The abstract nouns compadrazgo (Spanish and Filipino) and compadrio (Portuguese), both meaning "co-parenthood," are sometimes used to refer to the institutional relationship between compadres.
Traditionally, among Iberians and Latin Americans, this relationship formalizes a pre-existing friendship which results in a strong lifelong bond between compadres.
The Doge of Venice Pietro II Orseolo worked all his life for creating solid contacts with the contemporary monarchs, achieving good relationships with the Byzantine Empire.
On the other hand, he approximated to Otto III, Holy Roman Emperor and eventually named him literally with the title of compadre, which meant "the co-father of the Venetian Doge's children".
However, among more traditional Latin American and Hispanic/Latino families, the word retains its original meaning and symbolism, and for its members, to be asked to be a padrino or compadre is a great, lifelong honor.