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Paraguay > Banking and finance > Law firm and leading lawyer rankings


Index of tables

  1. Banking and finance
  2. Leading individuals
  3. Next generation lawyers
  4. Rising stars

Next generation lawyers

  1. 1
    • Carlos Codas - FERRERE
    • Ver√≥nica Franco - FERRERE
    • Maria Esmeralda Moreno - Moreno Ruffinelli & Asociados
    • Juan Pablo Palacios - Palacios, Prono & Talavera
    • Rodolfo Guillermo Vouga - Vouga Abogados

Rising stars

  1. 1

Who Represents Who

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FERRERE provides first-class banking and finance services to a predominantly international client base of financial institutions, along with multilateral agencies. Typical instructions include advising on syndicated loans, complex credit facilities as well as capital market transactions involving Paraguayan issuers and guarantors. Carlos Codas leads the practice group, which recently assisted Instituto de Previsión Social (Paraguay's largest pension fund) with the design of a novel financing structure to optimise the investment returns of IPS' pension funds (valued at approximately $1.8bn). Another headline mandate saw key partner Néstor Loizaga act for IDB Invest in relation to a $180m bond issuance, constituting the first time a multilateral agency has been registered in Paraguay as a local issuer. Working together with the firm's Uruguayan office, the team also represented Hidrovias in the tender offer of $600 million under Rule 144A/Reg S. Key clients include Oikocredit, JP Morgan Chase and Rabobank. Verónica Franco, who was promoted to partner in January 2019, and associate Pamela Lezcano are other noteworthy advisors.

Estudio Jur√≠dico Gross Brown¬†fields one of the most established practices in the country, offering stand-out service across the full array of banking and finance-related work. The twelve-strong team is appointed by lenders, debtors, borrowers and security agents, and boasts a high-profile client portfolio including BBVA Paraguay, Banco Ita√ļ, Rabobank and IDB Invest. The department, which 'understands the expectations of international players and works very hard to meet them', assists with project finance, bond offerings, debt restructuring, credit facilities, syndicated loans and day-to-day regulatory matters, among other issues. Recent key mandates saw co-head Sigfrido Gross Brown advise UBS Group in connection with the $443m financing for the design and construction of the Loma Plata-Carmelo Peralta route (part of the Corredor Bioce√°nico), the first and largest project under recently enacted legislation for¬†turnkey projects. Another headline matter included advising Goldman Sachs, as arranger, on the $500m financing of the Public Private Partnership project for the reconstruction, refurbishing, management and operation of two main Paraguayan highways (Routes 2 and 7). The team was also active in the sovereign bond offerings segment, where it acts for lenders and underwrites such as Citigroup, Goldman Sachs and Morgan Stanley. Other highly-rated advisors include senior partner Jorge Rafael Gross Brown¬†and Jorge Ignacio Gross Brown. Associate Ximena L√≥pez¬†is another key practitioner. The team was further strengthened with the February 2018 arrival of Fabrizio Franco, formerly a senior associate at FERRERE.

Led by the infrastructure and project finance expert Martin Carlevaro, the banking and finance practice at BKM | Berkemeyer is regularly instructed by a predominantly domestic and Latin American client base in relation to syndicated loans, project finance, asset management as well as regulatory and compliance work. Recent mandates included advising consortium Corredor Vial Bioceánico, as borrower, on the $433m financing of thet Loma Plata- Carmelo Peralta highway project; and assisting concessionaire Rutas del Este on the financing structure for the $550m development project of highways 2 and 7, which included the issuance of international bonds worth up to $300m. The five-partner practice also counselled Uruguayan brokerage and asset management company GLETIR on the setting up of its operations in Paraguay. The practice group also saw the the August 2018 arrival of senior associate Milena Sljivich -whose expertise spans administrative law, infrastructure projects and project finance- from the Attorney General's Office. However, Juan Carlos Valenzuela, who joined the same month from broker and asset management firm, Investor, subsequently left in March 2019.

The banking and finance team at Moreno Ruffinelli & Asociados offers a broad spectrum of sector-related services and is 'always seeking solutions based on solid criteria and updated regulations'. It is further commended for its effort to 'mitigate all types of legal risks'. José Moreno Ruffineli heads the sizeable practice group which is often instructed by banking and financial institutions, multilateral agencies and deposit warehouses among others, advising them on credit operations, financial structures and project finance. Recent headline work included advising Bancop, as borrower, on a loan agreement with DEG (Deutsche Investitions und Entwicklungsgesellschaft) to promote the growth of small and medium-sized companies. Highly involved partner Maria Esmeralda Moreno led advice to Sudameris Bank, as borrower, on a $93m finance agreement with Overseas Private Investment Corporation (OPIC). Senior associate Mercedes Gimenez is an additional contact of note.

