Banking and finance in Argentina

Bruchou, Fernández Madero & Lombardi

The ‘proactiveBruchou, Fernández Madero & Lombardi team is ‘the best in the market’ and recognised for its ability to ‘excel in complex negotiations’, provide a ‘high quality’ full-service offering and deliver ‘technical quality’ that stands out. Its reputation as a premier practice in Argentina sees it advise companies, banks, State agencies, multilateral lenders, credit agencies and alternative assets managers on sophisticated and complex banking and capital markets transactions, restructurings and regulatory matters. Notable mandates in this area include acting as sole Argentine counsel to deal managers HSBC Securities and BofA Securities in the Republic of Argentina's $66bn debt restructuring. The team also works extensively with borrowers, regularly advising clients in the energy and natural resources sectors, among others, on managing their financing requirements. Project finance is another area of strength. Firm chairman and one of the country’s most respected banking lawyers, Hugo Bruzone leads the practice, with close support from name partner Carlos Lombardi, who has a strong roster of bank clients; and co-founding partner Enrique Bruchou, who also has extensive compliance and investigations expertise. Other key partners include the experienced Analía Battaglia, ‘one of the best professionals on the market’, and Matías López Figueroa, who stands out for his ‘extensive technical and negotiation skills’. Partner Alejandro Perelsztein, who worked on the Argentina sovereign debt restructuring deal, is praised for his ‘creativity, ingenuity and professional experience’, with clients also noting the contribution of Juan Barros Moss. José Bazán, who advises banks, buyout firms and corporates, leads on a number of the firm’s most significant deals.

Practice head(s):

Hugo N. Bruzone

Testimonials

‘A range of capabilities makes Bruchou a full service, high quality resource in Argentina.’

‘High quality partners who are always well prepared.’

‘Strong local connections and restructuring and litigation expertise.’

‘A proactive and empathetic team that is always ready to work around problems and find simple solutions to complex problems. Compared to other teams, they stand out.’ 

‘Alejandro Perelstein and Juan Barros Moss demonstrate creativity and ingenuity and professional experience that puts them a step above the rest.’

‘The team is the best on the market and excels in complex negotiations. The team is not only good in technical legal aspects, but also has excellent negotiation skills, which facilitates reaching real and sustainable agreements.’

‘What makes them stand out is the technical quality, the dedication to the smallest detail, the excellent negotiation skills that allow reaching agreements in any circumstance and above all the excellent human quality.’

‘Analía Battaglia is a leading partner in this area and one of the best professionals on the market, without a doubt.’

‘Matías López Figueroa has extensive technical and negotiation skills.’

‘The existence of excellent support from the entire firm is noteworthy. When specific situations arise, team always has experts available to obtain the appropriate advice.’

Key clients

BofA Securities and HSBC Securities

YPF

Citigroup Global Markets

JP Morgan Securities

Santander Investment Securities

Ad Hoc Group for the restructuring of Stoneyway debt

SBS Trading

Balanz Capital Valores

Banco de Servicios y Transacciones

Banco de la Provincia de Buenos Aires

Macro Securities

Allaria Ledesma & Cia

Adcap Securities Argentina

TPCG Valores

SBS Capital

HSBC Bank USA

Raghsa

Puente Hnos

UBS Securities

Work highlights

  • Acted as sole Argentine legal counsel to deal mangers BofA Securities and HSBC in the restructuring and exchange of debt issued by the Republic of Argentina, under foreign law, for an aggregate amount of $66bn.
  • Advised YPF on a liability management transaction involving the issuance of  $542.8m in series XIII notes.
  • Advised on the restructuring of Stoneway Capital ‘s 10% Senior Secured Notes.

