The Legal 500

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

‘One of the strongest players in capital markets,’ Linklaters LLP’s corporate finance practice remains at the top, and continues to act on major transactions in the market. The ‘very high quality’ team is recommended in both equity and debt capital markets and recently advised Credit Suisse and Banco Comercial Português as managers for Controlinveste International Finance’s issuance of €224m exchangeable bonds for Portugal Telecom shares. The group also acted for Crédit Agricole as arranger of the securitisation of receivables relating to Credibom’s €700m consumer loans. Other clients include international investment banks such as Credit Suisse and ING Bank. The ‘pre-eminent’ António Soares is credited as the driving force of the practice, and highlighted for his ‘scientific preparation’ and ‘appropriate advice and professionalism’. Associate André Júdice Glória is also rated for his ‘technical knowledge’.

Morais Leitão, Galvão Teles, Soares da Silva & Associados’ capital markets practice is very highly rated by clients, with the ‘very bright’ Oporto-based Carlos Osório de Castro consistently praised as ‘a leading lawyer’ in the field. This ‘excellent’ team also includes João Soares da Silva and Nuno Galvão Teles. The practice is well known for its work for Banco Comercial Português, recently assisting the bank with its €15bn commercial paper programme and on various floating-rate bond issuances. The practice has an exceptionally strong reputation for both issuer and borrower representations. On the equity side, it is advising Douro Azul on plans for an IPO on Euronext Lisbon. Luísa Soares da Silva and Rui de Oliveira Neves are also recommended.

Cuatrecasas, Gonçalves Pereira’s responsive and efficient team has seen a flurry of capital markets activity, and enjoys a particularly strong reputation for debt-side work. It assisted the Republic of Portugal to establish its first multi-currency EMTN programme through IGCP, a programme worth €5bn. Major underwriter clients include Caixa Geral de Depósitos and Banif. The team also provides M&A-related capital markets advice including advising Telefónica on its €7.15bn offer for PT’s 50% stake in Brasilcel. Practice head Maria João Ricou and André Luiz Gomes are recommended along with associate Paulo Costa Martins, who has ‘outstanding technical skills’.

Garrigues Portugal’s ‘very motivated’ capital markets group is recommended for its ‘complete and precise knowledge’ and ‘enormous diligence’. In 2009, the team advised Banco Espírito Santo on a large issuance of ordinary shares and has a solid history of capital markets mandates advising issuers and managers. However, more recently, the group’s focus has been on advising publicly listed companies on share transactions, such as acting for Portugal Telecom on selling its stake in Brasilcel (Vivo) to Telefónica. Team leader Diogo Leónidas Rocha has ‘a depth of understanding and strategic technical knowledge’, while the group as a whole is praised for its high-quality service and ‘timely responses’. ‘Fantastic’ associate Marta Graça Rodrigues is also singled out.

At the start of 2010, PLMJ Law Firm combined its capital markets and banking and finance teams to form a ‘very dedicated’ single practice group led by the ‘very good’ Jorge de Brito Pereira. The firm’s recent experience has tended towards advice on share transactions and public company takeover bids, such as advising Cimpor following CSN’s €4.15bn hostile bid. It also advised Shin-Etsu on its €25m acquisition of CIRES. The practice is gaining experience in overseas markets, and benefits from its association with Brazilian firm Tozzini, Freire, Teixeira e Silva. Sónia Teixeira da Mota is highly recommended.

Uría Menéndez – Proença de Carvalho’s ‘strong’ capital markets team recently advised BNP Paribas on the public offering of €50m worth of index-linked redemption notes. Banco Santander is also a key client. The firm also advises on M&A-related capital markets matters, such as representing Lafarge on selling its shares in Cimpor. Carlos Costa Andrade heads the practice and is supported by highly rated senior associate Ana Sá Couto.

