Portugal > Capital markets
Index of tables
- Caiado Guerreiro
Gómez-Acebo & Pombo
- Jorge de Brito Pereira – PLMJ Law Firm
- Carlos Osório de Castro – Morais Leitão, Galvão Teles, Soares da Silva & Associados
- Diogo Leónidas Rocha – Garrigues
- Pedro Cassiano Santos – Vieira de Almeida & Associados
António Soares –
This section covers public and private offerings. The sale and transfer of shares of public companies is covered under Corporate and M&A.
Garrigues provides ‘a top-quality service’ to clients in sectors including telecoms, media and banking. Noted for his ‘deep technical knowledge’ and ‘innovative solutions’, Diogo Leónidas Rocha leads the team, which advised Banco Espírito Santo on a share capital increase of €530m through an exchange offer, as well as on a subsequent increase through a rights issue. The team also advised key client PT on a €400m notes issuance under its EMTN programme. Marta Graça Rodrigues became a partner in 2011, and has ‘excellent technical skills’.
‘One of the best for capital markets’, Linklaters LLP’s ‘outstanding’ practice has an excellent track record of involvement in Portugal’s most significant transactions. Providing ‘overwhelmingly appropriate advice’ and demonstrating ‘excellent industry knowledge’, the team has recently acted for Deutsche Bank, Nomura International, Credit Suisse Securities, BTG Pactual Europe and Morgan Stanley. ‘Definitely one of the top lawyers in the field’, António Soares has ‘a true and accurate view of the market and clients’ needs’, and advised Semapa on its issuance of €150m notes and its admission to the NYSE Euronext Lisbon. Jorge Bleck has ‘an understanding of fundamental business issues beyond the law’.
‘Best in class’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘excellent’ securities team includes João Soares da Silva in Lisbon and Oporto-based Carlos Osório de Castro, who are both praised for their ‘all-round effectiveness and highly relevant knowledge’. A ‘clear problem-solver’, Castro has ‘vast experience’. Rui de Oliveira Neves provides ‘innovative solutions’, and recently advised INAPA on a share capital increase through an issue of preferential shares. Luísa Soares da Silva advised EDP on a €1bn facility agreement with China Development Bank Corporation and on a €250m offering of debt instruments; and also advised three Portuguese banks as joint lead managers on Brisa – Concessão Rodovíaria’s €150m notes issuance under its EMTN programme. Nuno Galvão Teles is ‘very technical and well informed’, and senior associate Ricardo Andrade Amaro is ‘focused on clients’ needs’. The team is also noted for its ‘extremely fast response times’ and its ‘knowledge of different legal jurisdictions in Europe’.
PLMJ Law Firm has a solid record for both debt and equity work. Praised for his ‘excellent availability, clever strategy and results’, Jorge de Brito Pereira advised ZON Multimédia on its €200m public offering of notes in June 2012; and also assisted REN on matters related to its €5bn EMTN programme. Recently promoted partners Magda Viçoso and Hugo Rosa Ferreira are singled out for their knowledge and experience, and Viçoso recently advised Cimpor on a takeover bid launched by InterCement Austria. Senior associates Raquel Azevedo, André Figueiredo and Duarte Schmidt Lino are also recommended.
With ‘great experience’ and ‘very good knowledge’, Vieira de Almeida & Associados’ ‘really solid and efficient’ team has experience across the area, with particular strength in debt work, and acts for all the major Portuguese banks. It advised a syndicate of ten banks as managers of a €200m notes offering by EDP, and also acted for Barclays and Banco BPI as managers on Semapa’s €300m fixed-rate bonds issuance. ‘One of the most experienced lawyers in Portugal’, Pedro Cassiano Santos advised Deutsche Bank on establishing three new debt instrument programmes. Paula Gomes Freire is ‘extremely professional and always available’, and Helena Vaz Pinto and the ‘very reliable’ Pedro Simões Coelho are also recommended. Managing associate Hugo Moredo Santos and senior associate Benedita Lima Aires are ‘always concerned with clients’ needs’.
At CMS, Francisco Xavier de Almeida advised TPG Credit Management on a €32m issuance of notes to fund a real estate acquisition; and, on the bank side, advised Barclays Capital and CaixaBI as arrangers of an update in the EMTN programme of REN. António Payan Martins advised Galp on an issue of €185m floating rate notes. João Caldeira is also recommended.