Marval O’Farrell Mairal

The ‘cohesive’ and ‘proactive’ practice at Marval O’Farrell Mairal is known for its work on large and complex banking and finance transactions. Led by firm chairman Santiago Carregal and banking and finance expert Gabriel G Matarasso, the sizeable team of over 50 lawyers has wide-ranging capability across all aspects of banking and finance, including structured and project finance and extensive capital markets work for lenders and borrowers. In addition, the firm also impresses with its expertise in financial restructurings, foreign exchange and regulation. Matter highlights showcasing the firm’s versatility include advising banks on the exchange of outstanding senior secured notes by Aeropuertos Argentina 2000; supporting InterCement on the restructuring of two issuances worth close to $1bn; and advising the joint managers and arrangers on Telecom's $389m notes issuance. Other notable names in the practice include the ‘outstandingRoberto Silva, who has led on a number of the firm’s largest banking and finance engagements; and Cecilia Mairal, who specialises in complex and sensitive non-transactional work for banks. Experienced capital markets lawyers Juan M Diehl Moreno and Hernán Slemenson are important senior team members, while Sergio Talamo (who was raised to the partnership in August 2021), and senior associate Francisco Abeal, are also prominent on the practice’s key deals.

Practice head(s):

Santiago Carregal; Gabriel G Matarasso

Testimonials

‘Marval’s team is cohesive, solid, technical and efficient. Consistently delivers high quality work and service.’

‘Roberto Silva is outstanding. He is an excellent lawyer and his leadership skills are important in complex transactions.’

‘The Marval team is always a reliable partner. The team has excellent credentials and and is very dedicated to clients.’

‘A very proactive team with outstanding legal training. They comprehensively manage all aspects of a transaction.’

Key clients

Credit Suisse

BNP Paribas

JPMorgan Chase

Rabobank

Goldman Sachs

Banco do Brasil

Bank of New York

HSBC

Deutsche Bank

MercadoLibre

TMF Trust

Banco de Servicios y Transacciones

ICBC Argentina

Banco Galicia

Santander

Banco Supervielle

Banco Itau

Banco Comafi

Banco Industrial

BACS

Work highlights

  • Advising Banco de Galicia y Buenos Aires, Citigroup, Industrial and Commercial Bank of China, Santander and UBS Securities on the exchange of Aeropuertos Argentina 2000’s (AA2000) outstanding 6.875% senior secured notes.
  • Advising Banco Itaú Argentina et al, as joint lead managers, arrangers and bookrunners, as well as Argentine placement agents, in the issuance of Telecom’s Series V notes (fixed annual rate of 8.50%, due 2025) for an aggregate principal amount of $388.87m.
  • Advising InterCement on a restructuring with two issuances worth a total of $955m.

Beccar Varela

The ‘very business orientedBeccar Varela combines ‘technical knowledge’ and ‘attention to detail’ to support the banking and finance needs of its clients. Roberto A Fortunati, Javier Luis Magnasco and Pablo Torretta lead a practice that has traditionally relied on a strong borrower-side client base but is now also growing its lender-side work. The firm now works regularly with banks and alternative lenders on cross-border syndicated loans, project finance, structured finance and debt capital markets deals. Recent lender-side mandates include advising HSBC on an $18bn loan to YPF. Investment in a firm-wide fintech practice, meanwhile, has seen new clients funnelled into the banking and finance team too, with banking partner Daniel Levi recognised as ‘one of the most passionate and knowledgeable partners in the fintech market in Argentina’. The ‘excellentMaría Shakespear is ‘a great professional’ who is also prominent in the firm’s corporate and M&A practice. She plays a key role in managing client relationships and coordinating workflows between the banking and finance teams and other parts of the firm. Key support comes from an experienced line of senior associates comprising Lucía Degano, Gonzalo Ochoa, María Victoria Pavani, Pedro Silvestri and Felipe Videla.

Practice head(s):

Roberto A. Fortunati; Javier L. Magnasco; Pablo J. Torretta

Testimonials

‘They  cover all areas of practice and within banking they have the expertise to offer banking, corporate, regulatory, fintech and new business advice. María Shakespear is excellent at coordinating the team.’

