Cescon, Barrieu, Flesch & Barreto Advogados offers its clients a comprehensive capital markets service and is regularly called upon to advise on the country's largest debt and equity listings. The firm regularly acts for major domestic and international underwriters and issuers, and also has strong expertise in securitisations and other related areas. Several of the firm's partners have a strong track record in capital markets, including Joaquim De Oliveira, Alexandre Gossn Barreto, Ronald Herscovici and Maurício Teixeira dos Santos, who is based in Rio de Janeiro. The team also has a strong flow of talent coming through the ranks, including highly rated partner Daniel Laudisio and senior associate Mariana Borges.

Lefosse Advogados has one of the most active and experienced capital markets teams in the market, offering a strong background in both debt and equity offerings. The team is fairly evenly split between debt and equity, and its lawyers represent a broad mix of issuers and underwriters. The team also has experience in significant privatisations, an area of increased activity recently. In 2019 the firm was involved in a large number of equity listings, with an aggregate value of R$61bn. The highly rated Carlos Mello leads the team, with strong input from key partners, including Rodrigo Junqueira, Luiz Octavio Lopes, Felipe Gibson and Ricardo Prado, who is very active on the debt front. Illustrating the firm's ongoing investment in its capital markets practice, in 2020 it promoted Jana Araújo and Bruno Massis to partner and Luciana Moutinho to counsel.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a truly deep offering both on the debt and equity capital markets front. As well as advising issuers and underwriters on the full range of transactional matters, the firm is also noted for its strong expertise in investment funds and securities regulation. On the debt side, partners including Bruno Mastriani Simões Tuca, Marina Anselmo Schneider and Frederico Kerr Bullamah are all leading players, and also have a broad range of related banking and structured finance expertise. Names to note on the corporate and equity front include Jean Marcel Arakawa and Vanessa Fiusa. Flavia Magliozzi was promoted to partner in 2020. Since publication, Caio Cossermelli joined the firm, effective as of April 2021.

Pinheiro Guimarães – Advogados' market-leading capital markets group fields strong teams of lawyers out of its São Paulo and Rio de Janeiro offices. Highly-rated partners Bruno Lardosa, Paula Beatriz Carneiro Pessôa and practice co-head Plinio Pinheiro Guimarães Neto, are three of the main contacts in Rio; fellow co-head Francisco José Pinheiro Guimarães, Ivie Moura Alves and Cristina Tomiyama are among the lead partners in São Paulo. The firm regularly represents the underwriters on international debt and equity capital market offerings, and has strong relationships with most of the banks. The team has good expertise representing issuers and is especially active for energy-sector clients. However, since publication, Maria Costa Neves Machado has left the firm.

The team at Pinheiro Neto Advogados is regularly involved in Brazil's largest debt and equity capital markets transactions. The firm acts for an impressive mix of underwriters, issuers and sponsors on major cross-border deals, and in 2019 was involved in over 20 equity offerings. The team's expertise goes beyond the transactional, offering support in key related areas, including regulatory, tax and litigation. Among the partners, Henrique Lang has established himself as a leading figure in the market, while debt capital markets head Ricardo Russo is also well regarded. Tiago Araujo Dias Themudo Lessa is singled out for his related agribusiness expertise, and Fernando Zorzo and Guilherme Sampaio Monteiro are recommended for equity offerings. Senior associate Rafael Gaspar is also recommended on the debt side.

BMA - Barbosa, Müssnich, Aragão is a leading player for major equity capital markets transactions and regularly represents issuers and underwriters. The firm's standing in the market is reflected by its role on the $2.25bn SEC-registered IPO of XP Group, which was the largest ever US IPO for a Brazilian company. Clients also benefit from the firm's strong connections with the Securities and Exchange Commission of Brazil (CVM). Practice head Camila Goldberg is backed by a strong team, including Luiz Antonio de Sampaio Campos, Amir Bocayuva Cunha and Jane Goldman Nusbaum. Rodolfo Constantino de Tella left to join Tauil & Chequer Advogados in association with Mayer Brown.

Demarest Advogados has a good track record in capital markets and structured finance. Recently, it has represented a broad range of major issuers, particularly those operating in the energy and agribusiness sectors. The firm has good experience in debt offerings, including debentures and agribusiness receivables certificates. It has also been involved in several significant equity offerings, including that of CPFL Energia, where the team acted for State Grid. The highly integrated team includes experienced capital markets head Thiago Giantomassi, Helen Naves, as well as up-and-coming partner João Paulo Minetto and well-regarded senior associate Denise Okimura.

Lobo de Rizzo Advogados has a well-balanced team that is increasingly active on the equity capital markets front, thanks to the expertise of Paula Magalhães. In 2019 the firm advised on one closed IPO and four closed follow-on offerings. The debt side was also busy, with the team closing over 50 debenture listings. It has a particularly strong track record for advising clients in the infrastructure sector. Milton Pinatti and Fabrizio de Oliveira Sasdelli are two of the lead partners on the debt side. M&A and capital markets expert Julia Visconti was promoted to partner in 2020. Since publication, the team has been further strengthened with the hire of Maria Costa Neves Machado from Pinheiro Guimarães – Advogados, effective as of Febraury 2021, while Caio Cossermelli left in April 2021.

