Twitter Logo Youtube Circle Icon LinkedIn Icon

Latin America: International firms

Latin America: International firms > Capital markets > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Capital markets
  2. Leading lawyers
  3. Next generation lawyers

Leading lawyers

  1. 1

Next generation lawyers

  1. 1
    • Anja Pfleger Andrade - Clifford Chance
    • Kirsten Davis - Simpson Thacher & Bartlett LLP
    • Carlos von der Heyde - Cleary Gottlieb Steen & Hamilton LLP
    • Patrick Jackson - Clifford Chance
    • Carlos Meza - Holland & Knight LLP
    • Emilio Minvielle - Cleary Gottlieb Steen & Hamilton LLP
    • Carlos Pelaez - Arnold & Porter
    • Gabriel Silva - Linklaters LLP
    • Hugo Triaca - Clifford Chance

Who Represents Who

Find out which law firms are representing which Capital markets clients in Latin America: International firms using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Capital markets activity in Latin America rebounded in 2017 and into 2018. Latin America’s three largest economies have provided a strong pipeline of both equity and debt deals. Argentina has delivered a particularly notable growth story, with deals coming from both sovereign and private issuers, while Brazil experienced a solid uptick in equity offerings as the recently volatile economy steadied. Moreover, efforts to improve regional infrastructure and power supply has led to a burgeoning flow of project and infrastructure bond issuances; growth in hybrid financings using both bank and bond debt has become another key feature in the region.

Key recent hires and moves in the market include Clifford Chance hiring former Skadden, Arps, Slate, Meagher & Flom LLP counsel Hugo Triaca as a partner. White & Case LLP recruited Mexico specialist Taisa Markus from Paul Hastings LLP; and Winston & Strawn LLP established a prominent Latin America team with the hire of an experienced group from Norton Rose Fulbright US LLP – the team was formerly part of Chadbourne & Parke before its merger with Norton Rose Fulbright US LLP.

Cleary Gottlieb Steen & Hamilton LLP continues to dominate the market, especially in Mexico, Brazil and Argentina; it is one of a handful of international firms to have an office in both Buenos Aires and São Paulo, and its New York office has served Mexico and other key markets for decades. Chile has been another strong market for the firm over the years. Of all the international firms operating in the market, it has the healthiest mix of sovereign, quasi-sovereign, state-owned entity and private sector issuer clients. Clients include illustrious names such as Nexa Resources, Republic of Argentina, Petróleos Mexicanos (Pemex), Codelco, Grupo Supervielle, Petrobras, Mexichem and BBVA Banco Frances. Recent matters saw the team advise Nexa Resources on its $496m SEC-registered initial public offering (IPO), and also assist the initial purchasers on the $248m global IPO of Grupo Traxión, a leading Mexican road transportation and logistics company. On the sovereign side, the firm advised the Republic of Argentina on its $2.75bn Rule 144A/Reg S century bond offering; this was Argentina’s first century bond offering and was the first deal of this kind by a non-investment grade issuer. The team also worked on a series of debt and bond offerings for Argentine provinces. In yet another headline deal, the firm advised the Mexican Ministry of Communications and Transportation and Aeropuertos y Servicios Auxiliares on the $4bn green bond offering to finance the construction and development of the Mexico City’s new international airport. Nicolas Grabar has an outstanding record in Latin America, most notably in Brazil and Mexico; in 2017 he advised Petrobras on a series of bond offerings totalling over $23bn, advised the Federative Republic of Brazil on its SEC-registered $1.5bn global bond offering and advised on the SEC-registered IPOs of Netshoes and Nexa Resources. Jorge Juantorena is another formidable figure in Mexico deals, while Andrés de la Cruz is building the firm’s leading position in Argentina and across the Southern Cone. Francesca Odell has a strong record in Brazil for working with big-name issuers such as Petrobras, and São Paulo’s Juan Giráldez is experienced in sovereign and company issuances both in Brazil and other Latin American jurisdictions. Adam Brenneman and Buenos Aires counsel Emilio Minvielle are also key members of the team along with senior attorney Carlos von der Heyde, who is regarded as an emerging talent. All named individuals are based in New York unless stated otherwise.