Cuatrecasas, Gonçalves Pereira has ‘profound knowledge’ and provides ‘an excellent service’, delivering ‘timely responses to tight deadlines’. Practice head Maria João Ricou offers ‘key support’ to clients, recently advising BBVA Portugal, J.P. Morgan Securities and Banco Itaú BBA International on a private placement of €185m floating rate notes by Galp, and acting for J.P. Morgan Securities in two private placements of €20m and €50m floating rate bonds by REN. André Luiz Gomes advised Rentipar Financeira on a share capital increase through a private share offering. Associate Manuel Requicha Ferreira is ‘always available’.
Delivering ‘a professional, top-quality service’ and ‘commercial advice’, SRS Advogados has ‘detailed knowledge of the relevant issues and regulations’, and is noted for its ‘pragmatic and commercial stance’, its ‘ability to advise on new and innovative features in the market’, and its ‘capacity for Portuguese and English law, which gives a competitive edge over other firms’. William Smithson has ‘a solid understanding of international legal concepts in cross-border transactions’, and, together with ‘tireless’ senior associate Gonçalo dos Reis Martins, recently advised StormHarbour Securities as arranger on a €1.2bn issuance of securitisation notes by Sagres – Sociedade de Titularização de Créditos. Alexandra Maia de Loureiro is recommended, and managing associate Gustavo Ordonhas Oliveira has ‘strong knowledge and experience’.
Uría Menéndez – Proença de Carvalho is ‘extremely effective at working to deadlines’, with ‘remarkable turnaround times’. Singled out for his ‘very good management skills’, Carlos Costa Andrade leads the team, and is supported by counsel Ana Sá Couto and senior associate Catarina Gonçalves de Oliveira. Key mandates included advising Morgan Stanley, Banco Espírito Santo de Investimento and Deutsche Bank (London branch) as dealer managers on a tender offer, and acting for Commerzbank on its issue and admission to trading on the EasyNext (managed by NYSE Euronext Lisbon).
Abreu Advogados continues to act for the Portuguese Association for Derivatives (APIFD), and is currently advising Banco Espírito Santo Group on negotiations regarding the International Swap Dealer Association and matters related to derivative transactions and finance-linked swaps. Co-heads of the practice Sofia Santos Machado and Miguel Castro Pereira are recommended.
Campos Ferreira, Sá Carneiro & Associados fields a highly qualified team in the capital markets arena; Fernando Campos Ferreira, Francisco Sá Carneiro and Maria Castelos all have superb track records. The team advises companies on MTN programmes, bond issuances and private placements. António Rocha Alves is also recommended.
Cardigos e Associados demonstrates ‘a high level of technical knowledge’ and ‘a capacity for hard work’. Pedro Cardigos is recommended for his derivatives expertise, and acts for clients including Portucel Soporcel in that area. Inês Oliveira Festas and junior associate Francisca Teixeira Duarte are also recommended. Other clients include Morgan Stanley, BBVA and Deutsche Bank.
Key mandates for Macedo Vitorino & Associados included advising Riverside, Tensator Group and Newvision on Tensator Group’s $47.5m notes offering, and acting for Altice and Cabovisão on a €10m secured floating rate bonds issuance. António de Macedo Vitorino is recommended.
At Serra Lopes, Cortes Martins & Associados, practice head Luís Miguel Cortes Martins is widely acknowledged for his experience. Clients include PT and Controlinveste.
Sérvulo & Associados’ finance and governance team provides an ‘excellent and timely’ service. ‘Outstanding lawyer’ Paulo Câmara is ‘very reliable and extremely knowledgeable in regulatory matters’, and ‘delivers solutions on even the most complex issues’. Câmara notably advised Cape Verde and Angola regulators on their local regimes, and ‘understands the specifics’ of these countries. Manuel Magalhães, who joined in 2011, is also recommended. Clients include PT, Caixagest, Brisa, and the Cape Verde Stock Exchange.
Caiado Guerreiro provides ‘prompt advice’, and is notable for its compliance and regulatory work. Ricardo Costa Macedo and João Caiado Guerreiro are recommended.
At Gómez-Acebo & Pombo, senior lawyer Diogo Coutinho de Gouveia is ‘very supportive’ and ‘meets every deadline’. In 2011, he advised Compagnie de Saint-Gobain on a public offering of shares to the employees of its companies in Portugal.
Raposo Bernardo advised British Land on steps to conclude a contract amendment regarding a commercial paper issuance. Nelson Raposo Bernardo has ‘superb’ leadership skills, and Carolina Coelho da Silva has ‘a sophisticated legal approach’.