A powerhouse in both the debt and equity markets, Lefosse Advogados is consistently at the forefront of major capital markets transactions. Recent standout deals include SABESP’s R$14.7bn privatisation follow-on offering and Eletrobras’ $750m infrastructure bond—the first issuance of its kind under Law 14,801. Luiz Octavio Lopes, who has led numerous equity capital markets transactions with a recent focus on follow-on offerings, co-heads the team with Ricardo Prado, known for advising issuers and underwriters on public offerings in local and international markets and for his strong track record in fixed-income transactions. Managing partner Rodrigo Junqueira is a key contact for issuers and coordinators in ECM and DCM deals. Jana Araujo is recognised for her expertise in domestic and cross-border equity offerings, while Bruno Massis advises on public offerings of debt securities, equity, and private placements. Felipe Paiva joined from TozziniFreire in May 2025, bringing extensive experience in securitisations, fund formation, and follow-on offerings of alternative funds.

Rated for its 'outstanding technical quality', Mattos Filho fields a robust capital markets practice, which consistently handles high-profile equity offerings, including IPOs and follow-ons, as well as debt issuances and securitisation transactions for issuers and underwriters. With a strong client base of domestic and international corporations, financial institutions, and institutional investors, Jean Marcel Arakawa brings over 25 years of experience advising companies across a wide range of industries on accessing capital markets. His expertise spans public offerings and private placements of equity, debt, and hybrid securities, listings on organised markets, market exits, and regulatory obligations. Vanessa Fiusa plays a prominent role in public and private offerings of equity and debt in Brazil and internationally, advising companies, financial institutions, and investors. Caio Cossermelli undertakes both ECM and DCM work, with particular strength in IPOs, follow-ons, debt and hybrid securities, and securitisation deals, while Raphael Saraiva focuses on securitisations involving agribusiness receivables (CRAs).

Pinheiro Neto Advogados advises a high-profile roster of investment banks and leading Brazilian and international companies across the full spectrum of capital markets transactions. The team handles domestic and cross-border equity offerings – including dual listings – M&A involving publicly held companies, liability management, and debt issuances, and has deep experience in infrastructure debentures, commercial paper, structured finance, green bonds, and agribusiness and real estate receivables certificates (CRAs and CRIs). A standout in ECM, Henrique Lang has advised on multiple noteworthy IPOs over the past two decades. Luiz Felipe Fleury Vaz Guimarães focuses on debt securities offerings and M&A for publicly listed companies. Other key figures include Tiago Themudo Lessa, noted for his expertise in bond offerings and agribusiness securitisations; Fernando Zorzo, a trusted adviser on equity offerings, tender offers, and exchange offers; Guilherme Sampaio Monteiro, who excels in ECM and M&A of listed companies; and Rafael Gaspar, a specialist in transactions with derivative components and securitisation structures. Ricardo Russo retired in January 2025.

Operating across São Paulo, Rio de Janeiro, and Belo Horizonte, Cescon Barrieu‘s team handles a significant volume of local debt capital markets transactions for major issuers, as well as securitisation deals for underwriters. Recent highlights include advising on the first-ever exchangeable cross-border note issuance and several high-value issuances of real estate (CRI) and agribusiness (CRA) receivables certificates. Alexandre Barreto regularly acts for financial institutions, multinationals, private and publicly held corporations, and investment funds in deals involving the domestic and international debt capital markets. Mariana Borges, a trusted adviser for issuers, selling shareholders, and underwriters, has a strong track record in public offerings and private placements of equity, debt securities, CRIs, and CRAs. Daniel Laudisio, former head of the capital markets practice, departed in April 2025, and Joaquim Oliveira returned to the firm in July 2025.

Demarest Advogados’ capital markets practice, led by Thiago Giantomassi – a key contact for investment banks, private equity firms, listed and closely held companies, controlling shareholders, brokers, and investors – stands out for its expertise in complex structured finance and securitisation deals. The team also possesses extensive experience in debt capital markets transactions, such as project finance-related fundraisings, investment funds, public M&A, and regulatory matters concerning listed companies. Notable practitioners include Letícia Wanderley, who advises on structured debt and multi-collateral financings, and Luiz Felipe Eustaquio, who handles ECM and DCM work. The team has recently expanded with several notable hires. Cristina Tomiyama joined from Pinheiro Guimarães in December 2024, bringing extensive ECM experience, particularly in IPOs and follow-ons. In January 2025, Julia Lobo Dutra arrived from Cescon Barrieu, strengthening the practice with her focus on advising companies and underwriters on public share offerings. Most recently, in March 2025, Marcus Fonseca joined from TozziniFreire, bringing broad expertise in securities offerings, fund formation, and regulatory matters, while Carlos Henrique de Araújo, the former head of legal at Vectis, arrived in October 2025. Mariana Kondo, a former investment fund and asset management partner at Mattos Filho, joined in March 2025.

