Pinheiro Guimarães and Machado Meyer act in sustainability bond issuance of B3
Pinheiro Guimarães Advogados advised B3 stock exchange, Machado Meyer advised the underwriters
Pinheiro Guimarães advised Brazilian stock exchange B3, the largest in Latin America by market value and among the 20 largest in the world, in the issuance of US$700 million in sustainability-linked securities.
Banco Bradesco BBI, Citigroup Global Markets, Itau BBA, JP Morgan Securities, MUFG Securities Americas, Bank of America Securities, Banco Safra, and Santander Investment Securities acted as underwriters and arrangers.
As part of the transaction, B3 committed to create and launch a diversity and sustainability index by December 2024 that will allow the sustainability of the companies listed on the stock exchange to be assessed based on a scoring system. If B3 does not create the index, the interest rate will increase by 0.125% starting in September 2025.
B3 has also committed to increase the participation of women in leadership positions to at least 35% by December 2026, from the current level of 27.2%. If it fails, the interest rate will rise by 0.125% starting in September 2027.
Pinheiro Guimarães advised B3 with a team led by partners Fábio Yanitchkis Couto (pictured top left), Roberta Pimentel (pictured top centre) and Marcela Taquette Vaz (pictured top right), and associate Danny Malka Y Negri.
Machado Meyer acted as Brazilian counsel to the underwriters Bradesco Securities, Inc., Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and MUFG Securities Americas Inc., with a team led by partners Adriano Schnur (pictured bottom left) and Raphael Oliveira Zono (pictured bottom right), and associates Fernanda Cury Messias, Gabriela Estefania Paredes Arcentales and Helena Daher Rodrigues Moreira in São Paulo.
Milbank served as U.S. counsel to B3 with a team led by partner Tobias Stirnberg and associate Marina Carvalho Rodriguez in São Paulo; partners Andrew Walker and Catherine Leef Martin, and associates David Hanno and Megha Kalbag in New York.
Clifford Chance LLP advised the underwriters with a team led by attorney Anja Pfleger Andrade and Patrick Jackson, and associate Fernando Susegan in São Paulo; and partner Avrohom Gelber and associates Rick Thoben, Paul Koppel, and Thomas Koh in New York.
