The Legal 500

With global bank lending hindered by the ongoing global financial crisis and economic downturn, the banking and finance arena in Latin America could certainly be more active. Nevertheless, the region as a whole is one of the fastest growing developing economies and with jurisdictions such as Brazil poised to become a global economic superpower, there is still intense demand for financing to continue this growth trajectory. Most of the leading firms in this sector are headquartered in New York or have a substantial presence in the financial centre.

Having focused on Latin America for decades and built up one of the largest dedicated practices amongst all international firms, Cleary Gottlieb Steen & Hamilton LLP provides the benchmark for which many of its competitors judge themselves against. The firm has a magnificent reputation for debt restructurings stemming back to the 1980s and 1990s when it was heavily engaged in debt crisis that swept across Latin America. The firm was initially engaged by a number of sovereign governments, but this has evolved into numerous mandates from quasi-sovereigns and major corporations across the region. In addition, the firm's ever-growing investment bank client base, which was initially honed on Wall Street, but is being developed in Latin America itself, gives it access to many of the most sought after mandates in the region. Of late the firm has worked on sizeable restructurings in Brazil and Mexico, although it is also increasingly involved in new money financing deals. Uniquely, the firm has an office in Buenos Aires as well as in Sao Paulo, the former playing an active role in banking deals in Argentina as well as other Latin American states such as Chile, Uruguay and Paraguay. The firm recently worked as counsel to the Republic of Argentina in a landmark $100bn debt restructuring, one of the largest such deals in history and involving bond issuances in Germany, Italy, Japan, the UK and the US. Buenos Aires-based Jaime El Koury and Jorge Juantorena in New York led the team that represented Empresa Nacional del Petróleo (ENAP), Chile's largest hydrocarbon producer and the country's only petroleum product refiner, in connection with a $300m syndicated loan transaction. These two offices have reaffirmed the firm's lengthy and illustrious commitment to the region and between them they now hold one of the largest teams of US trained attorneys on the continent. Aside from its eminence in the debt restructuring arena, the firm is active in acquisition finance, projects and infrastructure development, and any financings that emanate from its thriving Latin America corporate practice. Of the major restructurings involving international debt in Mexico, Brazil and Argentina, the firm has taken a role in almost every single deal in recent years. Much of the work has related to devaluation of individual currencies and issues surrounding derivatives obligations. The firm's excellent derivatives practice in New York is an important factor, particularly with its strong connections to the derivatives desks of the major Wall Street banks. More traditionally, the firm would undertake the role of debtor counsel, thanks to its reputation as the preferred adviser to Latin American sovereign states. Colombia, Chile and Peru are other key markets for the firm. The firm has an incredibly large bench at partner level including New York's Chantal Kordula and Buenos Aires-based Andrés de la Cruz, as well as New York's Carmen Amalia Corrales, who is renowned for her work with sovereign states. The ‘excellent' Richard Cooper is highlighted as a leading figure in the restructuring sector. Jeffrey Lewis and newly elected partner Amy Shapiro are also recommended. Jorge Juantorena is a prominent figure in Mexico deals, and Wanda Olson is also acknowledged as being ‘very experienced in negotiating with the Mexican authoritiesand counterparties' and for being a ‘super professional'. Sao Paulo-based Juan Giráldez is commended for his ‘up-to-date' knowledge, properly ‘targeted' advice, and excellent ‘human relations'. Overall, the firm is commended for its ‘great knowledge of local regulations and international law', and its ‘helpful', responsive, ‘organised' and ‘value for money' advice. Unless stated, all lawyers are based in New York.