Machado Meyer Sendacz e Opice Advogados enjoys a strong reputation in the market for debt and equity capital markets work, and its partners, including Eliana Helena de Gregório Ambrósio Chimenti are well regarded. The versatile team covers all the bases, with Belo Horizonte head Gustavo Rugani, who is very active on the equity side, and debt finance experts Nei Schilling Zelmanovits and Eduardo Avila de Castro among the key contacts. In 2019 the firm advised public and privately traded companies, including issuers and underwriters, on a number of deals, including over 50 debenture issues.

Stocche Forbes Advogados regularly advises on a strong flow of debt and equity offerings. Recently, the firm was involved in several significant stock offerings, representing both issuers and underwriters. The team also has a good track record in debenture offerings, including in the key energy and infrastructure sectors. Other areas of expertise include regulatory advice to investment funds. Henrique Filizzola is highly experienced across all related areas; Frederico Cursino de Moura is active on the debt side; and Rana Moraz and Marcos Ribeiro also have very versatile practices. Senior associate Thadeu Bretas is considered an up-and-coming talent.

TozziniFreire Advogados has a well-balanced and active practice in the capital markets space. The firm has been particularly active handling debt transactions, including a groundbreaking green bond issue, and has represented both issuers and underwriters on numerous debenture offerings and more general bond issues. The firm's relationships with banks ensures a steady flow of significant instructions. Equity work was also busy, as demonstrated by the team's advice to Sinqia on its share offering. São Paulo-based practice head Alexei Bonamin and Fabíola Augusta Cavalcanti in Rio de Janeiro both bring a huge amount of experience to the table.

Veirano Advogados is popular with issuers, underwriters and investment funds and has good expertise in debt and equity transactions. The firm is particularly strong in offerings in the energy sector. Lior Pinsky and Daniela Anversa in São Paulo and Carlos Alexandre Lobo and Alberto Bragança in Rio de Janeiro are some of the firm's key partners in this area.

Cascione Pulino Boulos Advogados has a strong focus on debt capital markets work, regularly advising banks as underwriters. The firm is especially experienced in offerings linked to real estate and in agribusiness-related securitisations. Fábio de Souza Aranha Cascione has a distinguished track record working in and advising the banking industry; Diego Gonçalves Coelho is also very active in this area, particularly on the real estate and agribusiness front.

FreitasLeite Advogados' versatile team especially stands out for its capital markets, transactional and regulatory advice to clients in the funds sector. In 2019, the firm was involved in the launch of several new funds investing across a range of asset classes. Founding partner Cristiano da Cruz Leite and capital markets head Humberto Isaac are two of the firm's most active lawyers in this area, while Isabela Nunes is also highly recommended. Former partner Leonardo Di Cola left to join Madrona Advogados.

Tauil & Chequer Advogados in association with Mayer Brown has made good inroads into the market, and strengthened the team at the end of 2019 following the recruitment of up-and-coming partner Rodolfo Constantino de Tella from BMA - Barbosa, Müssnich, Aragão. The group, which is led by Carlos Motta and also includes the experienced Eduardo Lima, handles a broad range of debt and equity listings. The firm has good expertise advising on infrastructure and energy-related debentures, representing both issuers and underwriters. Clients also benefit from the firm's strong international network.

Campos Mello Advogados in cooperation with DLA Piper is well regarded by clients, which include numerous banks and financial institutions. Recently, the firm has represented several banks, as issuers, on bond offerings and the issuance of financial bills. Roberto Vianna do Rego Barros and Jorge Luiz Gallo are both experienced in this area.

Dias Carneiro Advogados offers strong experience in domestic and international debt capital markets work. It is especially active on the issuer side, and regularly advises on the issuance of debentures and real estate receivables certificates. The firm also has a good track record acting for clients in the renewables industry. Thiago Vallandro Flores, Paulo Leme and Gustavo Junqueira are names to note.

KLA Advogados is well regarded in the market and a popular choice with issuers. The firm regularly advises on issues of debentures and real estate receivables. As well as major corporates, the firm also represents private equity and real estate funds. Ricardo Stuber leads the team, which also includes Ricardo Higashitani and Fernanda Levy.

Madrona Advogados represents a mix of issuers, asset managers and underwriters. The team acts on both equity and debt listings, and in the latter is regularly advising on offerings of debentures and certificates of real estate receivables. The team, which includes Marcelo Cosac and Nair Veras Saldanha, was boosted by the arrival of its third partner, Leonardo Di Cola, from FreitasLeite Advogados.

Monteiro, Rusu, Cameirão e Bercht Advogados is recommended for its expertise in debt capital markets. The firm's work is especially geared towards structured finance and securitisation-related offerings, including debentures and real estate receivables, often acting for the underwriter. Daniel Monteiro, Roberto Rusu, Allan Bercht and Ricardo Cameirão Junior are all very active on this front.

Vella Pugliese Buosi e Guidoni Advogados is making an increasingly strong impression on the market through a mixture of transactional and regulatory expertise. The firm represents issuers and underwriters, and has recently been involved in several high-value debenture issues, often linked to the energy and infrastructure sectors. Gabriella Najjar and Frederico Buosi are the two most active partners in this area.