Clifford Chance

Clifford Chance advises on series of debt deals by Brazil's Itaú Unibanco and Banco Bradesco

Global law firm Clifford Chance has advised on a senior notes offering and sustainability-linked private placements by Brazilian bank Itaú Unibanco Holding S.A. (Itaú Unibanco), and the reopening of Banco Bradesco S.A. (Banco Bradesco)'s previous US$750 million bond issuance.

The firm advised BofA, UBS, Citibank, Itaú BBA and J.P. Morgan, as managers, in connection with the offering by Itaú Unibanco, through its Grand Cayman Branch, of US$1 billion 144A/Reg S 6.0% senior notes due 2030; Itaú Unibanco, through its Grand Cayman Branch, on the issuance of US$250 million sustainability notes; and Banco Bradesco on the reopening of its previous US$750 million bond issuance with an additional US$250 million 144A/Reg S 6.5% senior notes due 2030, bringing the total issuance to US$1 billion.

Both offerings by Itaú Unibanco were issued under its US$100 billion Global Medium Term Note Program. Banco Bradesco's offering was issued under its US$10 billion Global Medium Term Note Program.

The sustainability notes transaction was structured as two private placements and fully subscribed by the International Finance Corporation (IFC) and the Inter-American Investment Corporation (IDB Invest). It included two series of notes due in 2028, US$175 million floating rate social notes and US$75 million floating rate biodiversity notes. These are the first-ever notes linked to biodiversity in Brazil, and the proceeds will be used to finance and refinance projects that support social and biodiversity initiatives in the country in line with Itaú Unibanco's Sustainable Finance Framework.

Counsel Anja Pfleger Andrade, who led all three transactions, commented, "We are proud to guide our clients on these issuances, and delighted to support the advancement of social and biodiversity initiatives in Brazil."

Itaú Unibanco senior notes issuance team

• Counsel Anja Pfleger Andrade
• Staff Attorney Guilherme Laudisio
• Associate Pedro Vasques-Milhinhos
• Partner Avrohom Gelber (Tax)
• Associate Milica Pavlović (Tax)

Itaú Unibanco's sustainability-linked private placements team

• Counsel Anja Pfleger Andrade
• Associate Natalie Tsang
• Intern João Eduardo de Godoy Pereira

Banco Bradesco issuance team

• Counsel Anja Pfleger Andrade
• Staff Attorney Pedro Henrique Menegat
• Partner Avrohom Gelber (Tax)
• Associate Joshua Thomas (Tax)

Clifford Chance advises on many offerings in the Latin American market, most recently on Banco Bradesco's original US$750 million notes offering and the issuance of US$750 million notes by Eletrobras, which was the first issuance of an "infrastructure bond" in the international markets.