Beatriz Lavigne

Capital Markets Insight: Incentivized Bonds under Brazilian Law

By David S. Bakst, Milena Muradian, Carlos Motta, Rodolfo Constantino de Tella, Luis Montes, Giampaolo Marzulli, Natália Carvalho Minotto & Beatriz Lavigne on August 20, 2025

Posted in Debt Offerings

In 2024, the Brazilian government enacted Law No. 14,801, creating the framework for incentivized bonds. Building on the success of incentivized debentures under Law No. 12,431/2011, this new instrument allows Brazilian companies to issue debt securities abroad with a zero percent withholding income tax rate for non-resident investors, subject to certain conditions. The measure aims…

Capital Markets Insight: The Brazilian Sustainable Debt Market – A Cross-Border Regulatory Perspective

By Carlos Motta, Rodolfo Constantino de Tella, Luis Montes, Gedham Gomes, Natália Carvalho Minotto, Beatriz Lavigne, Marcel Hörauf, Peter Pears, David S. Bakst & Milena Muradian on July 16, 2025

Posted in Debt Offerings, ESG

Sustainable debt issuances by Brazilian companies in both domestic and international markets have steadily increased. Abroad, the combined volume of green, social, and sustainability bonds issued by Brazilian corporates, financial institutions, and the federal government rose from approximately USD 15.5 billion in 2023 to approximately USD 17.6 billion in the first nine months of 2024.