Capital markets in Brazil
Satisfied clients of Cescon, Barrieu, Flesch & Barreto Advogados’ capital markets practice reserve particular praise for its ‘extremely commercial approach’ and ‘great business vision’. In addition to its business sense, the group’s ‘strong availability’ and ‘ability to focus on solutions rather than getting stuck on challenges’ are also held up as significant plus points. A strong performer in both debt and equity deals, the firm enjoys close links with local and multinational banks and corporate issuers. Among its debt highlights, the team advised BB Securities and BNP Paribas on Rio Oil Finance Trust’s $600m notes offering. On the equity front, it advised the underwriters on Hapvida Participações e Investimentos’ high-profile IPO and secondary offering, totalling R$3.4bn. Group co-heads Alexandre Gossn Barreto and Joaquim José Aceturi de Oliveira are jointly highlighted as being ‘adept at leading deals’, due to their ability to remain ‘calm and collected at all times, while focusing on priority issues’. Other names to note include ‘savvy deal-maker’ Maurício Teixeira dos Santos and ‘stand-out associate’ Júlia Lobo, who is an ‘extremely sharp and tireless advocate’. Igor Rego was recently promoted to partner, while Daniel Facó left to join Trench Rossi Watanabe.
Lefosse Advogados brings to bear an enviably diverse record in capital markets, with its extensive experience spanning debt and equity offerings, for both underwriters and issuers. High-profile group head Carlos Mello remains one of the most sought-after specialists in this space, particularly on the equity side, where he has been involved in over 127 IPOs and follow-on offerings to date. Notably, during 2018, the firm had a role in four out of the eight equity offerings that came to market, which included advising Notre Dame Intermédica Participações, and its controlling shareholder Alkes II – Fundo de Investimento em Participações Multiestratégia, on its primary and secondary public offering, worth a combined R$2.4bn; Mello and Luiz Octavio Lopes led that work. Rodrigo Junqueira is also a key contact and acted as Brazilian special counsel to the underwriters on Arco Platform’s $194.4m IPO on the Nasdaq Global Select Market. On the debt side, Ricardo Prado paired up with Mello to advise JBS on the local aspects of a $500m notes offering by its subsidiary, JBS Investments II. Mauricio Paschoal is also recommended.
‘Fast, pro-business and solution-oriented’, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados secures rave reviews for its ‘very fine-tuned team’. The practice takes in all the key pillars of capital markets matters, with deep experience in debt and equity deals, investment funds and securities regulation. Bruno Mastriani Simões Tuca, who is ‘very knowledgeable in debt transactions’, had a banner year which included advising Petrobras Distribuidora on its R$961.7m public offering of certificates of agribusiness receivables. Marina Anselmo Schneider is held up by some as ‘a benchmark for debt capital markets advice’ and, together with Tuca, advised the underwriters on the first issuance of senior quotas of FIDC Contour Global. On the equity side, Jean Marcel Arakawa, together with ‘very technical and knowledgeable’ up-and-coming partner Vanessa Fiusa, advised Arco Platform on its headline IPO. Other senior names include José Eduardo Carneiro Queiroz and Renato Schermman Ximenes de Melo.
‘Efficient, available and business-oriented’, Pinheiro Guimarães – Advogados is a ‘go-to firm for complex structured capital markets transactions’, according to sources. The ‘deep and talented’ group is noted for its broad expertise, which takes in debt, equity, derivatives, investment funds, securitisations and structured finance, and ‘attorneys at all seniority levels really understand the products and the industry’. In a major highlight, the firm advised Credit Suisse and J.P. Morgan, as underwriters, on Enel Brasil Investimentos Sudeste’s R$5.3bn offering of secured commercial papers. It also acted for Banco Bradesco BBI, as underwriter, on Enel Brasil’s R$4bn issuance of unsecured commercial papers. Plinio Pinheiro Guimarães Neto and Francisco José Pinheiro Guimarães, who co-lead the department from Rio de Janiero and Sao Paulo respectively, are highlighted together as ‘very knowledgeable, dedicated and experienced’. The group also includes Ivie Moura Alves (‘very experienced with remarkable expertise in capital markets’), Paula Beatriz Carneiro Pessôa (‘one of the most complete lawyers when it comes to derivatives, structured products and investment funds’) and Bruno Lardosa (‘an outstanding talent, especially in securitisations and asset-backed products’).