‘The team has deep expertise, can operate across multiple jurisdictions and responds quickly to queries.’

‘María Shakespear and Pablo Torreta, are two professionals who stand out and demonstrate the firm’s excellence.’

‘Solid knowledge in banking matters and attention to detail. The team anticipates our needs and we know we can trust them.’

‘María Shakespear is a great professional, with solid experience and a very good predisposition. She forms a wide view of a business and its requirements and works with a client through the processes.’

‘Excellence, dedication and very business oriented.’

‘Beccar Varela is a strong full-service law firm, with several high quality practices. The banking and finance team is strong, and combines technical knowledge with a practical pro-business mindset.’

‘Daniel Levi has a 360 view of our business and was key to several complex discussions we had. He deeply understands regulation and provides valuable inputs about how to structure a new project, thinking creatively.’

‘Beccar Varela has a superior quality when compared to its peers. They have a very practical view of things and are objective and effective.’

‘Practical orientation aimed at providing rigorous advice, but without losing sight of the client’s context.’

‘In-depth knowledge of fintech-related issues and practical orientation make Beccar Varela a top firm.’

‘Daniel Levi is, without a doubt, one of the most passionate and knowledgeable partners in the fintech market in Argentina. Absolutely recommended for any fintech company that needs tailor-made advice.’

‘They are excellent. Real specialists. María Shakespear is excellent.’

‘Beccar Varela has experience and knowledge and the ability to convey advice in non-technical language so that it is understandable to people who do not have much knowledge of the area. The team outperforms other firms in both dimensions.’

‘Pablo Torreta and Lucía Degano, and both are excellent professionals with experience and precise, concrete and correct advice.’

Key clients

International Finance Corporation

Citibank Argentina

Corporación Andina de Fomento

Industrial and Commercial Bank of China

Deutsche Bank

HSBC Bank

Apollo Global Management

Banco de Galicia y Buenos Aires

Transtelco

Tarjeta Naranja

Work highlights

  • Advised various US and Argentine divisions of HSBC on the the provision of an $18m loan to YPF, guaranteed by the Export-Import Bank of the United States and the Private Export Funding Corporation.
  • Advised Industrial and Commercial Bank of China Limited (ICBC China) on the acquisition of the a 20% stake Standard Bank  still held ICBC’s various Argentina assets.  
  • Advised Deutsche Bank’s New York branch on the provision of a  $9,8bn loan to YPF.

Bomchil

The ‘creative’, ‘persistent’ and ‘meticulous’ team at Bomchil has oriented its practice to focus on providing clients with bespoke solutions to complex banking and finance requirements. Work highlights over the last year have had a restructuring and refinancing slant, as evidenced with advice to airport operator Aeropuertos Argentina 2000 on a variety of refinancing and restructuring matters across its capital structure. The practice has a strong track-record advising borrowers, but has taken on more lender-side work too and was retained as local counsel to advise YPF bondholders through a restructuring of the energy company’s debt. Recognised for his ‘great professionalism’ and ‘ability to solve complex problems’, financial services specialist Néstor Belgrano leads the team, with the ‘technically brilliant all-rounderFermín Caride also impressing. Restructuring expert Tomás Araya has had a busy period, including taking the lead on the YPF deal. The ‘exceptionalMaría Victoria Funes, who has regulatory and transactional experience is another key figure, with ‘tireless workerMaría Victoria Tuculet an up-and-coming senior associate.

Testimonials

‘Impeccable theoretical knowledge and analysis. Excellent application and ability to find specific solutions required by clients.’

‘The team are brilliant and show an impeccable ability to analyse issues and interpret complex regulations. Always available, collaborative and committed.’

‘Bomchil is absolutely top-notch. They are incredibly responsive, insightful and very commercial.’