Vieira de Almeida & Associados is ‘excellent in all respects’, but especially recommended for its debt capital markets work. The team displays the ‘necessary depth and breadth of knowledge and experience’, and acted for JPMorgan as arranger and issuer in an SME credit line transaction, the first of its kind in Portugal. It also advised Morgan Stanley as lead bank in a syndicate regarding the establishment of Portugal’s €5bn EMTN programme, and subsequent issuance of $1.25bn Portuguese Republic bonds. Pedro Cassiano Santos is recognised for his ‘know-how, competence and commitment’, while João Vieira de Almeida is commended for his ‘leadership skills and professionalism’. The ‘timely’ Pedro Simões Coelho, Helena Vaz Pinto and managing associate Paula Gomes Freire are also recommended.

Abreu Advogados is ‘one of the best firms in Portugal for its work on derivatives’, and offers a ‘very good service’. The ‘very strong’ duo of Sofia Santos Machado and André da Silva Vieira are well known in the market, and together advised a group of major Portuguese banks – including Banco Espírito Santo, Banif and Banco Comercial Português – on drafting a master agreement on derivative transactions. The team also provided derivatives advice to BES Group and assisted Efisa with various regulatory issues.

Capital markets work is a major focus for Cardigos e Associados, and Pedro Cardigos heads a team with an excellent reputation for derivatives and structured finance expertise. The group has an impressive client roster, and acts for JPMorgan, Bank of America Merrill Lynch and BBVA Spain, among others. The team, which features Gonçalo Capela Godinho and Inês Oliveira Festas, recently advised Deutsche Bank as arranger and manager on a €150m notes issuance by Estradas de Portugal. It is also advising Grupo Portucel Soporcel on derivatives.

António de Macedo Vitorino heads the capital markets practice at Macedo Vitorino & Associados, which is most noteworthy for its strength on the debt side. It represents domestic and international banks, and is advising a banking syndicate on Empresa de Electricidade dos Açores (EDA)’s €50m floating-rate bond issuance. Other clients include Banca Infrastrutture Innovazione e Sviluppo and Banco BPI.

Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL provides ‘very professional service’, and has notable strength on debt markets work. It recently advised a syndicate of 14 banks, including Caixa Banco de Investimento, on Galp Energia’s €700m floating-rate note issuance. The group also has experience advising banks and state-owned companies on state-guaranteed note issuances. The ‘fantastic’ Francisco Xavier de Almeida is ‘proactive, dynamic and knowledgeable’, and has ‘tremendous capital markets expertise’. António Payan Martins and João Caldeira are also recommended.

The ‘very strong’ team at SRS Advogados features Alexandra Maia de Loureiro, who recently advised Banif – Banco de Investimento on the securitisation of mortgage-backed receivables worth €520.5m through Gamma. Practice head William Smithson excels in advising on dual note issues under Portuguese and English law. Associates Gustavo Ordonhas Oliveira and Gonçalo dos Reis Martins are ‘excellent negotiators’ and ones to watch.

Serra Lopes, Cortes Martins & Associados fields a ‘committed’ team that offers clients a ‘very high quality service’. The practice handles a substantial amount of work for PT, including advising on EMTN programmes. Practice head Luís Cortes Martins, Alexandre Jardim and Francisco Barona rate highly for their ‘full availability and experience’.

João Nuno Barrocas at Barrocas Advogados is a very established name in the market. The group has experience advising on equity and debt transactions, including derivatives work. Banco Português is a key client of the firm.

João Caiado Guerreiro leads on capital markets matters for Franco Caiado Guerreiro & Associados, which recently advised Danish online investment bank Saxo on a €10m distribution platform agreement. Goldman Sachs, Credit Agricole, and BNY Mellon are also clients.

Mouteira Guerreiro, Rosa Amaral & Associados – Sociedade de Advogados R.L. recently handled a glut of securitisation and regulatory work, and also acts in contentious cases, such as advising the Portuguese Securities Market Commission on claim procedures relating to a takeover bid. António Mouteira Guerreiro is recommended.

Sérvulo & Associados’ ‘fully equipped’ practice has a growing track record in capital markets work. Recent highlights include advising a group of 15 banks, among them Banif and Banco Espírito Santo, on investor compensation schemes. Other clients include the European Investment Bank, Banco Privado Atlântica Europa and the Cape Verde Capital Markets Authority. Practice head Paulo Câmara is fast becoming ‘one of the best capital markets lawyers in Portugal’.