Capital markets in Brazil

Cescon, Barrieu, Flesch & Barreto Advogados

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.

Testimonials

‘The capital markets team is very hands-on, experienced and has deep knowledge of regulations and keen negotiation skills.’

‘One of the key things that sets them apart from competitors is the level of partner involvement in the transactions. The partners are heavily involved in the transactions and always know what is going on.’

‘Daniel Laudisio’s ability to foresee and anticipate potential problems in the transaction is off the charts. He also has an unique ability to explain complex concepts and bring parties together towards a common goal. His is my go-to lawyer for complex capital markets transactions.’

‘Associate Mariana Borges’ knowledge of Brazilian capital markets regulations are the best I have seen from an associate in a long time.’

Key clients

Banco Bradesco BBI

Banco Santander (Brasil)

BofA Merrill Lynch

Açucareira Quatá

Eneva

Atento

Invepar

Banco BTG Pactual

Credit Suisse

CPFL Energia

Companhia de Saneamento Básico do Estado de São Paulo – SABESP

BB Banco de Investimento

Alesat Combustíveis

Localiza Rent a Car

Atento

EDP Energias do Brasil

S.A. Usina Coruripe Açúcar e Álcool

Norte Brasil Transmissora de Energia

Work highlights

  • Advised the initial purchasers, including Merrill Lynch, Pierce, Fenner & Smith and Morgan Stanley, on the $425m exchangeable senior notes offering by GOL Equity Finance, the first deal of its kind for a listed Brazilian company.
  • Assisted Banco Bradesco BBI on the R$1.8bn public offering of non-convertible, secured debentures issued by CESP – Companhia Energética de São Paulo.
  • Represented BofA Securities and other underwriters on the $300m equity IPO of Afya Limited on the Nasdaq.
  • Advised Alesat Combustíveis on its R$1bn issue of non-convertible unsecured debentures, where Glencore is acting as guarantor.

Lefosse Advogados

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 JunqueiraLuiz Octavio LopesFelipe 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.

Practice head(s):

Carlos Mello

Key clients

Petrobrás Distribuidora

Petróleo Brasileiro – Petrobras

Caixa Econômica Federal

Notre Dame Intermédica Participações

Marfrig Global Foods

Magazine Luiza

Banco BTG Pactual

BR Properties

Marisa Lojas

JBS

Banco Pine

BB-Banco de Investimentos

LPS Brasil Consultoria de Imóveis

BK Brasil Operação e Assessoria a Restaurantes

Log-In Logística Intermodal

Transmissora Aliança de Energia Elétrica

Rumo

Banco Itaú BBA

XP Investimentos

Banco Bradesco BBI

Work highlights

  • Advised Petrobrás Distribuidora, as issuer, and Petrobras, as selling shareholder, on the R$9.6bn secondary public offering of shares in Petrobrás Distribuidora.
  • Acted for Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, XP Investments US, and Itau BBA USA Securities, as underwriters in the $2.2bn primary and secondary offering of shares in XP.
  • Represented the underwriters, including BB-Banco de Investimento  and Bank of America Merrill Lynch Banco Múltiplo, on the R$7.3bn secondary offering of common shares in IRB-Brasil Resseguros.
  • Advised the healthcare company Notre Dame Intermédica Participações on its R$5bn primary public offering of common shares.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

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.

Key clients

Klabin

Ultrapar

Vigor

Banco Pan

COFRA Holding/C&A

Vivara

IRB Brasil RE

Cogna (formerly known as Kroton)

Iberdrola/Neoenergia

Banco Itaú BBA

Morgan Stanley

Bank of America

JPMorgan

Smartfit

JSL

Direcional

XP Investimentos

Coteminas

Carrefour

Banco Bradesco BBI

Work highlights

  • Advised the underwriters, including Banco Bradesco BBI and Citigroup Global Markets, on a $500m bond issue by Ultrapar International.
  • Acted for paper manufacturer Klabin as issuer on a $1.25bn bond offering.
  • Advised the underwriters, including Banco Itau and Banco BTG Pactual, on the $4.7bn follow-on public offering of common shares of Magazine Luiza.
  • Counsel to Brazilian jewellery and watch retailer Vivara on its R$2bn IPO.

Pinheiro Guimarães – Advogados

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 LardosaPaula 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.