‘Maria Victoria Funes is a professional who provides a service beyond excellence and is always ready to provide advice on short timescales. She has deep experience and knowledge on financial matters, especially when it comes to foreign exchange regulations.’

‘Great ability to analyse and detect risks and excellent handling of relationships and negotiations. A creative team that is persistent and meticulous with details, and able to develop alternative structures and solutions.’

‘Fermín Caride  is a technically brilliant all-rounder. He always inspires confidence by having a clear vision. Maximum Bomchil is an emerging leader who is responsible and proactive. Maria Victoria Tuculet is a tireless worker. She always takes control of events in an agile and effective way –  a 100% deal-maker.’

‘The team are proactive and their attitude is always positive and professional. Nestor Belgrano is a professional with great experience and the ability to solve complex problems.’

‘The Bomchil team is extremely professional and it shows that each of the specialists is very skilled in their area. We work a lot with Maria Victoria Funes and her work was exceptional.’

Key clients

Aeropuertos Argentina 2000

Ant Group (Alipay)

ALUAR Aluminio Argentino

Banco Galicia

BBVA

Biosidus

Gramercy Funds Management

Compañía General de Combustibles

Ad-Hoc Group of Bondholders YPF

Genneia

Chep

Huawei

Itaú

Metalsa

Milkaut / Savencia Groupe

PSA Finance Argentina Compañía Financiera

Crédit Agricole

CMB Financial Leasing

Tokyo Century Corporation

Sandvik

Owens Illinois

DLocal

Rolex

Deezer

AXA Assistance

Morixe

HIT 1

Work highlights

  • Advised Aeropuertos Argentina 2000’s on the management and refinancing and liability  management of various notes across its capital structure
  • Advised on Stoneway and  Araucaria’s debt restructuring and refinancing of local loans.
  • Retained by YPF’s major bondholders group to act as local counsel in order to block YPF’s $6bn exchange-offer, launched in January of 2021.

Mitrani Caballero & Ruiz Moreno Abogados

The 'highly-competent' team at Mitrani Caballero & Ruiz Moreno Abogados supports clients on sizeable, complex multi-jurisdictional deals involving multiple facilities and currencies. Structured and project finance, capital markets work, corporate lending and foreign exchange matters are all covered. The practice’s cross-border capabilities are showcased in its work for the China Development Bank on the provision of a term-loan facility worth around U$200m to Telecom Argentina. Diego Parise, a corporate-finance partner with a long track-record in financing matters, leads the department, with ‘practical’ and ‘precise’ finance specialist Julio Martinez well-reviewed by clients. Other important team contacts include ‘detail-orientedNatalia Rauchberger and upcoming associate Belén Justiniano, who has advised a number of key clients on both borrower and lender-sides across multiple matters.

Practice head(s):

Diego Parise

Testimonials

‘Proactive attitude and commitment towards results. The team is very effective when compared to other firms in the results and hours billed rate.’

‘Partners and associates work side-by side-within our structure as another integral part of the team.’

‘Professionalism, dedication to getting the job done and industry knowledge.’

‘Natalia Rauchberger has a very strong understanding of our needs and what is best for the firm. She is very detail-oriented, and has very strong negotiation skills.’

‘Julio Martinez quickly understands our needs and requests and promptly comes up with a solution, or involves other collegues that can support us.’

‘Highly-competent, responsive, cost-effective and efficient.’

‘Julio Martinez stands out for his practical approach to inquiries, knowledge of the industry and the law, availability at all times and speed of response.’

‘The team is strong and clear in its responses and requested analysis. The response speed is outstanding and always with a very good disposition.’

‘Julio Martinez is clear and precise in his assistance and has is focused on results.’

‘A highly collaborative and integrated team.’

‘It is a first-line team, with national and international capabilities. The highest technical and service level.’

‘Respond quickly and the advice is succinct and accurate. Julio Martinez led the team and provided quality service.’

