Capital markets in Brazil

Cescon Barrieu

Able to provide solutions in a complex and highly regulated environment‘, Cescon Barrieu is particularly skilled at handling major debt capital markets transactions and securitisations on behalf of underwriters. The firm has a proven track record in high-profile and innovative capital markets deals, covering debt offerings, derivatives, receivables funds, structured products and IPOs. A key contact for financial institutions, private and publicly held companies, and investment and hedge funds, Daniel Laudisio is proficient in the issuance of debentures and notes, with a particular focus on the energy, infrastructure and agribusiness sectors. He jointly leads the group with  Alexandre Barreto, who handles both DCM and ECM work. Eduardo Kuhlmann Abrantes has a wealth of experience in DCM transactions; Alice Fulgêncio Brandão is a name to note for securitisations; and Mariana Borges focuses on public and private placements of equity and debt securities, and also assists with corporate governance issues.

Practice head(s):

Daniel Laudisio; Alexandre Barreto


Other key lawyers:

Eduardo Kuhlmann Abrantes; Mariana Borges; Alice Fulgêncio Brandão; Marcelo Moura; Vitor Arantes


Testimonials

‘The capital markets team is very good technically and is able to provide solutions in a complex and highly regulated environment. The partners include Daniel Laudísio, who always endeavours to serve the client in the best possible way, bridging the gap between the firm and the client. He is the client’s partner and seeks to solve problems for the company.’

‘We often rely on the team of Alice Brandão for our securitisation transactions and Vitor Arantes for our investment fund matters. Both teams have a high level of technical and legal knowledge and are also assertive and organised in their work. Individually, I recommend partners Alice Brandão and Vitor Arantes – combination of technique with assertiveness and organisation, generating accessibility and reliability.’

‘I would particularly like to highlight the excellence of their knowledge and client service. Throughout the process, the team was always available to answer any questions I had.’

‘Cescon not only has extremely technical professionals, but they also understand the commercial side of transactions. They are business savvy. In addition, they have an extensive team (deep bench), which allows them to work with good quality on several simultaneous transactions.’

‘Daniel Laudisio – extremely technical, focused on client service.’

Key clients

Goldman Sachs


Centrais Elétricas Brasileiras S.A. -Eletrobras


Localiza Rent a Car S.A.


JP Morgan


Companhia de Saneamento Básico do Estado de São Paulo – SABESP


Algar Telecom S.A.


Empresa Baiana de Águas e Saneamento S.A. – EMBASA


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A


Banco BTG Pactual


CPFL Group


CEMIG Group


Unidas Locações S.A.


Banco Itaú BBA S.A.


Transmissora Aliança Energia Elétrica S.A. -Taesa


Banco Bradesco BBI S.A.


General Shopping e Outlets do Brasil S.A.


UBS Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Menin Group (MRV Engenharia eParticipações S.A., Inter Distribuidora de Títulos e Valores Mobiliários Ltda. and UrbaLoteamentos)


Usina Coruripe Açúcar e Álcool


EDP


Work highlights


  • Advised the underwriters on the 4th issuance of Centrais Elétricas Brasileiras S.A. –Eletrobras debentures in the total amount of R$7bn.
  • Advised the underwriters on Furnas – Centrais Elétricas S.A. 1st issuance of commercial notes, guaranteed by Centrais Elétricas Brasileiras S.A. – Eletrobras in the total amount of R$3,5bn.
  • Advised the underwriters on the issuance of agribusiness receivables certificates (CRAs) backed by agribusiness credits against Marfrig Global Foods S.A., in the total amount of R$1.125bn.

Lefosse Advogados

At Lefosse Advogados, the capital markets group is a strong performer in both equity and debt transactions, where it advises international and domestic banks, financial institutions and corporate issuers. The team has been particularly active advising on high-value follow-on offerings, but is also well versed in IPOs, tender offers, debt issuances (including debentures) and securitisations concerning agribusiness and real estate receivables certificates. Practice co-head Ricardo Prado has acted for both underwriters and issuers in a host of public offerings of securities in Brazil; his expertise also extends to corporate governance. In addition to his transactional skills, Rodrigo Junqueira has significant experience in mandates involving listed companies and related regulatory issues. Jana Araujo stands out for her lead role in multiple domestic and cross-border debt and equity offerings. Bruno Massis brings together a strong background in DCM and ECM, and also handles debt restructuring and fixed-income deals.

Practice head(s):

Luiz Octavio Lopes; Ricardo Prado


Other key lawyers:

Rodrigo Junqueira; Carlos Mello; Jana Araujo; Bruno Massis; Pedro Cruciol


Testimonials

‘Lefosse is characterised as an excellent firm because, in addition to protecting the client’s interests in capital market transactions, the team knows how to act in a way that facilitates the project/transaction. Very good technically. Professionals who are available to assist the client and counterparties and recognise what is a risk and what can be taken into account.’

‘Ricardo Prado is a great partner, available to deal with clients and very good technically, with good mediation skills.’

‘Pedro Cruciol was very helpful in dealing with transactions, proving to be a reliable professional with a high level of performance and excellent technical knowledge.’

Key clients

BRF


Eletrobrás


China Three Gorges


2W Energia


Sabesp


Banco Citibank


BR Partners


AES


J&F Investimentos


Morgan Stanley


Rede D’or


Cosan


Bank of America


Dasa – Diagnósticos da América


AES Brasil Energia


Taesa – Transmissora Aliança de Energia Elétrica


Rumo


Raia Drogasil


Neoenergia


TOTVS


Marfrig Global Foods


XP Investimentos


Petrobrás


JBS


Banco Bradesco BBI


Banco Itaú BBA


Banco BTG Pactual


Work highlights


  • Acted as Brazilian special counsel to BRF S.A. in connection with the $5.4bn primary public offering.
  • Advised the underwriters on Copel’s R$4.5bn follow-on offer in the context of the company’s privatisation.
  • Advised the underwriters on CELG-D (Enel Goiás) 2nd issuance of debentures in the amount of R$7bn.

Mattos Filho

Highlighted for its ‘profound understanding of both local and international financial markets‘, Mattos Filho has the ‘ability to provide strategic and innovative legal counsel across a range of capital markets transactions, including public offerings, bond issuances, and financial restructuring deals‘. On the equity front, the team has an unparalleled position in the market for its historical involvement in large public equity offerings made by Brazilian companies; despite the recent IPO drought, the firm has remained busy advising issuers, underwriters, selling shareholders and anchor offerings in follow-ons. The group also fields a deep DCM bench, which gained particular prominence as the market collectively turned its attention to debt and securitisation offerings at the end of 2022. Focused on public offerings and private placements of shares, debt and hybrid securities, Jean Marcel Arakawa is a reference for domestic and international corporations, financial institutions and investors. ECM specialist Vanessa Fiusa assists public listed companies with regulatory and corporate governance issues, while Bruno Tuca is noted for his issuer and underwriter-side work in the DCM space. Caio Cossermelli and Henrique Ferreira Antunes have advised on numerous IPOs and follow-ons; Raphael Saraiva is the name to note for securitisation transactions involving agribusiness receivables.

Other key lawyers:

Jean Marcel Arakawa; Vanessa Fiusa; Bruno Tuca; Caio Cossermelli; Flavia Magliozzi; Henrique Ferreira Antunes; Raphael Saraiva


Testimonials

‘State-of-the-art firm that delivers contracted services above expectations. The members of the firm have renowned legal knowledge and expertise in capital markets. Agility, capacity and quality superior to other renowned  firms in the sector.’

‘The capital markets team at Mattos Filho stands out for its depth of knowledge, experience, and commitment to excellence. Potential clients would want to know about the team’s strengths and key capabilities, which include their ability to provide strategic and innovative legal counsel across a range of capital markets transactions, including public offerings, bond issuances, and financial restructuring deals. ‘

‘Compared to other firms, Mattos Filho excels in its client-centric approach and the exceptional quality of its work. The team possesses a profound understanding of both local and international financial markets, enabling us to offer valuable insights and tailor-made solutions for our clients.’

