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Debt capital markets deal value in Brazil contracts in May

Por: Latin LawyerImprimirVisualizar em PDF

Here we present the first in a series of reports on recent debt capital markets activity in the region, finding that the value of transactions in Brazil shrank by 37% between April and May.

Latin Lawyer's research into debt capital markets activity in Brazil reveals 15 Brazilian and five international firms worked on 25 debt capital markets deals in May. This is consistent with the volume of deals that took place in April, but overall deal value decreased by US$2.6 billion, going from US$7 billion in April to US$4.4 billion in May.

The largest number of deals came from the power sector, where firms reported nine deals. The sector had the largest deal volume in April too, but more than doubled its number between April and May. Total deal value in the power sector reached US$1.6 billion in May.

The banking and finance sector followed with five deals.

There were some US$1.5 billion worth of deals in the oil and gas sector. The vast majority of that value came from gas company Nova Transportadora do Sudeste's US$1.4 billion debt tap. Pinheiro Neto Advogados and Pinheiro Guimarães were counsel on that deal.

May saw one debt capital markets deal involving international counsel. Luxembourg asset manager Unigel hired Simpson Thacher & Bartlett LLP in the US, Greenberg Traurig LLP in Dallas and Mexico City, Loyens & Loeff in Luxembourg and Machado Meyer Advogados in São Paulo to issue notes worth US$200 million. The underwriter enlisted Clifford Chance LLP and Pillsbury Winthrop Shaw Pittman in the US and TozziniFreire Advogados in São Paulo.

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados and Stocche Forbes Advogados worked on the most deals in May, closing five deals each, while TozziniFreire advised on four.

Pinheiro Neto had the largest deal value in May – US$1.5 billion – closely followed by Pinheiro Guimarães on US$1.4 billion.

Our findings are based on deals of any value submitted to Latin Lawyer that were signed, announced or closed in May 2018. Firms linked to reported deals were invited to submit other transactions which occurred during that month. We have included all counsel to the best of our knowledge. If you think your firm's deal has been missed, you can submit it here for consideration.

Latin Lawyer will continue to publish coverage of the region's capital markets activity over the coming weeks.