Milbank, Tweed, Hadley & McCloy LLP has an impressive global reputation for general financings and project finance, and this has been put to good effect in Latin America with a sequence of standout and headline deals. Despite losing a core part of its Latin America team, headed by Michael Fitzgerald, when they left to join the now defunct Dewey & Leboeuf LLP in 2011 (and subsequently moved on to Paul Hastings LLP in 2012), the firm retains genuine credibility on Latin America deals thanks to its peerless record and the fact that it has retained a potent team of regional specialists that have maintained the firm's illustrious standards. The firm continues to enjoy the benefits of its longstanding and continually developing relationships with the most influential investment banks, particularly those that have a presence in Latin America or those that focus on it from New York or other principal financial centres. In addition, it has earned the patronage of a number of banks that are headquartered in Latin America, as well as a slew of corporate borrowers. The firm's highly reputed Sao Paulo office, alongside its New York headquarters, has been pivotal to this process. In the finance environment, the firm has worked on a series of standout deals including representing the arrangers on two revolving credit facilities for Mexican giant, and Latin America's largest phone operator, América Móvil, totalling $4bn. Head of the firm's global communications practice and managing partner of the Washington DC office Glenn Gerstell led the team on the deals. The firm also represented the joint lead arrangers on the $190m bridge financing for Abengoa Peru. It is in project finance where the firm really comes into its own and it has been particularly active in the offshore energy sector, most notably in Brazil. In March 2012, it represented the lenders in the $692m project financing to purchase a deepwater drillship to be chartered by Brazil's Petróleo Brasileiro (Petrobras). This closely followed the firm's work on two other major Brazilian offshore financings. Firstly, the project financing for the Schahin Group to purchase the Black Diamond I deepwater drillship and secondly, the project financing of Floating Production, Storage and Offloading (FPSO) unit in the Tíro and Sidon oil fields off the coast of Brazil. Beyond Brazil and outside of the offshore energy sector, the firm recently advised the lenders on the $225m financing for the development of Chile's largest wind farm, the El Arrayan wind project, which is being developed by US wind and transmission company Pattern Energy Group. The firm represented Japanese trading houses ITOCHU Corporation, Marubeni Corporation and Mitsui & Co in connection with the $750m financing to Venezuelan state oil company Petróleo de Venezuela (PDVSA) for the expansion of the El Palito oil refinery. It also advised Mitsubishi Corporation on a $750m loan facility to PDVSA for the expansion of the Puerto La Cruz oil refinery. The firm's ability to bridge the tightening nexus between Asia and Latin America was further demonstrated by its advice to Export-Import Bank of Korea (KEXIM), Sumitomo Mitsui Banking Corporation and Crédit Agricole Corporate & Investment Bank in the financing of the 433-MW Norte II combined cycle power plant located in Mexico's northern state of Chihuahua. New York's Dan Bartfeld has an immense standing in the Latin America project finance environment and has led many of the firm's biggest deals right across the region. He is ably supported by the influential Jay Grushkin in New York and Los Angeles-based Allan Marks. Sao Paulo partner and head of the Latin America practice Andrew Jánszky is also a key member of the finance practice, as is New York-based Carolina Walther-Meade.

Mayer Brown has been active in Latin America for over 20 years. The broad practice has a notably strong record in structured and highly secured syndicated lending in major jurisdictions such as Brazil, Argentina, Mexico, Peru and Colombia. Over the years, the firm has also been an eminent player in the restructuring arena, including many of the largest transactions in the region. In addition, the firm is prominent in the structured finance and securitisation segment, a global strength for the firm. Over the last 18 months, it has worked on a series of major new money financings, including advising Citibank and JPMorgan on a $79m secured syndicated credit facility for Multidimensionales, Plasdecol, Phoenix Packaging Mexico, Phoenix Packaging LLC and Phoenix Packaging Operations LLC. The structure and documentation was substantially revised mid-way through the deal due to amendments to the Colombian tax law. Oil and gas sector financings, including drilling rigs, is another area of particular activity, as is mining industry transactions. Traditionally the firm has acted primarily as lender counsel on Latin America deals, although its exposure to borrower instructions has increased markedly in recent years, particularly in Brazil where it has benefitted from working alongside associate local firm Tauil & Chequer Advogados in association with Mayer Brown LLP. In Brazil, the firm recently advised Multigrain as borrower on a $500m syndicated export prepayment facility with ING, ABN AMRO and Crédit Agricole and eight other financial institutions. In Mexico, it represented ICATECH Corporation as borrower, and Empresas ICA as parent, in connection with a $150m secured term loan from Goldman Sachs. Principal lender clients include Credit Suisse, Citibank, Bank of Nova Scotia and Bank of America Merrill Lynch, as well as Banco Santander, Bank of Montreal, Deutsche Bank, HSBC, Impresas ICA and Société Générale. The Latin American banking and finance practice is largely centred in the Chicago, New York and Washington DC offices. Key partners include head of the Latin America practice and fluent Spanish speaker Doug Doetsch in Chicago, a leading figure in cross-border securitisations, structured credit deals and debt restructuring. In New York, David Duffee has a wealth of experience in Latin America cross-border financings, especially syndicated bank lending and acquisition financing. In addition, New York and Washington DC partner Christopher Erckert is a fluent Spanish and Portuguese speaker and has completed a series of major project financings in Latin America. New York partner Chris Gavin is recommended for structured finance and securitisation, and Chicago partner James Patti has a fine record in both structured finance and general lending.