‘Caio Cossermelli’s adeptness in delivering precise and strategic legal counsel has been pivotal in steering through the intricate challenges of our industry, ensuring seamless regulatory compliance, and enhancing our operations within the capital markets. Their proactive stance, intertwined with a profound comprehension of legal intricacies and the business landscape, has served as a cornerstone of our achievements. Without question, Caio exemplifies exceptional talent and is unequivocally deserving of acknowledgment among the foremost professionals in their field.’

‘Quality service, focusing on educating best practices in any process in which they are involved. Mattos Filho’s professionals create bonds of partnership with clients.’

‘Henrique Ferreira Antunes: service, quality professional, unique. In addition to having excellent client service, Henrique has exceptional leadership and performs multiple functions, always adding value. We have confidence in Henrique Antunes that problems will be resolved quickly and ethically. Far above other professionals from other firms.’

‘The Firm has an exceptional level of performance and knowledge. The service is differentiated and provides prompt feedback to clients.’

Key clients

Banco BTG Pactual S.A.


Ambipar Participações e Empreendimentos S.A.


CM Hospitalar S.A.


FS Agrícola S.A.


Banco Itaú BBA S.A.


Advent do Brasil Consultoria e Participações Ltda


IRB-Brasil Resseguros S.A.


EZ-TEC Técnica Engenharia e Construções Ltda


Interplayers Soluções Integradas S.A.


Cerradinho Bioenergia S.A.


BRK Ambiental Participações S.A.


Pet Center Comércio S.A.


Eurofarma Laboratórios S.A.


Telefonica Brasil S.A.


Banco Morgan Stanley S.A.


União Química Farmacêutica Nacional S.A.


Banco Bradesco S.A.


Ultrapar S.A.


Empreendimentos Pague Menos S.A.


Smart Fit Escola de Ginástica e Dança S.A.


Banco Santander (Brasil) S.A.


Dasa – Diagnósticos da América S.A.


Pátria Investimentos Ltda.


Hapvida Participações e Investimentos S.A.


Simpar S.A. (and other group companies, such as Vamos)


Oncoclínicas do Brasil Serviços Médicos S.A.


Aegea Saneamento e Participações S.A.


Klabin S.A.


Work highlights


  • Acted as Brazilian counsel to Águas do Rio 1 SPE S.A. and Águas do Rio 4 SPE S.A., as well as the shareholders of the borrowerÁguas do Rio Investimentos S.A. and Aegea Saneamento e Participações S.A. in the raising of R$5.5bn worth of debentures in the largest ever offering of infrastructure debentures in Brazil.
  • Acted as deal counsel, advising EDP Energias de Portugal S. A. as the offeror, including its vehicle used for the offer (EDP International Investments and Services, S.L.), as well as Banco BTG Pactual S.A., in the tender offer for the acquisition of up to all outstanding common shares issued by EDP – Energias do Brasil S.A. except for those held, directly and indirectly, by EDP – Energias de Portugal, S.A. and for those currently held in treasury.
  • Advised the SALIC, a wholly owned subsidiary of the Saudi Public Investment Fund, on the structuring, from the outset, of its investment in BRF.

Pinheiro Guimarães

Showcasing particular strength in DCM matters, Pinheiro Guimarães‘ capital markets practice is a key port of call for financial institutions, investment funds, securitisation companies as well as publicly traded and closely held corporations. The team is particularly well positioned to assist with the public offering and private placement of debt instruments (covering both notes and debentures) and structured assets, including mortgage-backed securities and deals involving agribusiness receivables. Department co-head Plinio Pinheiro Guimarães N. is a seasoned capital markets, finance and M&A practitioner. These are also key areas of expertise for fellow co-leader Francisco José Pinheiro Guimarães. Also at the helm of the practice, Ivie Moura Alves is noted for her substantial experience in the debt market, advising on domestic debentures and other debt issuances. Other names to note include Bruno Lardosa and Carolina Alonso, who specialise in complex structured deals, including the securitisation of real estate, agribusiness and financial assets.

Practice head(s):

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


Other key lawyers:

Bruno Lardosa; Carolina Alonso


Testimonials

‘Extremely active, close and available partners.’

‘Carolina Alonso – very technical and vast knowledge of the main market structures.’

Key clients

Citibank


Itaú BBA


Credit Suisse


BTG Pactual


Santander


Bradesco BBI


Organizações Globo


XP Investimentos


HSBC


Votorantim


Rede D’Or


JP Morgan


B3 S.A. – Brasil, Bolsa, Balcão


Iopche


Neoenergia


Enel


Suzano Papel e Celulose


Pátria Investimentos


CTG


Diagnósticos da América (DASA)


GP Investimentos


Banco Safra


Klabin


Group Boticário


International Finance Corporation – IFC


Vale S.A.


Positivo S.A.


Estapar S.A.


Sicredi


CSN


BRFoods S.A.


UBS BB


Banco Modal S.A.


Banco Interamericano de Desenvolvimento – BID


Engie


Work highlights


  • Acted as counsel to the underwriters in the offering of notes by Vale Overseas Limited, guaranteed by Vale S.A., in the amount of $1.5bn.
  • Acted as counsel to the dealer managers in Azul’s exchange offer of any and all of the outstanding 5.875% Senior Notes due 2024 for the 11.500% Senior Secured Second Out Notes due 2029, and any and all of its outstanding 7.250% Senior Notesdue 2026 for the 10.875% Senior Secured Second Out Notes due 2030.
  • Advised the arrangers on the 1st issuance of a single series of public offering efforts of unsecured and non-convertible debentures by Tim Brasil Serviços e Participações S.A., in the amount of R$5bn.

Pinheiro Neto Advogados

An impressive roster of clients, including major investment banks, Brazilian and global companies, turn to Pinheiro Neto Advogados for advice on leading capital markets transactions, including cross-border deals. Showcasing equal strength in acting for underwriters, issuers, selling shareholders and sponsors, the team handles a balanced workload, where debt offerings, including CVM- or SEC-registered offerings, feature alongside private placements, offerings of agribusiness (CRAs) and real estate instruments (CRIs), investment fund structuring mandates, and follow-on offerings. A reference in the market for ECM work, most notably IPOs, Henrique Lang is at the helm of the practice. Ricardo Russo takes the lead on DCM matters, including domestic and cross-border offerings of fixed-income instruments and financial institutions. Guilherme Sampaio Monteiro specialises in equity deals, M&A involving public companies and corporate governance, while Rafael Gaspar focuses on derivatives and agribusiness securitisation structures. Recently promoted counsel Camila Misciasci Derisio acts for financial institutions and corporate issuers in public offerings of debt and equity securities, as well as private placements.

Practice head(s):

Henrique Lang


Other key lawyers:

Ricardo Russo; Fernando dos Santos Zorzo; Guilherme Sampaio Monteiro; Rafael Gaspar; Marcos Proença; Camila Misciasci Derisio; Paula Rodrigues


Testimonials

‘Pinheiro Neto Advogados is our main partner, not just in the capital markets area, but in general. Their performance is impeccable, with service within the requested deadlines (many times, we believed it was impracticable, but the work was delivered and with exceptional quality). Their work is always delivered with excellence and we can trust whatever comes.’

‘Marcos Proença is an excellent lawyer in the capital markets area. As well as being technically exceptional, he understands the client’s needs and always seeks solutions to complicated issues. In addition, he is always available to overcome delivery challenges.’

‘Guilherme Monteiro knows the client from end to end and knows how to work together rather than get in the way. A lawyer who knows how to assess risks in order to boost the company.’

‘Pinheiro Neto’s team, led by partner Ricardo Russo, has a great deal of experience in matters relating to banking law and capital markets, and provides excellent service from the perspective of international banks in relation to such transactions.’

