Capital markets in Brazil

'Always at the forefront of the legal market', Cescon Barrieu is a top choice in debt and equity capital markets, advising on the full range of products, from stock IPOs, cross-border issues, through to receivables securitisations. The practice stands out for its advice on groundbreaking listings, such as Brazil's first green bond, and typically handles matters with a multi-jurisdictional element, including SEC-registered transactions. The highly experienced Joaquim De Oliveira has a good track record representing underwriters, issuers and investors. Other key partners include the versatile Alexandre Gossn Barreto, Maurício Teixeira dos Santos, and practice head Daniel Laudisio, who is active on the regulatory side and represents several government-controlled companies and sovereign funds. The highly regarded Mariana Borges was promoted to partner in January 2021.

Lefosse Advogados has an excellent reputation for equity capital markets. Despite the Covid-19 pandemic, the firm remained in high demand and was instructed on a large number of high-profile deals, a notable highlight being Petrobras's R$22bn follow-on offering. The cross-border aspects of the firm's practice was reflected in its recent handling of $2.7bn-worth of US listings. While the equity side of the practice dominates, the firm is also experienced in domestic and cross-border debt offerings, including debentures, and agribusiness and real estate receivables certificates. Lead partners include corporate finance head Carlos Mello, who also offers strong regulatory support to listed corporates, and Rodrigo Junqueira, who regularly represents issuers and underwriters. The versatile Ricardo Prado handles debt and equity listings, and Roberto Zarour is especially strong on the debt side. The newly promoted Jana Araújo has also established a good name in the market.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados' market-leading capital markets team maintains a balanced practice, with top-quality expertise in both debt and equity issues. The firm has strong relationships with the market's major banks and investors, including key investment funds, and the firm's corporate team also ensures a regular flow of issuer mandates. Its transactional work, which includes domestic and cross-border listings, is complemented by strong support in securities regulation. Key partners on the debt side include Frederico Kerr Bullamah, Flavia Magliozzi, Marina Anselmo Schneider and Bruno Mastriani Simões Tuca, who have established an excellent track record on banking and structured products. Vanessa Fiusa and Jean Marcel Arakawa are especially strong on the equity side.

Pinheiro Guimarães' strong market position in capital markets ensured that it was involved in some of the largest listings to hit the market in 2020. This included providing advice to the underwriters, such as on the R$22bn Petrobras secondary offering, and to the issuers, including Rede D'Or São Luiz on its $2.2bn IPO. The firm's impressive workload extends to the debt markets as well, with a similar balance of issuer and underwriter work across a range of domestic and cross-border debt products. The team is respectively led out of São Paulo and Rio de Janeiro by Francisco Pinheiro Guimarães Neto and Plinio Pinheiro Guimarães Neto. They are complemented by a talented team of partners, including Ivie Moura Alves for domestic and international financings, Cristina Tomiyama for transactional and regulatory matters, and Bruno Lardosa and Paula Beatriz Carneiro Pessôa.

Pinheiro Neto Advogados is highly sought after for advice on complex debt and equity capital markets matters. On the equity side, the firm advised on over 30 offerings in 2020, including IPOs, follow-on transactions and tender offers, and is also noted for its regulatory expertise and assistance on the structuring of investment funds. The team also covers the full range of products on the debt side, including infrastructure debentures and cross-border bond offerings. Key partners in the team include Ricardo Russo, who leads the debt capital markets side of the practice, which also sees strong input from Tiago Araujo Dias Themudo Lessa for agribusiness-related financings, and Fernando Prado Ferreira. Guilherme Sampaio Monteiro and Henrique Lang have both been extremely busy on equity issuances. Rafael Gaspar - who made partner in January 2022 - is also developing a good name on the debt front.

BMA - Barbosa, Müssnich, Aragão's well-regarded team had another busy year on the equity capital markets front. The firm regularly represents both issuers and underwriters, and the team's transactional expertise goes hand-in-hand with its regulatory experience and strong connections to the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM). Cross-border expertise is another key differentiator for the team, which regularly provides advice on CVM and SEC-registered equity offerings. The team's multi-jurisdictional credentials extends to the debt side, and its lawyers were involved in several multimillion-dollar issues on the international markets in 2020. The highly experienced Camila Goldberg leads the team, which includes the 'professional, agile and technically excellent' Jane Goldman and recently promoted partners Felipe Prado and Conrado de Castro Stievani.