Counting on the expertise of partners Carlos Palacios, Ra√ļl Prono¬†and Juan Pablo Palacios, banking law continues to be a mainstay for¬†Palacios, Prono & Talavera. The banking and finance practice frequently represents clients in relation to loan facilities, issuance of bonds, trust agreements and compliance advice.¬†Benefiting from the strategic location of a second office in Ciudad del Este, the practice enjoys an excellent reputation within the agribusiness sector, as evidenced by the advice offered to Agrotec, as borrower, on a $20m structured loan agreement with IFC (International Finance Corporation). Another notable mandate entailed acting as Paraguayan counsel to Gilex Holding on a $300m bond issuance. Other representative clients include Sudameris Bank and Banco Nacional de Fomento.

Full-service firm¬†Vouga Abogados¬†fields an increasingly reputable banking and finance¬†practice that offers a broad range of sector-related services in an 'expeditious and professional manner'. The 'highly qualified team'¬†is jointly led by Rodolfo Vouga¬†and Cynthia Fatecha, and is adept at advising domestic and international clients in all types of transactions, including multilateral loans, local banks' acquisition financing and security structuring. The 'exceptional' Rodolfo Guillermo Vouga¬†advised CAF-Banco de Desarrollo de Am√©rica Latina, as lender, on its first A/B structured loan in Paraguay, a $120m facility granted to Banco Regional to promote financing for the agribusiness sector; while the 'very knowledgeable'¬†Carlos Vouga -in conjunction with Fatecha- continues to represent Tape Pora in the second stage of financing of the Route 7 infrastructure project, which encompassed the issuance of bonds and creation of a $11.9m security trust. The team also saw growth with the hire of 'talented'¬†associate Georg Birbaumer,¬†'a great addition to the team', who arrived from Cleary Gottlieb Steen & Hamilton¬†'s Buenos Aires office in November 2018. Long-standing clients include Ita√ļ BBA, Banco Familiar and John Deere Financial Chile.

Fiorio, Cardozo & Alvarado, Attorneys at Law is retained by a wide range of domestic and international clients for advice on financial transactions, comprising loan agreements, asset recovery, restructuring and insolvency matters, as well as project finance in the real estate and construction sectors. Recent mandates included advising Banco Familiar in relation to a syndicated loan to Copetrol affiliate, Paraguay Energy, for the acquisition of Petrobras' operations in Paraguay; and assisting the Republic of Paraguay with a $500m sovereign bond issuance. Marcelo Alvarado heads a practice that can also count on experienced partners Juan Bautista Fiorio and José María Cardozo.

Under the joint leadership of Oscar Mersán, Carlos Mersán and Pablo Lu, the banking and finance practice at MERSAN Abogados demonstrates comprehensive knowledge across all types of sector-related transactions. The broad service offering encompasses advice on bond offerings, debt restructuring, loan agreements and regulatory matters. The seven-strong team is also active in project finance, and predominantly assists on the borrower-side of transactions.

PARQUET & ASOCIADOS' banking and finance practice draws on a wealth of experience advising government entities, as well as banks and other major industry players in relation to sovereign debt, asset-based financing, syndicated loans, funds and project finance. Senior partner Javier Parquet heads a practice group that is perhaps best known for its excellent reputation in administrative and public law matters, as reflected in its finance sector cient base which includes the Paraguayan state's Central Bank, Financial Development Agency and National Development Bank. Recent highlights include advising Banco Continental on the assignment of $35m worth of debts held by 19 local pharmaceutical companies with the Ministry of Public Health. In other key mandates, the team acted as local counsel to Banco Regional in its second bond issuance under Rule 144a/Reg S for $300m. The practice also undertakes contentious matters, such as trust debt recovery and collection claims. Other clients include Banco Interfisa, Telecel, Netel, and Paraguayan chamber of financial entities, Adefi.

The 'responsive' team at Peroni Sosa Tellechea Burt & Narvaja covers a broad spectrum of banking and finance work, including loan agreements, capital markets, investment structuring and financial disputes. The team has a 'strong understanding of multi-jurisdictional transactions and tight deadlines', and is often involved in aircraft financing and insurance matters. Recent headline mandates saw practice head Guillermo Peroni act as Latitude20 Capital Partners' counsel regarding a pair of loans (aggregate value: $18m) granted to companies in the agribusiness sector; while co-head Marcos Peroni led advice to Petrolera San Antonio, Mercopar and Navios South American Logistics as borrowers in a $100m loan agreement with Morgan Stanley. Partners Estefania Elicetche and Lia Zanotti-Cavazzoni are praised for their 'excellent and professional advice'.

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