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Banking and finance
Cuatrecasas, Gonçalves Pereira’ clients state ‘the firm is certainly on par with the top firms in the world by way of knowledge, service and product’. The team acted for Anglo Irish Bank in the structuring, drafting and negotiation of a loan and related security documents, valued at €124.7m. The practice also played a role in the BCP/Aquapura Investment deal, wherein it advised the latter on its revision and negotiation of all loan and security documents. This transaction spanned both Portuguese and Czech jurisdictions, and is testament to the firm’s cross-border capabilities. Department head Manuel Magalhães impresses clients with his insurance sector expertise.
Termed ‘innovative, experienced and trustworthy’, Linklaters LLP remains at the forefront of some of Portugal’s most coveted banking and finance work. The team advised ABN AMRO on its landmark securitisation of 20 project finance loans; this was the first cash securitisation of project finance loans in the European markets, and one of the only cash CLO transactions coming to completion in recent years. Other clients include Credit Suisse, whom the firm advised on the acquisition of real estate receivables, and Banco Bilbao Vizcaya Argentaria. Lead banking partner Pedro Siza Vieira is noted for his ‘professionalism and credibility’, while Francisco Ferraz de Carvalho is considered ‘a great asset to the team’. Though perhaps not the firm of choice for more ‘bread-and-butter’ work, ‘it is the best for innovative solutions regarding structured finance’.
Morais Leitão, Galvão Teles, Soares Da Silva & Associados is considered ‘an excellent choice’ for banking and finance matters. Its reputation is largely attributed to the calibre of its lawyers, including the formidable Luis Branco, considered ‘the best Portuguese banking lawyer there is’, partner Filipe Lowndes Marques, and senior lawyer, Pedro Gorjao Henriques. The team advised Eurohype-Lisbon in the refinancing of two shopping centres; the deal, valued at €171.5m, involved using a complex crossed security structure in order to avoid financial assistant issues. The team also advised Bank of America on an acquisition finance matter for Carlyle Group, while other banking clients include Millennium BCP and Norscut. Clients rate the team’s ‘knowledge, efficiency, performance and integrity’.
After a period of intense departmental restructuring, PLMJ – A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL has emerged with increased collaboration between teams now strongly focused on clearly defined industry sectors. Clients are quick to point out the positive effects of these changes, commenting ‘the firm has a clear development strategy which appears to be working well’. Highlights of the past year include assisting with the acquisition financing of Gambro Group, and the issue of €600m of commercial papers by Sonae for the acquisition of Carrefour. Other clients include ABM AMRO Bank and Babcock & Brown. Clients label department head Marian Castelos ‘brilliant’, while Fernando Campos Ferreira and Sonia Teixeira da Mota also receive top recommendations.
Uría Menéndez boasts a very capable department numbering 14 fee-earners. Duarte Brito de Goes was recently promoted to partner, joining the ranks of Francisco Sá Carneiro and Pedro Ferreira Malaquias. The team is appreciated for its ‘availability, innovation and flexibility’, and is praised by clients as ‘efficient’ and ‘reliable’. Areas of focus include securitisation, syndicated loans and covered bonds, and the team is frequently sought for its regulatory advice. Recent work includes advising ABN AMRO on the structuring of a securitisation deal concerning residential mortgage loans for Montepio, as well as advising Banco BPI on the structuring of a covered bond programme. The team also receives instructions from Terra Firma and Banco Espirito Santo. According to one client, ‘Uría Menéndez is absolutely superlative’.
Vieira de Almeida & Associados has traditionally been regarded as a top choice for banking clients, with financial institutions such as Citigroup, Banco BEST, La Compagnie Benjamin de Rothschild and Millennium BCP forming part of its noteworthy client roster. Regarded as ‘a nice group of young, enthusiastic lawyers’, the team has grown at associate level and now houses 18 fee-earners, co-headed by Pedro Cassiano Santos and Pedro Simões Coelho. Recently, the team advised Deutsche Bank on a €126m loan agreement for Metro do Porto. The team also handled the banking and finance aspects included in the sale of the windfarm portfolio of Enersis to Babcock & Brown; a €1.2bn transaction, the deal is the vanguard of Portugal’s private equity transactions this year.