Key clients

Tenaris and Ternium

Aluar Aluminio

Netherlands Development Finance Company

China Development Bank

Raizen Combustiveis

Mitsui & Co

The Export-Import Bank of China

Molinos Rio de la Plata

SEB

Work highlights

  • Acted as legal counsel to CDB on the Argentine law aspects of a $200m term loan facility granted to Telecom Argentina.
  • Acted as international counsel to major Mexican steel manufacturing company Ternium Mexico (a subsidiary of Techint), in connection with a $50m uncommitted line of credit granted by Natixis, for the purposes of paying down debt and general corporate requirements.
  • Legal counsel to a syndicate of Paraguayan banks in a debt restructuring undertaken by the Paraguayan subsidiary of Argentine soy exporter Vicentín, which formally commenced debt reorganisation proceedings by filing for bankruptcy before the Argentine courts.

Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen works for domestic and international clients on the lender and borrower-side and has capability across capital markets, banking, finance, project finance and debt restructuring. Recently the team has advised on a number of complex foreign exchange and sovereign debt restructurings, supporting wind farm developer Genneia on amending its financial documentation following changes to foreign exchange regulations, and advising the Argentina Creditor Committee and UBS on the restructuring of Argentine sovereign debt issued under foreign law. Diego Serrano Redonnet, who also has extensive corporate finance expertise, and María Gabriela Grigioni, who focuses on capital markets, compliance and banking, lead the team with support from founding partners Mariano Grondona who has an extensive banking and finance track record, and Alan Arntsen, who is expert in restructurings. Counsel Danilo Parodi Logioco is one to watch, playing a prominent role on several matter highlights for the practice.

Practice head(s):

Diego Serrano Redonnet; María Gabriela Grigioni

Key clients

PBB Polisur

Genneia

Cencosud

Banco Santander Río

BBVA Banco Francés

Banco de la Ciudad de Buenos Aires

Banco de Galicia y Buenos Aires

Bank of America Merril Lynch

Banco BICE

Morgan Stanley

JP Morgan

Banco Macro

International Finance Corporation

Metrogas

San Antonio Internacional

MFG Holding

HSBC Bank Argentina

Work highlights

  • Advised the Argentina Creditor Committee, UBS Securities and Mens Sana Advisors on matters related to Argentine law in the process of restructuring Argentina’s $66bn sovereign debt.
  • Advised Genneia on amendments to financing documents related to wind-farm construction projects that had to be updated to comply with foreign exchange regulations.
  • Acted as counsel to PBB Polisur in the negotiation, drafting and implementation of two unsecured loan facilities from BBVA Argentina.

Salaverri, Burgio & Wetzler Malbran

Salaverri, Burgio & Wetzler Malbran has built its practice around a strong offering to borrower-side clients, leveraging its capital markets capabilities to support equity and debt-security issues. The hydrocarbons and power generation segments have been key sources of work. During the last year the team has also taken on a number of lender-side mandates in restructuring and refinancing matters. The firm advised HSBC and JP Morgan on the restructuring of the Province of Córdoba’s $1.66bn cross-border financial debt; and in another provincial debt restructuring, advised Credit Suisse and AdCap on the restructuring of the Province of Mendoza’s $590m cross-border financial debt. The team also advised the cluster of international banks involved in an exchange offer for notes held by Banco Hipotecario that were to mature in 2020. Capital markets specialist and name partner Diego Salaverri co-leads the practice alongside the lively Roberto Lizondo who is a key practice figure and prominent across various matters. Pablo Fernández Pujadas, recently promoted to partner, is another active presence on several work highlights.

