The Legal 500

Linklaters LLP’s capital markets group is characterised by three distinct focus areas, including structured finance, equity and debt capital markets, and regulatory matters. Led by the ‘simply fantastic’ Antonio Soares, there is ‘no question that this is a top-tier practice’. The team recently advised joint global coordinators Citigroup, Morgan Stanley, UBS, Caixa Banco de Investimento and Espiríto Santo Investment and Millennium Investment Banking on one of the biggest-ever IPOs in Portugal, the share capital increase of EDP Renováveis, Europe’s largest market capitalization deal in 2008. The team also represented the RBS-led consortium in the €71.1bn bid for ABN AMRO Holdings, the largest ever bank takeover. On the equity side, highlights include advising Morgan Stanley and Caixa Banco de Investimento on the issue of over €1bn of Parpública Exchangeable Bonds, exchangeable into shares in EDP as part of the 7th stage of privatisation of EDP. Though a relatively small team, clients are more than satisfied with service levels, citing ‘experience, knowledge, willingness to help’ and an effort to ‘take care of the client’ as key strengths.

Hailed as ‘one of the most brilliant capital markets teams in Portugal’, Morais Leitão, Galvão Teles, Soares Da Silva & Associados possesses tremendous expertise in this area. Opposite Linklaters LLP, the firm advised EDP on the restructuring of its renewable assets under EDP Renováveis in preparation for an IPO that proved to be one of Europe’s largest, and subsequent listing on Euronext Lisbon. On the debt capital markets side, the team advised Banco Comercial Português (as issuer), Deutsche Bank (as arranger for Banco Espírito Santo) and Morgan Stanley (as arranger for Banco Santander Totta) on the establishment of three of four Portuguese covered bond programmes. This 10-partner department is fielded by João Soares da Silva who, along with Carlos Osório de Castro, is praised as a ‘pre-eminent capital markets practitioner’, with the team displaying ‘more knowledge and more commitment to clients’ than others.

PLMJ – A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL has undergone significant restructuring over the past year, but the team remains ‘very impressive’ to clients. Composed of Jorge de Brito Pereira, Sónia Teixeira da Mota and Magda Viçoso, the team is renowned for its work on equity transcations and investment funds, with debt matters left to the banking and finance team. Significant highlights for 2007-08 include the firm’s selection by Zon Multimédia as main external counsel, meaning the team now acts as key advisors on all deals, corporate governance and capital markets matters. The team continued to advise on the Redes Eléctricas Nacionais IPO, assisting the Joint Global Coordinators CaixaBI, Credit Suisse Securities, Millennium Investment Banking and UBS. The team has knowledge of takeover bids, public and private offerings, trading admissions to Euronext Lisbon (including IPOs), regulatory compliance and corporate governance, as demonstrated by its work for Portugal Telecom, providing assistance to their Audit and Corporate Governance committees.

Noted for its ‘ability to respond rapidly to clients’ needs’, Cuatrecasas, Gonçalves Pereira’ capital markets practice is led by the ‘very capable’ Maria João Ricou. The team recently advised Rede Ferroviária Nacional on a €500m revolving loan facility agreement for a syndicate of banks, including ABN AMRO, Banco Santander Totta, Barclays Bank, BNP Paribas, Caixa Geral de Depósitos and Société Générale. The team also advised Metro do Porto on the borrowing of €120m from JPMorgan, whilst also assisting Banif with the issue of €50m worth of covered bonds.

GARRIGUES PORTUGAL, S.L. – Sucursal attracts overwhelming praise for its strong capital markets team, led by the highly regarded Diogo Leónidas Rocha. Representative matters of the past year include assisting with the €2bn spin-off of PT Multimédia from Portugal Telecom. The firm’s strong Iberian presence facilitates seamless service to both Portuguese and Spanish clients. Associate Marta Graça Rodrigues is considered by many a rising star who is a ‘pleasure to work with’.

Since the arrival of Francisco Xavier de Almeida and António Payan Martins from Linklaters LLP, Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL’s capital markets practice has gone from strength to strength. With Almeida demonstrating ‘excellent technical skills, a top commercial approach and an easy personality’, clients are ‘particularly impressed’ by his knowledge of this area. The team advised the originator, Banif, on mortgage-backed floating rate notes due 2060 and issued by Gamma; this was the first RMBS transaction for Banif since 2002. The firm also advised Barclays Capital and CaixaBI as arrangers and dealers of a €5bn Euro Medium Term Note Programme for Redes Energéticas Nacionais. Clients appreciated the ‘availability and efficiency of the lawyers involved, their commercial judgement and practical approach to matters’.

Simmons & Simmons Rebelo de Sousa is active in debt capital markets and non-performing loans work, having secured more than 12 such instructions in recent years. The team is particularly strong in securitisations, and this year advised Banif on the innovative securitisation of credits arising from future energy certificates issued by a hydroelectric power plant in Ecuador. Equity capital markets and derivatives is a continued area of focus, and investment banks such as Merril Lynch have gone to the firm for share buy-back programme advice. Gustavo Ordonhas Oliveira is noted for his ‘deep knowledge of financial legal practice’, while the team, including Pedro Rebelo de Sousa, William Smithson and Alexandra Maia de Loureiro, is appreciated for its ‘quick response, intelligent analysis and clarity of advice’.