Clients appreciate Demarest Advogados' ability to 'give quick answers to complex problems'. The firm particularly stands out on the debt side, where it represents a diverse mix of issuers and underwriters. The team's good track record for structured products ensures a strong flow of work in asset-backed agribusiness and real estate securitisations, as well as project bonds. Thiago Giantomassi leads the well-regarded team and has established strong relationships with investment banks and private equity firms. João Paulo Minetto has also developed a specialised practice, and has good experience on the equity capital markets front. Helen Naves left the firm in July 2021.

Machado Meyer Sendacz e Opice Advogados represents issuers and underwriters on the gamut of debt and equity capital markets issues. The firm was involved in over 60 deals in 2020, advising on R$17.7bn in equity offerings and R$28.4bn worth of debt issuances. This is coupled with its strong track record in regulatory matters, as well as in cross-border mandates. The experienced team includes versatile partners such as Eliana Helena de Gregório Ambrósio Chimenti, who advises on both debt and equity listings, and finance partner Nei Schilling Zelmanovits who specialises in debt capital markets. Belo Horizonte-based partner Gustavo Rugani also has a good track record in IPOs and follow-on equity transactions, and all types of bond issues.

Stocche Forbes Advogados has impressive credentials across a variety of debt and equity offerings, representing both issuers and underwriters. The firm regularly advises on Brazilian infrastructure debenture issuances, as well as other structured products. The group's transactional expertise is complemented by a good grounding on the regulatory side, and it has been involved in several proceedings with the CVM concerning regulatory reform. Lead partners include Henrique Filizzola, who has over 20 years' experience representing banks and major corporations; Marcos Ribeiro, who is strong on structured products and advice to investment funds; and Frederico Moura in Rio de Janeiro, who also had a busy year, assisting issuers and underwriters on debt offerings covering a variety of industries. Associate Thadeu Bretas also has a good reputation.

Tauil & Chequer Advogados is gaining good market share in Brazil's competitive capital markets space. The team has been involved in an impressive range of complex domestic and cross-border offerings, with issuer and underwriter clients benefiting from the firm's combined domestic and international strengths. 2020 saw it advise on high-profile high-yield bond offerings, green bonds and infrastructure promissory notes on the debt side. Highlights on the equity side included the team's representation of Locaweb Serviços de Internet, as issuer, on its R$1.2bn IPO. The versatile Carlos Motta leads the team, which includes banking partner Eduardo Lima, Bruno Cerqueira, Luis Montes and Rodolfo Constantino de Tella.

TozziniFreire Advogados has a versatile team, with good expertise in transactional and regulatory debt and equity capital markets issues. The firm is developing a notable track record for green bonds, having already represented clients such as corn ethanol producer FS Bioenergia on several issuances. Practice head Alexei Bonamin is highly active on the debt transactional side and is also well versed in regulatory matters. He was part of the team that successfully defended two former members of the Petrobras Audit Board against administrative enforcement proceedings brought by the CVM. Other key partners include Fabíola Augusta Cavalcanti in Rio de Janeiro and fund formation specialist Gustavo Rabello. In October 2021, the firm's capital markets practice was further strengthened by the arrival of Ricardo Stuber from KLA Advogados.

Veirano Advogados stands out for its debt capital markets expertise, where the extremely well-regarded Daniela Anversa has an active practice. The firm represents a fairly even mix of underwriters and issuers on the full range of debt offerings, including bonds and asset-backed receivables. The practice also offers regulatory support and has experience representing clients in administrative proceedings before the CVM. The equity side of the practice is also gaining traction, as demonstrated by the team’s advice to the underwriters on Intelbras’s primary and secondary share offering. Corporate partners Lior Pinsky and, in Rio de Janeiro, Alberto Bragança also have good experience. In June 2021, the firm further bolstered its practice with the hire of Luiz Maluf, previously an in-house counsel at Citibank. Since research concluded, Anversa has moved in house as legal director at Natura & Co - effective as of July 2021.

