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​Mattos Filho tops equity markets tables between July and September

Mercado de capitais

By Fredrik Karlsson

Brazilian firm Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados steered more equity transactions than any other Latin American firm between July and September, according to Latin Lawyer’s latest capital markets research. Mattos Filho tops equity markets tables between July and September 

Eighteen Latin American firms and five international outfits helped 23 Latin American companies raise US$3.3 billion. This marks a sharp decline in equity market activity. In June alone, Latin American companies issued US$3.1 billion in equity. Upcoming elections in the region’s largest economy Brazil, economic volatility in Argentina and rising interest rates in the US may all have contributed to the dip. 

Mattos Filho worked on more than half of the deals sent to Latin Lawyer in Brazil, helping companies raise US$1.3 billion. The firm also landed a place as deal counsel on Bradespar’s 2.4 billion reais (US$616 million) issuance, which Banco Itaú underwrote. This was the second largest equity deal reported to Latin Lawyer over the three-month period. Overall, Brazilian companies made equity taps worth US$1.4 billion in 12 deals. 

Demarest Advogados scored the second-highest deal count in Brazil, working on two transactions.

Three of the Brazilian deals included the creation of investment funds and their initial issuance of quotas. These type of issuances are sometimes considered separate from both debt and equity because they issue quotas rather than equity, but are still subject to Brazil’s securities and exchange commission’s rules.

Demarest advised on two of these transactions, raising US$56 million, while Lefosse Advogados advised on one worth US$13 million. 

Several Mexican companies were also busy in the equity markets between July and September. Local firms helped six companies raise US$601 million. Nader, Hayaux & Goebel worked on three deals, worth US$369 million, while Galicia Abogados worked on two, raising US$176 million. 

Five international law firms landed places on three deals, two of which were landmark transactions. In the first, Milbank, Tweed, Hadley & McCloy LLP in New York and White & Case LLP in Miami worked on Grupo Energía Bogotá’s US$647 million dual-track equity issuance in August. Colombian and Peruvian firms also worked on that transaction. Posse Herrera Ruiz in Bogotá and Estudio Echecopar member firm of Baker McKenzie International in Lima represented Energía Bogotá alongside Milbank, while Gómez-Pinzón in Bogotá and Garrigues (Peru) advised the underwriters with help from White & Case. 

This was the first dual-track secondary equity offering by a Colombian state-owned company and the largest equity deal reported to Latin Lawyer between July and September. In the second major international deal, Shearman & Sterling LLP in New York and Prieto in Santiago helped shopping mall chain Mallplaza make Chile’s biggest ever IPO, worth US$530 million. Cleary Gottlieb Steen & Hamilton LLP in New York, Washington, DC, and Buenos Aires, and Claro & Cía in Santiago advised the selling shareholders, while the placement agents enlisted Davis Polk & Wardwell LLP in New York and Morales & Besa in Santiago. 

Among Chilean firms, Morales & Besa put its ink on the most deals, working on two, including Mallplaza’s IPO. Elsewhere in the region, Latin Lawyer recorded one deal in Argentina. It was submitted by Mitrani, Caballero & Ruiz Moreno, which helped investment company Vinsa and Fides Investa issue US$40 million. Local firm Sabsay Neimark Abogados also worked on that deal. There was one local equity deal in Peru. Hernández & Cía Abogados helped Inca Rail, which runs the famous train service from Cusco to Machu Picchu, list common shares for the first time. Regionally, the real estate sector had the highest deal volume (nine) in the region, but six of these transactions were made in Mexico.

Retail companies were also active with three issuances, while companies involved in banking and finance raised the most – some US$917 million in three deals.

Our report is based on deals of any value submitted to Latin Lawyer that were signed, announced or closed between July and September 2018. Firms linked to reported deals were invited to submit other transactions that occurred during these months. We have included all counsel to the best of our knowledge. If you think your firm’s deal has been missed, you can submit it here for consideration. Latin Lawyer will continue to publish capital markets round-ups from the region in upcoming briefings. 

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