Firms To Watch: Capital markets

Loria e Kalansky Advogados is a boutique firm that ‘stands out for the quality of its professionals’ and its specialist expertise in capital markets enforcement and regulation, led by partners Daniel Kalansky and former CVM commissioner Eli Loria.
Mello Torres is often ‘first choice in structuring funds and offers‘, and Vitor Henrique Pagani Arantes‘ team is praised for its ‘close, proactive and innovative stance‘.

Capital markets in Brazil

Cescon, Barrieu, Flesch & Barreto Sociedade De Advogados

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.

Practice head(s):

Daniel Laudisio; Alexandre Barreto


‘Extremely responsive, switched on, commercially-focused yet also astute at protecting client and market interests. We appreciated greatly the availability of Cescon Barrieu to respond to our questions and be available for discussions on a real-time basis. Always available and aligned with our interests, our hot-button issues and our ways of working.’

‘Their level of partner attention is spectacular. Whether on deals or on pitching, they are attentive and always available to talk things through.’

‘When working on deals with them, I am confident that I can always get a clear coherent and well-reasoned answer.’

‘Daniel Laudisio is very good technically and commercially. Always responsive. Gets the demands of international capital markets. Understands how we work and how best we add value to deals together. A valuable addition to a client team, knowing that we can execute with excellent standards and no fuss. A very very safe pair of hands.’ 

Key clients

Goldman Sachs

Centrais Elétricas Brasileiras – Eletrobras

Localiza Fleet


Companhia de Saneamento Básico do Estado de São Paulo – SABESP


BRK Ambiental Participações

XP Investimentos

Banco BTG Pactual


Morgan Stanley

Petro Rio

Banco Itau BBA


Bradesco BBI

General Shopping e Outlets do Brasil

Deutsche Bank Securities

Açucareira Quatá

BofA Securities

Copagaz Distribuidora de Gás

Work highlights

  • Advised Companhia Riograndense de Saneamento – CORSAN on its 4th issuance of debentures, worth R$600m.
  • Assisted the underwriters on a $300m senior secured notes offering by GOL Finance and Gol Linhas Aéreas.
  • Advised technology company Méliuz on a R$1.1bn primary and secondary share offering.

Lefosse Advogados

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'.

Practice head(s):

Rodrigo Junqueira


‘The in-depth knowledge of regulation and the business allows the service provided to be of excellence and personalised, always with close service from the partner.’

‘Ricardo Prado, in addition to being exceptional in his performance, knowledge and relationship with the client, is always very proactive and a partner, contributing with ideas and deep knowledge of the business.’

‘The Lefosse Advogados team advised us on several highly complex transactions in the Brazilian capital market. The dedication, commitment, speed in service and creativity in seeking solutions for the client, makes this office, in my view, unparalleled in Brazil.’

‘Our main contact at the office is with partner Jana Araújo. A unique professional, available, extremely intelligent and knowledgeable about the market, laws and specifics of the products we need, making the client feel confident that the decisions taken are the best possible.’

‘Roberto Zarour – super technician, proactive.’

‘Lefosse is a firm that we consider to have an excellent performance in the debt markets, with committed and competent professionals. Availability and willingness to seek solutions is one of the firm’s main strengths.’

‘Ricardo Prado and Roberto Zarour would be the two people I would highlight, for their knowledge, experience and level of delivery.’

‘Felipe Gibson and Marcelo Tourinho are sensational. Available at all times. Great knowledge of the capital markets.’

Key clients



BR Advisory Partners

Banco BTG Pactual

Banco Itaú BBA

Banco Morgan Stanley

Goldman Sachs do Brasil Banco Múltiplo

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários

Banco Santander (Brasil)

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

Banco de Investimentos Credit Suisse (Brasil)

UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários

Rede D’Or São Luiz


Magazine Luiza

Brisanet Participações

AES Brasil Energia


GPS Participações E Empreendimentos

Cruzeiro do Sul Educacional

MPM Corpóreos

Focus Energia Holding Participações


Westwing Comércio Varejista

Oceanpact Serviços Marítimos

Alupar Investimento




Banco Votorantim


Banco Bradesco BBI

Marfrig Global Foods

Unipar Carbocloro

Atakarejo Distribuidor de Alimentos e Bebidas


Transmissora Aliança de Energia Elétrica

Diagnósticos da América

Gol Linhas Aéreas

Multiplan Empreendimentos Imobiliários

Equatorial Energia

Cogna Educação

Kora Saúde Participações

Norsa Refrigerantes (Solar Coca Cola)

Work highlights

  • Acted as Brazilian special counsel to Vibra and Petrobras in the R$11.4bn secondary follow-on offering of Vibra’s shares.
  • Acted as Brazilian special counsel to Merrill Lynch Brasil, Banco Bradesco, Banco BTG, Banco JP Morgan Brasil, Banco Itaú BBA, Banco Safra, Banco UBS BB, and XP Investimentos in the R$4.9bn primary and secondary follow-on offering of Rede D’Or.
  • Acted as Brazilian special counsel to JBS in connection with its $1bn sustainability-linked senior notes offering.

