The Legal 500

This section covers public and private offerings but the sale and transfer of shares between shareholders is covered in the Corporate and M&A section.

Linklaters LLP shows ‘significant expertise’, ‘great experience’, and is ‘remarkably responsive’. Its renowned securities practice finds ‘the best solution for the most complex and arguable cases’, particularly on the manager side. Highlights included advising Deutsche Bank (London and Portugal) on Metropolitano de Lisboa’s €85m state-guaranteed 7.5% notes issue, and also advising several banks as bookrunners and underwriters of BCP’s €260m rights issue. The team also advised Barclays, BNP Paribas and CaixaBI as lead managers of Parpública’s €886m issue of 25% exchangeable bonds, as part of phase five of Galp’s privatisation. The team is advising Espírito Santo Financial Group on updating its €2bn EMTN programme. António Soares is ‘one of the best practitioners in the market’.

Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘very good, creative and reliable’ team produces ‘first-class work’ in equity and debt transactions. It is counsel to BCP, which it advised on a €1.75bn state-guaranteed floating rate notes issue in 2011. It advised EDP on updating its €12.5bn debt issuance programme, as well as on a €300m credit facility agreement. In the equity arena, the team is representing the banks in Efacec Capital’s planned IPO, and advising BCP on share capital increases. Oporto-based Carlos Osório de Castro and Lisbon-based João Soares da Silva are ‘among the best lawyers in Portugal’. Luísa Soares da Silva is ‘excellent’, Nuno Galvão Teles ‘understands clients’ needs very well’, and Rui de Oliveira Neves is also recommended.

PLMJ Law Firm’s ‘very professional’ team handles debt and equity offerings, and assists listed companies. Senior associate Hugo Rosa Ferreira advised REN as issuer on its €5bn EMTN programme. Other clients include Cimpor and Finibanco. Jorge de Brito Pereira is ‘always available’ and ‘extremely knowledgeable and creative’, and Sónia Teixeira da Mota and senior associate Magda Viçoso are also recommended.

Vieira de Almeida & Associados is ‘number one for debt transactions’, particularly for banks, and can ‘suggest new solutions’. The team advised Morgan Stanley as arranger of EDP’s €12.5bn debt instruments programme, and acted for Deutsche Bank (London) as arranger and DB Trustees as common representative on €4bn-plus notes issues as part of Caravela SME No.2. Helena Vaz Pinto advised Reditus on a share capital increase through a public offer and listing of ordinary shares. Pedro Cassiano Santos has ‘vast experience’, and is recommended along with João Vieira de Almeida, Pedro Simões Coelho, and securitisation expert Paula Gomes Freire. Managing associate Hugo Moredo Santos is ‘very efficient and hardworking’. Former regulator José Pedro Fazenda Martins joined the firm from the Portuguese Securities Commission (CMVM) in October 2011.

Francisco Xavier de Almeida leads CMS Rui Pena & Arnaut’s team, which advises numerous banks on debt capital markets. It advised a syndicate of banks as managers of Galp Energia’s €700m issue of floating rate notes, and advised CaixaBI, Citi, HSBC and Santander as managers of Parpública’s €800m senior notes issue under its EMTN programme. On the issuer side, António Payan Martins advised Galp Energia on issuing €300m floating rate notes. João Caldeira is also recommended.

Cuatrecasas, Gonçalves Pereira advises issuers and underwriters, and displays ‘market expertise’ and ‘constant availability’. Maria João Ricou represented Metropolitano de Lisboa on €85m and €25m private placements of state-guaranteed notes, and also assisted IGCP in several offerings, including a €110m floating rate notes issue under its €5bn EMTN programme. Ricou also represents Morgan Stanley and Natixis. André Luiz Gomes advised Rentipar Financeira and Banif on share capital increases. This ‘very accurate’ team also features associates Paulo Costa Martins, Florbela Pires and Manuel Requicha Ferreira.

Garrigues’ ‘extremely experienced’ and responsive team provides ‘constructive viewpoints’. Diogo Leónidas Rocha is ‘among the most knowledgeable lawyers in Portugal’, and represents PT and Novabase. Associates Marta Graça Rodrigues and Bruno Ferreira are ‘most experienced’.

Uría Menéndez – Proença de Carvalho is ‘gaining market share’, with Carlos Costa Andrade at the helm. The group counts Lafarge and Telefónica as clients. Andrade led in advising Finertec and Construtora do Tâmega on a share capital revision as part of the latter’s restructuring. The team also advised Commerzbank on issuing warrants and certificates admitted to trade on Easynext.

Abreu Advogados recently set up the Portuguese Association for Derivatives (APIFD) and advises a number of banks on derivatives. Sofia Santos Machado and Miguel Castro Pereira are recommended, with the former advising Fidelity on short selling and private placement issues, and a French bank on structured notes documentation. Recent mandates for senior associate António Pina include derivatives work for Banco Espírito Santo.

Cardigos e Associados’ ‘very responsive’ team places a strong emphasis on capital markets work, advising issuers and underwriters on debt and equity transactions and derivatives. Pedro Cardigos’ team, which also includes Inês Oliveira Festas, is advising BBVA Spain on equity share offerings involving Portuguese listed companies. The team has also acted for Deutsche Bank. Gonçalo Capela Godinho left the firm in 2011.

António de Macedo Vitorino heads Macedo Vitorino & Associados’ team, which has an impressive roster of banking clients. It advised Banca Infrastrutture Innovazione e Sviluppo, Banco BPI, CaixaBI, Santander Totta, and Dexia Sabadell on EDIA’s €94m floating rate bonds issue. It also represents Merrill Lynch and Banco Efisa.

SRS Advogados provides ‘real international expertise and know-how’. Highlights included advising Banco do Brasil as manager of Galp Energia’s €300m floating rate notes issue, and representing Caixa Económica Montepio Geral on an exchange and tender offer under its EMTN programme. Practice head William Smithson, Alexandra Maia de Loureiro, managing associate Gustavo Ordonhas Oliveira and senior associate Gonçalo dos Reis Martins are recommended.

Serra Lopes, Cortes Martins & Associados’ team features the ‘highly experienced’ Luís Miguel Cortes Martins, who has a ‘global vision of how business works’. The group continues to advise PT on its EMTN programme, including on a €600m notes issue. Rafael Lucas Pires advised Controlinveste on a €224m secured guaranteed exchangeable bonds issue. Alexandre Jardim joined pbbr (Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados – Sociedade de Advogados, R.L) in September 2011.

Franco Caiado Guerreiro & Associados advises banks, asset managers, and fund managers. The ‘very smart and fast’ João Caiado Guerreiro leads the team, which recently advised NYSE Euronext on incorporating a fund to invest in SMEs listed on Alternext Lisbon; and Labco Group on a €635m senior secured high-yield bonds issue.

Gómez-Acebo & Pombo’s Jorge Santiago Neves has recent capital markets experience advising Siemens and Veolia Environnement on public share offerings to employees.

Paulo Câmara heads Sérvulo & Associados’ team, which advises on corporate governance matters and capital markets regulations. It is assisting Banco Privado Atlântica Europa with the Portuguese Capital Markets Authority licensing process. In June 2011, Manuel Magalhães and five associates joined from Cuatrecasas, Gonçalves Pereira.