Friday, 13th August 2010 by Emiliano Mellino

Clifford Chance LLP and Pinheiro Neto Advogados have helped Brazil′s Banco Bradesco raise US$1.1 billion in bonds.

The deal closed on 9 August, with Cleary Gottlieb Steen & Hamilton LLP and Machado, Meyer, Sendacz e Opice Advogados advising the book runners, Bank of America Merrill Lynch, Bradesco BBI, HSBC and JPMorgan. BB Securities and Espírito Santo Investment participated as co-managers.

"This transaction illustrated the benefits of the new subordination nucleus structure put in place by the Brazilian regulators, since it enabled us to use the same nucleus that was approved by the Central Bank for the last Bradesco subordinated deal in 2009,′ says Clifford Chance associate Anand Saha, who worked on the 2009 issuance together with most of the counsel that worked on this week′s deal.

′The transaction was launched on an extremely tight schedule and also included an ′upsize option,′ whereby the deal was offered to Asian investors at their opening of business after pricing in the US had taken place, increasing the deal size," says Saha.

Counsel to Bradesco

International

·         Clifford Chance LLP

Partner Anthony Oldfield and associates Anand Saha, Anja Pfleger and Konstantinos Papadopoulos

Brazil

·         Pinheiro Neto Advogados

Partner Enrico Jucá Bentivegna and associate Victor Lopes Araujo

Counsel to the banks

International

·         Cleary Gottlieb Steen & Hamilton LLP

Partner Nick Grabar and associates John Delaney and Vivian Lee

Brazil

·         Machado, Meyer, Sendacz e Opice Advogados

Partner Nei Zelmanovits and associate Karina Momose

(Latin Lawyer 13.08.2010)

(Notícia na Íntegra)