Shearman & Sterling LLP has a formidable record in the banking and finance segment, covering all significant markets in Latin America. Despite the recent shortage in headline deals, the firm has retained an impressive market share. In December 2011, veteran Latin America specialist Jeanne Olivier represented Grupo de Inversiones Suramericana (Grupo Sura) in its $3.8bn acquisition and related financing of ING's Latin American pensions, life insurance and investment management operations, the largest ever acquisition and financing by a Colombian company. The firm has a real history in the region having represented the banks on many of the sovereign debt problems back in the 1980s and the firm's status has not diminished since then. Today the practice has evolved to the extent that the firm is beginning to represent Latin American corporations and institutions on outbound deals, including into the US. Core markets include Brazil, Chile, Peru, Colombia and Argentina, although work from the latter has slowed following the economic downturn in the jurisdiction. Historically, the firm has operated primarily as lenders counsel, but with the economic growth in Latin America and the continued development of the region's major corporates, it is now frequently engaged as borrowers counsel for clients such as Abengoa, Grupo Sura and JBS. Lender clients include Citibank, BBVA and JPMorgan as well as a number of export credit agencies (ECAs) and multilateral agencies such as International Finance Corporation (IFC). The firm recently advised IFC on the $349m financing for Colombian utility Empresas Públicas de Medellín (EPM) to improve access to water, sewerage services, and electricity for more than 2.3m people in Medellin and its surrounding areas. Beyond this, the firm has a leading project finance practice in Latin America, most notably in relation to the mining and energy sectors. It was appointed as counsel to Banco Nacional de Desenvolvimento Econômico e Social (BNDES) on the proposed financing of the $1.2bn Chaglla hydropower project in Peru. In addition, it is adviser to Central American Bank for Economic Integration (CABEI) in the $1.5bn project financing of the 220 MW Tumarín hydropower project, to be developed in Nicaragua by Grupo Queiroz Galvao and Eletrobras. Deepwater drill ship financing is another area of particular activity for the practice. Aside from the aforementioned New York partner Jeanne Olivier, other key partners include New York's Robert Freeman, Denise Grant, Gregory Tan, Howard Steinberg and Cynthia Urda Kassis.

White & Case LLP's peerless global banking relationships are brought to bear in Latin America, where it has a longstanding presence and a tremendous record. With highly reputed offices in Sao Paulo and Mexico City, working in concert with the firm in New York, Miami and Washington DC, it has a banking and finance offering that few others can match. The genuinely broad scope of the practice encompasses the full gamut of banking and finance transactions from syndicated lending and acquisition finance to structured and trade finance and project and equipment finance. It has worked on a high proportion of the most notable financing transactions in Latin America, advising both borrowers and lenders. In 2011, it represented giant Brazilian holding company Votorantim Participações in connection with a $1.5bn five-year revolver facility and a $1.15bn secured export prepayment facility; highly experienced Sao Paulo partner Donald Baker led the team on the transactions. The firm also represented Crédit Agricole as administrative agent, and Crédit Agricole, HSBC Bank, Banco Santander, Banco do Brasil and Société Générale as joint lead arrangers on a $350m senior syndicated revolving credit facility for Brazilian petrochemical company Braskem Incorporated. Miami-based partner Victor Alvarez led on the transaction, and also advised Standard Chartered Bank on the senior secured $750m term loan facility for Charter Development, a special purpose company created for owning and leasing offshore drillships to Brazilian state-owned oil and gas company Petrobras. The firm has also worked on a series of credit facilities for Latin America-headquartered financial institutions, including representing the administrative agents and global coordinators on a $631m dual-currency term loan facility for Brazil's Banco Itaú BBA. Additional leading figures in the practice include Miami-based Carlos Viana and Emilio Alvarez-Farré, as well as Victor DeSantis in Washington DC. Key clients include Votorantim, BNP Paribas, HSBC, BBVA, Standard Chartered Bank, Crédit Agricole, Sumitomo Mitsui Banking Corporation, Banco Santander and Braskem.

Allen & Overy LLP has an especially strong focus on the Brazilian market with a presence on the ground in Sao Paulo, yet it is engaged in banking and finance matters throughout Latin America. The firm's New York and Washington DC offices play an active role on Latin America matters, with the London and Tokyo offices also becoming increasingly involved with the region. The latter is thanks to the growing prominence of Japanese trading houses in Latin America. Overall, the firm has a strong standing in banking and project finance in the region, including a notable niche in pre-export financings. The firm is a dominant player in the mining sector, having worked on many of the largest mining projects over the last ten years. The power sector is another key part of the practice, and it also has a powerful standing in the offshore space for matters such as drill ships and fixed platforms. In the project finance arena, the firm has a relatively even split between sponsor and lender instructions, with clients including lenders such as Banco Rabobank, Credit Suisse, and Citibank. Its strong emphasis on Brazil has also enabled the firm to represent a number of Brazilian banks in deals in and outside of the jurisdiction, including in Chile, Peru and Colombia. In 2011, the firm represented Citibank, HSBC, Banco Santander and Société Générale on a $686m loan to Petrobras guaranteed by Garanti-instituttet for Eksportkreditt. Key partners include Sao Paulo-based and native Portuguese speaker Bruno Soares, New York-located head of project finance and co-head of the Latin America practice Robert Kartheiser, as well as New York's Cathleen McLaughlin, who is head of capital markets and co-head of the Latin America practice. Other key figures include newly promoted partner Dorina Yessios in New York, who focuses principally on project finance deals in Latin America; Washington DC-based David Slade, who is a projects partner and head of the US banking practice; New York banking and projects partner Charles Williams; and New York banking partner Thomas Abbondante.