‘My main contact is partner Ricardo Russo, who is very efficient and attentive, always responding promptly to demands regarding the deals on which he advises us.’

‘High quality technical service and good execution.’

‘Pinheiro Neto has stood out in supporting us on issues related to capital markets regulation, being one of the main law firms where the company seeks advice.’

‘Guilherme Monteiro’s team of lawyers is of unrivalled technical ability, very available and always providing clarifications and opinions with excellence.’

Key clients

Nubank


Vulcabras


Natura &Co


CPFL


Localiza


Cosan Group (Cosan, Compass, Raízen)


Grupo Carrefour Brasil (Atacadão)


Diagnósticos da América (DASA)


Energisa


Mahle Metal Leve


Companhia de Concessões Rodoviárias (CCR)


Azul


Aegea


Citibank


XP Investimentos


Itaú BBA


Bank of America


Banco BTG Pactual


Patria Investimentos Group


Mubadala


Work highlights


BMA Advogados

Forming ‘a creative, practical team focused on the success of transactions‘, BMA Advogados‘ capital markets team often advises listed companies, investment banks and other stakeholders on the offering of all types of securities, structured finance deals (covering real estate and banking receivables), investment funds-related matters, and regulatory issues. Practice head Camila Goldberg is noted for her wealth of experience in equity transactions, structured finance and regulatory mandates involving the Central Bank and the CVM. Jane Goldman Nusbaum stands out for her proficiency in transactions involving investment funds and the securitisation of real estate receivables, while Conrado de Castro Stievani excels in both equity and debt capital markets. Senior associate Luis Eduardo Al-Contar is a name to note for ECM and DCM work, as well as regulatory matters involving the CVM, B3 and the Brazilian Capital and Financial Markets Association (ANBIMA).

Practice head(s):

Camila Goldberg; Jane Goldman Nusbaum


Other key lawyers:

Conrado de Castro Stievani; Felipe Prado; Alexandre Lindenberg; Luis Eduardo Al-Contar


Testimonials

‘Technical quality of the team; quick response to demands and queries; collaborative team; partnership.’

‘The team is extremely available and competent. They always meet deadlines and bring in-depth technical knowledge of the topics covered.’

‘Jane Goldman Nusbaum is a super hands-on partner. She is technical, flexible, a good communicator, and is always seeking to meet the client’s demands.’

Key clients

Banco BTG Pactual


XP Investimentos Corretora de Câmbio,Títulos e Valores Mobiliários


Banco Safra


Americanas


Light


Oi


CSN – Companhia Siderúrgica Nacional


Santos Brasil Participações


BRF


Bemobi Mobile Tech


Petrorecôncavo


G2D Investments


GP Investments


Iguatemi


Grupo Fleury


Suno Gestora de Recursos


Central Capital Gestão de Recursos


Via S.A.


BR Properties


Leste Gestão de Recursos


Companhia Nitro Química Brasileira


Unio Partners


Work highlights


  • Advised the underwritters on the public follow-on offering of shares of BRF in the total value of R$5.4bn.
  • Advised CSN on the offering of notes in the total amount of $500m.
  • Advised the underwriters on the structuring and primary placement of shares of the first issuance of Fundo de Investimento em Direito Creditórios Clientes BRF II, a fund intended to acquire credit rights originated by BRF arising from the sale of food products.

Demarest Advogados

Capable of generating enormous value for transactions‘, the capital markets team at Demarest Advogados is singled out for its significant experience in matters that involve intense interaction with regulatory agents, namely the CVM and B3, such as the creation of new funding and trading structures. The team possesses ‘a great track record in capital market transactions‘, with a particular focus on debt issuances and asset-backed agribusiness and real estate securisations. The firm’s capabilities in regulatory issues concerning public listed companies were strengthened by the arrival of a whole team from Lobo de Rizzo at the end of 2023, including co-head Paula Magalhães. Magalhães jointly oversees the team with Thiago Giantomassi, whose expertise covers capital markets deals, investment funds and M&A, and investment funds specialist Letícia Wanderley, who is also a reference for investment banks, closely and publicly held companies, investors and managers of securities portfolios seeking assistance with domestic and cross-border capital markets deals.

Practice head(s):

Thiago Giantomassi; Paula Magalhães; Letícia Wanderley


Other key lawyers:

João Paulo Minetto; Maiara Madureira Mendes; Luiz Felipe Eustaquio; Julia Visconti; Isadora Barretto de Almeida; Lucas Schiavon


Testimonials

‘The team is experienced and conveys security and confidence so that the company can carry out its day-to-day operations, guiding decision-making.’

‘Extremely technical team, available and supportive of clients. High knowledge of technical topics and a differentiated sense of judgment.’

‘Team with excellent technical capacity, up to date, with strategic vision and client knowledge. They are capable of generating enormous value for transactions. They know how to work in a coordinated way and are committed to the result.’

‘One of the largest firms in Brazil with a great track record in capital market transactions with qualified lawyers and a good level of seniority.’

‘Thiago Giantomassi – excellent relationships and in-depth knowledge of the client’s reality.’

‘Demarest is a very consolidated firm whose experience becomes a differentiator in transactions. They have a highly qualified structure for client demands and a team always willing to meet their needs.’

‘Letícia Wanderley is a highly qualified partner and demonstrates very relevant knowledge of the market and regulatory matters. Always willing to seek the best alternative for its clients in addition to fighting hard for the client’s best interests.’

‘Thiago Giantomassi and Lucas Schiavon are excellent lawyers. They are technically good, fast and always available.’

Key clients

Jive Investments Consultoria Ltda.


Banco Inter S.A.


Start Me Up Crowdfunding Sistemas Para Investimento Colaborativo Ltda


Banco Bradesco BBI S.A.


Czarnikow Group Limited and Czarnikow Brasil Ltda.


Wealth High Governance Advisory Ltda.


SPE Novo Norte Aeroportos S.A. e Dix Empreendimentos Ltda.


Green Luce Soluções Energéticas S.A. and its investees, Conecta Aracaju and Conecta Feira de Santana


Banco Itaú BBA S.A


Banco Fator S.A.


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. and Banco XP S.A.


Banco ABC Brasil S.A.


Banco BTG Pactual S.A.


UBS Brasil Corretora de Câmbio, Títulose Valores Mobiliários S.A


Suzano S.A.


Oaktree Capital Management


Hypera S.A.


Mahle – Metal Leve S.A.


ZAMP S.A.


Atacadão S.A.


C&A Modas S.A.


AgroGalaxy Participações S.A.


Itaúsa S.A.


CCR S.A.


Sendas Distribuidora S.A.


Hidrovias do Brasil S.A.


Tegma Gestão Logística S.A.


Natura & Co Holding S.A.


Natura Cosméticos S.A.


CPFL Energia S.A.


Work highlights


  • Advised MRV Engenharia e Participações S.A. on the primary public distribution of common shares issued by the xompany, exclusively targeted to professional investors under the automatic distribution procedure, in accordance with the CVM Rule No. 160, dated July 13, 2022, as amended, and coordinated by Banco BTG Pactual S.A., Banco Bradesco BBI S.A., Banco Itaú BBA S.A. and Banco Santander (Brasil) S.A.
  • Advised Zamp during the MC Brazil F&B Participações S.A., a company of the Mubadala Capital LLC group tender offer.
  • Advised Oaktree Capital Management on its investment in real estate investment funds managed by BlueMacaw Gestora de Recursos, currently encompassing real estate assets in thestates of São Paulo, Rio de Janeiro and Minas Gerais.

Machado Meyer Sendacz e Opice Advogados

Praised for its 'high knowledge of the market' and 'problem-solving capacity', Machado Meyer Sendacz e Opice Advogados boasts an impressive track record in debt and equity capital markets matters, covering the public offering of shares, debentures, commercial papers and other securities in Brazil and abroad. Major corporate issuers, shareholders and underwriters routinely seek the team's advice on a host of transactions and regulatory matters concerning listed companies operating in an array of sectors, from infrastructure to retail. Belo Horizonte-based Gustavo Rugani is a key figure for both capital markets transactions and corporate governance issues; he heads up the department with Arthur Bardawil Penteado in São Paulo. Gustavo Secaf Rebello focuses on ECM deals and M&A involving listed companies, while Raphael Zono specialises in debt offerings. Alessandra de Souza Pinto, who handles both variable and fixed income capital markets deals, is another name to note in the team.