The capital markets team at Uría Menéndez attracts outstanding praise from clients who say, ‘Although there are very good law firms in Portugal, on a price/service rendered analysis, this firm rank number one’. This burgeoning team recently acted for Grupo Prisa on its €419m bid for the entire share capital of Grupo Média Capital. On the seller side, the team acted for Iberdrola on its sale of a qualified shareholding in GALP Energia. Carlos Costa Andrade and Francisco Sá Carneiro are said to ‘inspire confidence, convey reasonable working scenarios and carry out tasks from beginning to end’. Additionally, Andrade‘knows very well the operative structure of his clients’. Senior associate Ana Sá Couto impresses with her ‘professionalism and persistence’.

Vieira de Almeida & Associados is best known for its debt capital markets expertise and securitisations knowledge. ‘Very responsive’ and delivering ‘flawless quality’, partners Pedro Cassiano Santos and Pedro Simões Coelho receive wholly positive feedback from clients. The team acted for Brisa on the securitisation of future receivables concerning toll highways for which Brisa is the concessionaire. Valued at €400m, this is the first future receivables securitisation to be originated by a Portuguese open company. The team enjoys good relations with a number of major banks, including Banco Santander Totta, Deutsche Bank and Banco BPI.

Abreu Advogados assisted the Fund Novenergia II with setting up a cross-border securitisation regarding eolic and photovoltaic parks. The team also advised the European Investment Fund on capital markets and financial legislation matters relating to the placement of a Luxembourg specialised investment fund intended for investment within Portuguese venture capital. Miguel Castro Pereira is the go-to partner for equity transactions, while Sofia Santos Machado is fast developing a reputation for her capital markets expertise. Clients are ‘excited’ by the firm’s growth strategy, and regard it as ‘very forward thinking’.

João Nuno Barrocas leads the capital markets practice at Barrocas Sarmento Neves, noted for its lawyers who are ‘very available, reliable and generally a pleasure to work with’. The team continues to advise the Municipality of the City of Rio de Janeiro advising on the international securitisation of its portfolio of tax receivables. CP2 instructed the team to advise on the capital markets aspects of its disclosure obligations and holdings in listed Portuguese companies, including its interest in and potential acquisition of a shareholding in a port-operating company. Martim Krupenski is a highly recommended practitioner.

In June 2008, Pedro Cardigos departed from ABBC – Azevedo Neves, Benjamim Mendes, Bessa Monteiro, Carvalho & Associados – Sociedade de Advogados RL to set up finance boutique Cardigos e Associados. Though the firm itself is still young, a group of 8 vastly experienced lawyers followed Cardigos and longstanding clients have remained loyal to the team. Deutsche Bank instructed the team to negotiate the securitisation of TAP Air Portugal future receivables, while the team also advised Sonatrach on its purchase of a 25% stake in a Portuguese combined cycle gas turbine power plant. Other clients include Amorim Holdings, ISDA and the Madeira Government Treasury. Possessing ‘great technical ability’, Pedro Cardigos has ‘extensive experience in this area’ and is regarded as ‘a leader in the financial derivatives field’. Clients consider Inês Festas someone with ‘fantastic banking and capital markets technical expertise’, and Gonçalo Capela Godinho is praised for his ‘knowledge and commercial sense’.

Strong in debt capital markets, Macedo Vitorino & Associados’ António de Macedo Vitorino ‘involves himself in each deal, assuring that every problems or concern has a solution’. Recent work includes advising CaixaBI and Depfa Bank, as underwriters, and Banco Efisa, as agents, over the issue of €93.5m floating rate bonds, due in 2011 by EDIA. The team also advises big-name client Goldman Sachs on a number of matters, including most recently, the distribution of notes linked to a private equity portfolio managed by Goldman Sachs Asset Management.

Known for its strength in corporate matters, Serra Lopes, Cortes Martins & Associados has a solid reputation in capital markets. Spearheaded by Luís Cortes Martins, the firm has represented a significant number of Portuguese banks and corporate clients.

Led by Felipe Baião do Nascimento Baião, Castro & Associados, R.I. is known for it’s ‘quality, efficiency and trustiness’, and recently advised a corporate group on a purported IPO.

Franco Caiado Guerreiro & Associados works closely with Goldman Sachs, providing advice on areas such as private placement of funds and investment services into Portugal.

Mouteira Guerreiro, Rosa Amaral & Associados – Sociedade de Advogados R.L. is becoming increasingly visible in the equity capital markets arena, and this year advised on one public and two private placement of securities issued by foreign clients, with values ranging between €50-90m.

Sérvulo & Associados is noted for its ‘aptness, professionalism, responsibility, promptitude and execution’.

Teixeira de Freitas, Rodrigues e Associados provides ongoing advice to Deutsche Bank over repo structures concerning Portuguese listed companies.