Key clients

Citibank

Itaú BBA

Credit Suisse

BTG Pactual

Santander

Bradesco BBI

Organizações Globo

XP Investimentos

HSBC

Votorantim

JP Morgan

Rede D’Or

Enel

Bank of America Merrill

Lynch

Klabin

Goldman Sachs

Morgan Stanley

Work highlights

  • Advised the underwriters, including J.P. Morgan and Citigroup Global Markets Brasil, on the $2.5bn follow-on offering by Petrobras of common shares in BR Distribuidora.
  • Represented Enel Brasil on the R$9.3bn issuance and public offering of commercial papers.
  • Represented the underwriters, including Banco Santander Brasil and Banco Bradesco BBI, on the R$3bn issue of non-convertible unsecured debentures by Petrobras.
  • Counsel to Eletropaulo Metropolitana Eletricidade de São Paulo on a R$1.5bn offering of non-convertible unsecured debentures.

Pinheiro Neto Advogados

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.

Testimonials

‘Unique understanding of securitization products, mainly in the agribusiness sector. Quality of documents is above average, availability of lawyers (including partners) is also an important differential.’

‘Tiago Lessa is exceptional, not only in terms of relationship but in terms of legal understanding and commercial skills.’

‘Rafael Gaspar is also proactive, accurate in his opinions and provides comfort to the parties participating in the transaction.’

Key clients

Cielo

Via Varejo

Alliansce Sonae Shopping Centers

Banco Itaú BBA

Bradesco BBI

Neoenergia

Cosan

Natura

Banco BTG Pactual

CPFL Energia

Work highlights

  • Represented the syndicate of banks that participated in Petrobras’ bond issue and tender and exchange offers, nine of which occurred between December 2018 and September 2019, totaling $17.4bn.
  • Assisted Cielo in a complex debt issue, involving a R$3bn debenture issue and a subsequent $372m bond offering.
  • Advised the underwriters, including Banco Itaú BB, Bradesco BBI and Banco ABC, on Energisa’s issue of R$1.5bn of debentures.
  • Represented CPFL Energia on its $840m follow-on equity offering.

BMA - Barbosa, Müssnich, Aragão

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 NusbaumRodolfo Constantino de Tella left to join Tauil & Chequer Advogados in association with Mayer Brown.

Practice head(s):

Camila Goldberg

Key clients

XP

CPFL Energia

Banco BTG Pactual

Banco Bradesco BBI

Companhia de Gás de São Paulo – Comgás

Banco Safra

Santos Brasil Participações

Sul América

Companhia Siderúrgica Nacional

Ultrapar Participações

Work highlights

  • Advised TOTVS on a R$1.06bn public offering  of new common shares.
  • Assisted Brazilian independent financial adviser (and the country’s largest digital broker) XP Group on its $2.25bn SEC-registered IPO on the Nasdaq global market.
  • Represented the underwriters on a R$3.6bn public offering of shares by CPFL Energia.

Demarest Advogados

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.

Practice head(s):

Thiago Giantomassi

Key clients

Raízen

CVC Brasil

Santander

Unidas

Taesa

Banco Bradesco

Itaú BBA

Minerva

XP Investimentos

State Grid

Jive

MRV

Banco Inter

Kinea Investimentos

Credit Suisse Hedging-Griffo

7 Bridges Capital Partners

Softbank

Even Constrututora

Work highlights

  • Advised Raízen Energia and Raízen Combustíveis on several significant public offerings, including R$900m worth of agribusiness receivables issued by RB Capital Companhia Securitizadora.
  • Acted for CVC Brasil Operadora e Agência de Viagens on the public offering of debentures worth R$708m.
  • Represented State Grid, as controlling shareholder of CPFL Energia on the R$3.2bn public offering of CPFL-E, the proceeds of which will be used to buy the remaining shares in the company held by State Grid.

Lobo de Rizzo Advogados

Lobo de Rizzo Advogados has a well-balanced team that is increasingly active on the equity capital markets front, thanks to the expertise of partners Caio Cossermelli and 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.

Testimonials

They are extremely helpful and ready to help. They are very technical and know the capital market law like few others. They bring quick solutions and offer a lot of security for the operation.

Caio Cossermelli is a very experienced lawyer; he is always available to assist us, even when the matter goes beyond what should be done contractually.

Key clients

Banco BTG Pactual

Banco Itaú BBA

Banco Bradesco BBI

XP Investimentos, Corretora de Câmbio, TVM

Banco Santander (Brasil)

Tegra Incorporadora

AB Concessões

MRV Engenharia e Participações

Braskem

BK Brasil Operação e Assessoria a Restaurantes

Companhia de Saneamento do Paraná – SANEPAR

Work highlights

  • Advised BK Brasil Operação e Assessoria a Restaurantes (Burger King) on a R$715m follow-on share offering.
  • Represented BTG Pactual, Banco Santander (Brasil), Banco Itaú BBA and Caixa Econômica Federal as underwriters on Tecnisa’s R$445m follow-on offering with restricted placement efforts.
  • Advised Afya Limited on its $300m Nasdaq listing.