Practice head(s):

Gustavo Rugani; Arthur Bardawil Penteado


Other key lawyers:

Raphael Zono; Gustavo Secaf Rebello; Alessandra de Souza Pinto; Fernanda Cury; Paulo Markossian Nunes


Testimonials

‘I really enjoy working with Machado Meyer. For me, it is the firm that offers the best service for capital markets. They are technically impeccable, any questions we have are promptly answered, and all regulatory changes that occur are informed in a very informative manner. The team is a big differentiator, they have speed in delivery, they are always willing to assist in any point of conflict in negotiations, unlocking the process.’

‘Extremely qualified team, with extremely high knowledge of the market and high problem-solving capacity. They understand client concerns and provide practical and efficient solutions. Unique level of expertise and practicality on the market.’

‘Gustavo Secaf Rebello – extremely versatile lawyer, available and with high problem-solving capacity. Furthermore, he has a completely pro-business mindset and a good understanding of his clients’ sectors.’

‘Gustavo Rugani: high technical performance; prioritises client service with agility in responding to demands; high technical knowledge.’

‘Excellence and leadership in topics of relevance in the market.’

Work highlights


Stocche Forbes Advogados

With the ability to handle the full array of capital markets mandates, Stocche Forbes Advogados often advises underwriters and major corporate issuers on debt securities transactions and equity offerings at the domestic and international levels. Investment funds-related matters and Brazilian infrastructure debentures issuances are other areas of expertise for the group, which is well versed in regulatory issues before the CVM, ANBIMA and B3. The practice is under the joint leadership of a capable trio: Henrique Filizzola has been particularly active in follow-ons, primary and secondary offerings; Frederico Cursino De Moura is particularly skilled in capital markets transactions in the energy and infrastructure sectors; and Marcos Ribeiro focuses on investment funds. Thadeu Bretas is another name to note for the public offering of securities, covering debt and equity.

Practice head(s):

Henrique Filizzola; Frederico Cursino de Moura; Marcos Ribeiro


Other key lawyers:

Thadeu Bretas; Victor Manso; Eduardo Pereira; Ana Flávia Chaves; Deborah Toledo


Testimonials

‘What, in my opinion, makes Stocche Forbes the best firm for capital markets deals is the constant involvement of the partner and senior lawyers from the capital markets team, as well as, when necessary, partners from other areas when questions arise.’

‘Thadeu Bretas is our partner and we are very pleased to work with him, both due to his availability and also the partnership in the transactions we work on together.’

‘I had the opportunity to work on several transactions with SF. What impressed me was the broad technical expertise of the team, which was essential for excellent execution in a complex transaction.’

‘I believe that Thadeu Bretas, Ana Flávia Chaves, and Deborah Toledo form an excellent team. What is impressive about the SF team is the cultural homogeneity that the entire team has in terms of technical mastery, willingness to help and, above all, make a difference.’

‘Stocche Forbes has the technical capacity to guide, mitigate, suggest alternatives and find innovative solutions for the situations presented.’

‘Henrique Filizzola, Thadeu Bretas and Eduardo Pereira stand out for their attitude, tireless search and determination in the development of instruments, strategies, analyses, guidelines and the entire legal, financial and business framework involving the capital markets transactions carried out by the company.’

‘Young and very talented team, especially in understanding the commercial conditions of the deals it advises.’

‘In addition to impeccable technical knowledge, the Stocche Forbes Capital Markets team is always very available, knowing how to allocate the person with the right seniority for each matter.’

Key clients

Banco BTG Pactual S.A.


Banco Itaú BBA S.A.


Hapvida Participações e Investimentos S.A.


Equatorial Group


Energisa Group


Copel Group


Eneva S.A.


Minerva S.A.


XP Investimentos


Eletrobras


Bank of America Merrill Lynch


Yduqs Participações S.A.


Banco Safra S.A.


Banco BOCOM BBM S.A.


Banco Santander (Brasil) S.A.


Raízen Energia S.A.


Aegea Group


Origem Energia S.A.


Enauta Participações S.A.


Work highlights


  • Advised Copel on its privatisation by means of a public offering of shares (follow-on) in the amount of R$5.1bn.
  • Advised Eletrobras on the issuance of green debentures in the total amount of R$7bn.
  • Advised the underwriters on the issuance of debentures by Águas do Rio in the total amount of R$5.5bn.

Tauil & Chequer Advogados

A popular choice for both corporate issuers and financial institutions, Tauil & Chequer Advogados is skilled in high-end equity and debt offerings, including IPOs, tender offers, follow-on offerings, debt issuances and securitisations. The department has a strong presence in the infrastructure sector, and has recently advised on prominent debenture issuances and real estate-backed securities. Carlos Motta, a seasoned M&A, corporate compliance, private equity and venture capital practitioner, leads the group. Rodolfo Constantino De Tella is well versed in equity and debt offerings, private placements and securitisation deals. Noted for his 'pro-business, common-sense approach and indisputable technical background', Luis Montes is particularly active in the energy and infrastructure segments. Also part of the core team, Bruno Cerqueira specialises in fixed income transactions, securitisations and investment funds-related mandates.

Practice head(s):

Carlos Motta


Other key lawyers:

Rodolfo Constantino de Tella; Luis Montes; Bruno Cerqueira; Natália Minotto; Beatriz Lavigne


Testimonials

‘We have total confidence in their technical quality, as well as easy access to the other disciplines in the firm, availability for meetings and predictability in the execution of transactions. We continue to be very satisfied with the level of service provided.’

‘Luis Montes follows transactions closely, bringing great comfort to discussions. We have been successful in negotiations thanks to his pro-business, common-sense approach and indisputable technical background, factors that contribute to building solutions in a timely manner.’

‘Beatriz Lavigne has made a difference in our transactions, with a proactive, friendly attitude and no hesitation in questioning when faced with sub-optimal solutions. She is intelligent and precise in her comments, and is undoubtedly a talent in her field.’

Key clients

Equipav Rodovias Participações e Administração S.A.


Concessionária Ecovias do Cerrado S.A.


TG Core Asset Ltd.


Aegea Saneamento e Participações S.A.


CVC Brasil Operadora e Agência de ViagensS.A.


Iguatemi Empresa de Shopping Centers S.A


Banco Itaú BBA


Banco BTG Pactual


Cashme Soluções Financeiras Ltda.


Orizon Valorização de Resíduos S.A.


JSL S.A.


Arklok – Equipamentos de Informática S.A.


BPG Cajamar Empreendimentos e Participações S.A.


Banco Bradesco BBI


Work highlights


  • Advised Companhia Paranaense de Energia (COPEL) on its privatisation.
  • Advised BTG Pactual Investment Banking Ltda., UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A., XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Banco Itaú S.A. and Banco Votorantim S.A., on a public offering of debentures by CTEEP – Companhia de Transmissão de Energia ElétricaPaulista in the total amount of R$1.9bn.
  • Advised Aegea on its new financing by 14th and 17th issuance of debentures both worth R$1bn each.

FreitasLeite Advogados

Boutique FreitasLeite Advogados is a key port of call for numerous investment funds, banks, brokerage and asset management firms seeking advice on private debt, distressed deals, real estate-related transactions, credit securitisation and regulatory issues. With over two decades' experience in financial and capital markets, founder Cristiano Da Cruz Leite is a reference in the investment fund industry; he handles a mix of debt issuances, securitisations, regulatory matters and disputes before the Central Bank and the CVM. He oversees the practice with Humberto De Paula Lima Isaac, who focuses on funds, collective investment vehicles and asset management mandates. Paolo Grimaldi excels in the structuring and formation of investment funds, most notably credit, real estate and private equity funds.