Mattos Filho

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.

Practice head(s):

Bruno Mastriani Simões Tuca; Frederico Kerr Bullamah; Jean Marcel Arakawa; Marina Anselmo Schneider


‘Extremely experienced team specialised in IPO processes. Always available and with solutions and alternatives to solve problems.’

‘Caio Cossermelli – excellent professional, objective and always available. Rodrigo Miguel Braga – great professional, with knowledge in the area.’

‘The team is made up of super technical people with availability and proactivity.’

Key clients



XP investimentos

Banco Santander

Banco Itaú

BRK Ambiental Participações

Guararapes Confecções

Mateus Supermercados

Lojas Quero-Quero

Advent International Corporation

3R Petroleum e Participações


Pet Center Comércio

Banco BTG Pactual

Sociedade Educacional Leonardo da Vinci

Banco Safra

Goldman Sachs


Pátria Investimentos

Santander Investment Securities

Itau BBA USA Securities

JP Morgan

Banco Citibank

Restoque Comércio e Confecções de Roupas


Work highlights

  • Advised the underwriters on the cross-border IPO of fintech company Nubank, which included access to the listing for Nubank’s Brazilian customers.
  • Advised the underwriters to the bioenergy and renewable energy company Raízen on its R$6.7bn IPO.
  • Advised the Brazilian placing agents on a $2bn debenture listing by the mining company Vale, including a secondary restricted public offering in the domestic and international capital markets.

Pinheiro Guimarães

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‘.

Practice head(s):

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


‘Great involvement of partners and greater focus on more relevant operations, creating a market differential by avoiding the commoditisation of operations. They are able to combine recognition in terms of traditionalism in the market with legal innovations and interest in vanguard discussions. Keeping talent and absence of splits and significant losses of partners in the sector in recent years.’

‘Francisco José Pinheiro Guimaraes –  frequent and differentiated participation; Cristina Tomiyama – technical ability, and mapping and coordination of details; Ivie Moura – multidisciplinary ability in ECM and DCM operations; Mariana Jost – technical vision and differentiated depth.’

Key clients


Itaú BBA

Credit Suisse

BTG Pactual


Bradesco BBI

Organizações Globo

XP Investimentos



Rede D’Or

JP Morgan

B3 – Brasil, Bolsa, Balcão




Suzano Papel e Celulose

Pátria Investimentos


Diagnósticos da América (DASA)

GP Investimentos

Banco Safra


Group Boticário

International Finance Corporation – IFC

Grupo Gran (Graal Participações & GranBio)








Work highlights

  • Advising Vale on its secondary public offering, with restricted placement efforts, of R$11.5bn in non-convertible subordinated participating debentures.
  • Advised on the issuance by B3 – Brasil, Bolsa, Balcão of $700m in sustainability-linked notes.
  • Advising Rede D’or São Luiz and Delta FM&B Fundo de Investimento em Ações on Rede D’or’s R$4.8bn primary and secondary public share offering.

Pinheiro Neto Advogados

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 MonteiroJose Luiz Homem de Mello and Fernando Zorzo are among the lead partners on the equity side.


‘Partners have innovative ideas for problem solving and objectivity in explanations.’

‘Highly specialised professionals and direct service by the partners.’

Key clients


Banco Pan





Natura & Co








WDC (Livetech)

Jalles Machado



SLC Agrícola

Elfa Medicamentos

Work highlights

  • Advised the underwriting banks in a R$6.4bn debenture issuance by Iguá Saneamento.
  • Advised NuHoldings on the $2.8bn Nubank IPO, which saw the fintech bank dual listed in the NYSE and B3 in Brazil.
  • Advised Laqus Depositária de Valores Mobiliárias on the establishment of a new Central Securities Depository, which will focus on agribusiness securities.

BMA - Barbosa, Müssnich, Aragão

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.

Practice head(s):

Camila Goldberg


‘BMA has always been and continues to be a firm endowed with professionals with high technical capacity and a lot of creativity.’

‘Julia Rodrigues stood out in 2021 – always very attentive and assertive.’

‘Quality of work delivered, offering security to the client. Agility and ability to find creative alternatives/solutions especially in atypical situations.’

‘Jane Goldman and Alexandre Roscoe Lindenberg: Great availability in client service; ease in presenting alternatives/solutions for non-standard situations; agility in service.’

‘Extremely competent, pro-business, fast and available. They have a deep understanding of the client’s business and are capable of proposing tailor-made solutions.’

‘Conrado Stievani – a partner with the ability to move through different areas of business law. Extensive knowledge in capital markets, contracts and public companies. Extremely available, fast and accurate in opinions with a broad view.’