Machado Meyer Sendacz e Opice Advogados

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.

Key clients

Banco Bradesco

JBS

GLP Brasil Empreendimentos e Participações

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários

Banco Itaú BBA

Wiz Soluções e Corretagem de Seguros

Banco Inter

Eletrobrás – Centrais Eletricas Brasileiras

Arteris

JHSF Participações

Grupo Pão de Açúcar

Work highlights

  • Advised the underwriters, including Banco Santander (Brasil), on the R$1.4bn debenture issue by Gerdau.
  • Advised Electrobras as issuer on its R$5bn bond issue to help it finance the development of the Angra 3 thermonuclear plant and the Belo Monte hydroelectric dam.
  • Acted for Neoenergia, as issuer, and Iberdrola Energia, as controling shareholder, on the R$3.8bn secondary public offering of common shares.

Stocche Forbes Advogados

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.

Key clients

Banco Santander (Brasil)

Banco Itaú BBA

Banco Bradesco BBI

Equatorial Energia

Energisa Group

Copel Group

ENGIE

CCR Group

Omega Geração

Tecnisa

Work highlights

  • Advised Tecnisa, as issuer, on its R$445m public share offering.
  • Advised underwriters  Banco BTG Pactual and Banco Itaú BBA on a R$978m share offering by EZ TEC Empreendimentos e Participações.
  • Assisted Banco Santander on the R$5bn debenture offering by Electrobras.

TozziniFreire Advogados

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.

Practice head(s):

Alexei Bonamin

Key clients

Banco Morgan Stanley

Banco do Brasil (BB) Banco de Investimento

Banco Société Générale

Banco Bradesco BBI

Banco Santander Brasil

Banco J.P. Morgan

Banco Itaú BBA

Banco BTG

Banrisul

Banco Votorantim

Work highlights

  • Represented the underwriters, Banco Itaú BBA, Banco Bradesco BBI, Banco Santander (Brasil) and Banco Votorantim, on a R$2.2bn green bond issue by AES Tietê Energia, the first to be linked to solar farms in the Brazilian market.
  • Advised Sinqia, as issuer, on its R$362m primary stock offering, as well as related tax issues linked to the company’s market value.
  • Acted as counsel to Porto Itapoá (Itapoá Terminais Portuários) on obtaining R$450m through an IDB loan and a public offering of debentures.

Veirano Advogados

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

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.

Key clients

Banco Votorantim

Caixa Econômica Federal

Banco do Brasil

Banco Itaú BBA

Banco Santander

FAR – Fator Administração de Recursos

BTG Pactual

RB Capital

ISEC Group

Gaia Group

Work highlights

  • Advised Caixa Econômica Federal as lead underwriter on a R$1.95bn debenture issue by Companhia Siderúrgica Nacional.
  • Represented BB Banco de Investimento as lead underwriter in the R$162m public offering of agribusiness receivables certificates issued by ISEC Securitizadora backed by debentures issued by Broto Legal.

FreitasLeite Advogados

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.

Practice head(s):

Cristiano Leite; Humberto Isaac

Testimonials

‘This law firm is a specialist in this capital market practice and answers with high quality and timely requests. We can really count on their advice.’

‘Accessible, straight to the point and not scared of actually giving their opinion in a controversial matter.’

‘Isabela Nunes is one of, if not the best lawyer I have worked with.’

Key clients

Banco Andbank

Banco Itau BBA

Banco Bs2

Banco BTG Pactual

Banco Credit Agricole

Banco Mercantil Do Brasil

Banco Modal

Banco Sofisa

Barigui Investimentos Imobiliários

Brasil Plural Gestão de Recursos

Brei – Brazilian Real Estate Investiments

Bresco

BRL Trust Distribuidora

Coinvalores Corretora

Constellation Investimentos

Construtora Souza Lima

Credit Agricole Indosuez

DNA Capital Consultoria

E.Bricks Early Stage Consultoria

Work highlights

  • Advised Angá Asset Management, Sabemi Seguradora and Sabemi Previdência Privada on the structuring and R$484m launch of closed-end credit fund FIDC Angá Sabemi Consignados.
  • Acted for Pravaler, an investment firm focused on the education sector, on the R$368m issuance of senior shares in Crédito Universitário FIDC and in the creation of a new class of subordinated shares for the fund.

Tauil & Chequer Advogados in association with Mayer Brown

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.