Chadbourne & Parke LLP has an ‘outstanding' reputation in Latin America, both for its offices in Sao Paulo and Mexico City, and for its Latin America-focused team in US, especially New York. The firm is ‘seen a lot' in the region and has a broad practice ranging from project finance to structured trade finance deals and securitisation. Clients highlight the Brazilian team in particular, commending it for its ‘delivery times' and for providing ‘keen advice in critical situations'. The group also ‘works closely with clients' and its ‘professional background gives the impression of working with a boutique law firm'. The firm has an active practice both for lenders and corporate borrowers. In April 2011, it represented Grupo ACS on one of the headline project finance deals of the year in Latin America. The deal involved a $350m securitisation of Peruvian government guaranteed receivables generated in connection with the construction of the Taboada wastewater treatment plant in Lima. In June 2011, the firm advised Corporacion Andina de Fomento on the $239m secured financing to Argentine company Renova to finance the acquisition, construction, and initial operation of a soybean crushing facility and related 30 megawatt electricity co-generation plant. Illustrating the team's broader capabilities, it represented FMO in connection with an $210m structured A/B pre-export financing for Argentine grain and soya exporter Nidera. Major clients of the practice include Banco Santander, BNP Paribas, Braskem, Credit Suisse, Deutsche Bank, Grupo ACS, Odebrecht Oleo e Gas, Paranapanema and Société Générale. Key partners include Sao Paulo managing partner Charles Johnson, who joined the newly launched office in 2010 and is a ‘very hands-on and diligent lawyer' and ‘stands-out for presenting creative solutions for many different problems'; New York partner Carlos Albarracín, who has a principal focus on Argentina, Chile, Colombia and Peru, and has particular industry expertise in oil, gas, power and infrastructure; Sao Paulo partner Daniel Spencer who has extensive experience of project finance, securitisation, trade finance, general bank lending and oil and gas related work; New York and Mexico City partner Marc Rossell who combines a capital markets and bank lending expertise to great effect on deals such as project bonds and securitisations; and managing partner of the Mexico City office Boris Otto who has a strong focus on local and cross-border structured bank financing work.

Clifford Chance's peerless global reputation for banking and finance expertise has not been lost on the Latin American market. With a potent contingent of banking and finance practitioners in London, New York and Washington DC and a quickly developing team in Sao Paulo, the firm is not lacking in firepower and focus on the Latin America region. Washington DC is home to many of the firm's most prominent Latin America project finance attorneys, who link up Sao Paulo's Chris Willott, who was recently promoted from counsel to partner. Furthermore, the firm has one of the largest presences in Brazil of all international law firms. The firm covers the full gamut of straight banking deals, through to structured and project finance. It represents most of the major lenders including BBVA, Citibank, Credit Suisse, Deutsche Bank, Santander and UBS, and also represents a number of multilateral agencies and export credit agencies (ECAs). In addition, the firm has a thriving borrower practice, including advising a number significant Brazilian corporate borrowers on major cross border financings. A sizeable portion of the practice centres on Brazil, thanks in part to the size of the economy and the fact the firm has a large office there. In 2011, Willott led the team that represented Banco Santander (Brasil), BNP Paribas and HSBC as lead arrangers and lenders on the bridge financing and long-term financing of the acquisition and upgrade of the ODN Tay IV drillship, which is sponsored by Odebrecht Oil and Gas (OOG) and to be chartered to Petrobras. Drilling rigs is a particularly active area for the Latin America practice, both in and outside of Brazil. The firm also represented Inter-American Development Bank on the Delba Drilling financing, involving the restructuring of a $488m loan and potential new interim financing to complete the construction of an ultra-deep water semi-submersible offshore drilling platform. Other project finance activity is in wind farms, pipelines and airports. The firm also has a formidable asset finance practice in Latin America, most notably in the aircraft sector, acting for many of the major airlines in the region. Aside from its core market of Brazil, the firm has a fervent flow of instructions on deals relating to Colombia, Mexico, Peru, Chile and other key markets. Other than the previously mentioned Willott, key partners include New York partner Evan Cohen, who is head of the Americas banking and finance group; New York-based acquisition and leveraged finance expert Jay Gavigan; and capital markets and finance specialist Isabel Carvalho in Sao Paulo. New York's Thomas Schulte and Jason Young are also recommended.

