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Clifford Chance advises Brazil's Sabesp on first ever corporate blue bond issuance by a company in Latin America

August 1, 2025

Clifford Chance advises Brazil's Sabesp on first ever corporate blue bond issuance by a company in Latin America

Global law firm Clifford Chance has advised Companhia de Saneamento Básico do Estado de São Paulo (Sabesp) and Sabesp Lux S.à r.l, the Brazilian water and waste management company, on its issuance of US$500 million blue bonds maturing in 2030. The International Finance Corporation acted as an anchor investor for the issuance, and the proceeds are committed to be used for water-related sustainability projects.

This is both the second largest blue bond offering globally and the fourth largest international debt offering out of Latin America this year. It also marks Sabesp's first international bond offering since their privatization in 2024, where Clifford Chance advised the company on its SEC registered offering.

The multijurisdictional Clifford Chance team was led by counsel Anja Pfleger Andrade in São Paulo with the support of partner Jon Zonis in New York, and included:

  • São Paulo: Staff attorneys Guilherme Laudisio and Pedro Henrique Menegat, trainee solicitor Brynley Hamer, and intern João Godoy
  • Luxembourg: Senior partner Christian Kremer, associate Federica Gamen, and trainee lawyer Victor Hilbertz
  • New York: Partner Avrohom Gelber (Tax)
  • Houston: Associate Kade Moural (Tax)
  • London: Partner Michael Brown and senior associate Phil Sandu advised on the hedging aspects of the deal (Derivatives)

Pfleger Andrade commented, "We are proud to advise Sabesp on this first-of-its-kind transaction, which reinforces the importance of sustainable finance in Latin America and highlights the growing role of blue bonds in addressing environmental challenges."

Clifford Chance advises on many offerings in the Brazilian market. Recently, the firm also advised Banco Votorantim and Itaú BBA in connection with the reopening of its previous US$500 million issuance of 5.875% Senior Notes due 2028. The transaction was a private placement that involved a new issuance of an additional US$120 million of notes under the same terms.

This year, Clifford Chance has also advised on Méliuz's follow-on share offering to fund its bitcoin asset purchase, the first issuance by Banco Votorantim's newly established Luxembourg branch, and Itaú Unibanco and Banco Bradesco's senior notes offering and sustainability-linked private placement.