Davis Polk & Wardwell LLP is a global giant in the capital markets arena and this is supported by a flourishing Latin America practice. It has achieved notable growth in Brazil and Argentina, while Chile and Colombia are also buoyant markets for the firm. The practice has a dominant market share of equity deals in Brazil and has gained a foothold at the forefront of Argentina’s wave of capital markets issuances; indeed, the only segment where the firm is less prominent than some of its key competitors is in sovereign offerings. The Latin America team has made the most of the firm’s connections to major investment banks but has also built a dynamic issuer-side practice for a range of Latin American corporates, including Arcos Dorados, BR Properties, Cosan, Elementia, Gasifa, GeoPark, Hypermarcas, Grupo Aval, Mexichem, Odebrecht and Telefônica Brasil. In January 2018, the firm advised the global coordinators and bookrunners on the $2.6bn SEC-registered IPO of PagSeguro Digital (a Brazil-based provider of financial technology solutions); it was the largest Brazilian IPO in four years. It also represented BR Distribuidora (and its parent company, Petrobras) on BR Distribuidora’s R$5.1bn ($1.6bn) Rule 144A/Reg S IPO and São Paulo Stock Exchange listing. In Argentina, the firm advised the joint bookrunners and joint global coordinators on the $1.1bn SEC-registered IPO on the New York Stock Exchange by Loma Negra Compañía Industrial Argentina, while in Mexico, it also advised the initial purchasers on the $1bn Rule 144A/Reg S notes offering by Mexichem. The indefatigable Manuel Garciadiaz splits his time between São Paulo and New York and has an outstanding record in Latin America capital markets, banking and M&A transactions. Maurice Blanco, who also splits his time between São Paulo and New York, ‘covers the region especially well’, is ‘always present and available’, ‘constructive and easy to deal with’ and is ‘able to work on either the issuer or bank side’. New York partner Nicholas Kronfeld completes the partnership ranks and often represents major underwriters such as Banco Santander and its Latin American subsidiaries.

Simpson Thacher & Bartlett LLP has a significant market share of big-ticket IPOs and bond offerings, especially high-yield debt offerings linked to acquisition financings. The firm is at the forefront of a reawakened capital markets segment in Brazil and is a leading player in Argentina where it has impressed in private sector company issuances. The firm has an established office in São Paulo and has a long history in Argentina, thanks in part to the work of Latin America practice head David Williams. Chile, Peru and Colombia are also key markets for the practice, while the firm is a growing force in Mexico. It is equally active on the issuer and underwriter side and is a dominant force in tech-sector IPOs, where it has built on the firm’s impressive status amongst Silicon Valley issuers. Moreover, its solid presence in Houston has helped the Latin America team to develop even stronger connections to oil and gas and energy companies in Latin America. Clients report the ‘practical and knowledgeable’ Latin America team as ‘among the best’, ‘very detailed, client oriented and thorough’, and whose ‘fees are reasonable’. São Paulo partner Grenfel Calheiros, ‘who is hands on and gets along with everyone’, is now leading most of the firm’s capital markets transactions in Brazil, including advising BK Brasil Operação e Assessoria a Restaurantes (Burger King Brazil) on its $268m IPO on the São Paulo Stock Exchange. He also led the team that advised Atacadão (Carrefour Brazil) and its controlling shareholder Carrefour SA, on Atacadão’s $974m IPO on the São Paulo Stock Exchange; this was the largest IPO in Brazil in four years. On the tech side, he and the team advised Netshoes on its $148m IPO, the first single listing of a Brazil-based company in the US. Juan Francisco Méndez, who is ‘very calm’, ‘does not stress at all’ and ‘helps the overall deal climate’, is also leading many of the Latin America practice’s deals, most notably in Argentina. He led the team that advised the underwriters on major private-sector power generator Central Puerto’s $370m IPO on the New York Stock Exchange. Jaime Mercado is another key member of the team and has an especially strong record in Central America and the Caribbean, while Todd Crider is an outstanding practitioner who continues to advise on select big-ticket deals, including advising the initial purchasers on the $500m project bond offering by Stoneway Capital. Senior counsel Kirsten Davis is ‘very dedicated’, ‘thorough’ and ‘easy to work with’. Associate Juan Naveira is a key name on Argentina deals. All individuals are New York-based unless stated.