Practice head(s):

Diego Salaverri; Roberto Lizondo

Key clients

Pampa Energía

Empresa Distribuidora y Comercializadora

Norte (Edenor)

Goldman Sachs

JP Morgan

Albanesi Group

Morgan Stanley

Citibank

Banco Itaú Argentina

Banco de Servicios y Transacciones

BAML

IFC

Industrial and Commercial Bank of China

Sumitomo Mitsui Banking Corporation

ENAP Sipetrol Argentina

Work highlights

  • Advised HSBC and JP Morgan in the restructuring of the Province of Córdoba’s $1.66bn cross-border financial debt.
  • Advised Credit Suisse and AdCap in the restructuring of the Province of Mendoza’s $590m cross-border financial debt.
  • Advised the Dealer Managers in the exchange offer by Banco Hipotecario to the holders of its $167.8m, Series XXIX, 9.75% notes due in 2020.

Tavarone, Rovelli, Salim & Miani

The Tavarone, Rovelli, Salim & Miani team displays ‘great technical knowledge and a lot of field experience’. Practice co-head and name partner Marcelo Tavarone is a key figure who clients regard as a ‘brilliant and decisive professional’ who is ‘excellent at building relationships and engaging with people’. Tavarone is supported by ‘responsive’ and ‘outstanding’ co-heads Julieta De Ruggiero and Federico Salim. Other notable names include Francisco Molina Portela, recently promoted to partner; and associate Facundo González Bustamante, who has worked across a number of the practice’s highlighted matters. The team provides a full-service banking and finance offering that includes private and public debt and trust issuances, loans, corporate finance, project finance, sovereign debt and general regulatory advice. On the borrower side the team has advised the Province of Córdoba on restructuring the second largest provincial foreign debt in Argentina, while work on the lender-side includes advising various international banks on a range of confidential matters.

Practice head(s):

Marcelo Tavarone; Federico Salim; Julieta De Ruggiero

Testimonials

Marcelo Tavarone’s  team offers a competitive service compared to other firms. He stands out and we chose to work with him because of his responsiveness  and concern for our issues.’

Marcelo Tavarone is a brilliant and decisive professional and excellent at building relationships and engaging with people.

The team brings together professionals with great technical knowledge and a lot of field experience. They have the skills to handle complexity.

The responsiveness of Julieta De Ruggiero and Federico Salim is outstanding. We have managed to meet demanding goals in carried out against very tight deadlines.

Key clients

Bank of America / Merrill Lynch

BNP Paribas

UBS

Credit Suisse

Central Puerto

MSU / MSU Energy

KfW IPEX Bank and Kreditanstalt Fur

Wiederaufbau

HSBC Bank Argentina

Banco de la Provincia de Córdoba

Albanesi / Generación Mediterránea / Central Térmica Roca

Aerolíneas Argentinas

Banco de la Provincia de Buenos Aires

Bunge

Banco CMF

Molinos

ANK

Orazul Energy Cerros Colorados

5D+ Capital

Evolution Invest

Cargill

Work highlights

  • Counsel to the Province of Córdoba and Banco de la Provincia de Córdoba on the restructuring of notes issued on the international capital markets, the second largest provincial foreign debt in Argentina.
  • Advised MSU Energy on the issuance of senior notes worth $250m and due 2024.
  • Counsel to Puente Hermanos on the issuance by the Province of Chubut of more than 20 provincial series bonds with an aggregate value of $80m.

Allende & Brea

Firm-wide financial services expertise at Allende & Brea has seen its banking and finance team secure mandates on a wide range of matters that extend beyond capital raising and lending and include regulatory and compliance work for banks and fintechs. The ‘interdisciplinary’ and ‘commercial’ practice has advised Bank of China on establishing its operations in Argentina and supported Trend Capital’s investment in Puro Aval, supporting the roll-out of new financial products for local SMEs. The ‘highly-trusted’ and ‘indispensableCarlos M Melhem is highly recommended and co-heads the practice alongside ‘number one contactJorge I Mayora. Associate and fintech specialist Dolores María Muñiz is ‘a pleasure to work with’ and provides ‘excellent advice’.

Practice head(s):

Carlos María Melhem; Jorge Ignacio Mayora

Testimonials

‘A solid and experienced team that makes the client’s objectives their own. Carlos Melhem is an experienced lawyer well versed in financial and legal matters.’