‘The BMA team is made up of highly competent lawyers in terms of in-depth legal knowledge of the topics. The discussions are always very rich and allow structures to be made feasible, always with a lot of support and exploring to the maximum what the norm allows. The BMA team is also very helpful in explaining to the different service providers the legal forms that enable concepts and structures. They are also very agile in the preparation and review of documents, and combine this agility with complete and excellent content.’

‘Felipe Prado: I have him as a legal reference given his degree of knowledge of the subjects I discuss with him. The discussions are always very rich in the sense of exploring the legal possibilities to the maximum and using every detail of the law to strengthen theses. He has become a great legal reference for our management team.’

Key clients

Banco BTG Pactual

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários

Banco Safra

Bank of America Merril Lynch Banco Múltiplo

Lojas Americanas

B2W – Companhia Digital

CSN – Companhia Siderúrgica Nacional

Santos Brasil Participações

Rio Bravo Investimentos DTVM



Bemobi Mobile Tech



Core Real Estate Gestão de Investimentos

SPX Gestão de Recursos

Positivo Tecnologia

G2D Investments

AES Brasil Energia

Grupo Soma

Vinci Partners Investments


Iochpe Maxion

Grupo Fleury

Suno Gestora de Recursos

Gazit Brasil

Work highlights

  • Advised G2D Investments on its IPO, which was the first IPO of Brazilian Depositary Receipts (BDR) Level III registered with the CVM since 2017.
  • Represented Vinci Partners Investments in the initial offering of Vinci’s Class A Common Shares in the US.
  • Advised Grupo Fleury in its first issue of sustainability-linked bonds, worth R$1bn.

Demarest Advogados

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.

Practice head(s):

Thiago Giantomassi

Key clients






Bradesco BBI

Itaú BBA


XP Investimentos




Banco Inter

XP Investimentos

Credit Suisse Hedging-Griffo

Work highlights

  • Advised Banco Inter on its corporate reorganisation and listing of shares in the US.
  • Advised StartMeUp on the creation, within the CVM (Brazilian Securities and Exchange Commission) 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 the sponsor, Alvarez & Marsal, in the structure and registration of the first Brazilian SPAC listed as a public company by the CVM.

Machado Meyer Sendacz e Opice Advogados

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.

Practice head(s):

Eliana Ambrósio Chimenti; Adriano Schnur; Gustavo Rugani; Eduardo Avila de Castro


‘It takes the relationship and history with the client seriously (and perhaps this is the main highlight of this firm – conflict checking, knowledge of clients, proximity to partners). It has done a good job in its modernization and has great diversity initiatives.’

Key clients

Banco Votorantim

Banco Itaú BBA

Irani Papel e Embalagem

Anima Holding

Banco Inter

Granbio Investimentos

Madero Industria e Comercio

Ecorodovias Infraestrutura e Logistica (Primav)

Patrimar Engenharia

Direcional Engenharia

Simpar Group

Harmonia Urbanismo


Eletrobrás – Centrais Eletricas Brasileiras

GPA- Companhia Brasileira de Distribuição

Work highlights

  • Advising Companhia Brasileira de Distribuição (GPA) and Sendas Distribuidora on its corporate reorganisation and the capital markets aspect of the subsequent spinoff.
  • Advised Hering with all regulatory and capital markets approvals related to the joint venture agreement with Soma Group and the related share unification.
  • Assisted Banco Inter with its R$5.5bn public offering, with restricted placement efforts, of common shares, preferred shares and units  – the bank’s third follow-on and fourth equity offering since its IPO.

Stocche Forbes Advogados

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.

Practice head(s):

Henrique Filizzola; Marcos Ribeiro; Frederico Moura


‘Personalised service, with specialised service, dynamic and updated professionals. Fee flexibility. Full availability to the client.’

Key clients

Banco Santander (Brasil)

Banco Itaú BBA

HSI – Hemisfério Sul Investimentos

Equatorial Energia

Energisa Group

Copel Group


CCR Group

Omega Geração

Banco BTG Pactual

XP Investimentos

Work highlights

  • Acted as Brazilian legal counsel to the underwriters in the offering of 29.7m common shares by Petro Rio.
  • Advised Banco Itaú BBA and XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários in connection with the public offering by Patria Infraestrutura Energia Core Fundo de Investimento em Participações em Infraestrutura.
  • Advising Banco de Investimentos Credit Suisse (Brasil) in the R$400m second issuance of debentures by 2W Energia to finance the construction of the Kairós Wind Complex.

Tauil & Chequer Advogados

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.

Practice head(s):

Carlos Motta


‘Tauil’s partners are people with high technical knowledge and a lot of business practice, which allows them to provide intelligent solutions to our needs with fair fees and often aligned with the success of the business in question.’

‘Bruno Cerqueira and João Bertanha stand out for their creativity, agility, transparency and availability to serve us, combined with fair fees and success.’

‘Speed ​​and excellence are the strengths of the work performed by them. In addition, they are always available to help us when we need them. They are always updated and bring specific solutions to our business.’