A 'renowned firm specialised in the capital markets area', Bocater, Camargo, Costa e Silva, Rodrigues Advogados stands out for its extensive expertise in securities regulatory issues, regularly providing advice to listed companies, brokerage firms and investment funds. This includes advice on investigations by the CVM and related administrative proceedings. The firm's regulatory and disputes expertise also feeds into a strong track record in transactional matters and capital markets listings. Francisco da Costa e Silva leads the team and has a huge amount of industry experience. Other key partners include Maria Isabel Bocater, who previously served as comissioner to the CVM, Flávio Martins Rodrigues and the highly rated Matheus Rossi.

FreitasLeite Advogados is best known for its advice to investment funds on the full range of transactional and regulatory capital markets issues. This includes fund launches, and related debt and equity offerings across multiple asset classes and products, including private equity, distressed debt and real estate. The team’s regulatory advice extends to contentious matters, and it regularly represents clients in administrative and civil claims involving the Brazilian Central Bank and the CVM. Humberto de Paula Lima Isaac heads the international capital markets practice. The firm’s co-founder Cristiano da Cruz Leite also retains a strong focus on this area, representing financial institutions, funds and asset managers. Isabela Nunes is also developing a good reputation in this field.

Campos Mello Advogados in cooperation with DLA Piper has a good track record advising issuers and underwriters, and has built up solid relationships with key domestic and international banks and financial institutions. The firm is especially active on the debt side, with expertise in bond offerings and debentures, often linked to the energy, infrastructure and real estate sectors. The firm’s equity capital markets expertise was demonstrated through its role advising 3R Petroleum on its R$555m IPO. Lead partners Roberto Vianna do R Barros and Jorge Gallo have strong credentials on domestic and international listings.

Cascione Pulino Boulos Advogados is noted for its strong track record in debt capital markets, where it represents issuers and underwriters. The firm has good experience of agribusiness and real estate-related securitisations, as well as more general public and private debt offerings. This is complemented by strong expertise on the restructuring side, and in cross-border mandates. Fábio de Souza Aranha Cascione has good credentials in the market, having worked for and within the banking industry for nearly 30 years. Former partner Diego Gonçalves Coelho left to establish his own firm. Since publication, the team has been further strengthened with the promotion of Gabriel Capella to the partnership - effective February 2022.

Dias Carneiro Advogados represents issuers from across a range of industries, including energy, agribusiness and real estate. The team is especially experienced on the debt capital markets side, regularly advising on the issuance of debentures, real estate receivables certificates and agricultural receivables certificates, as well as international bond listings. Finance partner Thiago Vallandro Flores leads the team, which includes Gustavo Junqueira and Paulo Leme.

KLA Advogados has a solid capital markets practice, which predominantly acts for issuers, including private equity and real estate funds. The team is increasingly active on the real estate side, advising on securitisations and real estate receivables certificates. As well as the issuance of securities, the practice provides strong support on related regulatory and tax issues. Fernanda Levy is a key contact. Since research concluded, in a major development, former practice head Ricardo Stuber left the firm, in October 2021.

Madrona Advogados has a multidisciplinary capital markets team, whose lawyers have strong experience in key disciplines and industries, such as regulatory, real estate and infrastructure. Clients include a mix of issuers, underwriters and investors, and the firm is regularly involved in debentures issuances and the securitisation of receivables. Marcelo Cosac regularly represents banks and investment funds, while Nair Veras Saldanha typically represents issuers, including several state-owned companies, on transactional and regulatory issues. Leonardo Di Cola has a strong following in the investment fund community and is also experienced in securities litigation.

Monteiro, Rusu, Cameirão e Bercht Advogados has an active presence in the debt capital markets space, regularly representing underwriters, issuers and investment funds. Real estate and agribusiness receivables certificates and debentures form a large portion of the firm's workload. The firm's founding partners, including Daniel Monteiro, Roberto Rusu and Allan Bercht, have strong expertise in this area. In 2021, the firm also promoted two new partners who are also active in the capital markets and securitisation space: Marina Lipener Fenerich and Thaisa Menzato.

Vella Pugliese Buosi e Guidoni Advogados has a multi-faceted practice that brings a strong mix of regulatory and transactional expertise to the table. The firm is well versed in a wide range of public debt offerings, including debentures and real estate receivables. In addition, the lawyers have good expertise advising clients on related governance and strategic matters. Practice head Gabriella Maranesi Najjar has over 20 years' experience, and works closely with Frederico Buosi. The firm's strategic alliance with Dentons adds an international dimension to its offering.