Debt and equity-linked
Securitisation
Equity
M&A
Private equity
Restructuring
Project finance
Debt and equity-linked
|
| Left to right: José Roberto Opice of Machado Meyer Sendacz e Opice, Raymond Fisher of Linklaters, Maya Mehta of Clifford Chance and Alasdair Robertson of Maples and Calder |
Banco Nacional de Desenvolvimento Econômico e Social
In June Banco Nacional de Desenvolvimento Economico e Social (BNDES) restructured and re-offered $1 billion in bonds. It was the first non-republic investment grade issue since Brazil's capital markets rating was upgraded.
The structure not only replaced $1 billion in cross-border financing, it extended the maturity of the bonds 10 years at a current rate by structuring sales to facilitate multiple tranches of existing financing. Through Section 3(c)(7) of the US Investment Company Act, the offering allowed a special purpose vehicle (SPV) to exchange the bonds without the involvement of existing bondholders.
Linklaters counselled BNDES while Maples & Calder served as counsel to...