Banco do Brasil. Photo: ShutterstockCleary Gottlieb, Shearman & Sterling Advise on Banco do Brasil $1.4B Offering
The secondary offering builds on a 10-year record high for equity deals out of Brazil.
October 23, 2019 at 01:39 PM
2 minute read
Shearman & Sterling advised Brazilian bank Banco do Brasil in U.S. law matters on a $1.4 billion secondary share offering, while Cleary Gottlieb Steen & Hamilton represented the underwriters.
Banco do Brasil, one of the largest banks in Brazil by assets, and shareholder FI-FGTS sold 132 million common shares in a R$5.8 billion offering that closed October 22. Banco do Brasil is a communal bank controlled by the Brazilian government.
The Cleary Gottlieb corporate team, led by partner Francesca Odell, represented underwriters Caixa Econômica Federal, Banco do Brasil, Credit Suisse, Itau BBA, JPMorgan and XP. Lawyers based both in São Paulo and New York pitched in, with Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados assisting underwriters in matters of Brazilian law.
Shearman & Sterling partner Stuart Fleischmann, who spends time in both the New York and São Paulo offices of the firm, led counsel to Banco do Brasil while Machado Meyer assisted the bank and FI-FGTS in matters of Brazilian law.
The offering was registered before the Brazilian Securities Commission, with common shares offered in the U.S. to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to non-U.S. persons outside the U.S. pursuant to Regulation S under the Securities Act.
It has been a busy year for deals out of Brazil.
Brazilian companies raised $17.1 billion via 34 transactions during the first nine months of 2019 – almost triple the amount of the year-earlier period, according to data from Reuters. This year's nine-month total for money raised through share offerings, Reuters said, exceeds the full-year amount for every year since 2010.
Progress on macroeconomic reforms under market-friendly President Jair Bolsonaro, combined with signs of economic recovery after a lengthy recession, are stoking demand for Brazilian assets.
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