Clifford Chance has broad geographical coverage and wide-ranging product experience. Having once been primarily tied to the Brazilian market, it maintains its significant presence while also having become a key player in key markets such as Argentina, Chile, Peru, Colombia and Mexico. The firm has pioneered a number of growth areas such as green bonds, infrastructure funding through the capital markets, and the recent advent of the FIBRA-E securities structure in Mexico. With its excellent connections to Argentina through a number of senior Argentine lawyers (such as prominent energy and infrastructure finance partner Fabricio Longhin), the firm is at the forefront of a reawakened capital markets segment in the jurisdiction. It also reinforced its capital markets standing with the hire of Argentine native Hugo Triaca from Skadden, Arps, Slate, Meagher & Flom LLP. In Brazil, it continues to advise on an impressive pipeline of deals, thanks to its excellent client portfolio of corporate issuers and banks. The firm also remains at the forefront of project bonds and infrastructure financings through the capital markets and is active in the FIBRA sector, where it continues to leverage its knowledge of the REIT market in the US and its local experience in Mexico. In addition, it has exploited its global expertise in green bonds to lead the market in Latin America: a team led by up-and-coming São Paulo counsel Patrick Jackson advised major Brazilian paper producer, Klabin, on its inaugural $500m green bonds issuance. In another headline deal, the practice group advised state-owned petroleum company Petroperú on its first-ever $2bn international bond offering; this was one of the largest corporate bond offerings in Latin America in recent years. In sovereign work, it also represented Citigroup Global Markets (as lead manager and global coordinator) in four bond offerings by the Republic of Ecuador with an aggregate value of $4.75bn. The team is ‘bigger, more experienced, more creative and more thoughtful’ than competitors, according to one client; others praise the ‘incredibly value-adding service’ that is ‘worth every penny’. Key partners include São Paulo managing partner Anthony Oldfield who has an excellent record in advising Brazilian issuers, and co-head of Americas capital markets Jonathan Zonis who impresses in multiple product and geographic areas, including sovereign bonds. Gianluca Bacchiocchi is a leader in project and infrastructure bonds, and hybrid financings involving capital markets components, while Anand Saha is an experienced Latin America capital markets specialist with an especially strong record in Brazil, where he was based before transferring to New York. Per Chilstrom is another key name, while Jake Farquharson is a prominent partner in the Mexican FIBRA space. Counsel Anja Pfleger Andrade is another pivotal figure in São Paulo. Alejandro Camacho has retired from the partnership.

Milbank, Tweed, Hadley & McCloy LLP is at the forefront of Argentina’s burgeoning presence in capital markets issuances. Marcelo Mottesi, head of the global securities group, and senior figure Carlos Albarracín, are both Argentine nationals with an extensive record in Latin America deals. The capital markets team also leverages the firm’s outstanding presence in infrastructure and projects to work on a multitude of project bond transactions. In São Paulo, office managing partner Tobias Stirnberg and younger partner Fabiana Sakai have carved out a significant market share of Brazilian equity and debt deals. The pair led the team that advised the underwriters on a $600m notes offering by Brazilian pulp and paper company, Fibria Celulose. Peru and Mexico are also key jurisdictions for the practice that is a strong player right across Latin America. Clients include Bank of America-Merrill Lynch, Cencosud, Credit Suisse, Deutsche Bank, Fenix Power Peru, Orazul Energy Egenor, Morgan Stanley Gol Airlines, JP Morgan and Goldman Sachs. Among a series of headline deals, the firm advised the initial purchasers on the landmark $379m project bond offering by Celeo Redes Operación Chile, and in Argentina, advised YPF on its $750m 30-year offering of senior notes and concurrent $250m reopening of its 2027 senior notes.

Paul Hastings LLP is the market leader in Mexico, where it dominates corporate issuer transactions and has been at the forefront of FIBRA (Mexican REIT) deals. It has an outstanding record in representing debut issuers in Mexico, thanks in part to its prominent reputation, key investment bank relationships and the status of Michael Fitzgerald, the leader of the Latin America practice, who is ‘an institution’ and provides ‘priceless input and guidance’ to clients. The firm is also expanding its sphere of influence across Latin America, especially in project bonds and hybrid financings involving a capital markets component. Clients include Grupo Industrial Alfa, Nemak, Companhia Energética de Minas Gerais – CEMIG, Grupo Traxión, Sigma Alimentos, Axtel, Grupo Kaltex, and Grupo Televisa, along with Citigroup, Credit Suisse, Morgan Stanley and JP Morgan. Among a number of landmark deals, the Latin America team advised Citigroup, HSBC and JP Morgan, as global coordinators and initial purchasers, on the $4bn debt offering by Mexico City Airport Trust – the largest green bond issuance in Latin America to date and the largest bond offering by a private company in the region during 2017. Showcasing the team’s growing standing outside of Mexico, it advised Brazilian power group Companhia Energética de Minas Gerais – CEMIG, on the inaugural $1bn international bond offering by its subsidiary CEMIG Geração e Transmissão; and in Colombia, represented leading non-bank consumer loans provider, Credivalores-Crediservicios, on its inaugural $250m bond offering. The ‘top team’ is commended for its expertise in Rule 144A/Reg S international notes offerings and structured finance deals, with one client highlighting the group’s ‘amazing job’ on a transaction that had an especially tight schedule. Clients also praise its ‘great expertise in Latin America capital markets’, ‘knowledge of the market’, ‘very solid technical knowledge’, ability to compromise and ‘work ethic’. Cathleen McLaughlin is noted for her capital markets, structured finance and securitisation expertise which is especially evident in project bonds and infrastructure-related financings. Arturo Carrillo is another key team member on Mexico issuances, including in the REIT space. Joy Gallup is highly regarded for structured-debt deals, high-yield bonds and liability management, while Steven Sandretto is the key figure in São Paulo. Former senior name Taisa Markus has joined White & Case LLP. All partners are New York-based unless stated otherwise.