Abreu Advogados assisted JJW with the funding, by way of a bridge loan granted by Millennium BCP and BCPI, of the €123m purchase of Le Meridien hotel. The team also advised Ridge Solutions on setting up an asset management group in Angola, working alongside local firm FBSL. Miguel Castro Pereira leads the banking and finance practice.
António Frutuoso de Melo e Associados Sociedade de Advogados, RL is home to name partner, António Frutuoso de Melo, widely regarded as one of Portugal’s leading finance lawyers. The team represents a number of domestic companies and international banks, and has a well-respected structured finance practice. Guilherme Frutuoso de Melo is regarded as a leading individual.
The banking and finance practice at GARRIGUES PORTUGAL, S.L. – Sucursal is led by finance expert Diogo Leónidas Rocha. The Portuguese team is supported by its strong Spanish client base, including Criteria Caixa Corp, to whom the team provides regulatory advice and assistance with Portugal investments. Recent highlights include advising Fortis Lease UK, on the $62.5m financing of an aviation company. Clients say the team ‘provides a very personalised service and has very well trained staff who are always ready to answer our requests’.
Following the arrival of Antònio Payan Martins and Francisco Xavier de Almeida in 2007, Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL’s banking and finance practice has gone from strength to strength – and clients are taking note. One says, ‘we consider Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL among the best law firms operating in the Portuguese market. Clearly, the partners that have joined from Linklaters LLP have added international dimension’. The team, which also includes the very capable João Caldeira, has shifted its focus to high-value, complex transactions, and areas of specialism include syndicated lending, debt restructuring, leveraged portfolio acquisitions, and non-performing loan matters. The team acted for the Royal Bank of Scotland in a $350m credit facility arrangement with Brisa, in relation to the North West Parkway concession. Another important client is Credit Suisse International, for whom the team advises on a range of financial matters.
Serra Lopes, Cortes Martins & Associados is regularly praised for its ‘excellent client base’ and ‘skilled lawyers’, particularly Alexander Jardim, who is held in ‘very high regard’. The team is readily able to assist with the structure and arranging of financial transactions, and represents a number of domestic banking clients.
Praised for its ‘deep understanding of market and clients’ needs’, Simmons & Simmons Rebelo de Sousa continues to receive top instructions from prestigious banking clients world-wide, including BNP Paribas, Barclays, Bank of America and Citigroup. The team advised IGCP on the negotiation of credit facility agreements with several international investment banks, and also acted for CSN on the restructuring of its trade receivables securitisation programme. Pedro Rebelo de Sousa remains a leading figure, while William Smythson brings to the table a wealth of securitisations expertise. Collectively, the team is thought to be ‘responsive and business focused’, and is appreciated for its ‘intelligent analysis and clarity of advice’.
Albuquerque & Associados is active in Angola, and is regularly instructed by Banco Millennium Angola, to whom the team advised on the structure of its $100m consortium contract for the Angola LNG project. Clients describe the team as ‘relatively small but very experienced and dedicated to its clients’. Pedro de Albuquerque and new arrival, Inês Pinto da Costa, are recommended.
Barrocas Sarmento Neves has a strong finance team in Jorge Santiago Neves, João Nune Barrocas and Teresa Baptista, with clients appreciating their ‘prompt manner in responding and customer-oriented approach’. In conjunction with Banco Efisa, the team advised the Municipality of the City of Rio de Janeiro in a $1bn international securitisation matter concerning tax receivables. Other clients of note include Parmalat, West LB and BNP Paribas. Clients choose the team for its ‘comprehensive expertise of local law’ and ‘constant availability’, with the service described as ‘very professional and thorough’.