Pinheiro Neto Advogados' group, led by high-profile corporate finance specialist Henrique Lang, is equally well versed in debt and equity offerings - it also has strong expertise in structured finance, funds and securities regulation. Among its issuer-side highlights, Fernando Zorzo and ‘up-and-coming’ partner Guilherme Sampaio Monteiro paired up to assist PagSeguro Digital with its $1.1bn IPO and $1.5bn secondary offering. On the debt front, Jose Carlos Junqueira Sampaio Meirelles and counsel Marcos Proenca advised Nova Transportadora do Sudeste on its R$5.2bn offering of debentures. Among its highlights for underwriters, debt capital markets lead Ricardo Simões Russo advised Banco ABC Brasil on a R$340m offering of debentures by Empresa de Energia São Manoel. In addition, Tiago Themudo Lessa advised both the issuer and the underwriters on Vert Companhia Securitizadora’s public offering of agribusiness receivables certificates, which was sponsored by Syngenta Proteção de Cultivos. The group also benefits from the senior expertise of banking specialist José Luiz Homem de Mello.
BMA - Barbosa, Müssnich, Aragão’s market-leading corporate practice translates into a strong track record in the equity capital markets. The firm also fields a robust debt practice which routinely advises on debt offerings, structured finance transactions, derivatives and debt restructurings, among other matters. Among its highlights, department head Camila Goldberg advised Concessionária do Aeroporto Internacional de Florianópolis on its R$300m offering of non-convertible debentures to support the construction of a new terminal at Florianópolis International Airport. Talented younger partner Rodolfo Constantino de Tella had a banner year, which included teaming up with Luiz Antonio de Sampaio Campos and Anna Carolina de Oliveira Malta to advise the issuer and Banco ABC Brasil on Oi’s R$4.1bn offering of debentures as part of its judicial reorganisation plan. Paulo Aragão is also recommended.
The ‘very strong and dedicated team’ at Demarest Advogados is valued for its ‘deep business understanding’ and ability to provide ‘tailor-made solutions adapted to the client’s needs’. The practice has experience across a broad mix of capital markets matters but is best known for its strength in debt offerings and structured-finance transactions. Group head Thiago Giantomassi, who ‘provides solid results’, recently led the firm’s advice to the banks on CIBRASEC – Companhia Brasileira de Securitização’s R$961.7m issuance of agribusiness receivables certificates. Over the past year, the firm also advised on several issuances of agribusiness credit rights certificates - for both banks and issuers. Impressive senior associate Denise Okimura relocated to the firm’s New York office.
‘Among the most capable and experienced teams in Brazil’, Machado Meyer Sendacz e Opice Advogados’ group distinguishes itself through its ‘strong expertise, dedication and commitment to deadlines’, according to sources. The group, which handles an array of transactional and regulatory matters for both issuers and underwriters, is particularly valued for its ‘outstanding knowledge on the client’s company and the market generally’. Among the names to note, Eliana Ambrósio Chimenti is ‘very knowledgeable and client-focused’ and recently advised Banco Itaú BBA and Banco Santander (Brazil), as underwriters, on the local aspects of Brasil PCH’s R$900m offering of debentures. On the equity front, Gustavo Rugani and the ‘solution-oriented’ Eduardo Avila de Castro advised Banco Inter on its primary and secondary offering of preferred shares. Other key contacts include the ‘exceptional’ Adriano Schnur Gabriel Ferreira and Nei Schilling Zelmanovits.
At Stocche Forbes Advogados, ‘delivery is fast’, ‘lawyers put themselves in the position of the client’ and ‘partners participate in every step of transactions’. A strong performer in debt securities transactions, the group also acts on equity offerings, investment funds-related matters, structured finance deals and regulatory issues. Rio de Janeiro-based Frederico Cursino de Moura had a busy year on behalf of energy issuers, which included advising Centrais Elétricas do Pará - CELPA on its R$1bn offering of debentures. On the underwriter side, Marcos Ribeiro advised Banco Santander (Brasil), Banco Itaú BBA, Banco Bradesco BBI and Banco BTG Pactual on Eletropaulo Metropolitana Eletricidade de São Paulo’s R$3bn debentures offering. Experienced names Henrique Filizzola and Rana Moraz are also highly regarded, while ‘very responsive and specialised’ senior associate Thadeu Bretas is a rising star.
