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Isabel Costa Carvalho

São Paulo

Isabel Costa Carvalho

Isabel Costa Carvalho understands how business and markets work, and is recognized as a leading international capital markets lawyer for the great majority of Brazilian financial institutions. Over the past 20 years, she has assisted Brazilian companies in international transactions, including listing their shares on the NYSE, guiding them in corporate governance structuring, raising capital to fund business development, or assisting on complex cross-border M&A transactions.

Isabel advises and speaks extensively on anti-bribery laws and corporate governance issues, an area in full development in Brazil. She assists clients in setting up compliance programs to fit their unique needs, industries, and risks, and guides them in solving problems when they arise, including leading investigations and dealing with relevant authorities.

Isabel began her career in London, where she spent six years with a major international firm then moved to Brazil to assist with the opening of the firm's new office. She later joined Hogan Lovells to lead its São Paulo office. Her diverse practice gives her the chance to assist clients from many industry sectors, including financial institutions, energy, infrastructure and logistics, technology, retail, and real estate. Fluent in English, Portuguese, and Spanish, she is able to help clients of different cultures all around the world.

Isabel is regularly quoted in journals and featured at seminars concerning corporate governance, compliance, and anti-bribery laws. She's recognized as an outstanding practitioner by publications including Chambers and Best Lawyers.

Representative Experience

Advising Brazilian companies on their NYSE listings, including Eletrobras, Brazil's largest electricity company.

Advise Brazilian financial institution on its debt capital markets transactions, including setting up MTN Programs and takedowns and tender offers.

Advised Brazilian companies and foreign companies in Brazil in connection with setting up their anti-bribery compliance programs and investigations.

Advised on more than 50 Brazilian company IPOs, including BB Seguridade — Latin America's largest IPO in the last five years.

Advised Suramericana in its acquisition of assets in various Latin American countries.

Advised Eletrobras in the project financing of Candiota power plant by China Development Bank, the first Brazil-China financing.

Advised Light S.A. and other companies in the electricity sector in debt restructurings and advised Usiminas S.A. in liability management.

Education and admissions


  • LL.M., King's College London, 1992
  • Law Degree, First Class Honours, Pontifícia Universidade Católica de São Paulo, 1989


  • Member of the Brazilian Chamber of Commerce, London, 1992-98
  • Member of the Brazilian Institute of Corporate Governance, 2010-12

Bar admissions and qualifications

  • Brazil
  • Portugal


Latin America-wide: Banking & Finance – Foreign Expert Based in Brazil; Latin America-wide: Capital Markets – Foreign Expert Based in Brazil; Brazil: Corporate – International; Brazil: Capital Markets – Foreign Expert for Latin America-wide

Chambers Global


Chambers Latin America 2014, Brazil: Capital Markets – International; Latin America-wide: Capital Markets


Who's Who Legal Brazil: Capital Markets


Latin America: International Firms – Capital Markets, Banking & Finance, Corporate and M&A

Legal 500 Latin America

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