The Federative Republic of Brazil completed an SEC-registered offering of €5 billion of global bonds, consisting of €2 billion of its 4% Global Bonds due 2030, €1.5 billion of its 4.875% Global Bonds due 2033 and €1.5 billion of its 5.5% Global Bonds due 2036. This offering marks Brazil’s largest international bond offering in history and Brazil’s return to the euro-market in its first euro-denominated bond issuance since 2014.
All series of global 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 proceeds from the sale to repay outstanding federal public 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, 2025’s $2.25 billion and $2.5 billion global bond offerings and 2026’s $4.5 billion global bond offering, represented Banco Bilbao Vizcaya Argentaria, BNP PARIBAS, Merrill Lynch International and UBS AG, London Branch as the joint underwriters of the offering.
The S&C team was led by Alan Fishman and Renata Mascarenhas. Jeff Hochberg and Julia Fleurantin advised on tax matters. Vanessa Blackmore, Emily Thomson and Trinity Batt advised on UK/EEA matters.