According to Wikipedia, Batizado (literally baptism in Portuguese, and borrowed from the religious tradition) is normally an annual event for a Capoeira group in a region or country. The practice of Capoeira Batizados originates from Capoeira Regional, but has been extended to other styles.
Batizados are large events and are very important for the group organizing it. It is the point in the year where the new members will be baptized officially into the group and receive their first cords and where the other members depending on their progress will get a new one. A typical batizado will take several days and consist of workshops, the actual Batizado itself and a Troca das Cordas. Often many groups from more than one region will attend a Batizado for other groups. This allows for development of the game by contact with other players, teachers and styles.
In many schools, students are baptized by the floor — that is, they play against higher level capoeiristas and are subsequently taken down by a rasteira. This is meant to signify a continual process of humility and improvement in the game.
Normally the Mestre of the group must be present during the proceedings, but historically this is not required. But it is a festival of interaction between masters and students. It is a magical encounter; it is energy; it is culture; it is an exchange of information; it is incredibly emotional. It is an intense moment where mestres, professors, and students of the Escola Brasileira de Capoeira and invitees from Brazil and elsewhere reunite to exchange experiences, knowledge, and wisdom.
As the first encounter of students with invited masters, it is in the context of the batizado that initiates in the art of capoeira receive a nickname by which they will be known within capoeira, including their first cordão(belt). Baptized students also move from one graduation to another according to their practical and theoretical development throughout the year.
While Trocas das Cordas is literally the changing of the cords, cords signify the level of a capoeirista. During the troca das cordas some capoeiristas will receive a new corda before or after a game played against a Mestre (Master) in which they have to show their advancement and earn the right to wear the new corda. The color schemes for the levels vary from group to group.