtors. The team also has strong relationships with the banks for distressed debt deals. Camila Goldberg leads the team, with support from Rafael Dutra, who is particularly experienced on the project finance side. Recently promoted partners Conrado de Castro Stievani and Felipe Prado are both experienced in debt capital markets and structured finance.

Demarest Advogados' well-regarded banking and finance team is led by 'excellent attorney' Fabio de Almeida Braga, who is especially experienced in regulatory matters, often advising on fintech and the development of digital platforms. The team as a whole offers a wide range of expertise, with particular areas of strength including trade and project finance, and financings in key industries such as agribusiness and automotive. Senior associate Marcelo Simon Ikeziri is also an active member of the team, with good experience in project finance, debt restructurings and syndicated loans. Helen Naves left the firm in July 2021.

Lefosse Advogados continues to invest heavily in its banking practice. The recruitment of Kenneth Antunes Ferreira from TozziniFreire Advogados, who is active on the structured finance side, was a strong show of intent. The team as a whole has a good reputation for domestic and cross-border financings and restructurings, including infrastructure loans and acquisition finance. Regulatory advice to banks and payment institutions is another area of strength, and the firm is playing an increasingly prominent role in the fintech space, as demonstrated by its work for PayPal Ventures. Lead partners within the team include Renata Cardoso, Roberto Zarour and Ricardo Prado.

TozziniFreire Advogados is a popular choice for banking and finance advice, and is especially active on the regulatory front, thanks in part to the expertise of Alexei Bonamin, who is also strong on the capital markets side. The firm has established strong institutional relationships with several key domestic and international banks, which it advises on the full suite of compliance issues, including obtaining licenses and fintech-related matters. The team is also active on the transactional front, representing creditors and debtors, including providing advice on several significant refinancings. Other key partners include Gustavo Rabello and Fabíola Augusta Cavalcanti. In internal developments, the team saw the departure of Kenneth Antunes Ferreira in late 2020.

Veirano Advogados has a versatile banking and finance practice, which is as comfortable in acquisition, project and corporate financings as it is in specialised areas such as asset finance. Rio de Janeiro-based practice head Marcelo Mattos has a strong pedigree for cross-border loans to key industries such as oil and gas, shipping and mining. This feeds into the team's workload, which often includes providing advice to major domestic and international lenders. Other key partners include Ana Carolina Barretto, who leads the São Paulo team and is especially strong on the project finance side. Daniela Anversa is noted for her debt capital markets expertise, while Rogério Campos in Rio is also strong in ship finance.

Stocche Forbes Advogados is recommended for its versatile transactional practice, which is popular with lenders and borrowers. The team is regularly involved in complex cross-border acquisition and structured financings and has also been involved in several high-profile debt renegotiations and restructurings. Key partners include Guilherme Forbes, who has developed strong relationships with leading banks, multilateral agencies and private equity sponsors. Henrique Filizzola is highly experienced in debt capital markets and structured and acquisition finance. Frederico Moura in Rio de Janeiro is also well regarded. Since publication, Miriam Signor left the firm, in April 2022.

Tauil & Chequer Advogados offers a broad range of expertise to its domestic and international clients, including in cross-border syndicated loans, restructurings, acquisition financings, and trade and project finance. The multi-faceted team represents an impressive mix of lenders, multilateral organisations and private equity funds. Practice head Eduardo Lima has a strong track record in transactional and regulatory matters. Luis Montes is active in project finance, both for sponsors and lenders. Counsel Priscilla Santos balances a broad and capital markets practice with a particular focus on regulation related to Brazilian investment funds.

Campos Mello Advogados in cooperation with DLA Piper is a strong choice for regulatory banking and transactional finance advice. The firm’s association with DLA Piper gives it exposure to cross-border matters, including significant acquisition and project financings. Other areas of expertise include asset-backed securitisations, debt restructurings and export finance. The team is jointly led by the versatile Roberto Vianna do R Barros, who has strong regulatory expertise, and Jorge Gallo, who is also noted for his debt capital markets work.

Banking and payments regulatory advice are core areas for Cascione Pulino Boulos Advogados' well-regarded team. The firm's expertise extends to the fintech industry, where it represents banks and technology providers on the full range of issues, including partnership agreements. Marcelo Padua Lima is especially active on the regulatory and payments side, and is also experienced in foreign investment and foreign exchange regulation. Founding partner Fábio de Souza Aranha Cascione is the main contact for domestic and cross-border transactions, including syndicated loans and project finance.

Dias Carneiro Advogados has established a notable practice in advising multilateral lenders, including the IFC and the Inter-American Development Bank. This has led to a good grounding in cross-border financings, including infrastructure projects across key sectors such as renewables, oil and gas, mining, sanitation, ports and telecoms. Corporate finance work also features prominently, advising borrowers and lenders on M&A, restructurings and structured finance. Practice head Thiago Vallandro Flores receives strong support from Ricardo Sanches on project finance, as well as Gustavo Junqueira and Paulo Leme.

Felsberg Advogados has an active transactional banking practice led by the well-regarded Maria da Graça. The practice stands out in project and aviation finance, and represents a mix of banks, borrowers and multilateral agencies. Other areas of expertise include structured and acquisition finance, securitisations and syndicated loans. The department expanded in July 2021 with the arrival of banking and capital markets expert Ricardo Higashitani from KLA Advogados.

KLA Advogados represents a varied mix of domestic and international banks and financial services companies, and has developed strong relationships with emerging companies in the fintech space. Debtor clients also regularly use the firm in debt renegotiations, trade finance deals and structured financings. Fernanda Levy has established a strong track record in banking and related capital markets work.

Santos Neto Advogados has an impressive transactional practice and a particularly good track record in large-value trade finance deals, thanks in part to its knowledge of the agribusiness and commodities sectors. The firm represents a mix of domestic and international banks, and is also experienced in debt restructurings, debt capital markets, syndicated loans and financial services regulatory matters. Lead partner Domicio dos Santos Neto has relevant and extensive experience in the market. Gabriel Buscarini Leutewiler left the firm in June 2021.

Vella Pugliese Buosi e Guidoni Advogados has an active borrower and lender side practice, with a notable following among several key international banks. Its advice ranges from the transactional through to the regulatory, with particular strengths in project and trade finance. Lead partners Rodrigo Vella and Gabriella Maranesi Najjar are both active in this area, and have a strong pedigree for cross-border transactions. The firm's strategic alliance with Dentons adds weight to its multi-jurisdictional capabilities.