Shearman & Sterling LLP has maintained an impressive market share of big-ticket transactions in major economies such as Brazil, Mexico and Argentina, as well as a flourishing practice in smaller nations including Panama. It has worked on a series of headline IPOs, including SEC-registered offerings, and recently advised new client PagSeguro Digital, a Brazilian financial technology solution provider, on its $2.6bn IPO on the New York Stock Exchange in what was the largest IPO of a Brazilian business since 2013. Additionally, it advised major Brazilian domestic airline, Azul, on its $624m IPO, also on the New York Stock Exchange. In another headline deal, the firm advised Citigroup Global Markets and Credit Suisse Securities (as initial purchasers) in the $650m Rule 144A/Reg S IPO of Vista Oil & Gas on the Mexican stock exchange (BMV); this was the first Special Purpose Acquisition Company (SPAC) IPO in Latin America and the first oil and gas E&P-focused listing in Mexico. The firm is also active in Argentina, especially in debt transactions and continues to be a leading player in sovereign issuances, particularly on the underwriter side. Outside of Latin America’s major economies, the firm continues to make a further impression, notably advising Panama’s Banco General on its $550m senior notes offering. Head of the Latin America group Antonia Stolper is hugely experienced and a giant of the market, including in both sovereign and private sector issuances across the region. Stuart Fleischmann is a big player on the underwriter side, most notably in Mexico and Brazil. Manuel Orillac is another pivotal member of the practice and has advised on a string of recent deals in Panama. Grissel Mercado was elected to the partnership in January 2018 and has a fine record in representing Latin American sovereign and corporate issuers. São Paulo partner Robert Ellison is one of the foremost names in Brazil and continues to advise on many of the headline deals that emerge from the jurisdiction. All named individuals are New York-based unless stated otherwise.

Skadden, Arps, Slate, Meagher & Flom LLP has a flourishing capital markets practice in Latin America, driven largely by its outstanding New York and São Paulo offices. The firm has extensive connections to international and Latin America banks, advising them both as underwriters and as issuers in the case of Latin American financial institutions. The firm is at the forefront of renewed capital markets in Brazil, where it recently advised the banks on the $232m Rule 144A/Reg S combined primary/secondary IPO by Omega Geração (Brazil) on the São Paulo Stock Exchange as well as acting for the global coordinators on Azul (Brazil)’s $645m IPO on both the New York and São Paulo stock exchanges, in a rare dual listing by a Brazilian issuer. It also advised the underwriters on the $496m IPO of Votorantim Participações’ subsidiary, Nexa Resources (Luxembourg), on the New York and Toronto Stock Exchanges. Head of the São Paulo office Mathias von Bernuth and São Paulo partner Filipe Areno have carved out a significant market share of Brazil issuances, while in Mexico the ‘very hardworking and technically sound’ Alejandro Gonzalez Lazzeri has a fine record, is ‘well connected in the market’ and ‘knows what he is doing’. Chair of the Latin America practice Paul Schnell and Andrea Nicolas are also recommended, while former counsel Hugo Triaca has joined Clifford Chance.

Sullivan & Cromwell LLP continues to impress in headline and innovative transactions, representing both underwriters and issuers in some of the most noteworthy deals in the market. It also continues to operate as designated underwriters’ counsel for sovereign issuances by Mexico, Brazil, Colombia and Panama, and has an established reputation in cutting-edge liability management and project bond transactions. Moreover, it gained additional recognition for its advice to the International Bank for Reconstruction and Development on the issuance of three classes of floating rate catastrophe-linked capital-at-risk notes under its global debt issuance facility; led by Washington DC partner Dennis Sullivan, the transaction is designed to provide Mexico with emergency funding in response to certain natural disasters. In other headline deals, the practice group advised on a series of significant sovereign deals, including representing the underwriters in a number of offerings by the United Mexican States and advising the underwriters on three major SEC-registered bond offerings by the Federative Republic of Brazil. It also represented the underwriters on a $1.4bn SEC-registered bond offering by the Republic of Colombia and advised the underwriters on the $1.4bn SEC-registered bond offering by the Republic of Panama. Christopher Mann has an almost unrivalled reputation in sovereign offerings with Washington DC partner Robert Risoleo providing able support in sovereign deals, as well as handling private sector bond issuances and project bonds. Sergio Galvis heads the Latin America practice and provides additional gravitas and senior knowledge.

