Cescon, Barrieu, Flesch & Barreto Advogados has a comprehensive capital markets practice and demonstrates considerable knowledge across all product types, including equity, debt and securitisations. The ‘extremely responsive, switched on, commercially-focused' team is popular with issuers and underwriters. Clients emphasise the firm’s strong credentials for cross-border deals, where the team is ‘available for discussions on a real-time basis‘. Key partners include Alexandre Gossn Barreto, Joaquim De Oliveira and Daniel Laudisio, who is highlighted as 'very good technically and commercially'. The firm has a deep bench of younger partners coming through, including Eduardo José Herszkowicz, Eduardo Kuhlmann Abrantes and the recently promoted Mariana Borges.

Lefosse Advogados provides an ‘excellent and personalised' service for transactional and regulatory capital markets work. The firm is especially strong in equity capital markets, where it represents issuers and underwriters on a broad range of cross-border and domestic initial and secondary offerings. Clients also note the ‘excellent performance in the debt markets, with committed and competent professionals’, who represent banks and issuers. Managing partner Rodrigo Junqueira leads the team, with key support from corporate partners such as Carlos Mello. On the debt side, Ricardo Prado is ‘exceptional in his performance, knowledge and relationship with the client'. The ‘proactive' Roberto Zarour is a ‘superb technician', and Jana Araujo is ‘extremely intelligent and knowledgeable about the market‘. Clients also praise Felipe Gibson and Marcelo Tourinho for their ‘great knowledge of the capital markets'.

Mattos Filho has an ‘extremely experienced team specialised in IPO processes‘, which is ‘made up of super technical people with availability and proactivity‘. The market-leading practice is regularly involved in Brazil’s largest and most complex equity and debt listings, representing underwriters and issuers. The underwriter side has recently handled several high-profile mandates, including support on the headline-grabbing Nubank and Raízen IPOs. On the issuer front, it also assisted gym company Smartfit on its R$2.6bn equity listing. The finance team is packed with experienced partners, including Frederico Kerr Bullamah, Bruno Tuca, Marina Anselmo Schneider and Flavia Magliozzi. The equity team, which includes Jean Marcel Arakawa and Vanessa Fiusa, was strengthened by the arrival of partner Caio Cossermelli (an ‘excellent professional, objective and always available‘) from Lobo de Rizzo Advogados.

Pinheiro Guimarães is well known for high-end transactional work. The firm’s strong market reputation extends to debt and equity capital markets, where it regularly represents listed companies, financial institutions and investment funds on their largest listings. This includes issuer and underwriter support on major cross-border IPOs, secondary offerings, private placements and real estate and agribusiness certificates. Highly respected partners Plinio Pinheiro Guimarães N and Francisco José Pinheiro Guimarães lead the team from Rio de Janeiro and São Paulo, respectively. Ivie Moura Alves provides a ‘multidisciplinary ability in ECM and DCM operations‘, while Cristina Tomiyama is noted for her ‘technical ability, and mapping and coordination of details‘. The firm’s deep bench of younger partners includes Mariana Silveira Martins Jost, who brings ‘technical vision and differentiated depth‘.

Pinheiro Neto Advogados has a multi-faceted capital markets practice, which stands out for the number and the quality of its transactions. 2021 saw the firm advise on almost 30 equity offerings, including its representation of Nu Holdings on the high-profile $2.8bn Nubank IPO, involving a dual listing on the NYSE and Brazil. Transactional debt work, including agribusiness and real estate instruments, was similarly busy for the practice, and advice to investment funds also features regularly in its workload. The team’s regulatory credentials were demonstrated through its work for Laqus Depositária de Valores Mobiliárias on the establishment of a new Central Securities Depository for agribusiness securities. The ‘highly specialised partners‘ include Ricardo Russo, Tiago A. D. Themudo Lessa and the recently promoted Rafael Gaspar for debt products. Henrique Lang, Guilherme Sampaio Monteiro, Jose Luiz Homem de Mello and Fernando Zorzo are among the lead partners on the equity side.

