Hogan Lovells advised initial purchasers BB Securities and BNP Paribas in the structuring, distribution and issuance of US$600 million in 144A/Regulation S notes issued by Rio Oil Finance Trust, an SPV created for purposes of issuing notes backed by oil royalties allocable to the State of Rio de Janeiro. The offerings are designed to assist the State of Rio de Janeiro and its pension fund RioPrevidência to monetize their future entitlements to national oil royalties.

The Hogan Lovells team was led by New York-based partner Emil Arca, counsels Russell Slanover and David Contreiras Tyler, former senior associate Patricia Ciccone, and international visiting lawyer Renato Villaca Di Dio.

The firm also represented the same clients in three series issued in 2014 for about $4 billion. The 2014 Series were part of the largest emerging market structured finance bond to date, which won three "Deal of the Year" designations from Latin Finance and Latin Lawyer due to its innovative structuring.