White & Case LLP has further cemented its position as a Latin America-wide heavyweight. Widely regarded as a market leader in Brazil, it has developed a significant market share of SEC-registered equity offerings in Argentina. Moreover, it has further developed its standing in Mexico with the hire of New York partner Taisa Markus, who ‘has an incredible understanding of the Mexican market’, from Paul Hastings LLP; Markus also has wider experience, including in jurisdictions such as Peru and Argentina, and extensive contacts with key investment banks in New York. Along with broad geographic coverage, the firm has wide ranging experience across product and transaction types, including IPOs, high-yield debt, liability management, private placements, project bonds, green bonds and other hybrid products. Offices in New York, Miami, São Paulo and Mexico City ensure that it is well plugged into and acquainted with the region, where its clients include Banorte, Credit Suisse, CYDSA, Fibria, Goldman Sachs, HSBC, Loma Negra, QGOG and VM Holding. Demonstrating its growing market share in Argentina, the firm advised leading Argentine cement producer Loma Negra on its $1.1bn IPO of American Depositary Shares on the New York Stock Exchange and ordinary shares on the Bolsas y Mercados Argentinos; this was the largest IPO by any Latin American issuer in 2017 and the third-largest ever by an Argentinian issuer. In another landmark deal, it advised the joint bookrunners and co-manager on the inaugural $2bn cross-border debt security issuance by state-owned oil and gas company Petroperú; the proceeds are intended to finance a large-scale upgrade and modernisation of the Talara Refinery in what was the largest-ever offering by a Peruvian issuer. São Paulo-based head of the Latin America practice Donald Bakerlands clients like no one else in Brazil’ and deserves much of the credit for the firm’s impressive market share in the jurisdiction. New York partner John Vetterli, who operates across the region, is a key member of the team for both underwriters and issuers. New York’s Daniel Nam has a longstanding focus on the region, including in high-yield debt and liability management transactions. Miami partner Mark Bagnall is another key member of the team, while John Guzman plays a pivotal role in São Paulo, acting in both equity and debt deals for Brazilian and other Latin American issuers. New York partner Bibiana Jaimes is an emerging name in Latin America debt and equity deals, including in Brazil.

Arnold & Porter continues to stand out for its sovereign issuance expertise; it remains the primary issuer counsel to a number of sovereigns and sub-sovereigns, including Republic of Colombia, Federative Republic of Brazil, Republic of Panama, Republic of El Salvador, Republic of Costa Rica, Bolivarian Republic of Venezuela and Republic of Honduras. Moreover, its merger with Kaye Scholer in January 2017 has enabled it to expand its structured finance and securitisation practice in Latin America. Outside of the sovereign space, the firm is gaining traction in representing bondholder groups in corporate restructurings and in advising Latin America-based emerging growth companies looking to raise funds through the capital markets. In 2017, the firm advised the Republic of Colombia on a series of capital markets offerings, including three bond issuances with an aggregate value of $3.9bn. It also advised the Republic of Panama on its $3.01bn shelf registration statement. Fluent in Portuguese and Spanish, Whitney Debevoise is a leader in sovereign issuances, historically acting for the likes of Brazil, Argentina, El Salvador, Honduras, Belize and Panama; he has represented Brazil on every sovereign issuance from 1988 to 2016. Neil Goodman has a longstanding connection to Venezuela, where he has represented the state in numerous capital markets offerings, as well as state-owned entities such as the Central Bank of Venezuela, PDVSA and Banco de Desarrollo Economico y Social de Venezuela; other major sovereign clients include Colombia, which he has advised on a series of recent deals, as well as El Salvador, Costa Rica and Argentina. Gregory Harrington, Arturo Caraballo, Raul Herrera and counsel Carlos Pelaez are also important members of the team.

Hogan Lovells is at the forefront of the burgeoning derivatives and structured finance market in Latin America. It also continues to be active in mainstream debt and equity offerings for private sector and sovereign issuers. Its offices in Mexico City, Monterrey, New York, Miami and São Paulo ensure that it is well acquainted with and connected to the region where its clients include Banco do Brasil, Petróleos de Venezuela (PDVSA), Bradesco BBI, BB Securities and Banorte. Emil Arca is head of the firm’s international debt capital markets practice group for the Americas and is widely recognised for his expertise in future-flow and diversified payment rights transactions. He led the team that advised Wells Fargo and The Prudential Insurance Company of America, as investors, in Banco General DPR Funding’s $125m and $250m notes issuances, both backed by diversified payment rights. He and the team also advised BNP Paribas (as placement agent) and a group of accredited investors on the establishment of a new diversified payments rights securitisation programme originated by Banco Davivienda (Costa Rica). Evan Koster is another key member of the team, particularly for sovereign issuances, derivatives and energy sector transactions; he and São Paulo partner Isabel Costa Carvalho advised Brazi’s Banco Votorantim on its $300m issuance of Basel III-compliant Tier 1 subordinated notes.

