Milbank LLP, together with Morgan Stanley and Brazilian law firm BMA Advogados, hosted the Debt Capital Markets (DCM) University course for clients and colleagues on March 29, April 4 and April 11 in São Paulo and Rio de Janeiro.
More than 70 people, from approximately 40 companies, attended sections of the course. The first topic discussed was “Main Steps for an International Bond Issuance,” which addressed the major financing alternatives available for Brazilian companies and the benefits of the international bond market.
In the second session, “Main Parties Involved in a Bond Offering Process,” the speakers analyzed each step of a bond offering, from the hiring of banks and counsel to the pricing and liquidation of the notes, the documents involved, the covenants usually assumed by the issuer, and the need to obtain credit rating from risk assessment agencies.
The last session addressed “ESG Instruments,” with a review of ESG-linked bonds – commonly known in the market as “green bonds,” “social bonds” and “sustainability bonds” – and the process used in issuing these securities. The discussion included case studies of offerings by Brazilian companies, as well as an assessment of the available structures and a review of topics involving ESG instruments.
In one session, Morgan Stanley’s Fernando Mello moderated a roundtable where Milbank partner Fabiana Sakai and Camila Goldberg from BMA Advogados shared their knowledge and experiences. “The international debt market is an important financing option for Brazilian companies and presents countless advantages,” said Ms. Sakai. “The program’s content comprised the main preparation and execution steps in a bond offering, as well as recent topics such as ESG instruments, including green notes and sustainability-linked notes. It was a pleasure to be a part of DCM University.”