Davis Polk & Wardwell LLP has a formidable standing in the global finance and project finance environment. While the Latin America practice has been historically led by the New York office, the firm's recent hire of Sao Paulo partner Stephen Hood has given it one of the region's most experienced and respected international lawyers and one with an immense record in project finance. He joined in 2011 along with fellow partner and project finance specialist James Vickers from Mayer Brown. Hood has worked on a multitude of headline deals in Latin America over the years including representing Odebrecht Oil & Gas on the EPC contracts and project finance arrangements for drill vessels Norbe VI, Norbe VIII and IX, and ODN I and II. In addition, he advised WestLB, Banco Santander and other lenders in connection with the export refinancing of the $500m loan facility Bahia Speciality Celulose. Immensely experienced New York partner Waide Warner has a mightily impressive Latin America record. In 2011, he led the team that advised Mexican chemical and petrochemical giant Mexichem on a $1bn three-year revolving credit facility provided by administrative agent JPMorgan. He also led the team that represented Colombia's oldest financial institution Banco de Bogotá in connection with a $500m senior unsecured term loan credit facility. New York partners James Florack and Joseph Hadley are also recommended.

Hughes Hubbard & Reed LLP operates from multiple locations in the united States, as well as from offices in Europe and Asia. In addition it has a longstanding Latin America practice that encompasses a broad range of financing transactions. It recently represented HSBC and Société Générale as global coordinators of an export prepayment facility and a revolving credit facility for several subsidiaries of Brazil's Votorantim Participações. The firm has successfully penetrated the banking market in Latin America itself. It represented major Brazilian wholesale bank Banco Itaú BBA as arranger, administrative agent and lender, in relation to a five-year $100m syndicated loan facility to a large Brazilian sugar and ethanol producer. Much of the firm's focus is on Brazil; on the borrower front, it represented Brazilian mining giant Vale on its $3bn loan facility in 2011, provided by a consortium of 27 international banks. Considering the difficulties in achieving successful financings in recent years, this deal was certainly regarded as a headline transaction and illustrates the high-end capabilities of the firm. Miami partners Amy Dulin and Mark Denham are key members of the Latin America finance practice.

Though bank lending has declined in recent years and has been replaced with by a greater preference for capital markets fund raisings, Simpson Thacher & Bartlett LLP still retains an active banking and finance practice. Project finance is its most active sector. In November 2011, led by eminent New York partner David Williams, who has been ‘active in Latin America for some time', the firm advised Celulosa Arauco y Constitution and Stora Enso Oyj in connection with the financing of the Montes de Plata pulp mill in Punta Pereira, Departamento de Colonia, Uruguay. This $1.5bn financing provided by The Inter-American Development Bank, as well as the Finnish Export Credit and Finnvera, represented the largest-ever foreign investment in Uruguay and one of the largest deals to close in Latin America in recent years. Further headline project finance deals include the firm's representation of Aeris Holding Costa Rica in relation to financing the expansion of Costa Rica's Juan Santamaría International Airport. It represented the successful completion of a three-year restructuring effort which began in 2008. The firm also advised Colombian conglomerate Mercantil Colpatria on its $1bn sale to the Bank of Nova Scotia, a unique deal, which was achieved through a traditional Western-style leveraged buy-out style transaction. Notable clients include Banco de Reservas de la Republica Dominicana, Banco Inbursa, Empresas Públicas de Medellín, HRT Participações em Petróleo, Mercantil Colpatria, Mitsubishi Corporation, and Unigel Participacoes. The small group of partners that are ‘focused on Latin America' also include Sao Paulo and New York-based Todd Crider and Jaime Mercado, and New York partners Alan Brenner and Glenn Reiter, the latter having focused on Latin America for decades.

