Simpson Thacher & Bartlett is representing retailer C&A Modas, the Brazilian unit of Dutch fast-fashion retailer C&A, on a $408 million initial public offering, as Brazil enjoys a record string of equity offerings.

Grenfel Calheiros, head of Simpson Thacher’s São Paulo office, said the resurgence of Brazilian equity offerings this year is the result of a confluence of factors. Brazilian interest rates are at a record-low 5%, leading Brazilians who are accustomed to collecting double-digit returns on their bank savings to pour money into the equity and bond markets in search of yield.