‘The partners are a powerful group of young lawyers passionate about what they do and about supporting their clients. Jorge Mayora is my number one contact and main advisor. Carlos Melhem also stands out as being highly trusted.’

‘They are very commercially aware and give practical advice combined backed up by thorough research of the local laws. They make themselves available at short notice and are always ready to assist.’

‘Dolores Muniz is such a pleasure to work with. She provides excellent advice, which is both practical and supported by legal arguments, in a way anyone can understand.’

‘An interdisciplinary team. Together they can support us in all necessary aspects. They are highly trained in different specialties. They act quickly. Carlos Melhem stands out among the team.’

‘Very professional in their work and responsive to highly technical questions.’

‘Carlos Melhem is  indispensable to our company.’

‘The Allende & Brea team is always willing to collaborate.’

Key clients

Avis Budget Group

Baillie Gifford

Banco Columbia

Banco Industrial

Banco Itaú Argentina

Banco Santander Río

Bank Lombard Odier

Bank of America Merrill Lynch

Bank of China Limited

Banque Internationale Luxembourg

Barclays Bank

Banco BBVA Argentina

Bitso

BNP Paribas

Work highlights

  • Advised Trend Capital on its investment into Puro Aval, which will support the roll-out of financial products that give Argentine SMEs access to more financing options.
  • Advised Bank of China on the establishment of a full branch in Argentina.
  • Advised a bank consortium comprising BNP Paribas, Commerzbank, HSBC Trinkaus & Burkhardt, Intesa Sanpaolo and UniCredit in connection with a capital facility for wind-farm group, Nordex.

Baker McKenzie

Baker McKenzie's Buenos Aires office has a solid track record advising on the Argentine aspects of cross-border banking and finance deals. The practice maintained a strong restructuring focus through the economic downturn of the last year, working with a number of banks across multiple phases in a debt restructuring operation at oilfield-services corporation Weatherford Group. Gabriel Gomez Giglio, who has an impressive roster of banking clients, heads the practice in conjunction with Mercedes Masjuan and Francisco Fernández-Rostello.

Practice head(s):

Garbiel Gómez Giglio

Testimonials

Baker McKenzie has one of the most sophisticated banking and finance law departments in Argentina, with top-of-the-line professionals.’

Francisco Fernandez Rostello is one of the best lawyers I know. He is extremely professional, with a deep knowledge of banking and financial law.’

The Baker McKenzie team is characterised by its excellence in service. They are organized in such a way that they provide a complete and comprehensive service.

Francisco Fernández Rostello is an excellent lawyer, they have extensive and detailed knowledge of the entire banking and financial system. He responds promptly and accurately to all of our counseling needs.

They have adapted very quickly to the needs of their clients, responding to the current healthcare reality. Being available through video calls and other digital media.

Key clients

The Goldman Sachs

Central American Bank for Economic Integration

JP Morgan

Prisma Medios de Pago

ING Bank

ABN Amro

Wells Fargo Bank

Bank of America

PayPal

Deutsche Bank

Work highlights

  • Advised Wells Fargo and Deutsche Bank on two separate financings extended to Weatherford Group.
  • Advised Deutsche Bank on the negotiation and execution of an addendum to the pledge agreement executed with borrowers as part of the second phase of Weatherford Group’s debt restructuring.
  • Advised Comerica Bank in connection with a $20m loan to SageRieder, guaranteed with a pledge over the borrower’s equity participation in Texproil.

Martínez de Hoz & Rueda

Martínez de Hoz & Rueda works on high-end debt capital markets matters encompassing a client base of issuers, underwriters and ad-hoc committees of creditors. The practice is a market leader in the energy sector, which is a primary source of work, and is also heavily involved in renewables project financing. Restructurings in the sub-sovereign market have been another focus area recently. José Martínez de Hoz (n), who is experienced in advising borrowers and financial institutions on cross-border and domestic corporate finance transactions, co-leads the team alongside Martín Lepiane, with support from Jimena Vega Olmos, who also co-leads the firm’s project development practice group and is ‘completely committed’ to clients.