Latham & Watkins LLP has further cemented its standing in Mexico, where it works on many of the headline deals by Mexican issuers. The firm has impressed in deals involving special purpose acquisition companies (SPACs) in Mexico and is praised for its ‘timely delivery’, ‘very good overall team’ and ‘great knowledge of the finance industry in Mexico’. It is also active in high-yield debt across Latin America, including in Chile, and is working hard to build market share in Argentina. Its clients include Credit Suisse, Goldman Sachs, JP Morgan, Grupo Aval, IEnova, Ecopetrol, Chilquinta and BAC Credomatic Group. The team advised SPACs Vista Oil & Gas and Promecap Acquisition Company on their respective $650m IPO and $300m global IPO on Mexico’s stock exchange; and also advised long-term client Infraestructura Energética Nova (IEnova), the largest private sector energy company in Mexico, on its debut $840m international debt offering. Chicago partner and Mexico City native Roderick Branch is ‘available 24/7’, is ‘a very good performer’, has an outstanding record in Mexico deals and is at the forefront of SPAC issuances; he frequently works alongside San Diego partner Michael Sullivan.

Linklaters LLP has continued to develop market share in Argentina and has gained a greater standing in equity deals, having built on its already strong reputation in debt transactions. The team is considered ‘top of the list’, ‘excellent’ in all aspects of legal expertise and service delivery, commended for ‘high complexity’ engagements and is ‘a top choice for US law securities transactions, especially for inaugural international issues of securities’. Showcasing its emerging reputation in equity deals, it advised the joint bookrunners on the $485m IPO of Argentina’s Corporación América Airports on the New York Stock Exchange. The team also advised Banco Macro on the registration of its shelf programme with the US Securities and Exchange Commission and associated $700m follow-on offering; this was the first equity follow-on offering by an Argentine bank in over ten years. On the debt side, the firm represented Argentine power generator, Genneia, on its $150m senior notes offering. In Brazil, where it frequently works on capital markets issuances with several regular issuers, the team advised Marfrig Global Foods on its $1bn liability management transaction. Chile is another key market for the practice group, which has also worked on a number of deals in Colombia in recent years. The team ‘works very hard, efficiently and accurately’ and advice is ‘flawless and swift’. Argentine national Conrado Tenaglia is ‘a heavyweight in the region’ and is consistently singled out for particular praise. Matthew Poulter is ‘excellent’, ‘creative’ and ‘simply will not rest until the deadline is achieved’; he is noted for capital markets transactions in Brazil and throughout Latin America. Senior associate Gabriel Silva is ‘always available’, ‘constructive in his approach’ and is ‘able to lead the team with minimum supervision from a partner’.

Mayer Brown has maintained its strong standing in structured bonds, high-yield bonds, and project and infrastructure bonds. It is also building market share in Brazilian IPOs and straight debt transactions, working alongside its associate firm Tauil & Chequer Advogados in association with Mayer Brown. It continues to be benefit from its excellent bank relationships and advises a number of Latin American banks on structured bond issuances. Finance-institution clients include Banco General, Credit Suisse, Global Bank, Deutsche Bank, Goldman Sachs and JP Morgan. In project and infrastructure bonds the practice recently advised Celeo Redes Operación Chile on its $600m issuance of dollar-denominated and local currency-denominated notes to finance electricity transmission lines; and also represented the noteholders in the private placement of $135m in investment grade-rated project bonds issued by Invenergy (to finance the operation of its 70MW Campo Palomas wind energy project in Uruguay). Among a number of Brazilian IPO mandates, the team advised Brazilian water sanitation company, Sanepar, on its $496m Rule 144A/Reg S IPO on the Brazilian Stock Exchange. Head of the Latin America practice and co-head of global banking and finance, Douglas Doetsch is a leader in securitisations and structured credit transactions. James Patti has extensive experience in Latin America, including in structured finance transactions, diversified payment-rights deals and infrastructure-related project finance. Leader of the Latin America project finance practice Christopher Erkhert divides his time between New York and Washington DC and has a fine record in project and infrastructure bonds. Washington DC partner Gabriela Sakamoto is also noted for structured bonds and project bonds. New York partner George Baptista is building the firm’s presence in Brazil equity deals and vanilla debt across Latin America. Named partners are Chicago-based unless stated.

