The Legal 500

Peru

 

Legal market overview

Peru continues to enjoy an impressive economic boom, experiencing growth in the 6-9% range for the last three years. As this might suggest, the country remains an attractive destination for international companies and foreign investment, particularly in the extractive sectors, which account for more than 60% of Peru’s total exports. However, issues with local communities are a continuing difficulty for the country and have had an impact on the continuation of a number of mining projects. Poor infrastructure is also a problem of growing relevance, although the government plans to combat this deficit with a $20.5bn investment in infrastructure between 2011 and 2016. Interest from companies in the Asia-Pacific region has also persisted, and Peru has witnessed an influx of European companies looking for alternative investment possibilities. In addition, out-bound investment is emerging as a new tendency, and while it is currently focused on the Latin American region, its scope and extent may broaden if, as forecast, growth continues.

Regulatory reform and consolidation also continues, in an attempt to keep pace with the growing economy and its increasingly sophisticated and complex demands. Law firms have also noted an increase in contentious matters related to this growth, not least with the increased popularity of arbitration as a method of dispute resolution. With a number of Peruvian companies looking for alternative methods of financing, capital markets transactions have also been on the increase; it remains to be seen how the development of MILA, the integrated Latin American stock market, will modify this scenario.

The biggest change within the legal market occurred in October 2012, when Baker & McKenzie formed an alliance with Peruvian firm Estudio Echecopar, marking the first entrance of an international player into the Peruvian legal market. The market continues to be dominated by several large full-service firms: Rodrigo, Elías & Medrano, Abogados, Miranda & Amado Abogados, Rubio Leguía Normand and Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados all have large, multi-disciplinary service offerings that address the full array of corporate legal needs. Alongside these firms, there are a number of noteworthy boutiques including Bullard Falla Ezcurra Abogados, which specialises in regulatory and public law, competition and arbitration, IP boutique Barreda Moller, and environmental experts Delapuente, among others.

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  • Joost Fanoy appointed partner at BarentsKrans

    The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
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    - Paksoy
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    - Paksoy
  • Halkbank Issued USD 500 Million Notes

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    - Paksoy
  • Turkiye Finans to Issue Ringgit Sukuk to Raise Up to MYR 3 Billion In Malaysia

    Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
    - Paksoy
  • Ziraat Bank Established GMTN Programme to Issue Bonds Worth USD 2 Billion

    Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to  USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank  pari-passu with Ziraat Bank's other senior unsecured obligations.
    - Paksoy
  • Vakifbank Sells EUR 500 Million Notes Under USD 5 Billion GMTN Programme

    Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.
    - Paksoy