‘Rodolfo Tella is an exceptional professional, with a lot of experience in the area in which he works. Always willing to help us, he brings suggestions that improve our day-to-day, optimizing time and money.’

‘The team is extremely technical and has excellent business acumen. Partners are always involved in discussions and always collaborate in discussions (whether simple or complex).’

‘Rodolfo Constantino de Tella is a great business partner. Always available and extremely technical, using his skills to conduct extremely complex negotiations and deals.’

Key clients

BTG Pactual

Sul América


CTEEP – Companhia de Transmissão de Energia Elétrica Paulista

Ecorodovias Infraestrutura e Logística


Edp São Paulo Distribuição de Energia

Farmácia e Drogaria Nissei


Três Tentos Agroindustrial


Tereos Sugar & Energy

Iguatemi Empresa de Shopping Centers

Work highlights

  • Represented XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários and UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários, as underwriters, on Jalles Machado’s first issuance of R$451m in debentures.
  • Acted as Brazilian counsel to the joint lead managers in connection with Banco BTG Pactual’s $500m 2.750% senior notes offering as part of its $5bn global medium-term note programme.
  • Advised BTG Pactual, Credit Suisse and UBS (as the joint lead managers) in a $250m sustainability-linked bond offering by Banco BTG Pactual.

TozziniFreire Advogados

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.

Practice head(s):

Alexei Bonamin

Key clients

Banco Morgan Stanley

Banco do Brasil (BB) Banco de Investimento

Lojas Renner

Drogaria São Paulo

Banco Santander Brasil

Banco J.P. Morgan

Banco Itaú BBA

Banco BTG


FS Bioenergia

Work highlights

  • Advised Itapoá Participações on its second issuance of debentures worth R$750m.
  • Advised FS Bioenergia on the $80m issuance and sale of senior notes.
  • Advised J.P. Morgan, Deutsche Bank Securities and the initial purchasers on a €500m green bond offering by the aluminium manufacturer Novelis, part of which will go towards financing new renewable energy generation facilities and aluminium recycling centres.

Bocater, Camargo, Costa e Silva, Rodrigues Advogados

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 RossiJaques Wurman is strong on the administrative litigation side.

Practice head(s):

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

Key clients

Banco Itaú BBA

Banco Fator

Vinci Partners

XP Investimentos


Skysites Americas

SIGA Gestora de Recursos

Woori Bank Brasil

3R Petroleum

Petro Rio

Grupo Big Brasil (formerly Walmart Brasil)

Companhia Brasileira de Distribuição (Grupo Pão de Açúcar)

Índigo DTVM

Woori Bank Brasil

Captalys Companhia de Credito

I9 Capital Gestao de Recursos

M Square Investimentos

Queluz Asset Management

Banco Máxima

A5 Gestão de Investimentos

Banco Paulista

Planner Corretora De Valores

Reit Securitizadora de Recebíveis Imobiliários

Previrb (Fundação Previdenciária Dos Servidores Do IRB – Instituto De Resseguros Do Brasil)

Infinity Asset Management

Fundação Petrobras De Seguridade Social

Cadence Gestora de Recursos

Prevcom (Fundação De Previdência Complementar Do Estado De São Paulo)

Singulare (Former Socopa Sociedade E Corretora Paulista)


Nova Futura Corretora

Banesprev Fundo Banespa de Seguridade Social

DESENVOLVE SP – Agência de Fomento

BB Previdencia Fundo de Pensão

Work highlights

  • Advised Reit Securitizadora on a R$80m certificate of real estate receivables (CRI) linked to Residential Dom Zioni in Botucatu, and a R$55m CRI issuance linked to Five Senses Resort Palmas, a luxury resort in the city of Palmas.
  • Advised on the international reorganisation of a Brazilian telecoms company, including work with the fund managers of an FIP (controlling vehicle), capital reductions, negotiations with domestic and international bondholders, and capital increases both at home and abroad.
  • Advising Fundo de Investimento em Direitos Creditórios – Siga Energia on its R$61m public share offering.

FreitasLeite Advogados

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.

Practice head(s):

Cristiano Leite; Humberto de Lima Isaac

Key clients

Avenue Securities

Galápagos Capital


Sabemi Seguradora

Credit Agricole Brasil

Work highlights

  • Advised SPS Capital on the R$1.5bn formation and public offering of shares by Ativos Especiais III FIDC-NP.
  • Advised Sabemi Seguradora, Sabemi Previdência Privada and Angá Asset Management on the R$565m formation and public offering of shares by FIDC Angá Sabemi Consignados XI.
  • Advised Pravaler on multiple public share offerings, totalling R$310m, by Crédito Universitário FIDC and Crédito Universitário II FIDC.