Winston & Strawn LLP bolstered its standing in Latin America with the hire of an experienced group of Latin America specialists from Norton Rose Fulbright US LLP in 2017. The firm has wide geographic coverage, advising on deals from Mexico to Argentina. Recent mandates include advising Mexican media company TV Azteca on its $400m senior notes offering on the Singapore Stock Exchange, and it also advised Argentina’s YPF on a series of transactions, including a $750m fixed-rate notes offering. The team provides ‘outstanding overall service’ and has ‘outstanding access to the SEC’ thanks to a ‘relationship built on trust and a long track record of reliability’, making it easier for foreign registrants to go through long and complex processes, according to clients, several of which highlight the group’s SEC-registered transactional experience. More generally, the department is ‘really impressive in terms of availability, responsiveness, depth of knowledge and practical advice’ and its ‘partners are completely involved and are always the main contact in all the transactions’. Allen Miller is an ‘outstanding attorney’ who ‘has an excellent sense of balance, with a broad and strategic perspective, but a mind which can also focus on details, if needed’; he is ‘very reliable, intelligent and trustworthy and has outstanding negotiation skills’. Clients also recognise his ability bridge cultural gaps thanks to his understanding of the Latin America market and the characteristics of businesses that are based there. Claude Serfilippi is ‘exceptionally diligent’, provides ‘quick response times’ and is commended for his ability to engage with local counsel to ensure that key steps are understood and executed correctly. Sey-Hyo Lee is ‘an extraordinary advisor’, ‘always understands the whole picture and never misses the important details’; ‘extremely collaborative’, he ensures that ‘everyone understands the key issues and solutions’. Talbert Navia is ‘the best’, ‘a most experienced lawyer’ and ‘a great leader of a team of lawyers’, according to one client. Clients are also impressed with associate Tae Sang Yoo, who has ‘a very promising future’ and is ‘extremely meticulous, reliable and knowledgeable about securities law and complex SEC forms’. All named individuals are New York based unless stated otherwise.

At Cravath, Swaine & Moore LLP, key Latin America partner David Mercado has transferred back to New York from London, enabling him to focus more on the Latin America region. He and the team have gained considerable traction in high-yield debt issuances, a key strength of the firm in the New York and London offices. The firm is also prominent in big-ticket IPOs, such as Jose Cuervo’s 2017 listing, Mexico’s largest IPO in more than three years. In other notable deals, the team advised the initial purchasers on both the $900m 144A/Reg S notes offering by Chilean pulp and paper manufacturer Celulosa Arauco y Constitución and the $500m notes offering by Chile’s Inversiones CMPC.

DLA Piper LLP (US)’s expanding footprint in the region is gaining it further traction in Latin America capital markets transactions. Team members have a solid record in project and infrastructure bonds, issuances by FIBRAs in Mexico and offerings by Argentine issuers. Key New York partner Christopher Paci focuses on non-US issuers and more than half of his practice is driven by Latin America transactions. Clients of the firm include Cofide, Fomento de Construcciones y Contratas (FCC), Globant, Bank of America-Merrill Lynch, Iridium/ACS and the municipality of Cordoba. Recent mandates include advising Buenos Aires-headquartered Stoneway Capital on its $165m Rule 144A/Reg S senior secured notes offering. New York’s Jack Kantrowitz is noted for sub-sovereign issuances in Argentina and Miami-based finance and capital markets partner John Murphy is also a key member of the team. In February 2018, the firm hired three partners into its Bogota office from Garrigues, providing additional corporate and capital markets expertise. Dechert LLP is better known for M&A and restructurings in Latin America, but maintains a small market share of IPOs in the region, most notably in Mexico, Brazil and Chile. As special tax counsel, it advised Brazilian payment processor PagSeguro Digital on its $1.7bn US IPO and represented Chilean holding company Inversiones SAMS in its $30m private placement of senior secured notes. New York partner Howard Kleinman is a recognised Latin America specialist with extensive contacts in the region.

Gibson, Dunn & Crutcher LLP mixes a long track record in Brazil capital markets issuances with additional prominence in project and infrastructure bonds. The firm advised the joint lead managers and joint bookrunners on a $1bn guaranteed notes offering by Brazilian mining company Vale, and also represented the initial purchasers on a $550m senior notes offering by Orazul Energy Egenor. Co-chair of the Latin America practice Kevin Kelley has a long track record with Latin American issuers and underwriters, most notably in Brazil. Tomer Pinkusiewicz covers both straight debt offerings and infrastructure and project bonds. Both partners are based in New York.

Holland & Knight LLP’s increasing commitment to Latin America continues to bear fruit, particularly in Argentina where it has represented a large number of sub-sovereign issuers. It also remains heavily involved with equity issuances by Mexican FIBRAs. Clients include Banco Agricola, Bancolombia Panama, Financiera de Desarrollo Nacional (FDN), JP Morgan Chase, Premiu Restaurant Brands and the Argentine province of Rio Negro. The Latin America team advised the Argentine province of Tierra del Fuego on its $200m notes offering to finance infrastructure projects, as well as representing Stoneway Capital on its $500m Rule 144A/Reg S project bond offering to finance four power generating plants in Buenos Aires. New York’s Stephen Double has developed a significant market share in Argentina, where he has represented both sub-sovereign and private sector issuers. Miami partner Norberto Quintana and senior counsel Carlos Meza, who divides his time between New York and Bogota, are also key members of the team.

