The Federative Republic of Brazil completed an SEC-registered offering of $2.25 billion of global bonds, consisting of $1.5 billion of its 5.5% global bonds due 2033 and $750 million of its 6.625% global bonds due 2035.
The bonds are listed on the London Stock Exchange and admitted for trading on the London Stock Exchange’s International Securities Market. Brazil intends to use the net proceeds from the bonds to repay its outstanding federal debt.
S&C, which has acted as regular underwriters’ counsel in offerings by Brazil since 1994, including its 2023 inaugural $2 billion sustainable bond offering, 2024 subsequent $2 billion sustainable bond offering and this year’s $2.5 billion global bond offering, represented Deutsche Bank Securities, Citigroup Global Markets and Goldman Sachs & Co. as the joint underwriters of the offering.
The S&C team for the transaction included Chris Mann, Alan Fishman and Renata Mascarenhas. Jeff Hochberg advised on tax matters. Vanessa Blackmore, Emily Thomson and trainee solicitor Chloe Keung advised on UK/EEA matters.