Lobo de Rizzo Advogados

Lobo de Rizzo Advogados has an ‘efficient and pro-deal team', whose lawyers are ‘always available' and work 'with a high level of collaboration'. The firm was busy on the debt capital markets side during 2021, when it helped close 87 bond issues with an aggregate value of over R$27bn. The firm was involved in several significant green bonds, where it represents several issuers operating in the renewables sector. The practice also has well-established relationships with many of Brazil’s leading financial institutions and underwriters. ‘Distinguished' partners Milton Pinatti and Fabrizio De Oliveira Sasdelli are praised for their ‘initiative, proactivity and engagement’. Maria Costa Neves Machado is also noted.

Practice head(s):

Fabrizio de Oliveira Sasdelli; Milton Pinatti


‘Efficient and pro-deal team.’

‘The team is made up of super technical people with availability and proactivity.’

‘Great full service.’

‘The professionals who accompanied us were extremely helpful, quick to respond, easy to communicate, understanding of the contracting party’s demands and interests. The cordiality in the treatment is an observable differential.’

‘A firm with partners/professionals of great knowledge and with a lot of involvement in business, always available and with a high level of collaboration.’

‘Fabrizio Sasdelli and Milton Pinatti who I would point out as two distinguished professionals at LdR. I believe that initiative, proactivity and engagement are the differentials.’

Key clients

São Martinho

Banco Itaú BBA

Banco BTG Pactual

Banco Santander

Banco Bradesco BBI

RGE Sul Distribuidora de Energia

UBS Brasil Corretora de Câmbio

CPFL Energia

Rio Alto Energias Renováveis

Anemus Wind Holding


2W Energia



Cyrela Commercial Properties

Work highlights

  • Provided assistance to Banco BTG Pactual and Banco Itaú BBA in the third issuance debentures by Companhia Securitizadora de Créditos Financeiros VERT-GYR – a deal with a strong ESG component.
  • Assisting Anemus Wind Holding on a debenture listing that was certified as a green bond backed by a portfolio of Power Purchase Agreements (PPA) for small and medium-sized Brazilian companies.
  • Advising São Martinho on its third issuance of debentures and the first green bond issued by the company.

Madrona Advogados

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.

Practice head(s):

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


‘Excellent team to work with. Partners are involved from the beginning to the end of the day. They are fully available, have goodwill, are hands on and contribute a lot in the negotiation of clauses. Super market price and impeccable work.’

‘Madrona has a very unique way of supporting clients, with a combination of expertise in several areas of law that leads to a better, more practical and value-adding result.’

‘I believe that Marcelo Cosac and Luis Bellini form a motivated team with a unique support network. This makes it easier to add value to non-legal support aspects, and when essential, in business and fundraisings. In other words, highly technical and pro-business.’

Key clients

Valora Gestão de Investimentos

Banco Itaú BBA

Banco de Investimento Credit Suisse (Brasil)

Banco de Desenvolvimento de Minas Gerais

Inter-American Development Bank



RB Capital

Jive Investments



Inter Construtora e Incorporadora

CTC – Centro Canavieira de Tecnologia

USJ – Usina São João

Adecoagro Vale do Ivinhema


LPS Construtora e Incorporadora

Alupar Investimento


Work highlights

  • Advised RB Capital Asset Management, as fund manager, in a multimillion BRL public offering issued by RB Capital Credit Alpha Strategy I Fundo De Investimento Em Direitos Creditórios.
  • Advised Valora Gestão de Investimentos, as fund manager, in the incorporation and R$100m IPO of shares in Valora CRA Fundo de Investimento nas Cadeias Produtivas Agroindustriais – Fiagro–Imobiliário.
  • Acted as counsel to RedAsset Gestão de Recursos, as the fund’s investment manager, in the R$400m public offering of senior shares issued by Red Receivables Fund – FIDC.

Trench Rossi Watanabe

Trench Rossi Watanabe has established a strong foothold in the market, built around a solid foundation of equity and debt work for issuers and underwriters. With over 20 years in the market, highly experienced practice head Daniel Facó is especially well regarded by clients and peers. Luís Ambrósio has also developed a good name for domestic and cross-border listings and advice to financial institutions. The firm’s international connections through its cooperation with Baker McKenzie ensure a regular flow of multi-jurisdictional mandates, as reflected in the team’s role on the Mosaico IPO.

Practice head(s):

Daniel de Miranda Facó

Key clients

Grupo SBF

Natura Cosméticos

GP Investments

Goldman Sachs Do Brasil Banco Múltiplo

Wiz Soluções E Corretagem De Seguros

Profarma Distribuidora De Produtos Farmacêuticos

Banco BTG Pactual

Singular Partners

PDG Realty


D1000 Varejo Farma Participações

Mosaico Tecnologia Ao Consumidor

XP Investimentos Corretora De Câmbio, Títulos E Valores Mobiliários

Intelbras S.A. Indústria De Telecomunicação Eletrônica Brasileira

Boa Safra Sementes


CPFL Energias Renováveis


CTC – Centro De Tecnologia Canavieira


Phoenix Tower Participações

Algar Ti Consultoria

Agrovia Do Nordeste

Inter Distribuidora de Títulos e Valores Mobiliários


Althaia Indústria Farmacêutica

Work highlights

  • Representing the global coordinators on the $243m IPO of common shares issued by Mosaico.
  • Representing Intelbras as issuer in a $260m share offering.
  • Acted as Brazilian legal counsel to Natura in its $1bn bond issue linked to sustainability targets.