Highlighted ‘for its exceptional technical expertise’, Machado Meyer Sendacz e Opice Advogados‘ capital markets team ‘demonstrates excellence in structuring public offerings, private placements and other fundraising instruments’. The practice advises issuers and underwriters on local and cross-border equity and debt transactions, and also handles investment fund matters and regulatory issues affecting publicly traded companies. Practice co-head Gustavo Rugani is noted for his extensive experience in IPOs, follow-ons, debentures, bonds, CRIs, and promissory notes. Other key figures include Raphael Zono, who focuses on DCM matters, including debenture issuances; Gustavo Secaf Rebello,  who is active in both domestic and international debt and equity transactions; and Fernanda Cury, recognised for her strength in debt capital markets.

A broad range of clients - including publicly traded and closely held companies, financial institutions, investment funds, and securitisation firms - regularly turn to Pinheiro Guimarães for advice on debt capital markets transactions. The team is particularly strong in public offerings and private placements of debentures and notes, as well as structured assets such as mortgage-backed securities (CRIs), agribusiness receivable-backed securities (CRAs), and investment fund quotas. Drawing on expertise in capital markets, banking, and M&A, Plinio Pinheiro Guimaraes N co-heads the department alongside Francisco José Pinheiro Guimarães, who shares similar strengths, Paula Beatriz Carneiro Pessôa, recognised for her work in structured finance, derivatives, and investment funds, and Ivie Moura Alves, a key contact for DCM matters. Bruno Lardosa advises financial institutions, investors, multilateral organisations, asset managers, and corporations on debt and equity transactions in both domestic and international markets.

Alongside its strong expertise in regulatory matters involving the CVM, ANBIMA, and B3, Stocche Forbes Advogados’ capital markets department is highly skilled in structuring equity offerings -including IPOs and transactions involving Depositary Receipts and Brazilian Depositary Receipts (BDRs) - as well as debt securities transactions and investment fund-related work. Henrique Filizzola, a key contact for financial institutions, investment funds, and large corporations, co-leads the department with Frederico Moura, noted for his expertise in project finance, banking, and capital markets; Marcos Ribeiro, who advises on the structuring and public offerings of various investment fund units; and Thadeu Bretas, whose experience spans debt, equity, securitisation, and investment fund transactions. Other key practitioners include Eduardo Pereira, focused on public offerings, and Ana Flávia Chaves, who has been recently active in follow-on offerings, debenture issuances, and securitisation deals.

Praised for offering 'an international perspective while maintaining a strong local presence', Tauil & Chequer Advogados' capital markets team routinely acts for clients in high-end securities offerings, including IPOs, follow-ons, tender offers, debt issuances, and securitisation deals. The team has been particularly active in advising on debenture, commercial note, CRI, and CRA issuances in the fixed income markets. Practice head Carlos Motta handles local and cross-border transactions for publicly held corporations, financial advisers, and banks. Rodolfo Constantino De Tella has considerable expertise in equity and debt offerings, structured finance, and private placements, while Luis Montes advises Brazilian private issuers on equity and debt offerings. Bruno Cerqueira works across a wide range of securities, including debentures, commercial paper, investment fund shares, CRIs, and CRAs.

Singled out 'for its competence and in-depth knowledge of public offering deals', BMA Advogados' capital markets practice advises public companies, investment banks, and other market participants on the issuance of all types of securities, including debentures, commercial papers, investment fund shares, and structured products. The team is also recognised for its regulatory expertise, advising on listings and delistings, corporate governance, and administrative proceedings before the CVM and B3. Camila Goldberg, who is proficient in public and private offerings, co-leads the group with Jane Goldman Nusbaum, a specialist in investment fund offerings and real estate securitisations. Conrado de Castro Stievani has experience across both debt and equity capital markets, while Luis Eduardo Al-Contar regularly handles debt public offerings, including debentures, international notes, and bonds, and advises listed companies on regulatory matters with the CVM, B3, and ANBIMA.