Skadden, Arps, Slate, Meagher & Flom LLP has upped its game in the Latin America region over the last few years. It has a genuinely strong focus on Latin America from its New York headquarters, yet with its ever-growing reputation in Sao Paulo, it is on the way to becoming one of the truly elite players in the region. Unsurprisingly, Brazil is its principal market in Latin America, although Mexico and Colombia also account for an increasing proportion of instructions. It now represents a multitude of Latin America-based entities such as América Móvil, BM&FBovespa SA, BNDES, CEMEX, Embraer, Empresas Polar, Grupo Bimbo, Grupo Mexico and Votorantim. In 2011, New York partners Paola Lozano and Alejandro Gonzalez Lazzeri represented Grupo Bimbo, Mexico's largest commercial baking operation in connection with a $1.3bn senior credit facility provided by a syndicate of lenders to finance its acquisition of the fresh bakery business of Sara Lee. The firm is also active on the lender side, acting for Bank of America and Citibank in connection with a $110m loan to Peruvian food manufacturer Alicorp. The firm also represented Citigroup in connection with a $50m secured mezzanine term loan facility for Grupo Schahin. Key individuals include eminent Sao Paulo partner Richard Aldrich and senior New York figure Paul Schnell, whose practice encompasses a large number of Latin America transactions. New York's Paola Lozano and newly elected partner Alejandro Gonzalez Lazzeri, who is picked out by competitors for ‘doing a good job', are also recommended, as is New York-based co-head of the firm's energy and infrastructure projects group Hal Moore.

Sullivan & Cromwell LLP expertly combines leading expertise in banking, capital markets and project finance to provide one of the elite Latin America-focused banking and finance practices. The firm has a particularly standout reputation for representing sponsors on major project financings. This was illustrated back in 2010 when it represented Minera Esperanza and its owners Antofagasta and Marubeni Corporation in relation to the financing for the $2.3bn Esperanza project, one of the largest-ever mining project financings in Latin America. The firm is also particularly well known for financial institutions M&A. In 2011, it represent ING Groep on its $3.8bn sale of its pension, insurance and investment management assets in Colombia, Mexico, Chile, Peru and Uruguay to Grupo de Inversiones Suramericana. This was part of ING Groep's worldwide restructuring initiated by an EU state aid related order in November 2009. The firm was also closely involved in the financing process. Its expertise in financial institutions M&A was further illustrated by it representing The Royal Bank of Scotland (RBS) in the sale of assets and liabilities of its Argentine bank branch to Banco Comafi. This follows the firm's advice to RBS in connection with its sale of assets in Colombia, Chile and Venezuela. Leading partners include New York partner Sergio Galvis, who has an eminent record in financial institutions M&A, project finance and corporate debt restructurings. Fellow New York partner Christopher Mann is a regular adviser on Latin American financings, including oil and gas projects, port facility project financings, and mining project financings in Venezuela, Peru, Brazil and Argentina. Mitch Eitel is also recommended.

With its headquarters in Washington DC, Arnold & Porter LLP has an illustrious Latin America practice, with a longstanding focus on government and public sector instructions. The firm is one of the leaders in sovereign and quasi-sovereign representations, particularly in the area of debt restructurings. Its standing in sovereign and quasi-sovereign transactions was further enhanced by the return of Washington DC partner Whitney Debevoise in 2010, after three years with The World Bank. His sovereign clients include Brazil (National Treasury and Central Bank of Brazil), El Salvador and Panama. The firm has a tremendous reputation for leading regulatory expertise, a characteristic that is frequently put to good use in financial institutions M&A. It represented Banco do Brasil, the largest full service bank in Latin America in connection with its US expansion strategy and establishment of a national financial services platform. As part of this process, the firm advised the bank on its acquisition of Florida-based Eurobank, the first ever acquisition of a full-service US retail bank by a Brazilian bank. On the regulatory front, the firm advised Banco Latinoamericano de Exportaciones, a supraregional Panamanian bank, in relation to all US bank regulatory aspects of its operations. In the financing arena, the firm has worked on a series of headline deals including representing Petroleos de Venezuela (PDVSA) on two loans, with a total value of $1.5bn, from a syndicate of Japanese banks including Bank for International Cooperation (JBIC), Bank of Tokyo Mitsubishi, Mizuho Corporate Bank, Itochu and Mitsubishi (the loans are to fund the expansion of two large oil refineries in Venezuela). Leading partners include Washington DC's Gregory Harrington, who has a primary focus on Latin America and experience on the ground having completed a stint practising in Sao Paulo. In addition, New York's Kevin Barnard is co-head of the firm's financial services practice and has completed a multitude of Latin America transactions. Kathleen Scott in New York has a formidable reputation for regulatory issues, and Neil Goodman has completed a series of financings on behalf of Latin American borrowers in particular.

DLA Piper LLP has steadily developed its Latin America practice over the last few years with significant expansion of its Brazil, Mexico, Venezuela and Miami offices. Immensely experienced New York partner Peter Darrow, who joined the firm from Mayer Brown in 2010, has become a key figure in the practice. In 2011 he led the team that advised RBC Merchant Bank (Caribbean) and a group of lenders in the successful restructuring, recapitalisation and refinancing of a $180m project financing for Hidro Xacbal, which operates a 94 MW hydroelectric facility in Guatemala, the largest hydroelectric project in Central America. In addition, Chicago partner Gianluca Bacchiocchi has become a prominent practitioner in the ever-growing project bonds segment. In 2011, he led the team that advised the arranger and initial purchaser in connection with a $340m Reg S project bond offering by SEDAPAL and the Government of Peru and was granted to a concessionaire for the construction of the Taboada water treatment facility in Peru.