Veirano Advogados

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.

Practice head(s):

Lior Pinsky


‘Veirano is one of our partners for capital markets and M&A operations due to its competence in finding the best deal and conditions for us. In addition, the team is extremely skilled in proposing new solutions and alternatives to meet the best interests of our company.’

‘Veirano served us in an excellent way, with great assertiveness, diligence and timeliness. They have in-depth knowledge of the market, both in the real estate and in the Capital Markets, sometimes suggesting innovative solutions to problematic aspects that arise in our operations.’

‘Gisela Alves de Melo Miranda and her team have always been excellent in conducting work related to real estate issues, as well as the performance of Luiz Rafael de Vargas Maluf and the Capital Markets team.’

‘Veirano is a firm that our in-house legal team really likes. It has been increasing its market share and seeking its space in the business.’

‘Rafael Maluf, a professional who has worked in other firms and in a bank, has extensive knowledge and vast experience.’

Key clients

Banco Modal

Grupo Gaia

Banco BTG Pactual


Caixa Econômica Federal


TecBan – Tecnologia Bancária

Planeta Securitizadora

SPIC Brasil




Banco Votorantim

Bondinho do Pão de Açúcar


Banco Itaú BBA



Work highlights

  • Acted as counsel to the syndicate of underwriters (XP, BTG Pactual and Itaú BBA) in the R$818m primary public offering of shares of Unifique Telecomunicações, listed on the Novo Mercado segment of the São Paulo Stock Exchange (B3).
  • Advised the syndicate of underwriters (BTG Pactual, Citi, Itaú BBA and Santander) in the R$1.3bn primary public offering of shares of Intelbrás  – Indústria de Telecomunicação Eletrônica Brasileria, listed on the Novo Mercado segment of the São Paulo Stock Exchange (B3).
  • Acted as counsel to Gaia Impacto and family farming cooperatives in the R$17.5m issuance of agribusiness receivables certificates.

Vidigal Neto Advogados

Vidigal Neto Advogados has a good track record in debt issuances and advice to investment funds. The firm’s capacity for innovation has allowed it to assist clients moving into new asset classes such as music and entertainment rights, as well as more established areas including private equity, agribusiness and real estate receivables. The experienced team is led by founding partner Rubens Vidigal Neto, who has ‘extensive experience and knowledge to propose creative solutions'. Fellow partner Fernanda Mary Sonoki is ‘a very efficient professional with a quick response to client demands'.

Practice head(s):

Rubens Vidigal Neto; Fernanda Mary Sonoki


‘The firm works very closely with the most senior professionals in each case.’

‘Rubens Vidigal has extensive experience and knowledge to propose creative solutions.’

‘Fernanda Sonoki is a very efficient professional with a quick response to client demands.’

Key clients

XP Investimentos CCTVM

XP Vista Asset Management

Integral Investimentos

Banco Itaú BBA

Rio Bravo Investimentos

CREDZ Administradora de Cartões

Banco BMG

National Association of Participants in Trade Receivables Funds (ANFIDC)

Fortbrasil Administradora de Cartões de Crédito

Omni S.A. Crédito, Financiamento e Investimento

Captalys Gestão

Artesanal Investimentos

Work highlights

  • Assisted XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários on the structuring of two of the first infrastructure investment funds in Brazil, both managed by Capitânia.
  • Assisted XP in a deal to invest in receivables linked to the commercial exploitation of music and performance rights.
  • Assisted XP in the restructuring of a receivables investment fund to invest in credit rights originated from loans to middle-market companies.

Campos Mello Advogados in cooperation with DLA Piper

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.

Practice head(s):

Roberto Vianna do R Barros; Jorge Gallo


‘Highly qualified professionals, who are available and add value to us in their analyses.’

‘Jorge Gallo is an excellent professional.’

Key clients

Starboard Restructuring Partners Consultoria em Negócios

Banco Santander (Brasil)

Banco RCI Brasil

Banco Votorantim

BB-Leasing Arrendamento Mercantil

Coremas Holding II

Banco BTG Pactual

Banco do Brasil



3R Petroleum

Work highlights

  • Advised Gafisa on two series of convertible debenture issues, worth R$117m.
  • Advised Banco Votorantim on its $500m senior notes offering, issued on the international market under its $5bn global medium-term note programme.
  • Advised Starboard Asset on a $130m debenture offering to finance oil exploration and production in the Macau Cluster.

Cascione Pulino Boulos Advogados

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.

Practice head(s):

Fabio Cascione; Gabriel Capella


‘Highly qualified team attentive to the details of each operation. The firm’s main highlight is, without a doubt, the personal involvement of the partners, who always bring good solutions in an agile and reliable way.’