BMA – Barbosa, Müssnich, Aragão is praised for its ‘agility and ability to find creative alternatives and solutions, especially in atypical situations‘. The ‘extremely competent, pro-business, fast and available‘ team handles a wide range of debt and equity products, and has a good track record in cross-border offerings and regulatory issues. Highly rated practice head Camila Goldberg is backed by a versatile team of partners and associates, including Conrado de Castro Stievani, who brings ‘extensive knowledge in capital markets, contracts and public companies‘, and Felipe Prado (a ‘great legal reference‘). Jane Goldman and associate Alexandre Lindenberg offer ‘great availability in client service‘ and ‘ease in presenting alternative solutions for non-standard situations‘. Clients also single out the ‘very attentive and assertive’ senior associate Júlia Rodrigues.

Demarest Advogados has a versatile practice, with a good technical understanding of Brazil’s debt and equity capital markets. Recently, the firm was involved in several firsts, including advice to Alvarez & Marsal, as sponsor, on Brazil’s first SPAC IPO. Advising StartMeUp on the launch of a new platform for start-ups to attract investment through the sale and trade of tokenised securities is further evidence of the team’s capacity for innovation. Clients include major banks, investment funds and debt issuers in key industries such as agribusiness and energy. Thiago Giantomassi leads the experienced team, which includes Joao Paulo Minetto, who is active on the equity capital markets side, and recently promoted partner Leticia Galdino Wanderley.

Machado Meyer Sendacz e Opice Advogados has a notably active transactional team and comes highly recommended for its ability to take ‘the relationship and history with the client seriously‘. The multi-faceted practice handles debt and equity issuances for issuers and underwriters, and its good relationships with banks and aptitude for regulatory issues ensures a steady flow of complex and high-profile mandates. Overall, in 2021 the firm was respectively involved in R$17.7bn and R$28.4bn of equity and debt offerings. Key partners include Eliana Ambrósio Chimenti and Gustavo Secaf Rebello, who handle debt and equity listings, and finance partner Nei Schilling Zelmanovits. The versatile Gustavo Rugani is a name to note in Belo Horizonte.

Stocche Forbes Advogados represents a variety of high-profile issuers and underwriters, which benefit from the firm’s ‘specialised service', and ‘dynamic and updated professionals'. The team caters to the full spread of equity and debt issues, including regulatory advice and support to investment funds. The infrastructure and renewables sectors provide a rich vein of work for the group, with several high-profile debenture issuances and sustainability-linked offerings. Lead partners include Henrique Filizzola, with over 20 years’ market experience, and Marcos Ribeiro for debt, equity and investment fund offerings. Frederico Moura in Rio de Janeiro is recommended for project finance-related deals, and associate Thadeu Bretas is also developing a good name.

Tauil & Chequer Advogados leverages its strong global platform to provide issuers and underwriters with a comprehensive equity and debt capital markets offering. The ‘extremely technical‘ team is praised for its ‘excellent business acumen‘ across a range of sectors, including infrastructure, energy, financial services and food. Carlos Motta leads the versatile practice, which includes highly rated partners such as Rodolfo Constantino De Tella, who is an ‘exceptional professional, with a lot of experience in the area'. Other key individuals include Luis Montes and Bruno Cerqueira, who is particularly experienced in asset-backed securities in the real estate and agribusiness sectors.

TozziniFreire Advogados is regularly involved in domestic and cross-border debt and equity listings. Recently, the firm has developed a good name for advising on ESG-linked products, including green bonds for manufacturing, renewables and infrastructure projects. The firm has established relationships with many of Brazil’s leading financial institutions and has a notable track record acting as counsel to underwriters. Practice head Alexei Bonamin handles a broad range of transactional and regulatory matters and also advises investment funds on related issues. The real estate receivables side of the practice was boosted by the recruitment of partner Ricardo Stuber from KLA Advogados. Gustavo Rabello and Fabíola Augusta Cavalcanti are also active on the debt side.

Bocater, Camargo, Costa e Silva, Rodrigues Advogados has a considerable pedigree in debt and equity capital markets work. The firm’s multi-faceted offering includes transactional, regulatory and litigation advice. The regulatory front is particularly strong given the background of lead partners such as 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 partners include Flávio Martins Rodrigues, who has notable experience in funds-related matters, and corporate finance partner Matheus Corredato Rossi. Jaques Wurman is strong on the administrative litigation side.