Post-merger, Hogan Lovells has made significant inroads into Latin America and can now be considered to be a significant player in the region. This is demonstrated in a number of headline mandates including its advice to longstanding client Petróleos de Venezuela (PDVSA) in connection with a $1.5bn financing from China Development Bank (CDB) for a refinery project in South America. In addition, the firm represented Ecuador's Ministry of Finance on a dual currency $/RMB sovereign credit facility of $2bn from CDB for financing a series of infrastructure projects. Both deals point to the global capabilities of the firm, particularly on cross-border deals involving developing economies. This was further illustrated by its role as counsel to China Export & Credit Insurance Corporation (Sinosure) on the $730m project financing of a 165 MW hydroelectric power project in Guyana. It was the first large power project financing in Guyana and first project financing for Sinosure in Latin America. Major clients include Petróleos de Venezuela (PDVSA), EP PetroEcuador, Ministry of Finance of the Republic of Ecuador, HSBC Securities, Banco Bradesco, Banco HSBC Salvadoreño and Banco Santander (Brasil). Key partners include Caracas partner Bruno Ciuffetelli who is co-chair of the Latin America practice along with Miami partner José Valdivia; Miami partner and global co-head of the infrastructure, project and public finance practice Miguel Zaldivar; New York partner Emil Arca; and Keith Larson in Washington DC.

Hunton & Williams LLP has a solid Latin America practice thanks in no small part to the efforts of its estimable Miami office, where Fernando Alonso is chairman of the Latin America department. The firm's New York, Washington DC, Dallas and London offices also provide further expertise on Latin America deals. The firm is particularly well known for project finance, including infrastructure, energy and natural resources deals. The department was further augmented by a series of lateral hires in 2011 and 2012, and this included the arrival of Latin America cross-border finance expert Fradyn Suarez from Mayer Brown's New York office in September 2011; Suarez now splits her time between New York and Miami. Much of her practice centres on project finance transactions, acquisition financings, syndicated lending transactions, debt restructurings and bond offerings for a range of US, European and Latin American commercial and development banks. Clients of the practice include Banco Santander, Banco Sabadell, Citibank, Japan Bank for International Cooperation (JBIC), Promerica Financial Corporation, Bank of America Merrill Lynch, Banco Bilbao Vizcaya Argentaria, International Finance Corporation, Mitsubishi Corporation and Banamex.

Jones Day has historically focused principally on Mexico, where it has had an office in Mexico City since 2009, but with the launch of its Sao Paulo office in 2011 and with an even greater emphasis on Latin America in general, it has developed a far broader and deeper practice. Colombia and Peru are two additional jurisdictions where the firm has had considerable success, recently representing Grupo T-Solar Global as sponsor in relation to the $166m project financing of the development and construction of two photovoltaic power plants in Peru, with a total generating capacity of 44 MW. In addition, the firm advised Electron Investment a joint venture between Spain's Inveravante Inversiones Universales and Panama's Grupo Eleta on the $294m project financing for the construction, installation, start-up, and operation of two hydroelectric power plants with a total capacity of some 84 MW, which is located in Chiriqui, Panama. Much credit for the firm's developing project finance practice in Latin America should go to Madrid partner Richard Puttré who has represented a number of major Spanish clients on deals in the region. In addition, New York partner James Salerno has a genuine emphasis on Latin America deals including energy and infrastructure-related transactions.

Latham & Watkins LLP brings its outstanding reputation for project finance expertise to Latin America and this has enabled considerable success right across the continent. Project finance is very much a core practice for the firm globally. Beyond that, the firm has a more than impressive banking and corporate finance practice, advising cornerstone clients such as Goldman Sachs, Barclays, BNP Paribas, JPMorgan and Credit Suisse, as well as a number of major borrowers and issuers. The firm also represents a series of multilateral and bilateral agencies. Debt restructuring has become a central pillar of the banking and finance practice in the last few years, with the firm working on deals from Mexico right down to Argentina. In recent months the firm has been particularly active in Mexico, Colombia, Chile and Peru – Mexico having been a core market for the firm for a number of years and Colombia becoming a real centre of activity for it more recently. Unsurprisingly, Brazil is also a key jurisdiction for the practice. Recent highlights include advising Goldman Sachs on a term loan facility for Peruvian port operator and agent Andino Investment Holding, which relates to its acquisition of interests from minority shareholders in Cosmos Agencia Maritima and Neptunia. The firm also represented Barclays in connection with a term loan facility for Mexican personal credit institution Financiera Urbi, to refinance existing debt and for other corporate issues. On the borrower front, it advised soft drinks bottler Grupo Aje on a $100m senior financing from Rabobank. Key partners include Antonio Del Pino in New York and San Diego's Sony Ben-Mosche, as well as New York partners Christopher Cross and Jonathan Rod and Washington DC partner John Sachs.

