DLA Piper represented Rioprevidencia (Rio de Janeiro’s state-owned pension fund), as sponsor, as well as the State of Rio de Janeiro in a 144A/Reg S US$2 billion securitization of oil royalties, the first ever cross-border transaction of its kind in Brazil.

The international offering was launched together with a local debenture offering limited to Brazilian qualified institutional investors in accordance with CVM Instruction 476. The Rule 144A/Reg S international offering raised US$2 billion, while the Brazilian offering raised R$2.4 billion (approximately US$1 billion). This is the first ever international securitization of Brazilian oil royalties, making it a landmark transaction.

The DLA Piper team representing Rioprevidência and the State of Rio de Janeiro was led by Gianluca Bacchiocchi, a partner in the Corporate and Finance practice in New York and Chicago. Other members of the team were Jeffrey Susskind (Sao Paulo); Christina Houston (Wilmington); Mark Friedman (Baltimore); Gerald Rokoff, Jack Kantrowitz and Witold Jurewicz (New York); and Tonya Gauff (Chicago). The firm also worked in cooperation with independent Brazilian firm Campos Mello Advogados, including partner Roberto Viana Barros and associates Jorge Gallo and Fabiana Marcondes.