Clifford Chance

Clifford Chance advises on fourth issuance by a Brazilian financial institution this year, this time on the first issuance by Banco Votorantim's newly established Luxembourg branch

Global law firm Clifford Chance has advised Brazil's Banco Votorantim S.A. (BV), acting through its newly established Luxembourg branch, on its inaugural issuance of US$500 million 5.875% senior notes due 2028. The notes, listed on the Global Exchange Market of Euronext Dublin, were issued under BV's US$5 billion Global Medium Term Note Programme.

The initial purchasers of the bonds were BofA Securities, Bradesco BBI, Citigroup, Itaú BBA, J.P. Morgan, Morgan Stanley, and UBS Investment Bank. The offering included two tranches: a Rule 144A and a Regulation S under the US Securities Act.

This cross-border deal was led out of São Paulo by Anja Pfleger Andrade, who was supported by Pedro Henrique Menegat and João Eduardo de Godoy Pereira. The deal team also included Christian Kremer, Maxime Budzin, Federica Gamen, Victor Hilbertz, Simon Paran and Dominik Schlarb in Luxembourg, and Avrohom Gelber and Rick Thoben in New York.

Pfleger Andrade said, "This marks our fourth issuance by a Brazilian financial institution this year. We are proud to bring our extensive experience and our global platform to support Banco Votorantim on this first issuance through its newly established Luxembourg branch."

Clifford Chance advises on many offerings in the Latin American market, most recently on Brazil's Itaú Unibanco and Banco Bradesco's senior notes offering and sustainability-linked private placement and the issuance of US$750 million notes by Eletrobras, which was the first issuance of an "infrastructure bond" in the international markets.