LatinFinance recognized the work of Milbank LLP for the annual “2020 Deals of the Year Awards.” The firm was acknowledged for its role in the Corporate High-Yield Bond of the Year.
The Awards recognize the best in Latin American finance and investment from October 2019 through September 2020. LatinFinance editors select the winners based on transaction size, complexity, innovative elements, market significance and execution. For the 2020 awards, LatinFinance also took into account the reaction of institutions to the pandemic. Milbank’s work was recognized in the following capital markets transaction:
- Corporate High-Yield Bond of the Year: Braskem | (Close date: July 2020)
Milbank advised six international financial institutions in the US$600 million issuance of hybrid notes by Brazilian petrochemicals company Braskem S.A. This is the first hybrid debt instrument issued by a Brazilian corporate issuer (non-financial institution) in over a decade, with 50% equity treatment by Standard & Poor's and Fitch Ratings. The deal team was led by São Paulo Capital Markets partner Tobias Stirnberg with associates Alexia Raad and Marina Carvalho Rodriguez, Tax partner Andrew Walker and associate David Hanno.
Tobias Stirnberg said, “This transaction featured a hybrid bond that was an innovative strategy for Braskem and could be used by a number of other large and highly rated corporate issuers from Brazil and Latin America. We are honored to receive this recognition from LatinFinance which is a testament to our work in Brazil.”
Marcelo Mottesi, chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group said, “We are pleased to earn this recognition once again from LatinFinance for our work in Latin America. Milbank is extremely active in the region and we work closely with our clients on their market-leading transactions.”
The firm was also awarded “Private Equity Deal of the Year” for its role in the sale of Mexico’s RCO to Abertis and GIC.