Practice head(s):

Carlos Motta

Key clients

Banco BTG Pactual

Engie Brasil Energia

EDP Energias do Brasil

Ecorodovias Concessoes e Servicos

JSL

Cyrela Brazil Realty Empreendimontos

Unidas S.A.

Tereos Acucar e Energia Brasil

CCR

Work highlights

  • Advised Banco BTG Pactual and Banco de Investimentos Credit Suisse as underwriters on Sinqia’s R$360m follow-on share offer.
  • Represented transport infrastructure company Ecorodovias Concessões e Serviços on its R$900m public debenture offering.

Trench Rossi Watanabe

Trench Rossi Watanabe made a strong statement of intent with its recruitment of highly rated practice head Daniel Facó from Cescon, Barrieu, Flesch & Barreto Advogados, although the firm also saw the departure of Helen Naves to Demarest Advogados. Facó's arrival has nevertheless paid dividends on the equity side, as demonstrated by the firm's role on several major IPOs. This goes alongside the firm's already solid debt capital markets practice, where partners such as Luís Ambrósio have an active practice.

Practice head(s):

Daniel 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

Afya

Banco BTG Pactual

Votorantim

PDG Realty

Singular Partners

EDP Energias do Brasil

Marisa Lojas

Work highlights

  • Advised the underwriters, including Goldman Sachs do Brasil Banco Múltiplo  and Banco Itaú BBA, on the $158m public offering of common shares by Log-In Logística Intermodal.
  • Represented Brazilian retailer Grupo SBF on its $176m IPO.

Vidigal Neto Advogados

Vidigal Neto Advogados, formerly known as Perlman Vidigal Gody Advogados, offers a strong mix of transactional, regulatory and contentious capital markets advice. The firm represents numerous leading investment funds on the issuance of debentures, promissory notes, bonds and agribusiness and real estate receivables certificates. Rubens Vidigal Neto and recently promoted partner Fernanda Mary Sonoki are the two main contacts.

Key clients

Rio Bravo Investimentos

Banco Itaú BBA

Brazilian Association of Financial and Capital Market Entities (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA)

XP

CREDZ Administradora de Cartões

Attend Ambiental

Tercon Investimentos

Cerberus Capital Management LP

National Association of Participants in Trade Receivables Funds (Associação Nacional dos Participantes em Fundos de Investimento em Direitos Creditórios Multicedentes e Multissacados – ANFIDC)

Angá Administração de Recursos

Banco Santander (Brasil)

Omni S.A. Crédito, Financiamento e Investimento

Banco BMG

Captalys Gestão

Integral Investimentos

Vórtx Distribuidora de Títulos e Valores Mobiliários

Work highlights

  • Advised the underwriters, including BB Banco de Investimento and Banco Itaú BBA, on the R$600m public offering of two series of agribusiness receivables certificates by Ecoagro.
  • Assisted Rio Bravo Investimentos in its response to official letters issued by the CVM that challenged the tax exemption of two funds.

Campos Mello Advogados in cooperation with DLA Piper

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.

Testimonials

‘Expertise in the law and professionalism in service define the team.’

‘Jorge Gallo, besides having a high technical knowledge, is oriented to the business and brings through his consultancy practical solutions that add value to the business.’

Key clients

Banco RCI Brasil

Banco BTG Pactual

Banco do Brasil

Starboard Asset

Banco Daycoval

Banco Votorantim

BB-Leasing Arrendamento Mercantil

Coremas Holding

Work highlights

  • Advised Banco BTG Pactual as issuer on a $600m subordinated notes issue.

Dias Carneiro Advogados

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.

Practice head(s):

Thiago Vallandro Flores

Key clients

Logos Companhia Securitizadora

True Securitizadora

Marisol

Voltalia Group

Banco KEB Hana

Kinea Investimentos

Biosev

Mitsubishi UFJ Trust and Banking Corporation

Czarnikow

Catálise Investimentos

Inter-American Development Bank / Inter-American Investment Corporation

Banco Brasil Plural

Marisol Vestuário

International Finance Corporation

Work highlights

  • Advised the clothing company Marisol Vestuário on a R$196m debt refinancing involving the issuance of debentures secured by shares held by the company’s controlling shareholders.

KLA Advogados

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.

Practice head(s):

Ricardo Stuber

Testimonials

‘The team is very commercial and solutions-oriented, not always typical in this geography. They proactively anticipate and address potential issues; are courteous and helpful.’

‘The capital markets team at KLA Advogados is a small, yet very strong team. They have an excellent academic background and show profound dedication to their clients. Ricardo Stuber still has a very bright future to come.’

