Brazil’s $2.5 Billion Bond Offering

Cleary Gottlieb represented the Federative Republic of Brazil in the offering. Sullivan & Cromwell and Pinheiro Neto advised Citigroup Global Markets Inc., Santander Investment Securities Inc. and Scotia Capital (USA) Inc. on the transaction.

Brazil executed its offering of $500 million aggregate principal amount of 2.875% global bonds due 2025, $1.25 billion aggregate principal amount of 3.875% global bonds due 2030 and $750 million aggregate principal amount of 4.750% global bonds due 2050. The offering was a reopening of all three series of global bonds.

Citigroup, Santander and Scotiabank acted as joint lead managers for the offering. The offering priced on December 2, 2020, and closed on December 8, 2020. The global notes were registered with the SEC under Brazil’s registration statement on Schedule B and were listed on the Luxembourg Stock Exchange on December 9, 2020.

The Cleary securities team advising Brazil consisted of partners Nick Grabar (Picture) and Juan Giráldez, associates Rita Sobral and Silvia Fittipaldi, international lawyer Caroline Ogata, law clerk Eric Finkelberg, and corporate practice attorney Maya Ilich-Buxo. Senior attorney David Stewart Fisher and associate JinSol Lee advised on U.S. tax matters.

Sullivan & Cromwell advised Citigroup Global Markets Inc., Santander Investment Securities Inc. and Scotia Capital (USA) Inc. with Christopher L. Mann, Werner Federico Ahlers, Paul J. McElroy, Renata G. Mascarenhas and Sebastián Melero.

Pinheiro Neto advised Citigroup Global Markets Inc., Santander Investment Securities Inc. and Scotia Capital (USA) Inc. with Fernando J. Prado Ferreira, João Pedro Ribeiro Taveira and Leonardo Duarte Moreira.

Involved fees earner: Silvia Fittipaldi – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Maya Ilich-Buxo – Cleary Gottlieb Steen & Hamilton; JinSol Lee – Cleary Gottlieb Steen & Hamilton; Caroline Ogata – Cleary Gottlieb Steen & Hamilton; Rita Sobral – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Fernando Prado Ferreira – Pinheiro Neto; João Pedro Ribeiro Taveira – Pinheiro Neto; Werner Ahlers – Sullivan & Cromwell; Christopher Mann – Sullivan & Cromwell; Renata Mascarenhas – Sullivan & Cromwell; Paul McElroy – Sullivan & Cromwell;

Law Firms: Cleary Gottlieb Steen & Hamilton; Pinheiro Neto; Sullivan & Cromwell;

Clients: Citigroup Global Markets Ltd; Republic of Brazil; Santander Investment Securities Inc.; Scotia Capital Inc.;

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Author: Ambrogio Visconti