Portugal > Capital markets > Capital markets
Index of tables
Capital markets
-
1
-
2
-
3
Other recommended firms
Linklaters LLP’s ‘ capital markets guru’ Antonio Soares offers impressive experience in this sector and has developed a leading practice with three major focuses: structured finance, equity and debt capital markets, and regulatory issues. 2007 was a particularly busy year for the firm on all three of these areas. On the equity side, the firm was most notably involved in the re-privatisation of a 25.72% stake in Portucel - Empresa Produtora de Pasta e Papel, as well as advising on Galp Energia’s €1.3bn IPO, as international counsel. Debt highlights included advising Barclays Capital, Caixa - Banco de Investimento, HSBC France, JPMorgan and Société Générale, as joint lead managers, on a €600m issue of guaranteed notes, by Rede Ferroviária Nacional - REFER. The team also played an important role in Banco Santander’s financing of Sonaecom’s unsuccessful €12bn takeover bid for PT, the largest offer ever in Portugal.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ expertise in equity capital markets is simply outstanding. Fielding two of the finest capital markets partners in Portugal, João Soares da Silva and Carlos Osório de Castro, its track record is unmatched. The firm was involved in several of Portugal’s highest-profile transactions last year, including Sonaecom’s failed attempt to take over PT. Millenium BCP also instructed the firm on its unsuccessful €4.3bn bid for Banco BPI, and on its negotiation and launch of a $1.5bn extendible floating rate notes issued by BCP Finance Bank.
PLMJ - A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL fields a market expert; Jorge Brito Pereira, head of the firm’s capital markets team, has been involved in several of the largest IPOs in Portugal. Banco Espírito Santo recently instructed the firm in connection with its €1.5bn IPO.
Arguably GARRIGUES PORTUGAL, S.L. - Sucursal’s strongest practice area in Portugal, the firm has built an ‘ excellent’ team with an impressive track record in capital markets, with highly regarded expert partner Diogo Leónidas Rocha at the helm. The firm was instructed by PT to fend off the €12bn hostile bid from Sonaecom. Other key clients include major international banks. Up-and-coming senior associate Marta Graça Rodrigues wins praise.
Finance expert Maria João Ricou spearheads Gonçalves Pereira, Castelo Branco & Associados’ finance and capital markets practice. The firm was one of the advisers chosen by PT to prepare its successful defence against Sonaecom’s takeover bid. Debt highlights include advising Fitch Ratings on a €2bn covered bonds issue.
Simmons & Simmons Rebelo de Sousa has recently advised ENI in relation to the IPO of Portuguese petrochemical company Galp Energia; name partner Pedro Rebelo de Sousa led the matter. It was also a busy year in securitisations, with highlights including the establishment of a Portuguese securitisation vehicle for Banif, and also advising BESI on the structuring of receivables by Estradas de Portugal. William Smithson is recommended.
Uría Menéndez’s strong position is down to the reputation of group co-heads Francisco Sá Carneiro and the ‘ very good’ Carlos Costa Andrade. The firm had a busy year, with Grupo Prisa being one of its most active clients in the high-end transactions market. The firm was involved in Grupo Prisa’s €419m takeover of Grupo Média Capital, as well as its subsequent €184m mandatory takeover of the entire share capital of Grupo Média Capital.
Arguably the best firm in Portugal in debt capital markets, Vieira de Almeida & Associados has advised several of the market’s most important players in bond issues, namely Brisa, Transtejo, Águas de Portugal and Société Générale. ‘ Pedro Cassiano Santos stands out; he is clearly one of the best.’
At ABBC - Azevedo Neves, Benjamim Mendes, Bessa Monteiro, Cardigos & Associados - Sociedade de Advogados RL, Pedro Cardigos’ outstanding reputation as a banking and finance expert lends the firm a solid position in the sector. Cardigos boasts an impressive track record on debt capital markets, with recent highlights including advising ANA Madeira, the Madeira airport concessionaire, on the issuance of bonds. The firm was also involved in the creation of the first Portuguese Carbon Emissions Fund (the Luso Carbon Fund).