Brazil Debt Capital Markets – May

IssuerUnderwriters/ BookrunnersValue (US$ million)IndustryCounsel to issuerCounsel to underwriters/ bookrunnersOther
Banco GMACBanco Bradesco BBI, Banco Itaú BBA. and BB–Banco de Investimento133Banking/ financial servicesMachado Meyer Advogados (partners Nei Zelmanovits, Elie Sharique, Thales Saito; associate Marcus Bretherick)Monteiro, Rusu, Cameirão, Bercht e Grottoli Advogados (partners Roberto Pekelman Rusu, Allan Borba Bercht; associates Marina Fenerich, Gisele Surkamp)
Cemig DistribuiçãoBanco ABC, Banco Safra, Itaú Unibanco, Banco Mercantil de Investimentos107PowerDeal counsel: Stocche Forbes Advogados (partner Henrique Filizzola; associates Thadeu Bretas, Thaís Bonassa)
Centrais Elétricas do Pará (CELPA)Banco BTG Pactual267PowerStocche Forbes Advogados (partner Frederico Moura; associates Thais Gurjão, Paula Lyrio, Caio Morais)Lefosse Advogados (partner Ricardo Prado; associates Mariana Guenka, Ricardo Marques, Fernanda Barros)
Centrais Eólicas Assuruá II (CEA II)Banco Itaú BBA, BB - Banco de Investimentos42PowerVieira Rezende Advogados (partner Marina Ferraz Aidar; associates Mariana Ferreira Rodrigues, Mariana Piovesan Ramos)Pinheiro Neto Advogados (partner Ricardo Russo; associates Thais Lorenzi Ambrosano, Raphael Garcia Santana Martins)
Companhia Brasileira de Securitização (Brasilagro)Banco Itaú BBA39AgribusinessMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca; associates César Matteus Rizzo, Lilian Harada Coura)
Companhia de Gás de São Paulo - ComgásBanco Santander (Brasil), Banco Itaú BBA58Oil & GasMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Frederico Kerr Bullamah; associate Raphael Saraiva, Roberto Paschoal)Lefosse Advogados (partners Roberto Zarour; associates Mariana Guenka, Lucas Padilha)
Companhia de Transmissão de Energia Elétrica Paulista (CTEEP)Banco Bradesco BBI, Banco Santander, BB-Banco de Investimento169PowerMachado Meyer (partners Alberto Faro, Eliana Chimenti; associates Gustavo Secaf Rebello, Heithor Murakami Dall Amico, Marina Mendes Correa)Lefosse Advogados
Credz Administradora de CartoesBanco Alfa100Banking/ financial servicesDeal counsel: TozziniFreire Advogados (partner Kenneth Ferreira; associates Marcus Vinicius Pimentalda Fonseca, Ana Lívia Ida Xavier, Tatiane Batalha Bom Fim)
Drogaria São PauloBanco Bradesco BBI40PharmaceuticalDeal counsel: TozziniFreire Advogados (partner Alexei Bonamin, Kenneth Ferreira; associates Luiz Rafael de Vargas Maluf, Ana Lívia Ida Xavier, Fernando Penteado de Aguiar)
Eletropaulo Metropolitana Eletricidade de São PauloBanco Bradesco BBI201PowerStocche Forbes Advogados (partner Marcos Ribeiro; associates Victor Roman, Thaís Bonassa)Vaz, Barreto, Shingaki & Oioli Advogados
Equatorial Transmissora SPEBanco Santander (Brasil)50PowerDeal counsel: Stocche Forbes Advogados (partner Frederico Moura; associates Thais Gurjão, Paula Lyrio, Jordana Fontes)
FleuryBanco Bradesco BBI, BB-Investimentos67PharmaceuticalDeal counsel: Pinheiro Neto Advogados (partner Ricardo Russo; associates Thaís Ambrosano, Cristina Liu, Francisca Pereira)
Guararapes ConfecçõesBanco Itaú BBA, Banco Santander (Brasil)215Banking/ financial servicesMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca; associates Raphael Saraiva, André Regis)
Haitong Banco de Investimentos do BrasilBanco Votorantim60Banking/ financial servicesDeal Counsel: Costa e Tavares Paes Advogados (partner Gustavo Dezouzart; associates André Gomes Leão, João Paulo Avallone Pedrazzoli, Márcio Aparecido Pereira Filho, Luiz Flavio de Carvalho Jr)
Light Serviços de EletricidadeBB – Banco de Investimento114PowerDeal counsel: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partners Vanessa Fiusa, Claudio Oksenberg; associates Alexandre Portnoi, Felipe Kachan)
Light SESA, Light Energia and LightBB Securities, Citigroup Global Markets, Santander Investment Securities, Banco Bradesco BBI, Itau BBA USA Securities, XP Securities600PowerMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partners Vanessa Fiusa, Claudio Oksenberg; associates Alexandre Portnoi, Raphael Portella Chamma and Diana Caballero Bertino Jorge)
Lojas AmericanasBanco BTG Pactual267RetailDeal counsel: Stocche Forbes Advogados (partner Henrique Filizzola; Thadeu Bretas, Felipe Montenegro)
Nova Transportadora do SudesteBanco Itaú BBA, BB – Banco de Investimento, Banco Bradesco BBI1,400Oil & GasPinheiro Neto Advogados (partners José Carlos Junqueira S. Meirelles, Marcello Lobo; counsel Marcos Saldanha Proença; associates Miguel Britto Ferreira, Marcello Mammocci Pompilio)Pinheiro Guimarães Advogados (partners Francisco José Pinheiro Guimarães, Ivie Moura Alves; associates Carolina Cardoso Ramalho, Talita Leão Bonelli)
Paraná BancoBanco Votorantim, Banco Itaú, Banco ABC Brasi80Banking/ financial servicesMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partners Vanessa Fiusa, Larissa Arruy; associates Fabiana Raimundo, Isabela Francovig)
Parque Eólico Ventos da Bahia II - VDB F2 Geração de Energia, EDF Energies NouvellesNA29PowerPinheiro Guimarães Advogados (partners Roberta Pimentel, André Sigelmann, Manuela Andrade)
Rodovias Minas Gerais GoiásBTG Pactual26TransportDeal counsel: Cescon, Barrieu, Flesch & Barreto Advogados (partners Alexandre Barreto, Eduardo Abrantes; associates João Felipe Rocha, Juliana Berredo)
Tangará EnergiaBanco Itaú BBA43Energy (downstream)Deal counsel: TozziniFreire Advogados (partners Alexei Bonamin, Kenneth Ferreira; associates Luiz Rafael de Vargas Maluf, Fernando Penteado de Aguiar)
Unigel LuxembourgMorgan Stanley & Co, UBS Securities, Banco Bradesco, TMF Brasil, Bank of New York Mellon200PetrochemicalsUSA - Simpson Thacher & Bartlett (partner Jaime Mercado, Grenfel Calheiros, associates Paulo Cardoso, Marcelo Lorenzen, Jonathan Cantor, Brian Mendick, Thais Gasparian); Brazil - Machado Meyer Advogados (partner Thiago Spercel, associate Karina Tiaki Momose, Luna Miranda de Oliveira Guimarães, Murilo Bertoldi); Mexico/USA - Greenberg Traurig (partners Fernando Orrantia, Antonio Robles, Manuel Rajunov, associate Liat Tanur); Luxembourg - Loyens & Loeff (partner Cédric Raffoul, associates Arnaud Barchman, Luis Alberto Aguerre Enriquez, Guillem Guimet)Brazil/USA - Clifford Chance (counsels Patrick Jackson, Anja Pfleger, associates Jeffrey Susskind, Tolu Ojo-Williams, Luis Eduardo Al-Contar, Richard Mailey); Brazil - TozziniFreire (partners Alexei Bonamin, Kenneth Ferreira, Fabiola Augusta Cavalcanti, associates Marcus Vinicius Pimentel da Fonseca, Ana Livia Ida, Tatiane Batalha Bom Fim, Lara Rocha, Gabriel Arenazio); USA - Pillsbury Winthrop Shaw Pittman (counsel Michael Fruchter)
Votorantim CimentosBanco Santander (Brasil), Banco Itaú BBA, BB - Banco de Investimento120ConstructionDeal counsel: Machado Meyer Advogados (partners Eliana Chimenti, Gustavo Secaf Rebello; associate Heithor Murakami Dall'Amico)
Ápice SecuritizadoraTerra Investimentos12Real estatePMKA Advogados (partner Ronaldo Ishikawa; associate João Pedro Bertanha de Nadai)Cascione Pulino Boulos & Santos Advogados (partner Fabio Cascione; associates Diego Gonçalves Coelho, Helton Costa, Débora Galego)


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