Hogan Lovells Advises Caixa on $700M Social Bond Issuance to Support Brazil’s Communities.
Hogan Lovells played a central role in advising Caixa Econômica Federal, the largest bank in Brazil by customer base, on the establishment of its Global Medium-Term Note (GMTN) Programme and the issuance of US$700 million in 5.625% Senior Notes due 2030.
The notes were successfully issued on May 15, 2025, and form part of Caixa’s expanding efforts to fund projects with social impact across Brazil.
The proceeds from the bond sale are set to be allocated to eligible social projects under Caixa’s sustainable finance framework, which was introduced in 2024.
The framework supports financing and refinancing for programs aimed at tackling Brazil’s most pressing socioeconomic and environmental challenges, from affordable housing to inclusive education and rural development.
The cross-border transaction brought together a broad Hogan Lovells team from across jurisdictions. Leading the effort were Isabel Costa Carvalho and Jonathan Lewis (Capital Markets, São Paulo), with key contributions from partners Sharon Lewis (Paris and London), Scott R. Lilienthal (Tax, Washington D.C.), and Ariane Mehrshahi Marks (Capital Markets, Luxembourg).
Additional support came from senior counsel Henry Kahn (Regulatory, Baltimore and Washington D.C.) and counsel Reza Mulligan (Capital Markets, Paris and London). A diverse team of associates was also involved, including Felipe Lacerda, Leah Mazzuco, and Pedro Meinberg (São Paulo), Ana Laura Pongeluppi (New York), Valerie Laskowski and Eszter Voros (Luxembourg), and Chasse Osborn (Tax, Boston).
The deal further cements Hogan Lovells’ reputation in global capital markets. In the past six months alone, the firm has advised on more than US$5.2 billion in cross-border debt and equity transactions.
While Caixa has not issued a public statement beyond its official securities filing, the bank confirmed via a May 8 material fact notice that the net proceeds from the bond will be directed toward social investment initiatives.
The filing, signed by Luiz Felipe Figueiredo de Andrade, Caixa’s Managing Director of Finance and Investor Relations, emphasized the bank’s continued commitment to sustainable development goals and its strategy of mobilizing international capital to support communities in need.
The bond offering is being conducted outside of Brazil and is not registered under the U.S. Securities Act of 1933.
Caixa Econômica Federal (CAIXA) is Brazil’s largest government-owned financial institution, founded in 1861 and headquartered in Brazil. It plays a key role in implementing federal public policies, managing major social programs like Bolsa Família, FGTS, and federal lotteries.
With over 4,000 branches, CAIXA reaches more than 99% of Brazilian municipalities. The bank offers a broad range of services including housing loans, rural credit, and consumer banking. In 2024, CAIXA adopted a sustainable finance framework to fund projects addressing Brazil’s socioeconomic and environmental challenges.
Hogan Lovells is a global law firm with over 2,600 lawyers across six continents, offering top-tier legal services in complex litigation, regulatory, and transactional matters. Known for its deep industry knowledge and cross-border capabilities, the firm partners with clients to solve their toughest legal challenges and drive strategic growth. Hogan Lovells serves major players in life sciences, financial services, technology, energy, and beyond, combining local insight with global reach.
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