A much anticipated auction of transfer-of-rights oil area blocks in Brazil raised a record 69.9 billion reais in signature bonus, but high expectations were frustrated by the low participation of international companies, while two oil blocks went without bids.
There are no small players in Brazil’s mega oil auction, which takes place today in Rio de Janeiro. Fourteen oil giants – among them the likes of BP, Chevron, CNOO, ExxonMobil and Shell – will bid for the jewel in the crown of the country’s much-desired pre-salt reserves, an area known as transfer-of-rights.
Simpson Thacher & Bartlett LLP in New York and São Paulo and TozziniFreire Advogados in São Paulo have helped financial markets technology provider Sinqia raise 362 million reais (US$88 million) in a follow-on offering.
Ahead of the biggest oil auction in Brazilian history next month, several law firms have confirmed their roles assisting international majors in the country’s 16th oil bidding round, which raised 8.9 billion reais (US$2.2 billion) in signature bonuses.
For the second time in 2019, Tauil & Chequer Advogados in association with Mayer Brown has hired a partner from Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados – this time recruiting Rio de Janeiro-based environmental lawyer Luiz Gustavo Escorcio Bezerra. Bezerra, 39, joined Tauil & Chequer on 14 October. He returns to the firm where he worked from 2008 to 2014, bringing five associates with him.
Creditors Santander, BTG Pactual, Banco Crédit Agricole and Banco ABC Brasil relied on Tauil & Chequer Advogados in association with Mayer Brown.
Tauil & Chequer Advogados in association with Mayer Brown in São Paulo has helped two bidders win concessions for federal airports in northeast and central-west Brazil, for a total value of 1.9 billion reais (US$468 million).
Some 45 Latin American and international law firms have helped the region’s companies raise more than US$13.4 billion through 41 equity capital markets transactions during the first six months of 2019, according to Latin Lawyer’s latest research.
Some 107 Latin American and international law firms have helped companies in the region raise nearly US$90 billion through 367 debt capital markets deals between January and June of this year, according to Latin Lawyer's data.
Latin Lawyer recorded 109 debt transactions in Brazil between May and June, worth a combined US$19.9 billion