Practice head(s):

Cristiano da Cruz Leite; Humberto de Paula Lima Isaac


Other key lawyers:

Isabela Nunes; Paolo Grimaldi; Lucas Peres


Work highlights


Lobo de Rizzo Advogados

Lobo de Rizzo Advogados fields ‘a cohesive‘ capital markets team, ‘with a high level of knowledge and impeccable service‘. Primarily focused on debt transactions, the team acts for both corporates and banks, showcasing particular strength in the issuance of debentures in the infrastructure sector. André Ramos Bedim is often seen advising on project finance and capital markets deals in this space. Maria Costa Neves Machado is regularly sought out by financial institutions and issuers for advice on the public offering of debt securities. Gustavo Silveira Cunha is another name to note for DCM work. Fabrizio De Oliveira Sasdelli is no longer at the firm.

Practice head(s):

André Ramos Bedim; Gustavo Silveira Cunha; Maria Costa Neves Machado; Milton Pinatti


Testimonials

‘The firm has a cohesive team, with a high level of knowledge and impeccable service. All partners are always available and actively participate in transactions. Furthermore, it is a team that thinks outside the box and can handle deals with more robust and differentiated structures.’

‘Milton Pinatti: He is a lawyer who has great knowledge and stands out for “thinking outside the box” always trying to find structures that meet the needs of the client and the bank.’

‘Gustavo Cunha: He is a relatively young lawyer but stands out for his knowledge and impeccable service, always being at the forefront of deals with his team and managing to exceed expectations.’

Key clients

Banco Santander (Brasil) S.A.


Banco Bradesco BBI S.A.


Banco Itaú BBA S.A.


Casa de Ventos


São Martinho S.A.


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Banco Votorantim S.A.


Banco BTG Pactual S.A.


Eurofarma Laboratórios S.A.


Hypera S.A.


MPM Corpóreos S.A.


Companhia de Saneamento do Paraná – SANEPAR


BK Brasil Operação e Assessoria A Restaurantes S.A.


TMF Brasil Administração e Gestão de Ativos Ltda.


MRL Engenharia e Empreendimentos S.A.


Hospital Anchieta


CPFL Energia


MEZ Energia


UNIMED


GDPAR SN Participações S.A. (Franklin Templeton Investiments)


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Banco Safra S.A.


Banco Citibank S.A.


Itaú Asset Managment Ltda.


Trisul S.A.


Tenda Construtora S.A.


Infracommerce CXAAS S.A.


Work highlights


Madrona Fialho Advogados

At Madrona Fialho Advogados, the capital markets practice has solid skills in regulatory matters, fund formation, and securitisations. Creditors, underwriters, asset management firms, issuers and borrowers all turn to the department for advice on the issuance of Certificates of Real Estate Receivables (CRI) and Certificates of Agribusiness Receivables (CRA). The group is under the joint leadership of four partners: Marcelo Cosac has recently advised financial institutions and issuers on several promissory notes, debentures issuances and public offerings of securities backed by real estate and agribusiness receivables; Leonardo Di Cola handles both transactional and regulatory work in the capital markets space; Nair Veras Saldanha is a name to note for corporate governance issues; and Luis Bellini acts for creditors, underwriters, asset managers, issuers and borrowers in DCM and investment funds-related matters.

Practice head(s):

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


Other key lawyers:

Camilla Paiva


Key clients

Valora Gestão de Investimentos Ltda.


Banco Itaú BBA


Kijani


Banco BTG


REIT


EQI


Embraer


LPS Construtora e Incorporadora


XP


Camil Alimentos


Work highlights


NFA – Negrão Ferrari Advogados

Described as 'business enablers and flexible', the capital markets team at NFA – Negrão Ferrari Advogados is particularly active in private and public offerings of investment funds, most notably Real Estate Investment Funds (FII) and Private Equity Funds (FIP), and debt securities, namely Real Estate Receivable Certificates (CRI) and debentures. Carlos Eduardo Peres Ferrari, a contact for investment banks and corporate issuers, focuses on debt offerings, real estate funds and assets securitisations. These are also notable areas of expertise for Bruno Gagliardi, who is regularly engaged by corporates, developers, originators of real estate assets, investment funds and financial institutions in the issuance of CRIs. Private equity investments and real estate securitisations are among Guilherme Iuassê Osima's key legal specialisms.

Practice head(s):

Carlos Eduardo Peres Ferrari; Bruno Gagliardi; Guilherme Iuassê Osima


Testimonials

‘NFA is a law firm that has vast experience in capital market transactions and is recognised among the biggest players in the sector, which gives us comfort and security. It’s a firm that advises us and provides us with the legal certainty we want from a business partner. They are business enablers and flexible.’

Key clients

Banco BTG Pactual S.A.


Banco Itaú BBA S.A.


Banco Fator S.A.


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Banco Modal S.A.


BR Partners Banco de Investimento S.A.


Rio Bravo Investimentos


RBR Asset Management


Opea Companhia de Securitização


Virgo Companhia de Securitização


Work highlights


  • Acted as legal advisers to the fund administrator and the intermediary leader (BTG Pactual) of the BTG PACTUAL CRÉDITO PARA INCORPORAÇÃO – FII FUNDO DE INVESTIMENTO IMOBILIÁRIO in 2nd public offering of the shares of the said investment fund.
  • Advised the fund administrator (XP), the intermediary leader (XP) and the fund manager (Life Capital) of the LCP SPECIAL OPPORTUNITIES I FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE ILIMITADA in the 1st public offering of the shares of the said investment fund.
  • Acted as deal counsel, advising all the parties in the process of the 153th issuing and public offering of Certificate of Real Estate Receivables of Opea Securitizadora S.A.

TozziniFreire Advogados

Rated for its ‘deep knowledge’ of capital markets transactions and local law, TozziniFreire Advogados manages a mix of transactional and regulatory mandates. The team is regularly engaged by financial institutions, Brazilian issuers and securitising agents, and stands out for its presence in the securitisation market, where it advises on the structuring of asset-backed real estate (CRIs) and agribusiness (CRAs) securities. Boasting over two decades’ experience in capital markets mandates, practice head Alexei Bonamin has recently advised on the public offering of CRIs, debentures issuances and investment fund-related matters. Ricardo Stuber is no longer at the firm.

Practice head(s):

Alexei Bonamin


Other key lawyers:

Felipe Paiva; Leonardo Medeiros Braghetto


Testimonials

‘What makes the firm special is its ability to offer an exceptional standard of client service, driven by a team of highly qualified and dedicated professionals. Each team member brings a unique set of skills and experience, enabling the firm to offer a comprehensive range of legal services, tailored to each client’s specific needs.’

‘It is always a pleasure to work with TozziniFreire. We have worked together on structured debt offerings, and capital markets’ transactions. In addition to having deep knowledge of the type of transaction and of the applicable Brazilian law, the partners are very responsive and engaged throughout the deal.’

‘Alexei Bonamin – It is always a pleasure to work with Alexei in structured debt offerings, and banking & finance and capital markets’ transactions generally. He has deep knowledge of the transaction and the law, is very responsive and works as a true team member.’

Key clients

Vert Companhia Securitizadora


Canal Companhia de Securitização (Canal)


Bradesco Asset Management (BRAM)


SINQIA S.A.


OPEA SECURITIZADORA S.A.


SPARTA ADMINISTRADORA DE RECURSOS LTDA.


Eurofarma Laboratórios S.A.


Banco Santander (Brasil) S.A.


Banco Itaú BBA S.A.


Faro Energy


EQI Investimentos


Pro Solus do Brasil S.A. (Pro Solus)


GEF Capital Partners (GEF)


RZK Solar 05 S.A. (RZK 05)


Norsk Solar Brasil 1 S.A.


Octante Securitizadora S.A.


