Milbank LLP continues to be the most active international law firm advising on cross-border debt capital markets transactions by Brazilian issuers in the first six months of 2025, after leading the league tables in this category in 2024. Milbank advised the issuers or initial purchasers on nearly half of the 20 international corporate and financial institutions bond offerings in 2025 by Brazilian issuers through the end of June, for a total of US$7.1 billion.
These offerings represent a wide variety of transactions, including structured and secured bonds (the GOL Chapter 11 Exit Financing), investment grade bonds (Embraer, Gerdau, both SEC-registered bonds, as well as Itaú Unibanco and Raízen) and high-yield bonds (Usiminas, FS Bioenergia).
In addition, the firm has been very active in the bank loan markets for Brazilian borrowers, advising the lenders or borrowers on cross-border syndicated facilities (Aegea, Vamos and Alubar), export prepayment facilities (Portobello and an independent oil & gas producer), financings with multilateral and development banks (Localiza and Magazine Luiza) and a structured secured financing by Lumina to the Brazilian perimeter of New Fortress Energy.
“We are glad to see the Brazilian cross-border debt market develop with the convergence of bank and capital markets financings, bank-to-bond transactions, and other more structured and sophisticated liability management products” said Fabiana Sakai and Tobias Stirnberg, co-heads of the São Paulo office.