Cardigos e Associados advised JPMorgan on a €120m term facility agreement entered into with Metro do Porto. The team also assisted Deutsche Bank with the €400m issue of asset backed floating rate securitisation notes of future receivables for BRISA. Led by Pedro Cardigos, clients appreciate the ‘availability and responsiveness’ of the team, as well as its ‘positive approach to solving problems and getting the deal done’.
Franco Caiado Guerreiro & Associados represents a number of international banks, advising on matters such as structured finance and derivatives. Clients point out, ‘the team gives an opinion considering the business implications and not just the pure legal aspects. They clearly assess the pros and cons and assign probabilities’. João Caiado Guerreiro is a first choice due to his ‘seniority and straight-forward approach’, while Ricardo Costa Macedo is also recommended for finance matters.
Macedo Vitorino & Associados is a regular choice for loan facility matters, and this year advised a syndicate of banks – including BCP, Banif, Barclay, BPN, Motepio and Baco Efisa – on a €75m loan facility agreement with SGAL. The team also advises on swap agreements and commodity derivatives transactions, and demonstrates an ‘ability to understand client needs’ providing ‘personalised treatment and efficient service deliverance’. Antonio Macedo Vitorino ‘involves himself in each deal, assuring that every problem or concern has a solution’.
International firm Miranda Correia Amendoeira & Associados represents a number of foreign and domestic clients, and is capable of advising to both lenders and borrowers on a range of complex financial matters. The team is thought to do ‘interesting work’.
Raposo Bernardo advised Banco Espírito Santo on the €130m structured finance of a joint venture with Macanthony Realty and Tecnicil, while also acting for Invesco on the €450m securitisation of a debt portfolio. Additional clients include Banif Banco, Natixis Bank and Santander Consumer Finance. Leading the team is Nelson Raposo Bernardo.
Sérvulo & Associados is gaining recognition from clients who point to a strong finance team in Fernando A. Ferreira Pinto and Paulo Câmara. The firm is noted for its strong insolvency and restructuring practice.
Felipe Baião do Nascimento, who leads the team at Baião, Castro & Associados, R.I., is regarded for its ‘quality, efficiency and trustworthiness’. The team advised a Portuguese borrower on a £100m syndicated term loan, and also advised a domestic banking group on a non-performing secured and unsecured loan portfolio.
Carlos Aguiar, Ferreira de Lima & Associados – Sociedade de Avogados, R.L. has a longstanding reputation in Portugal’s banking and finance market. Name partner Carlos Aguiar leads the team in acting for both large and medium-sized companies in Portugal and abroad, such as Caja Madrid and Société Générale.
Marques Mendes & Associados assisted Academia Aeronáutica de Évora with the restructuring of its share capital composition. GMAC is another key client.
PLEN – Sociedade de Advogados, RL advised Merrill Lynch (London) on the negotiation of an ISDA Master Agreement, providing a legal opinion on the enforcement of the set-off and close-out netting provisions of the Agreement against Portuguese state-owned enterprises and investment funds. The team has provided similar advice to prestigeous clients, Morgan Stanley, ING Bank and Credit Suisse. Tiago Ferreira de Lemos is recommended.
Recent work for Pedro Pinto, Reis & Associados includes assisting Caja España with setting up a Portuguese branch. The team also provides ongoing legal advice to the Portuguese branch of Spanish bank Caixanova. Inês Reis and Pedro Pinto are recommended.
SPS – Sociedade de Advogados specialises in the recovery of large debt portfolios, and acts for a number of banking clients including Société Générale Group, Banco Santander Consumer and Banco Primus.
Teixeira de Freitas, Rodrigues e Associados’ clients include Goldman Sachs, Bank of Scotland, Lloyds TSB and Commerzbank. The team is often chosen to act as local counsel in major financing deals, and recently advised China Development Bank alongside White & Case LLP in the UK.