Pac Logística e Hangaragem Ltda.


Work highlights


  • Advised Vert on the issuance of Green Agribusiness Receivables Certificates (CRA).
  • Acted as deal counsel in the public offering of Real Estate Receivables Certificates (CRI) of the two series of the 49th issuance of Canal.
  • Acted as deal counsel in the public offering of Real Estate Receivables Certificates (CRI) of Canal, pursuant to the Brazilian Securities Commission Rule (CVM) No. 160, of July 13, 2022, as amended, Law No. 14,430, of August 3, 2022, and CVM Rule 60, of December 24, 2021, underlined by receivables assigned by the special purpose vehicles SPE Bom Sucesso I, SPE Bom Sucesso II, SPE Cordisburgo, SPE Sudoeste I, SPE Divinópolis, SPE Patos de Minas, SPE Sacramento and SPE São Sebastião do Oeste.

Trench Rossi Watanabe

Covering both debt and equity, Trench Rossi Watanabe‘s broad service offering in the capital markets space includes transactions, corporate governance and administrative matters before the CVM. The team, which is regularly instructed by corporate issuers, has been particularly active in debt capital markets work, but is also well versed in IPOs, follow-ons and tender offers. Practice head Daniel De Miranda Facó, a reference for issuers, financial institutions, investors and shareholders, handles debt and equity public offerings, and is also proficient in M&A involving listed companies. Luís Ambrósio is noted for debt deals, while Eduardo Herszkowicz, who joined from Cescon Barrieu in August 2023, possesses in-depth knowledge of investment funds, asset management and securitisations.

Practice head(s):

Daniel de Miranda Facó


Other key lawyers:

Luis Ambrosio; Eduardo Herszkowicz; Evaristo Lucena; Rafael Disposti


Key clients

TTCH4 Participações S.A.


Genial Investimentos Corretora de Valores Mobiliários S.A.


Travessia Securitizadora S.A.


Leste Credit Gestão de Recursos Ltda.


Chlorum Solutions Brasil Ltda.


Althaia S.A. Indústria Farmacêutica


Banco BTG Pactual S.A.


Boa Safra Sementes S.A.


Braskem S.A.


CPFL Energias Renováveis S.A.


CTC – Centro De Tecnologia Canavieira S.A.


D1000 Varejo Farma Participações S.A.


Goldman Sachs Do Brasil Banco Múltiplo S.A.


GP Investments Ltd.


Grupo SBF S.A.


Intelbras S.A.


Mosaico S.A.


Natura Cosméticos


Profarma Distribuidora de Produtos Farmacêuticos


Wiz Soluções E Corretagem De Seguros S.A.


Work highlights


  • Acted as Brazilian local legal counsel to Natura Cosméticos in a tender offer worth $880m.
  • Acted as Brazilian legal counsel in connection with Fisia’s first issuance and public offering of unsecured and nonconvertible debentures, guaranteed by Grupo SBF.
  • Advised Genial Investimentos Corretora de Valores Mobiliários S.A on the issuance of real estate receivables certificates in the amount of R$70m.

VBSO Advogados

Showcasing extensive experience in the structuring of debt instruments, VBSO Advogados is seen with great regularity advising on the public and private issuance of promissory notes, debentures and investment funds quotas. Securitisation deals involving real estate (CRI) and agribusiness (CRA) receivable certificates are a key focus for the group, which is under the leadership of a capable trio. Erik Frederico Oioli has a strong track record in advising domestic and international clients on fundraising in fixed-income and variable-income markets; José Alves Ribeiro Junior focuses on the public offering of debentures and promissory notes, and is also proficient in securitisations; and Henrique Vicentin Lisboa is a name to note for the structuring of investment funds.

Practice head(s):

Erik Frederico Oioli; José Alves Ribeiro Junior; Henrique Vicentin Lisboa


Other key lawyers:

Leonardo Aguiar Sampaio Pontes


Testimonials

‘One of the main capital markets teams in the country, with a very high level of quality.’

‘José Alves Ribeiro Jr. – one of the main references in the capital market, as in addition to being a great lawyer, he is one of the few scholars on the subject in our country. Having José in transactions is always very productive, as he adds a lot to the assembly of structures.’

‘The technical knowledge of the professionals combined with the client’s business knowledge allows for more accurate decision making that meets our needs. In addition, the ease of direct contact with the partners and their participation in consultations is another key point in this assessment.’

Key clients

Banco BMG S.A.


Banco Itaú BBA S.A.


Banco Bradesco BBI S.A.


Banco Safra S.A.


Banco Inter S.A.


Banco BTG Pactual S.A.


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Alfa Corretora de Câmbio e Valores Mobiliários S.A.


Banco John Deere S.A.


Genial Investimentos Corretora de Valores Mobiliários S.A.


RB Investimentos Distribuidora de Títulos e Valores Mobiliários Ltda.


Ceres Securitizadora S.A.


Opea Securitizadora S.A.


Travessia Assessoria Financeira Ltda.


True Securitizadora S.A.


Eco Securitizadora de Direitos Creditórios do Agronegócio S.A.


Riza Gestora de Recursos Ltda.


SB Crédito Securitizadora S.A.


Associação Brasileira de Criptoeconomia (ABCRIPTO)


Companhia Brasileira de Distribuição (Pão de Açúcar)


Raia Drogasil S.A.


Bayer S.A.


Fleury S.A.


Supplier Administradora de Cartões S.A.


Lavoro Agro Holding S.A.


Sparta Administradora de Recursos


Companhia de Água e Esgoto do Ceará – CAGECE


Companhia Nitro Química Brasileira


Work highlights


  • Advised on the structuring and issuance of real estate receivables certificates – CRI., backed by debentures owed by Raia Drogasil S.A., in the total amount of R$700m.
  • Advised ANBIMA on the revision of the ANBIMA Code of Regulations and Best Practices for Public Offerings and on the drafting of the new ANBIMA Offerings Code.
  • Assisted with the structuring of the assignment operation, digital representation, and fractionation into digital units of credit rights held by SB Crédito Securitizadora S.A. through the structure of an investment token in credit rights.

Veirano Advogados

Led by Lior Pinsky, Veirano Advogados‘ capital markets department was recently bolstered by the addition of Ingrid Hessling, who joined from Souto Correa Advogados in September 2023. Hessling brings over two decades of experience in capital markets matters, demonstrating strength in the public offering of equity and debt securities, the structuring of investment funds, and securitisations. An array of clients, such as financial institutions, Brazilian and international companies, investment fund managers and administrators, recurrently seek the firm’s services. Key support is offered by Victor Henrique Baptistin, who is especially active in the energy, real estate, agribusiness and transport sectors.

Practice head(s):

Lior Pinsky


Other key lawyers:

Ingrid Thomas Hessling; Victor Henrique Baptistin


Testimonials

‘The firm stands out for the excellent service provided and the competence of its multidisciplinary team. The difference lies in the personalised approach, where each client receives individualised attention to their specific legal needs. These practices guarantee a significant competitive advantage over other law firms, providing effective legal solutions adapted to the challenges of the contemporary world.

‘Ingrid Hessling is recommended.’

Key clients

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


XP Vista Asset Management


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Energisa S.A.


Banco Citibank S.A.


Banco Itaú BBA S.A.


Vinci Partners


Banco Santander (Brasil) S.A.


Banco BTG Pactual S.A.


Sparta Administradora de Recursos Ltda.


Suno Gestora de Recursos Ltda.


Kijani Gestora de Recursos Ltda.


Bocaina Capital Gestora de Recursos Ltda.


Cibrafértil Companhia Brasileira de Fertilizantes


Triple Play Brasil Participações S.A.


Cidade Maravilhosa Indústria e Comércio de Roupas S.A.


Claro S.A.


Tim Brasil Serviços e Participações S.A.


SPIC Brasil Energia Participações S.A.


Strata Capital Gestão de Recursos Ltda.