At Lobo de Rizzo Advogados, the capital markets team advises on a wide range of debt securities, including bonds, debentures, promissory notes, and real estate and agribusiness receivables certificates, while also handling IPOs and follow-on equity offerings. André Ramos Bedim advises financial institutions, multilateral credit organisations, and companies on project finance and structured debt transactions, while Gustavo Silveira Cunha is particularly active in debt issuances. Maria Costa Neves Machado is a trusted counsel for financial institutions on public offerings of securities, including CRIs, an area in which Milton Pinatti also has significant expertise. Mariana Cano Assef Donini concentrates on public offerings of shares and debt in both domestic and international markets.

Singled out for its strong transactional and regulatory capabilities, the team at TozziniFreire advises both underwriters and corporate issuers across a wide range of debt capital markets and securitisation transactions. Practice head Alexei Bonamin has extensive experience in debt deals, IPOs, follow-ons, and mandates related to investment funds and asset management. Following Marcus Fonseca‘s departure in March 2025, Daniel Laudisio, former head of Cescon Barrieu’s capital markets practice, joined the team, bringing extensive experience in debentures, commercial notes, CRIs, and CRAs issuances. Felipe Paiva left the firm in May 2025.

Trench Rossi Watanabe maintains a comprehensive capital markets practice, advising on both debt and equity transactions, as well as corporate governance and regulatory issues before the CVM. A key adviser to major issuers and banks, practice head Daniel De Miranda Facó possesses a strong track record in equity deals, including follow-ons, tender offers and IPOs. Luís Ambrósio focuses on debt capital markets, while Eduardo Herszkowicz leads on investment funds, securitisations, and asset management mandates, frequently advising on both public and private fund share issuances. Rafael Disposti is recognised for his work with financial institutions, public and private companies, and investment funds.

With extensive experience across a broad range of financial instruments, VBSO Advogados is recognised for its strong track record in public and private issuances of promissory notes, debentures, shares, investment fund quotas, and bank credit bills. The firm particularly stands out in securitisation transactions, with a focus on real estate and agribusiness receivable certificates. Erik Frederico Oioli advises domestic and international clients on structuring transactions in fixed-income and variable-income markets, including through securitisation vehicles and investment funds. He co-leads the practice with José Alves Ribeiro Junior, who is active in public offerings of debentures and promissory notes and advises on real estate, agribusiness, and financial securities, and Henrique Vicentin Lisboa, whose expertise includes stock issuances, promissory notes, debentures, CRIs, and CRAs.

At Cascione Pulino Boulos Advogados, the capital markets team is recognised for its strong expertise in advising debtors, issuers, and underwriters on real estate and agribusiness securitisations. The group also has solid credentials in public offerings of debentures, commercial paper, and financial notes, as well as in structuring and distributing investment fund quotas and structured investment funds. Founding partner Fábio Cascione brings extensive knowledge of securities offerings, including CRIs, CRAs, debentures, promissory notes, and commercial paper. He leads the practice alongside Gabriel Capella, who focuses on structured investment funds and debt instruments. Ana Paula Calil plays an active role in both domestic and international debt capital markets.

Praised by clients for its 'combination of deep legal expertise with exceptional responsiveness and care', boutique firm FreitasLeite Advogados stands out in the investment funds arena while also advising banks, brokerages, and other financial institutions on a broad spectrum of capital markets matters. The team is well equipped to handle private debt, distressed transactions, real estate-related deals, credit securitisations, and regulatory matters. Practice leadership is shared by Cristiano Da Cruz Leite, a trusted adviser to financial institutions, investment funds, and asset managers, and Humberto De Paula Lima Isaac, who focuses on funds, collective investment vehicles, and structured investment products.

Issuers, underwriters, banks, asset managers, broker-dealers, and investment firms regularly turn to Madrona Advogados for comprehensive advice on capital markets matters. The team is particularly strong in fund formation, securitisation, and regulatory work, with notable activity in CRI and CRA issuances. Marcelo Cosac and Luis Bellini stand out for their experience in public offerings of securities backed by real estate and agribusiness receivables and debentures issuances, while Nair Saldanha is recognised for her expertise in public share offerings and IPO preparations for Brazilian companies.