TozziniFreire Advogados’ capital markets practice strikes a good balance between equity and debt work. In a recent equity highlight, department head Alexei Bonamin paired up with Fabíola Augusta Cavalcanti to advise Banrisul, and its subsidiary Banrisul Cartões, on the latters IPO — including the regulatory aspects. On the debt side, Bonamin assisted Gaia Cred II Companhia Securitizadora de Créditos Financeiros with two offerings of debentures worth R$5m, which represented Brazil’s first public offering of social bonds. On the manager side, the firm advised the initial purchasers (Morgan Stanley, UBS Securities and Banco Bradesco BBI) and the collateral agent (TMF Brasil Administração e Gestão de Ativos) on Unigel Luxembourg’s $200m notes offering - Kenneth Antunes Ferreira teamed up with Bonamin and Cavalcanti on that deal. Luiz Rafael de Vargas Maluf, who sits in the capital markets and banking and finance groups, recently made partner.
Veirano Advogados benefits from a diverse client base in the capital markets area and it regularly advises issuers, underwriters, funds and investors in both debt and equity transactions. In line with the wider firm’s prominence in the energy space, the power industry is a significant source of mandates and the group recently advised Engie Brasil Energia on its R$746m offering of non-convertible debentures. Telecoms is also an active area and it advised Claro on three recent debt offerings worth a combined R$2.9bn. On the underwriter side, the team acted for Banco Santander (Brasil), Banco Itaú BBA and Banco J. Safra on several placement offerings by Companhia Energética do Ceará – COELCE, a Brazilian energy company controlled by Enel. Rio de Janeiro-based Carlos Alexandre Lobo and Sao Paulo-based Lior Pinsky co-lead a national group that also includes Daniela Anversa.
Cascione Pulino Boulos Advogados’ practice, which is particularly active in real estate and agribusiness-related deals, is weighted towards the debt capital markets. The firm is routinely engaged by both issuers and underwriters to advise on major public offerings and it recently advised Terra Investimentos Distribuidora de Títulos e Valores Mobiliários, as lead underwriter, on Gaia Cred II Companhia Securitizadora de Créditos Financeiros’ landmark social-bond offering. It also advised two SPVs of Naturgy Group on their issuance of photovoltaic infrastructure bonds. Fábio de Souza Aranha Cascione and Marcos Vinicius Pulino co-lead a department that also includes newly made-up partner Diego Gonçalves Coelho.
The ‘responsive, technical and transparent’ group at FreitasLeite Advogados secures strong praise for its ‘efficient project management’. The group’s commercial understanding is also a recurring theme and it impresses with its ‘strong focus on finding legal structures that fit the client's business needs’. The firm’s specialist funds expertise ensures a steady stream of work in that area and Leonardo Di Cola (‘always put himself in the client’s shoes to support business development’) recently advised Pravaler on its R$185m issuance of senior shares of Crédito Universitário FIDC, among other matters. Luiz Paulo Lago Daló and Cristiano da Cruz Leite are also names to note.
According to sources, Lobo de Rizzo Advogados maintains an ‘optimum balance between pragmatism and dynamism’, with its lawyers commended for ‘possessing a sense of urgency, while remaining calm and in control’. Among its highlights, Milton Pinatti and Fabrizio de Oliveira Sasdelli - highlighted together as ‘professional, reliable and tireless’ - advised Santa Vitória do Palmar Energias Renováveis on its R$105m issuance of debentures, which was guaranteed by Inter-American Investment Corporation. Caio Cossermelli and Paula Magalhães are the other key contacts in a group that also counts BK Brasil Operação e Restaurantes, Banco BTG Pactual and Banco Bradesco BBI as clients.
Perlman Vidigal Godoy Advogados
Perlman Vidigal Godoy Advogados’ practice is dominated by debt capital markets transactions, with the firm’s robust expertise in structured finance and securitisation paying dividends. Among its highlights, key contact Rubens de Camargo Vidigal Neto assisted Braskem with the structuring of its tenth receivables investment fund, Chemical X FIDC. The firm also houses a solid regulatory offering and it recently represented Banco BTG Pactual in administrative proceedings brought by the Brazilian Securities Exchange Commission. Marcelo Perlman and associate Allan Crocci de Souza are also noted.