Work highlights


  • Advised Energisa S.A. on its 19th issuance of simple debentures, in three series, for public distribution, in the amount of R$1.837bn.
  • Advised XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., as the leading underwriter, on two public offerings of quotas of the 9th and 10th issuance of Vinci Shopping Centers Fundo de Investimento Imobiliário – FII.
  • Acted as deal counsel on the public offering of debentures of the 13th issuance of Claro S.A., in the amount of R$1,5bn.

Bocater, Camargo, Costa e Silva, Rodrigues Advogados

Singled out for its expertise in the pension funds space, Bocater, Camargo, Costa e Silva, Rodrigues Advogados handles a range of mandates, with a particular focus on capital markets and securities regulatory issues. The practice has notable strength in advising on the applicable regulations to publicly listed companies, investment funds, asset managers and brokerage firms. Founding partners Maria Isabel do Prado Bocater and Francisco Costa e Silva, both of whom draw on their former experience at the Brazilian Securities and Exchange Commission (CVM) to assist with an array of capital markets matters, and Matheus Corredato Rossi, a key contact for investment funds, jointly oversee the department.

Practice head(s):

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


Testimonials

‘Qualified knowledge in the supplementary pension sector and capital markets.’

‘Matheus Rossi – technical knowledge and extensive experience.’

‘The team, represented by Matheus Rossi, is one of our long-time partners, which adds a lot of value to our activities.’

Key clients

Itaú BBA S.A.


Banco Fator S.A.


Vinci Partners


XP Investimentos


Órama DTVM


LAEP Investments


Woori Bank Brasil S.A.


BTG Pactual S.A.


Petro Rio S.A.


M Square Investimentos


Infinity Asset Management


Galápagos Investment Solutions


REAG Investimentos S.A.


Singulare (former Socopa Sociedade eCorretora Paulista)


Desenvolve SP (São Paulo Statedevelopment agency)


Turim Gestora


Índigo DTVM


Nova Futura Corretora


Lastro RDV DTVM


Instituto Brasileiro de Governança Corporativa (IBGC)


Banco Paulista S.A.


Previrb – Fundação Previdenciária dos Servidores do Instituto de Resseguros doBrasil (IRB)


Real Grandeza – Fundação de Previdência eAssistência Social


METRUS – Instituto de Seguridade Social


Fundação de Previdência Complementar do Estado de São Paulo (Prevcom)


Work highlights


  • Advised the Complementary Pension Fund of the State of São Paulo (Prevcom) on the preparation of loan instruments to participants to enable future pay-in in Credit Rights Investment Fund (FIDC).
  • Assisted Reit Securitizadora with the issuance of Certificate of Re al Estate Receivables (CRI)to be transferred by Residential Dom Zioni, a real estate development located in the city of Botucatu, in São Paulo State, in a R$80m transaction.
  • Provided regulatory and capital markets advice on the public offering of the 2nd Issue of senior quotas of NDMP I Fundo de Investimento em Direitos Creditórios (FIDC).

Campos Mello Advogados in cooperation with DLA Piper

The ‘attentive and detailed team‘ at Campos Mello Advogados in cooperation with DLA Piper offers legal support to Brazilian financial institutions, investment banks and pension funds in relation to securitisations, DCM deals, offerings of convertible securities and derivatives, among other matters. Department leader Jorge Luiz Barbieri Gallo is noted for his experience in both debt offerings and regulatory matters. Former co-head Roberto Barros is no longer at the firm.

Practice head(s):

Jorge Luiz Barbieri Gallo


Other key lawyers:

Lucas Bernabé


Testimonials

‘Attentive and detailed team. Client focused. Agility.’

‘Lucas Bernabé is recommended.’

‘All the diligence in the process and support meant that we delivered everything on time, exceeding all expectations. What we had with the Campos Mello team was truly a different kind of work.’

‘We had a lot of contact with Lucas Barnabé. He really made the difference during the entire CRA issuance process.’

Key clients

Grupo Rio Alto


Oceânica Engenharia e Consultoria S.A.


Supermercados DB Ltda.


Banco do Brasil S.A.


Banco RCI Brasil S.A.


Grupo Gaia


Höhl Máquinas Agrícolas


Work highlights


  • Advised Banco do Brasil on the issuance of senior sustainable bonds, within the scope of the bank’s Euro Medium Term Note Programme, in the international capital market.
  • Advised Höhl Máquinas Agrícolas Ltda. on a loan to remit acquisitions of machinery made by the company, considering that the credits related to the loans will later be used as backing assets for the issuance of CRAs by True Securitizadora.
  • Advised Banco BTG Pactual S.A on the issuance of CRAs backed by expenses of the group, financed in the form of subordinated financial bills.

Cascione Pulino Boulos Advogados

At Cascione Pulino Boulos Advogados, the capital markets department is particularly active in real estate and agribusiness capital markets securitisations, where it advises debtors, issuers and underwriters. The team is also well versed in the public offering of debentures, commercial papers and financial letters, and in the structuring of investment funds. Founding partner Fábio de Souza Aranha Cascione, whose experience covers both domestic and cross-border transactions, jointly oversees the group with Gabriel Capella, who focuses on the issuance of debt securities and is knowledgeable of capital markets regulations, and Ana Paula Calil, who joined from Cescon Barrieu in June 2023.

Practice head(s):

Fábio de Souza Castanha Cascione; Gabriel Capella; Ana Paula Calil


Other key lawyers:

Débora Catalano Galego de Carvalho Guedes


Testimonials

‘The firm showed good interdepartmental interaction in a debt issuance with credit cards as receivables, showing clear knowledge of both the scope of public offering and payment methods.’

‘Gabriel Capella stands out for his knowledge of the laws and resolutions in force for capital markets, having not only been obedient to the rules, but also proposing solutions to possible obstacles.’

Key clients

Banco Votorantim S.A.


Banco Itaú BBA S.A.


XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Banco BTG Pactual S.A.


Banco Santander (Brasil) S.A.


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


REIT Securitizadora S.A.


Vinci Partners Gestora de Recursos Ltda.


RB Investimentos


Canal Companhia de Securitização


Banco Fator S.A.


Opea Securitizadora S.A.


True Securitizadora S.A.


VERT Companhia Securitizadora


Votorantim Cimentos S.A.


Caixa Econômica Federal


Prima Empreendimentos Inovadores S.A.


Caramuru Alimentos S.A.


J. Macêdo S.A.


You Inc Incorporadora e Participações S.A.


Editora Sanar S.A.


Mega Recuperação de Ativos Ltda.


Fazendão Indústria e Comércio de Produtos do Agronegócio Ltda.


Copasul Cooperativa Agrícola Sul Matogrossense


Unipar Indupa do Brasil S.A.


Reag Distribuidora de Títulos e Valores Mobiliários S.A. e Reag Administradora de Recursos Ltda.


Banco Toyota S.A.


CGD Empreendimentos lmobiliários e Participações S.A.


HCC Projetos Elétricos S.A.


Mercado Móveis Ltda.


EDP Renováveis Brasil S.A.


Work highlights


  • Advised Banco Votorantim and True Securitizadora on the public offering of real estate receivables certificates of the first and second series of the sixty-sixth issuance of  True Securitizadora S.A., backed on real estate receivables arising out of the financial bills, in two series, for private placement, issued by the Banco Votorantim S.A., as lead underwriter and debtor.
  • Assisted EDP São Paulo Distribuição de Energia S.A. with the public offering of its fifteenth issuance of debentures, in the total amount of R$600m.
  • Advised Fazendão Indústria e Comércio de Produtos Agropecuários Ltda. on the public offering of the 283rd issuance of agribusiness receivables certificates, in single series, by Eco Securitizadora de Direitos Creditórios do Agronegócio S.A., in the total amount of R$129m, backed on agribusiness receivables arising out of the continuous supply agreement for agricultural products, executed by and among Fazendão, as the contractor, and Agrotrindade Ltda., as the contracted.