Linklaters' Latin America practice features an integrated banking and finance and capital markets department. It has had considerable success in targeting transactions that bridge both traditional securities products and financing structures. The firm has become actively engaged in the project bonds market, most notably in the financing of drill ships. The department has also made progress in acting for export credit agency and multilateral agency led transactions across the region, as well as financings involving Chinese banks. In 2011, it represented Construcciones Metálicas Mexicanas Comemsa on a $24m IFC loan facility used to expand a manufacturing plant in Guanajuato, Mexico. Major clients include Schahin, Citibank, Marfig, BTG Pactual, Barclays, Banco Itaú, Goldman Sachs and ABENGOA. The firm recently represented Schahin Engenharia on a series of secured corporate financings for members Grupo Schahin including a $692m bridge loan facility to finance the construction and purchase of the Sertao Deepwater Drillship built by Samsung Heavy Industries and chartered to Petrobras for its oil drilling operations in the pre-salt oilfields off the coast of Brazil. Michael Bassett was the lead partner on the deal which was the sixth such offshore drilling vessel or platform project that the firm had worked on for Schahin. The firm's association with leading domestic Brazilian firm Lefosse Advogados has further enabled it to develop strong connections to major corporates in the jurisdiction. Leading figures in the practice include eminent New York partner and co-head of the department Conrado Tenaglia and fellow New York partner Jeffrey Cohen.

Proskauer Rose LLP has steadily developed its Latin America practice over the last 12 years following the arrival of Carlos Martinez. The pace of development has increased markedly in recent years with the recruitment of banking and finance specialist David Fenwick, the former head of Linklaters' Sao Paulo office, and Antonio Piccirillo who was recruited from Mayer Brown to head the firm's Sao Paulo branch. The core team also includes New York banking and finance partner Vincenzo Paparo who has considerable experience in the distressed debt environment as well as general commercial lending and corporate finance. As a result, the firm has fast developed its banking and finance credentials in recent years, notably in Sao Paulo and New York. It now acts for a wide range of lenders and borrowers, and has had considerable success in acting for Brazil headquartered financial institutions. On the lender side, most recent instructions have related to projects and structured trade finance, including drill ship and oil platform deals. The firm recently represented the lender and agent in the refinancing and restructuring of a senior debt facility totalling $500m for South America Oil and Gas, the largest oil and drilling company in Latin America. In 2011, it advised WestLB in the prepayment by Star Atlantic International Drilling on its $220m oil platform financing; this followed the firm's work on the original oil platform financing back in 2009. The firm has also completed a series of agricultural based loans, with the deals structured through export financings. The firm represented Banco Rabobank International Brasil in a sequence of transactions, including a $70m syndicated export prepayment facility for Jari Celulose, Papel e Embalagens, a Brazilian pulp and paper company. Major clients include Banco Itaú-BBA, Banco Santander, Banco Votorantim, Companhia Siderúrgica Nacional, Calyon, HSBC Bank Brasil – Banco Multiplo, Rabobank and WestLB.

Debevoise & Plimpton has a more than credible Latin America practice with a fine record in banking and finance transactions. The practice is principally centred in its New York headquarters; with 14 partners that spend a significant proportion of their time on Latin America matters (and a number of them speak Spanish or Portuguese). Among these are nine partners that are focused on Brazil. While much of the firm's Latin America work is linked to its flourishing private equity practice, both in relation to fund formation and M&A, it does receive a number of standalone finance instructions. In 2010 it represented Itaú Unibanco, the largest bank in Latin America, on the establishment of its $10bn MTN programme. It has since advised the bank on subsequent offerings under the programme, including assisting it with SEC reporting and US securities law compliance issues. New York partners Paul Rodel and Peter Loughran are recommended.

Sidley Austin LLP has a solid Latin America practice acting on numerous financings across the region. While much of the firm's Latin America emphasis emanates out of its New York office, it launched a Houston branch in 2012 giving it additional business streams into Latin America, particularly in the project development and project finance sector. Houston partner Sergio Pozzerle has worked on numerous deals in Argentina, Brazil, Honduras, Mexico and Peru, particularly in the clean energy and renewables sector. Fellow Houston partner Glenn Pinkerton has also completed several transactions in Peru, and New York's Andrew Quale is also recommended for Latin America transactions.