As Bruno Fontana, Brazil investment banking and capital markets head at Credit Suisse, tells Euromoney, however, some of those challenges are practical ones.
“There is a specific concern with MAC [Material Adverse Change] clauses, but otherwise terms have agreed upon, governance is agreed upon and we are in the last mile,” he explains.
“At this point the difficulty has been more on the diligence front. You cannot do due diligence just through a virtual data check. You cannot audit a company without going to a company and looking at the books – physically – and therefore, lawyers cannot issue a legal opinion.