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Brazil debt taps total US$7 billion in April

Por: Latin LawyerImprimirVisualizar em PDF

Twenty-six local and four international firms reported working on 26 debt issuances by Brazilian companies worth a combined US$7 billion in April.

The vast majority of debt capital markets transactions during the month of April came from the power and energy sectors, accounting for four and three deals each. Combined offerings by power and energy companies were worth US$1.6 billion. The banking and finance and social infrastructure sectors also accounted for three deals each.

The highest value debt tap came from mining company Vale, which raised US$2.2 billion. It comes off the back of changes Vale made to its corporate governance structure in 2017, designed to make the company more attractive to investors by improving transparency. 

The second largest issuance came from electricity generator Celse, which raised US$970 million.

Only two deals in April reported to Latin Lawyer involved international counsel. Banco do Brasil relied on Hogan Lovells LLP in the US and Harneys in the Cayman Islands to raise US$750 million. Meanwhile, Clifford Chance LLP helped the state of Rio de Janeiro and its associated pension fund issue debt worth US$650 million. The underwriters enlisted Hogan Lovells and Alston & Bird in the US. (Local firms Cescon, Barrieu, Flesch & Barreto Advogados and Campos Mello Advogados were counsel to the underwriters and issuer respectively for the Rio state offering, with Campos Mello also working as issuer's counsel on the Banco do Brasil debt tap).

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados had the largest deal volume for April, working on seven transactions. Machado Meyer Advogados, Pinheiro Guimarães and Stocche Forbes Advogados all followed with five deals each.

Pinheiro Guimarães had the largest combined deal value, worth US$2.6 billion. Stocche Forbes came next, with transactions worth US$1.5 billion in total.

Our findings are based on deals of any value submitted to Latin Lawyer that were signed, announced or closed in April 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 – April