Monteiro, Rusu, Cameirão e Bercht Advogados is frequently instructed by underwriters and major companies on financial note issuances, securitisations, and debenture offerings, with a strong track record in real estate and agribusiness receivables certificates. Practice head Roberto Rusu focuses on public issuances of debentures, promissory notes, shares, and bonds, working alongside Allan Borba Bercht, who covers public offerings of various securities, and Marina Lipener Fenerich, noted for her expertise in securitisations, capital markets, and banking law.

With a strong focus on private and public offerings of investment funds and debt securities linked to the real estate sector, NFA – Negrão Ferrari Advogados handles a significant volume of real estate securitisations (CRIs), and is frequently involved in matters concerning FIIs (real estate investment funds) and FIPs (private equity funds). The practice is co-led by Carlos Eduardo Peres Ferrari, recognised for his expertise in structured finance, real estate funds, and securitisations; Bruno Gagliardi, who advises on CRI issuances and the structuring of financial, real estate, and private equity funds; and Guilherme Iuassê Osima, a specialist in real estate securitisations and private equity investments.

Demonstrating solid transactional and regulatory capabilities, the capital markets team at Santos Neto Advogados is equipped to advise intermediary financial institutions, companies and investors – particularly those in the agribusiness, energy, infrastructure and real estate sectors – on the issuance and public offering of securities, most notably CRAs. Practice head Matheus Zilioti frequently handles the public offering of debentures, commercial papers, CRIs, and CRAs. Henrique Takeda is another name to note for securitisations and investment fund matters.

Ingrid Hessling, with nearly two decades of experience in capital markets advising financial institutions, domestic and international companies, and investment fund managers and administrators, leads the practice at Veirano Advogados. The team is particularly adept at structuring investment funds and advising on securitisation transactions, including public offerings of real estate and agribusiness receivables certificates. It also has extensive experience in debenture and commercial note issuances.

With notable expertise in capital markets and securities regulatory issues, the team at Bocater, Camargo, Costa e Silva, Rodrigues Advogados is praised for its 'technical knowledge and ability to understand and adapt the proposed solutions to the client's reality'. The practice is frequently engaged in the establishment and registration of investment funds with the CVM, as well as in the registration of public share offerings, bonds, investment fund shares and other securities. The team is jointly led by founder Maria Isabel do Prado Bocater, alongside Francisco Costa e Silva and Matheus Corredato Rossi.

The capital markets practice at Campos Mello Advogados is jointly led by Jorge Luiz Barbieri Gallo, who focuses on financial and capital markets transactions, and banking and finance specialist Marcelo Mattos. The team advises banks, investment funds and pension funds on a broad range of matters, with regular activity in securitisations, offerings of convertible securities, derivatives and DCM transactions.

Coelho Advogados regularly advises key clients on real estate and agribusiness securitisation transactions. The practice is led by Diego Gonçalves Coelho, who has extensive experience in the issuance of a variety of securities, including bonds, shares, commercial papers, financial bills and investment fund quotas. At the associate level, Bianca Portella Crochiquia is notable for her involvement in key capital markets and securitisation matters.

With a strong presence in the energy, sugar and ethanol, real estate and transport sectors, Dias Carneiro Advogados‘ capital markets team is particularly skilled in advising on the issuance of debentures, CRIs and CRAs in the local market, as well as on the placement of bonds in the international market. The practice is jointly led by Thiago Vallandro Flores, who has extensive experience across a broad range of financing transactions, and Fernando de Melo Gomes, who is especially active in project financings through local and international debt capital markets. Victor Henrique Baptistin, a former associate at Veirano Advogados, joined the firm as a partner in May 2025, bringing extensive experience in the public offering of securities, debt restructuring and project finance.

i2a Advogados stands out for its strong track record in public offerings and issuances of real estate fund shares and CRIs in the local market. Singled out for 'their extensive technical expertise and knowledge of the capital markets', Ronaldo Ishikawa and Luis Peyser jointly lead the department. Ishikawa frequently advises investment banks and asset managers on structuring public offerings of equity-equivalent deals in FIIs (Brazilian REITs) and debt instruments such as CRIs, while Peyser handles debentures and promissory notes, CRI transactions, and fund-related matters, including FIIs and FIPs.