Coelho Advogados

Noted for its work in the real estate, agribusiness and investment funds space, Coelho Advogados is a strong performer in the structuring of complex securitisation deals. Advising on the issuance of real estate (CRI) and agribusiness (CRA) receivables certificates is a key area of activity for the team, whose varied workload also features mandates concerning the structuring of investment funds, and deals involving commercial paper and financial bills. Practice head Diego Coelho is a seasoned debt capital markets and securitisation practitioner, who demonstrates particular strength in real estate and agribusiness-linked securities. Clients praise his 'responsibility, availability, dedication and proactivity'.

Practice head(s):

Diego Gonçalves Coelho


Other key lawyers:

Bianca Portella Crochiquia; Marcela Aguinaga


Testimonials

‘The firm has a very distinctive model because it selects the demands it takes on, without absorbing too much and not being able to cope. This makes for exceptional service, as well as having a team with a wealth of knowledge about the area in which they work. One of the things that sets them apart is that they don’t try to work in just any area, but specialise in what they do.’

‘The firm’s founding partner (Diego Coelho) is not someone who holds meetings to attract a client and then just follows up. In fact, he works strongly and actively on cases, guaranteeing exceptional work and providing all the necessary guidance.’

‘The firm demonstrates a deep commitment to projects, proactively seeking to resolve any issues that arise during transactions. Its commitment to project leadership is evident, as is the reliability it guarantees to all parties involved through the solutions it provides. It prioritises agility and strict compliance with established deadlines. It has extensive knowledge of the market, covering not only legal aspects but also all the processes related to structuring.’

Key clients

Banco Inter


Oriz Assessoria Financeira


Caixa Economica Federal


Polo Capital


Construtora Capital


BR Batel


Leste


Manati Capital


Soul Capital


XP Inc.


Mitre Realty


OPEA Securitizadora


Itaú BBA


Riza Gestora


Kinea Gestora


AVIN Asset


MRV Engenharia


Direcional Engenharia


Tenda Construtora


Lote 5


Virgo Companhia de Securitização


TRUE Securitizadora


Work highlights


  • Advised Itaú BBA on the structuring of five real estate receivables certificates (CRIs) issued by True Securitizadora, backed by real estate credit notes also issued by True Securitzadora, of which 2 of 5 transactions were backed by real estate credit rights assigned by MRV Engenharia, 2 of 5 transactions were backed by real estate credit rights assigned by Tenda Construtora, and 1 of 5 transactions was backed by debentures issued by Inter Construtora.
  • Assisted Banco Inter, Oriz, and MRV Engenharia with the structuring of three real estate receivables certificates (CRIs) issuances throughout 2023.
  • Advised Riza Gestora, Kinea, and Mitre Realty on the constitution of a real estate investment fund and the first issuance of such fund, involving real estate projects developed by Mitre Realty.

Dias Carneiro Advogados

With extensive experience in cross-border and domestic financing and debt restructuring deals, Dias Carneiro Advogados is also skilled at handling capital markets transactions, namely the issuance of debentures, real estate receivables certificates (CRI) and agribusiness receivables certificates (CRA) in the local market. Practice head Thiago Vallandro Flores brings together expertise in financing, private equity deals and debt offerings. Gustavo Junqueira is especially active in the energy and infrastructure sectors.

Practice head(s):

Thiago Vallandro Flores


Other key lawyers:

Gustavo Junqueira; Paulo Leme


Testimonials

‘A firm that has the most dedicated and pro-business team among those who advise us. They give us all the legal comfort and are focused on making the deal happen.’

Key clients

Inter-American Development Bank / Inter-American Investment Corporation


Japan International Cooperation Agency


Acqio Holding Participações S.A.


Copa Gestão De Investimentos Ltda.


Almagestum Capital


USJ – Açúcar e Álcool S.A.


Banco BTG Pactual S.A.


Banco Votorantim S.A.


Canadian Solar


Recurrent Energy


Brasil Bio Fuels


Work highlights


  • Assisted USJ – Açúcar e Álcool S.A., as debtor, and Banco Votorantim S.A., as coordinator, with the offering of two Series of Certificates of Agribusiness Receivables Certificates (CRA) backed by two financial rural product banknotes (CPR-Fs) issued by USJ – Açúcar e Álcool S.A.

i2a Advogados

With a special focus on investment funds, real estate and timberland, i2a Advogados' capital markets team is singled out for its substantial experience in public offerings and issuances of real estate funds shares and Real Estate Receivables Certificates (CRIs) in the local market. Traditionally engaged by investment banks and asset managers in the structuring of their equity offerings, co-head Ronaldo Ishikawa has recently handled a large number of CRI transactions. Fellow co-leader Luis Peyser is a seasoned capital markets practitioners, who frequently advises on deals involving debt instruments and equity securities, including Real Estate Funds (FIIs) and Private Equity Funds (FIP).

Practice head(s):

Ronaldo Ishikawa; Luis Peyser


Other key lawyers:

Rafael Godinho Francisco; Felipe Canoas


Key clients

Kinea


Itaú BBA


Vinci Partners


NorthWest Healthcare REIT


Barzel Properties


BR Partners


Pátria Investimentos


VBI Real Estate (affiliated to Pátria Investments)


Vórtx DTVM


HSI Investimentos


Banco Fator Ourinvest


Copa Investimentos


Mauá Capital


Itaú Asset


Brookfield Property Group (Brazil)


Credit Suisse Hedging-Griffo (CSHG)


Banco Genial


Banco Inter


Guardian Gestora


Work highlights


  • Retained as deal counsel to Copa Gestão de Investimentos in connection with the issuance of quotas of four private equity investment funds, totaling R$2bn.
  • Assisted Vinci Partners with the 9th and 10th issuances of new quotas of real estate investment fund Vinci Shopping Centers FII, raising a total of R$1.2bn.
  • Retained by Credit Suisse Hedging-Griffo (CSHG) to act as its legal adviser in a transaction to acquire all the assets from a real estate investment fund managed by the foreign investment adviser GTIS and traded publicly in the Brazilian Stock Exchange (B3).

Monteiro, Rusu, Cameirão e Bercht Advogados

Monteiro, Rusu, Cameirão e Bercht Advogados fields a ‘very efficient, competent and specialised‘ capital markets group that advises underwriters, issuers and asset managers in an array of debt transactions. Securitisation deals and debenture issuances are key areas of expertise for the team, which shines in the public issuance of real estate (CRI) and agribusiness (CRA) receivables certificates, financial notes, commercial paper and investment funds shares. Roberto Pekelman Rusu and Allan Borba Bercht lead on a large volume of DCM transactions. Marina Lipener Fenerich stands out for her involvement in securitisation, capital markets and financing deals.

Practice head(s):

Daniel Lopes Monteiro; Roberto Pekelman Rusu; Allan Borba Bercht; Marina Lipener Fenerich; Thaisa Menzato


Testimonials

‘Attention given to clients and knowledge of capital market structures.’

‘Roberto Rusu is always very available and up to date on legal and regulatory issues.’

‘The team is very efficient, competent and specialised. The return is always very quick.’

Key clients

Banco Itaú BBA S.A.


Banco Bradesco BBI S.A.


UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A.


Banco CNH Industrial Capital S.A.


Porto Seguro S.A.


Banco RCI Brasil S.A.


Agasus S.A.


Multitécnica


Companhia Siderúrgica Nacional


Banco Santander (Brasil) S.A.


Work highlights


  • Advised Companhia Siderúrgica Nacional on the 14th issue of simple debentures, non-convertible into shares, in three series, for public distribution, according to the CVM 160.
  • Advised Companhia Energética Candeias and Banco Itaú BBA on the public offering of the 6th issuance of debentures issued by the company, in the total amount of R$144m.
  • Advised Banco Itaú BBA, Banco Safra and UBS BB (Underwriters) on the 10th issue of financial notes of Banco GM S.A. under the terms of CVM Resolution 8, in total amount of R$700m.