IssuerUnderwriters/ BookrunnersValue (US$ million)IndustryCounsel to issuerCounsel to underwriters/ bookrunnersOther
Algar TelecomBanco BTG Pactual, Banco Santander (Brasil), Banco Bradesco164TMTMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partners Vanessa Fiusa, Frederico Kerr Bullamah; associates Alexandre Hadid Portnoi, Gabriela Castro Rabelo)Machado Meyer Advogados
AtacadãoBanco Itaú BBA, BB Banco de Investimento, Banco BNP Paribas Brasil405RetailMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
Banco DaycovalBanco Santander (Brasil), Banco Itaú BBA, BB-Banco de Investimento, Banco Bradesco BBI140Banking/ financial servicesMonteiro, Rusu, Cameirão, Bercht e Grottoli Advogados (partners Roberto Pekelman Rusu, Allan Bercht; associates Marina Fenerich, Gisele Surkamp); Motta, Fernandes Rocha Advogados
Banco do BrasilBB Securities, Citigroup Global Markets, HSBC Securities (USA), JP Morgan Securities750Banking/ financial servicesUSA/Brazil - Hogan Lovells (partners Evan Koster, Isabel Costa Carvalho; counsel David Contreiras Tyler; associates Paula Pagani, Renato Villaca Di Dio); Brazil - Campos Mello Advogados (partner Roberto Vianna Barros, associates Jorge Barbieri Gallo, Maria Fernanda Perucci) Cayman Islands - Harneys (partner Nicole Pineda; associate Ana Lazgare)
CCRBanco Bradesco BBI, Banco Santander (Brasil)163TransportStocche Forbes Advogados (partner Marcos Ribeiro; associates Victor Roman, Thaís Bonassa)Machado Meyer Advogados
CELG Distribuição54PowerPinheiro Guimarães Advogados (partners Plinio Pinheiro Guimarães N, Pedro Barreto Vasconcellos)
Celse - Centrais Elétricas de SergipeGoldman Sachs do Brasil, Banco Santander (Brasil)970Energy (downstream)Stocche Forbes Advogados (partner Miriam Signor; associates Laercio Munechika, João Carlos Villa, Mariana David, Luis Felipe Braz, João Pedro Lins)Machado Meyer Advogados (partners Paloma Lima, José Virgílio Lopes Enei)
Companhia de Eletricidade do Estado da Bahia – COELBA and NeoenergiaCitibank, BNP Paribas Brazil322PowerMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca; counsel Marcos Saldanha Proença; associates Miguel Ferreira, Vitoria Cervantes de Simoni)
Energisa TocantinsBanco Itaú BBA81Energy (downstream)Stocche Forbes Advogados (partner Henrique Filizzola; associates Ingrid Thomas Hessling, Eduardo Diniz Alves Pereira, Hugo Bueno Neto)Pinheiro Neto Advogados (partner Ricardo Russo; counsel Marcos Proença; associates Miguel Ferreira, Vitoria Cervantes de Simoni)
Gaia SecuritizadoraTerra Investimentos6Real estateLobo de Rizzo Advogados (partner Milton Pinatti; associates Izabel Siqueira do Val, Matheus Borghi Moreira)Cascione Pulino Boulos & Santos Advogados (partners Fabio Cascione, Marcos Pulino; associates Diego Gonçalves Coelho, Helton Costa, Débora Galego)
Geração Céu AzulBB – Banco de Investimento67PowerDeal counsel: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca, associates Flávia Magliozzi, Livia Helena Schiavone Crestana)
GMR Energia2Energy (downstream)Deal counsel: Madrona Advogados (partner Marcelo Cosac; associates Luis Bellini, Camilla Paiva, André Rocha)
Movida Locação de VeículosBanco Bradesco BBI70Consumer goodsDeal counsel: Monteiro, Rusu, Cameirão, Bercht e Grottoli Advogados (partner Allan Bercht; associates Gisele Surkamp, Isadora Schwartzmann)
Nova SecuritizaçãoBanco Votorantim14Banking/ financial servicesDeal counsel: Cascione Pulino Boulos & Santos Advogados (partner Fabio Cascione; associates Diego Gonçalves Coelho, Helton Costa, Débora Galego)
Parnaíba Gás NaturalBanco Bradesco BBI, Banco Citibank68PowerStocche Forbes Advogados (partner Henrique Filizzola; associates Eduardo Pereira, Hugo Bueno Neto)Machado Meyer Advogados (partners Eliana Chimenti, Gustavo Secaf Rebello; associates Heithor Murakami Dall Amico)
Raia DrogasilBanco Itaú BBA108PharmaceuticalsMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
Randon ImplementosBanco Safra, Banco Santander (Brasil)93TransportDeal counsel: Machado Meyer Advogados (partners Eliana Chimenti, Gustavo Secaf Rebello; associate Heithor Murakami Dall Amico)
Rede D'Or São Luiz270Social infrastructurePinheiro Guimarães Advogados (partners Plinio Pinheiro Guimarães N., Pedro Barreto Vasconcellos)
Refrescos Bandeirantes Indústria e ComércioBOCOM BBM32Food & drinkLefosse Advogados (partner Roberto Zarour; associates Pedro Cruciol, Ricardo Marques)Pinheiro Guimarães Advogados (partners Plinio Pinheiro Guimarães N., Bruno Lardosa, Carolina Alonso; associate Vitor Horta)
Rodobens Negócios ImobiliáriosBR Partners Banco de Investimentos22ConstructionDeal counsel: Cescon, Barrieu, Flesch & Barreto Advogados (partner Eduardo Herszkowicz; associate Rodrigo Bini)
SABESP213Social infrastructureCescon, Barrieu, Flesch & Barreto Advogados (partner Alexandre Barreto; associates Mariana Borges, Daniel Mortati, Thaissa Uyeda)Stocche Forbes Advogados (partner Henrique Filizzola)
Santa Helena Indústria de AlimentosBanco Itaú BBA27AgribusinessPinheiro Guimarães Advogados (partners Plinio Pinheiro Guimarães N., Bruno Lardosa, Carolina Alonso; associate Ranna Frota)Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca; associates Marcelo Mello, Livia Helena Schiavone Crestana)
Sociedade Beneficente de Senhoras - Hospital Sírio-LibanêsBanco J Safra41Social infrastructureTozziniFreire Advogados (partners Alexei Bonamin, Kenneth Ferreira; associates Marcus Vinicius Pimentel da Fonseca, Tatiane Batalha Bom Fim)
State of Rio de Janeiro and RioPrevidênciaBB Securities, BNP Paribas Securities600Oil & gasBrazil - Campos Mello Advogados (partner Roberto Vianna Barros; associates Jorge Gallo, Fabiana Marcondes, Maria Fernanda Perucci), USA - Clifford Chance (partner Gianluca Bacchiocchi, associates Jeffrey Susskind, Tolu Ojo-Williams, Kishan Parshotam)USA/Brazil - Hogan Lovells (partner Emil Arca; counsel David Tyler; associates Patricia Ciccone, Renato Villaca Di Dio); Brazil - Cescon, Barrieu, Flesch & Barreto Advogados (partners Alexandre Barreto, Mauricio Santos, Ana Paula Calil; associates Manoela Miranda, Amanda Areas); USA - Alston & Bird
São Martinho - VERT Companhia SecuritizadoraXP Investimentos, Banco Bradesco BBI, BB Banco de Investimeto, Banco Santander (Brazil)141AgribusinessPinheiro Neto Advogados (partner Tiago Araujo Dias Themudo Lessa; associates Caroline Guazzelli Queiroz Gomes, Fábio Moretti de Góis, Julia Barbosa Campos)Pinheiro Neto Advogados (partner Tiago Araujo Dias Themudo Lessa; associates Caroline Guazzelli Queiroz Gomes, Fábio Moretti de Góis, Julia Barbosa Campos)Counsel to São Martinho: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (partner Bruno Tuca; associates Carlos Henrique de Araújo, Diogo Bicalho Nascimento, Lilian Harada Coura)
ValeCitigroup, JP Morgan, Mizuho Securities, SMBC Nikko2,200Mining & metalsPinheiro Guimarães Advogados (partners Plinio Pinheiro Guimarães N., Beatriz Fortuna, Roberta Pimentel)


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