Sullivan & Cromwell Advises Underwriters on Brazil's $4.5 Billion SEC-Registered Global Bond Offering

Sullivan & Cromwell LLP represented the joint underwriters — HSBC Securities (USA), J.P. Morgan Securities, Santander US Capital Markets and SMBC Nikko Securities America — in the transaction. The Federative Republic of Brazil completed an SEC-registered offering of $4.5 billion of global bonds, consisting of $3.5 billion of its 6.25% Global Bonds due 2036 and a $1 billion add-on offering of its 7.25% Global Bonds due 2056. This transaction marked Brazil's first offering of the year. Both series of global bonds are listed on the London Stock Exchange and admitted for trading on the London Stock Exchange’s International Securities Market. Brazil intends to use the proceeds from the sale to repay outstanding federal public debt. Sullivan & Cromwell has acted as regular underwriters' counsel in offerings by Brazil since 1994, including its 2023 inaugural $2 billion sustainable bond offering, a 2024 $2 billion sustainable bond offering, and 2025 global bond offerings of $2.25 billion and $2.5 billion. Sullivan & Cromwell LLP represented the joint underwriters — HSBC Securities (USA), J.P. Morgan Securities, Santander US Capital Markets and SMBC Nikko Securities America — with a team composed by: Alan Fishman, Chris Mann and Andrea González Morales. Jeff Hochberg and Julia Fleurantin advised on tax matters. Vanessa Blackmore and Emily Thomson advised on UK/EEA matters. Tracey Russell advised on FINRA and broker-dealer matters.

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Sullivan & Cromwell Advises Underwriters on Brazil's $4.5 Billion SEC-Registered Global Bond Offering

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Sullivan & Cromwell Advises Underwriters on Brazil's $4.5 Billion SEC-Registered Global Bond Offering

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