The capital markets and securitisation practice at Tauil & Chequer Advogados in association with Mayer Brown, brings to bear strong expertise in cross-border and infrastructure-related transactions. Highly regarded department head Carlos Motta ‘has the experience to really take on board the client’s concerns’ and recently advised the underwriters, led by Banco Bradesco BBI, Citigroup, Morgan Stanley, BB Investimentos and Nomura, on Banco Inter’s R$672m IPO. On the debt front, the firm advised EDP São Paulo Distribuição de Energia and EDP Espírito Santo Distribuição de Energia on each of their offerings of infrastructure debentures, worth R$260m and R$190m respectively. Finance partner Eduardo Lima is also a key contact.
Vaz, Buranello, Shingaki e Oioli Advogados
Vaz, Buranello, Shingaki e Oioli Advogados’ team, which is led jointly by Erik Oioli and José Alves Ribeiro, has a focus on debt capital markets, with robust expertise in both transactional and regulatory matters. Highlights included advising Companhia Brasileira de Distribuição (as issuer), and Banco do Brasil (as bookrunner), on a R$800m offering of debentures. It also advised the bookrunners on a R$500m issuance of debentures by Companhia de Locação das Américas. Other key clients include Banco ABC Brasil, Omega Energia and Petrobras.
Campos Mello Advogados’ group, which shines in debt matters, is best known for its close relationships with seasoned financial issuers and funds. In a recent example, department co-lead Roberto Vianna do Rego Barros advised Fundo Único de Previdência Social do Estado do Rio de Janeiro – Rioprevidência on a $2bn securitisation of oil royalties, together with BB Investimentos and BNP Paribas. Marcus Vinicius Bitencourt and Jorge Gallo also co-head the practice.
‘Responsive and business-savvy’, Dias Carneiro Advogados debt-focused group is recommended for its expertise in energy, agribusiness, infrastructure and mining-related offerings. Highlights included advising sugar and agribusiness giant USJ Acucar e Alcool, on its R$91.8m offering of debentures. Thiago Vallandro Flores is a ‘pleasure to work with’ and heads a group that includes new arrival Anna Dutra, who was previously general counsel at Brasil Plural, and recently made-up partner Paulo Leme.
KLA Advogados’ houses a ‘solid team with good expertise’, which leverages the wider firm’s impressive real estate practice to shine in property-related matters, including CRI offerings and fund issues. In a recent example of its sweet spot, Ricardo Stuber advised Hotelaria Accor, as guarantor, on Ápice Securitizadora’s R$20m CRI issuance. Ricardo Higashitani and Fernanda Levy are also key contacts.
Landi, Rodrigues, Nakano e Giovannetti Advogados
Landi, Rodrigues, Nakano e Giovannetti Advogados’ capital markets practice covers a mix of funds, debt offerings, structured finance and debt restructuring-related matters, with the real estate and energy spheres standing out as key sources of work. Rogerio Padua Nakano, Ronaldo Bassitt Giovannetti and Ricardo Mahlmann de Almeida are the names to note.
Madrona Advogados routinely advises underwriters, asset managers, funds and issuers on a wide range of debt and equity transactions - it also benefits from significant experience in regulatory matters. CRI offerings are a notable strong suit and the team handles a steady stream of infrastructure-related issuances. Marcelo Cosac and Nair Veras Saldanha are the key contacts.
Capital markets is a key pillar of Monteiro, Rusu, Cameirão, Bercht e Grottoli Advogados’ practice and it is particularly well-versed in debt issuances, including debentures, commercial papers, financial notes and bonds. It also has experience in advising local and international financial institutions, portfolio managers and investors on regulatory issues. Roberto Rusu and Allan Bercht are recommended.
Elvis Camargo Silva de Brong Mattar’s team at Navarro Advogados has an active presence in debt deals; it enjoys a particularly prominent reputation for its record in real estate receivables certificates (CRIs). Highlights included advising medical centre MDX Barra Center on its R$25m CRI offering; and also advising real estate developer Terras de Mombuca Empreendimentos Imobiliários on its R$8.3m issuance CRI issuance.
‘Highly knowledgeable and dedicated’, Trench Rossi Watanabe stands out for its ‘strong senior involvement at all points of transactions’. In particular, Helen Naves is noted for her ‘professional, responsive and detail-oriented’ approach. Naves recently advised seasoned issuer Natura Cosméticos on its R$1.4bn offering of debentures to finance its acquisition of The Body Shop. In a high-profile lateral hire, the team was recently boosted by the arrival of Daniel Facó from Cescon, Barrieu, Flesch & Barreto Advogados.