Jones Day’s combination of a well-established Mexico City office and the presence of Latin America capital markets specialist Boris Dolgonos in New York, means it has developed a strong profile in Mexico and across the Latin America region. Dolgonos led the team that advised a syndicate of international and Brazilian investment banks on the $1bn international offering of senior notes by Brazilian giant, Marfrig Global Foods. He also represented Jefferies, as placement agent, on the $412m private placement of senior secured notes issued by renewable energy developer, Latin America Power. In addition, the team advised the banks on a $400m international senior notes offering by Mexico’s second-largest broadcaster, TV Azteca. In Mexico City, a team led by the prominent Alberto de la Parra advised Grupo Aeroportuario de la Ciudad de México on its landmark $1.6bn IPO of Fibra-E shares on the Mexican Stock Exchange.

Proskauer Rose LLP operates principally on the issuer side, working largely in middle market equity and debt deals. It has an especially strong record with first time issuers and financial institutions acting as issuers and has achieved a fine standing in hybrid financings and project bonds. An ‘excellent group of lawyers’, the team is a ‘"go-to" choice’ for clients who praise its ‘excellent response times’, ‘fantastic and detailed advice’ and ‘focus on practical solutions’; it is also ‘excellent value for money’. In 2017, it advised Banco GNB Sudameris on its $300m subordinated notes offering; Banco de Credito del Peru on the $150m redemption of subordinated notes; and LW Securities on a Reg S bond offering for Inversiones JMH, the holding company of the Diana food group in Colombia. Head of the São Paulo office Antonio Piccirillo and São Paulo partner Fábio Yamada are prominent names in Brazil and beyond, as is David Fenwick who ‘stands out as a lawyer who thinks through everything and sees all the issues, but never gets bogged down in the details’. New York-based head of the Latin America practice Carlos Martinezis very good at financings and general corporate advice and is an excellent lawyer at managing a team and a deal’.

Greenberg Traurig LLP has been making solid progress in Latin America capital markets transactions, particularly following the hire of Marc Rossell in 2016. Versatile Miami partner Randy Bullard is also key to the team and recently advised beer and soft drinks producer Cervecería Costa Rica (and its subsidiary North American Breweries Holdings), on the refinancing of an existing syndicated credit facility via the issuance of $250m unsecured floating rate and fixed rate notes to Prudential Financial. Rossell led the team that advised Chilean power-generator Inversiones Latin America Power, on its $412m senior secured notes issuance (through private placement) to finance two wind farms in Chile.

Morgan, Lewis & Bockius LLP is an up-and-coming brand in the Latin America capital markets segment. It has earned accolades for some time for its work in bond debt restructurings (including those in the sovereign space), but it is now also gaining recognition for its work in debt private placements, sovereign bond offerings and mainstream public offerings by Latin American private sector issuers. It previously advised Morgan Stanley and HSBC, as lead managers, on the $375m Reg S Eurobond offering by Mexican state-owned national electricity company CFE. The firm also represented an institutional investor group in a private placement by a Mexican real estate company and it continues to advise the sovereign bondholders in connection with Argentina’s long-running sovereign debt litigation. London partner Carter Brod deserves much of the credit for the firm’s growing pipeline of deals, while New York partner Timothy DeSieno continues to be a recognised force in bond debt restructurings.

Pillsbury Winthrop Shaw Pittman, LLP’s Latin America capital markets practice centres largely on key client Deutsche Bank, which it has advised on a series of bondholder-driven restructurings and several straight debt offerings. The practice group advised Deutsche Bank Trust Company, on behalf of the bondholders, in connection with the restructuring of more than $1.7bn in senior notes issued by OAS Finance and OAS Investments (OAS has been caught up in the headline Lava Jato corruption investigation in Brazil and had filed for bankruptcy protection in March 2015). It also represented Deutsche Bank, as administrative agent, on the project bond and bank financing of a long-term DBFOM-agreement for Line 2 of the Lima metro in Peru. New York-based head of the Latin America practice Peter Baumgaertner was the lead partner on both deals.

Sidley Austin LLP’s excellent global capital markets credentials are in evidence in Latin America, a region the firm has shown commitment to for many years. Today, it is primarily recognised for asset-based lending and securitisation in the region, including development certificate (CKD) issuances on the Mexico Stock Exchange. Carlos Rodriguez is an expert in asset-based finance, including securitisations of mortgage loans, credit card receivables and trade receivables, and is an experienced figure on Latin America deals. Alyssa Grikscheit is noted for funds-related capital markets and derivatives transactions in Latin America.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to