‘Fábio Cascione, an excellent lawyer, with a lot of experience in the market and yet very accessible to clients.’ 

Key clients

Banco Votorantim

Banco Itaú BBA

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários

Banco BTG Pactual

UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários

Caramuru Alimentos

J. Macêdo

Fram Capital Distribuidora de Títulos e Valores Mobiliários

You Inc Incorporadora e Participações

Kinea Investimentos

Echoenergia Participações

RNI Negócios Imobiliários (Grupo Rodobens)


Bordeaux Fundo de Investimento em Participações Multiestratégia

Polo Capital Gestão de Recursos

Toke Invest Securitizadora

Leste Credit Gestora de Recursos

REIT Securitizadora

Vinci Partners Gestora de Recursos

Work highlights

  • Advising J. Macêdo on the public offering of the 111th issuance of agribusiness receivables certificates (CRA) by Eco Securitizadora.
  • Advising Serra do Mel Holding as issuer on its first debentures issuance.
  • Assisting Gerdau in connection with the $500m offer to buyback several tranches of outstanding bonds.

Dias Carneiro Advogados

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.

Practice head(s):

Thiago Vallandro Flores

Key clients

Logos Companhia Securitizadora

True Securitizadora

Marisol/Marisol Vestuário

Voltalia Group


Kinea Investimentos


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

Work highlights

  • Advised Logos Companhia Securitizadora, as issuer, in a securitisation involving the offerings of certificates of real estate receivables (CRI) originated and backed by debentures issued by LIFE LS Empreendimentos Imobiliarios.
  • Advised Agro Industrial Tabu (Tabu) on several debentures issuance deeds’ amendments, and Sibraspar Empreendimentos Imobiliários (a Tabu group company) on its first, second and third debentures issuance deed amendments.
  • Advised Acqio Holding Participações on its R$55m debt originated through two debenture issuances.

i2a Advogados

i2a Advogados comes highly recommended for its ‘extensive experience' in real estate receivables certificates (CRI). The firm represents an impressive cross-section of the investment fund market, including real estate, receivable and private equity funds. It is one of the most active in the markets for Brazilian REITs (FII). Clients benefit from a deep pool of experienced partners, including Leandro Issaka, Luis Peyser and Ronaldo Ishikawa, who is ‘excellent at structuring CRI and FII'.

Practice head(s):

Ronaldo Ishikawa; Leandro Issaka


‘Ronaldo Ishikawa’s team at i2a has extensive experience in CRI. It makes it much easier to work with them, because there are no basic discussions of structure and Ronaldo has a lot of knowledge, bringing very appropriate solutions for the operation.’

‘i2a differs from other players by being agile, meeting deadlines and adapting the operation to what is feasible. It does not fight over complex structures that in practice are not viable.’

‘Ronaldo Ishikawa is excellent at structuring CRI and FII. Clear, efficient documents and meet deadlines.’

Key clients

Kinea Investimentos

Itau BBA

Vinci Partners

NorthWest Healthcare REIT

Barzel Properties

BR Partners

Patria Investimentos

XP Inc.

Copa Investimentos

Maua Investimentos

Itau Asset

Maua Capital

Brookfield Property Group (Brazil)

Alianza Gestora De Recursos

Banco Genial

Vortx DTVM

Tellus Gestora

Guardian Gestora

Bluemacaw Gestora

Panorama Investimentos

Tishman Speyer Gestora de Recursos

Work highlights

  • Advised XP Vista Asset regarding R$449m issuance of quotas by real estate investment fund Maxi Renda Fundo de Investimento Imobiliário.
  • Assisted Kinea Investimentos on the restricted offering of R$245m in real estate receivables certificates by Opea Securitizadora to finance the acquisition of Edifício Torre Almirante in Rio de Janeiro.
  • Advised Bluemacaw Gestora de Recursos and Catuaí Gestora de Recursos on a R$270m issuance of real estate receivables certificates (CRI), coordinated by Banco Itaú BBA.

Monteiro, Rusu, Cameirão e Bercht Advogados

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.

Practice head(s):

Daniel Lopes Monteiro; Roberto Pekelman Rusu; Allan Borba Bercht


‘Highly qualified, available professionals who add value to us in their analyses.’

‘The firm is very good. Its professionals are good, know a lot about the capital markets and have been providing excellent service to the contractors.’

‘Roberto Rusu and Allan Borba, who are normally the partners at the head of the capital market business with greater interaction with us and with the market. They are tireless, and if they do not have immediate answers, they seek them very quickly and consistently.’

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


Agropastoril Jotabasso


Work highlights

  • Advised UBS Brasil as underwriter on the first issuance of debentures by Companhia de Eletricidade do Estado da Bahia – COELBA.
  • Advised Banco Itaú BBA and Banco Votorantim as underwriters on a R$750m financial bills issuance by Banco Volkswagen.
  • Assisted Banco CNH Industrial Capital as issuer on its fifth issuance of financial bills worth R$700m.