FreitasLeite Advogados stands out for its impressive credentials in the investment funds sector, where it has operated for over 20 years. In addition to fund launches, the team advises on related equity and debt offerings, all built on a solid foundation of regulatory and administrative litigation expertise. Transactional work covers the main asset classes, including real estate, private equity, student loans and distressed debt, as well as growth areas such as fintech. Founding partner Cristiano Da Cruz Leite is well known for regulatory matters, while Humberto De Paula Lima Isaac advises on domestic and cross-border products and investment vehicles. Isabela Nunes is a popular choice for offshore funds.

Madrona Advogados has an ‘excellent team‘, whose partners are ‘involved from the beginning to the end of the day‘. The practice represents a mix of issuers, underwriters and investors and has good expertise in real estate and agribusiness debentures. The firm is particularly active on the asset management side, where it represents several funds and family offices, including providing advice on fund launches and IPOs. Key partners include Marcelo Cosac and Luis Bellini who ‘form a motivated team with a unique support network’. Leonardo Di Cola and Nair Veras Saldanha bring good regulatory and corporate experience to the table, respectively.

The well-regarded capital markets team at Veirano Advogados is ‘extremely skilled in proposing new solutions and alternatives'. The firm has notable credentials for debt capital markets work, where it represents a mix of issuers and underwriters. The team is also well versed in cross-border bond issues and asset-backed receivables in the real estate and agribusiness sectors. Lior Pinsky leads the team, which includes the highly rated Luiz Rafael de Vargas Maluf, praised for his ‘extensive knowledge and vast experience'. Daniela Anversa left the firm to take up an in-house counsel role at Natura & Co.

Campos Mello Advogados in cooperation with DLA Piper has a team of ‘highly qualified professionals‘, who are ‘available and add value‘ on debt and equity capital markets matters. The firm represents banks, both as issuers and underwriters, and also assists corporates across a range of industries, including energy, on share, bond and debenture offerings. Clients seeking support on cross-border transactions also benefit from the firm’s impressive international network. Roberto Vianna do R Barros and Jorge Gallo (‘an excellent professional‘) lead the well-regarded practice.

Cascione Pulino Boulos Advogados' ‘highly qualified team' has a notable track record in debt capital markets transactions. The partners ‘bring good solutions in a reliable and agile way‘, often representing both issuers and underwriters. The team’s expertise covers real estate and agribusiness securitisations and debenture offerings, as well as cross-border bond offerings and buybacks. Founding partner Fábio de Souza Aranha Cascione is ‘an excellent lawyer, with a lot of experience in the market‘. Recently promoted partner Gabriel Capella is the key contact in Rio de Janeiro.

Dias Carneiro Advogados is highly experienced in debenture issuances, including real estate receivables certificates (CRI) and agricultural receivables certificates. Its debt capital markets expertise extends to cross-border bond offerings, where it primarily represents issuers. The team is also heavily engaged in the energy and renewables sector, in which it has assisted with several CRI offerings. Versatile partner Thiago Vallandro Flores leads the team, bringing a range of project finance and banking experience. Ricardo Sanches is strong on regulatory matters, while Gustavo Junqueira advises on energy-related financings.

Monteiro, Rusu, Cameirão e Bercht Advogados is well versed in structured finance and debt capital markets transactions. The firm has strong relationships with several top banks and financial institutions, which it represents as underwriters and issuers on a broad range of structured products, including real estate and agribusiness receivables certificates. Clients appreciate the team’s ‘highly qualified, available professionals who add value’ and provide ‘excellent service‘. Lead partners Roberto Rusu and Allan Borba Bercht ‘are tireless, and if they do not have immediate answers, they seek them very quickly and consistently’. Daniel Lopes Monteiro is also highly experienced.

The experienced capital markets team at Vella Pugliese Buosi e Guidoni Advogados is especially active on the debt side. The team can regularly be found advising real estate companies and investment funds on CRI issuances, and it also has good expertise assisting clients in the energy and financial services sectors. The lawyers also advise on capital markets in the context of broader issues, including restructurings and M&A, while the firm’s strategic alliance with Dentons helps in cross-border matters. Gabriella Maranesi Najjar leads the team, with Daniel Lopes Coelho often involved in real estate offerings.