Abreu Advogados has been involved in some of Portugal’s groundbreaking capital markets instructions scoring high in client satisfaction. The firm was recently involved in the €100m incorporation of the first Portuguese Carbon Fund; finance expert Miguel Castro Pereira led the matter. The firm was also instructed by Iberdrola Renovables to carry out due diligence, in connection with the company’s IPO. Euronext Lisbon has recently short-listed the firm as a prefered legal adviser to companies in potential IPOs and listings in Euronext and Alternext.
Barrocas Sarmento Neves has recently been involved in a groundbreaking $1bn securitisation in Brazil - advising the Municipality of Rio de Janeiro on a securitisation of the Municipality’s portfolio of tax receivables; this was the first international securitisation of tax receivables for the Municipality of Rio de Janeiro. Other highlights include advising Hiscox on Portuguese securities law, regarding investment funds and offering registrations. João Nuno Barrocas is recommended.
Macedo Vitorino & Associados boasts sound expertise on debt capital markets, with recent instructions including a $60m EMTN programme (advising Lehman Brothers alongside Ashurst LLP) and a $6m structured securities programme (acting for Bank of America Corporation, also alongside Ashurst LLP). Antonio Macedo Vitorino is recommended.
Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL saw a significant boost to its capital markets practice, with the arrival of expert partner Francisco Xavier de Almeida, one of the market’s rising stars, from Linklaters LLP. He brings solid expertise in both equity and debt capital markets issues.
Luís Cortes Martins at Serra Lopes, Cortes Martins & Associados is one of the market’s most prominent corporate experts and boasts solid expertise in capital markets issues. Cortes Martins has represented a number of Portugal’s largest corporates and banks.
Law developments in Portugal
-
Legal incentives and guarantees for tourism investment in Mozambique
The Partnership for Mozambique, formed by law firms PLMJ and -
Financial Sector Stability - Legislative and Regulatory Actions
Within the context and as a reaction to the international financial turmoil, governments and regulators of the financial markets have been implementing extraordinary measures and taking other steps aimed at enhancing the regulatory environment of the sector and increasing investors' protection. The wide-ranging aim of these initiatives is to mitigate the detrimental effects of the current liquidity crisis, to promote financial stability and to restore investors' confidence in the financial markets. -
STATE BUDGET 2009: PROPOSED TAX AMENDMENTS
The 2009 State Budget Bill was presented to Parliament on 15 October. The general discussion and voting on the Bill are scheduled for 5, 6 and 7 November while the special discussion and voting and final overall discussion and voting are scheduled for the 27 th and 28 th of the same month. -
SHORT-SELLING PRACTICE RESTRICTED IN PORTUGAL
Following the financial crisis that has been felt in the markets all over the world, the Portuguese Securities Commission (CMVM) has recently approved a Generic Statement of Opinion on the Practice of Short Selling in the market, in order to restrict the conditions in which Short Selling is made. -
Legal Privilege Protection Of Internal Communications Sent By In-House Lawyers
Confidentiality and legal privilege protection of internal communications produced by in-house lawyers was secured by Lisbons Commerce Tribunal, in a recent decision ruled within the scope of administrative offence proceedings started by the Portuguese Competition Authority -
Tax Benefits for Inland Regions
The recently published Decree-Law 55/2008 of 26 March has set out the regulatory provisions necessary for implementing incentive measures for the speedier recovery of areas in Portugal that suffer most from typical inland regional problems, as provided for in the Tax Benefits Statute (EBF). -
New Regime on Contracts of Insurance
The Portuguese Government has recently enacted the Decree-Law nr. 72/2008, published in the Portuguese Official Gazzette on 16 April 2008, on contracts of insurance, which represents a significant milestone in the evolution of the regime applicable to contracts of insurance in Portugal. -
Bilingual Commercial Registry - Permanent Certificate in English
Since December 2006, it is possible to obtain a permanent certificate of the commercial registry in Portuguese language. With the entry into force of Decree-law number 73/2008, of 16 April, a "bilingual" commercial registry is created, being the English language the one chosen for that purpose. -
White Paper On Damages Actions for Breach of the EU Antitrust Rules
Antitrust rules are provided for by Articles 81 and 82 of the EC Treaty, which ban restrictive business practices and abuses of dominant positions. -
THE TAX SYSTEMS OF ANGOLA, MOZAMBIQUE
The Cape Verde of today is a country that is open to foreign investment and, since it enjoys socio-political and exchange stability, it is a fairly credible option for governments, companies and international financial institutions.