The Federative Republic of Brazil completed an offering of $2 billion of sustainable bonds due 2031, marking the country’s first sustainable bond issued to international investors.
Proceeds from the sale of the bonds will be used to fund green and social expenditures under the country’s sovereign sustainable bond framework.
S&C, which has acted as regular underwriters’ counsel in offerings by Brazil since 1994, represented Itau BBA USA Securities, J.P. Morgan Securities and Santander US Capital Markets as the joint underwriters. The S&C team for the transaction included Chris Mann, Alan Fishman, Renata Mascarenhas and Adam Toobin. Sam Saunders advised on sustainability matters. Jeff Hochberg advised on tax matters. Amy McGinn advised on U.K./EEA matters.