NFA – Negrão Ferrari Advogados

NFA – Negrão Ferrari Advogados has a particular focus on the real estate sector, where it advises on private and public investment funds and debt security offerings. 2021 saw the firm act on over 80 debt issuances, including real estate receivable certificates, debentures and bank credit bills, raising over R$3bn. The investment fund side of the practice was equally active in 2021, with lawyers assisting on 32 private and public offerings, including multiple REITs. Lead partners Carlos Eduardo Peres Ferrari and Bruno Gagliardi represent a broad mix of funds, corporates and financial institutions.

Practice head(s):

Carlos Eduardo Peres Ferrari; Bruno Gagliardi; Guilherme Iuassê Osima


‘The office brings unique experience in terms of client service. All professionals always bring clarity of deadlines to be expected, in addition to proximity in contact with the client and suggestions for different paths/innovative structures, including recent provisional measures.’

‘I’d highlight Bruno Gagliardi, Carlos Ferrari, Felipe Amaral and Guilherme Osima.’

Key clients

Banco BTG Pactual

Banco do Brasil

Cyrela Brazil Realty

Banco Ourinvest

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários

UBS BB Serviços de Assessoria Financeira e Participações

Setin Empreendimentos e Participações

Banco BR Partners

Rio Bravo Investimentos

RBR Asset Management

Opea Companhia de Securitização

Virgo Companhia de Securitização

Itaú BBA

Even Construtora e Incorporadora


Habitat Capital Partners

Carvalho Hosken Engenharia e Construções


GD8 Incorporadora

BNY Mellon Serviços Financeiros Distribuidora de Títulos e Valores Mobiliários


Warren Corretora de Valores Mobiliários e Câmbio

Conx Empreendimentos Imobiliários

Working Capital

Banco Modal

ONM Health

Suno Gestora de Recursos

Vbi Real Estate Gestao de Carteiras

Work highlights

  • Advising the fund administrator, ID Corretora de Títulos e Valores Mobiliários, and the intermediary leader, R Partners Banco de Investimento, on the first, second and third public offerings of shares in Fundo De Investment Imobillario De Unidades Autonomas.
  • Advised BTG Pactual as fund administrator and intermediary leader on the 11th offering of shares in Fundo de Investimento Imobiliário – FII BTG Pactual Fundo de CRI, a real estate investment fund.
  • Acted as deal counsel to all parties in a R$200m offering of real estate receivables certificates by Virgo Companhia de Securitização.

VBSO Advogados

VBSO Advogados is noted for its ‘strong expertise in agribusiness, real estate and capital markets operations', with the agribusiness side of its practice particularly well respected. The firm represents a wide range of issuers and underwriters, and handles transactional and regulatory matters for numerous investment funds. José Alves Ribeiro is ‘an exemplary partner, contributing excellently in discussions and getting completely involved'. Founding partners Erik Oioli and Renato Buranello also bring considerable banking and capital markets experience.

Practice head(s):

Erik Frederico Oioli; José Alves Ribeiro; Henrique Lisboa


‘Complete team with strong expertise in agribusiness, real estate and capital markets operations. Strong ability to execute and think about solid and creative structures.’

‘In my opinion VBSO is among the best legal firms in Brazil for agribusiness, has a highly qualified team, trained and tuned in to everything that refers to Brazilian agribusiness.’ 

‘Manages, with a relatively small team, to be also “full service” for what is necessary in financial/market operations.’

‘José Alves Ribeiro Junior is an exemplary partner, contributing excellently in discussions and getting completely involved in the operations he plays.’

‘José Alves Ribeiro Júnior is an easily accessible professional, extremely competent and qualified, flexible and innovative.’ 

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 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

Inter Construtora e Incorporadora

Quasar Asset Management

WNT Gestora de Recursos

Blu Pagamentos

JF Citrus Agropecuária


Bank of America Merrill Lynch Banco Múltiplo

International Finance Corporation – IFC

EBES Sistemas de Energia

Grupo AKRK Participações

Valora Gestão de Investimentos

Supplier Administradora de Cartões

Banco Sofisa

Work highlights

  • Acted for the debtor, Sendas Distribuidora, on the issuance of R$1.5bn in real estate receivable certificates backed by private debentures.
  • Advised Riza Asset Management on a R$350m issuance by its agribusiness real estate investment fund, Riza Agro.
  • Assisted the underwriter, Banco Itaú BBA, on a R$70m commercial papers issuance by Terra de Cultivo Indústria de Fertilizantes e Rações.

Vella Pugliese Buosi e Guidoni Advogados

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.

Practice head(s):

Gabriella Maranesi Najjar

Work highlights

  • Advised Fibra Experts Empreendimentos Imobiliários, a real estate company, on a R$100m real estate receivables certificates issuance.
  • Assisting EQI 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 Brazilian law aspects for its Chapter 11-related exit facilities.