Key clients

Habitasec Securitizadora

BANCO BTG PACTUAL

BANCO BS2

Rio Bravo Investimentos DTVM

Rádio e Televisão Bandeirantes

EMBRAED

Nordic Power Partners

QUASAR

QMC Telecom

Vector Investimentos

Scopel Empreendimentos

Áureo Investimentos

Paramis Capital

Valora

Work highlights

  • Assisted QMC Telecom on a R$500m issue of debentures linked to its corporate reorganisation.

Madrona Advogados

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.

Testimonials

Proximity and expertise of the partners.

Marcelo Cosac and Ricardo Madrona are recommended.

Key clients

Valora Gestão de Investimentos

Credit Suisse Hedging – Griffo Corretora de Valores

Helbor Empreendimentos

Banco Bradesco BBI

RB Capital Investimentos Distribuidora de Títulos e Valores Mobiliários

Mauá Capital Real Estate

Banco de Investimento Credit Suisse (Brasil)

Inter-American Development Bank

Optipar Participações

Tecsoil Automação e Sistemas

Spectra Asset Management

Angá Asset Management

Banco Indusval

BLP Asset Management

Work highlights

  • Advised Credit Suisse Hedging – Griffo Corretora de Valores, as underwriter, and Modal Distribuidora de Títulos e Valores Mobiliários, as manager of the fund and lead underwriter, in the R$110m public offering of senior class shares by Loft I Real Estate Investment Fund – FII.

Monteiro, Rusu, Cameirão, Bercht e Grottoli 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.

Testimonials

‘The team is defined by its expertise in the law and its professionalism in service.’

‘Daniel Monteiro, besides having a high technical knowledge, is oriented to the business and brings through his consultancy practical solutions that add value to the business.’

Key clients

Banco Itaú BBA

Banco Santander (Brasil)

Banco Votorantim

Banco Safra

Banco Bradesco BBI

BB-BI Banco de Investimentos

Banco ABC Brasil

Banco CNH Industrial Capital

XP Investimentos

HM Engenharia

SEI Incorporação e Participações

Companhia Energética Candeias

Porto Seguro Locadora de Veículos

Atem’s Distribuidora de Petróleo

Movida Locações de Veículos

Banco Bocom BBM

Sapore

Arthur Lundgren Tecidos – Casas Pernambucanas

Park Empreendimentos

Água Limpa Energia

Areia Energia

Química Kimberlit

Ourilândia do Norte Transmissora de Energia

Work highlights

  • Advised Banco Itau BBA as underwriter on the R$500m issue of financial notes by Banco Volkswagen.

NFA – Negrão Ferrari Advogados

NFA – Negrão Ferrari Advogados stands out for its strong links to the investment funds sector, where it has advised on the public and private offerings of several real estate and private equity funds. The team also acts on debt securities offerings, including real estate receivable certificates and debentures. Carlos Eduardo Peres Ferrari and Bruno Gagliardi are both heavily focused on this area.

Testimonials

‘The team has a deep knowledge of the real estate market.

Work highlights

  • Advised Banco Ourinvest on the R$100m listing of its Fundo de Investimento Imobiliário – Ourinvest Fundo de Fundos, a real estate investment fund.

Vaz, Buranello, Shingaki e Oioli Advogados

Vaz, Buranello, Shingaki e Oioli Advogados is especially active on the debt capital markets side, where it regularly represents issuers and underwriters. The firm's expertise includes debenture issues, certificates for real estate receivables, promissory notes and also regulatory and compliance advice to various industry bodies. Founding partner Erik Oioli jointly leads the team with José Alves Ribeiro.

Practice head(s):

Erik Oioli; José Alves Ribeiro

Key clients

Banco Itaú BBA

Banco Safra

Banco Bradesco BBI

BB – Banco de Investimento

XP CCTVM

Companhia Brasileira de Distribuição

TBE – Transmissoras Brasileiras de Energia

Forte Securitizadora

RB Capital Companhia de Securitização

Cyrela Commercial Properties Empreendimentos e Participações

Work highlights

  • Advised BB – Banco de Investimento and Banco Safra on Elektro Redes’ issuance of R$1.3bn worth of unsecured non-convertible debentures.

Vella Pugliese Buosi e Guidoni Advogados

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.

Key clients

Companhia Paranaense de Energia – Copel (Grupo Copel)

Toronto Stock Exchange

Banco Santander (Brasil)

Banco BTG Pactual

Work highlights

  • Advised the Toronto Stock Exchange (TSX) and the TSX Venture Exchange on the Brazilian law aspects of its establishment of an on-the-ground presence in South America.