Practice head(s):

José Martínez de Hoz (nieto); Martín Lepiane

Testimonials

‘Jimena Vega is one of the best lawyers I have worked with in Argentina. She is completely committed to the client, and she perfectly understands the pace and expectations of international investors and banks.’

Key clients

International Finance Corporation

UBS

Santander

Credit Agricole Corporate and Investment Bank

BNP Paribas

Corporación Andina de Fomento

Deutsche Bank

Pan American Energy

HSBC

Banco de Galicia

BCP Securities

Contrarian Capital Management

Banco Sabadell

MetroGas

Puente

Work highlights

  • Advised the ad-hoc committee of secured bondholders on the restructuring of the Province of Neuquén’s $317m 8.625% secured notes due 2028.
  • Acted as underwriters’ counsel, representing a number of banks on multiple issuances by Pan American Energy.
  • Advised Argentina’s largest natural gas distributor, MetroGas, on  restructuring a syndicated loan agreement with  a number of international banks.

Nicholson y Cano Abogados

Nicholson y Cano Abogados has maintained a steady flow of activity during the last year, advising a number of clients on various capital raisings. The agriculture sector has been a significant source of mandates, with the firm advising fresh-fruit group San Miguel, sugar and paper producer Ledesma and agribusiness group MSU on new debt issuances. Energy and fintech are other focus areas. Carlos Marcelo Villegas, Mario Kenny and Emiliano Silva lead the practice, which also has a strong multilateral and bilateral credit client-base as well as expertise in securitisations and project finance.

Practice head(s):

Marcelo Villegas; Mario Kenny; Emiliano Silva

Key clients

HSBC Bank Argentina

TMF Trust Company Argentina

Adeba

Banco de Galicia y Buenos Aires

Banco Comafi

Banco Marina

Banco Hipotecario

Banco Saenz

Banco de Valores

International Finance Corporation

Bid Invest

IFU

Rofex

Megainver

Mizuho Bank

Work highlights

  • Advised fresh-fruit distributor San Miguel on the issuance of the group’s series III notes.
  • Advised sugar and paper producer, Ledesma, on the issuance of its class 8 and class 9 notes.
  • Advised agribusiness group MSU on the issuance of series VIII notes.

O'Farrell

O'Farrell is a go-to firm for energy giant YPF, which has turned to the practice on multiple occasions over the last year for advice on a range of capital raisings and other banking-and-finance matters. John Deere is another regular client and the firm has also advised Banco BBVA Argentina, Banco de Galicia y Buenos Aires, Macro Securities Banco Patagonia on a notes issuance by Volkswagen. Name partner Uriel O’Farrell, who has expertise in energy, M&A and corporate work, co-leads the team alongside capital markets specialist Sebastián Luegmayer. Associate Alejo Muñoz de Toro is another notable figure with involvement in a number of the firm’s key mandates.

Practice head(s):

Uriel F. O’Farrell; Sebastián Luegmayer

Key clients

YPF

YPF Energía Eléctrica

John Deere Credit Companía Financiera

Naturgy Ban

International Swaps and Derivatives Association

Morgan Stanley

Wells Fargo Advisors

Societe Générale

Standard Chartered

Sumimoto Mitsui Banking

Commerzbank

Banco BBVA Argentina

Macquarie Bank

National Bank of Canada

Mitsui Bussan Commodities

Banque de Patrimoines Prives

Work highlights

  • Advised YPF on the issuance of AR$993.4m Series X notes and an additional AR$496m Series III notes.
  • Provided legal advice to YPF Energía Eléctrica, as borrower, in connection with a credit facility agreement for a total amount of $30m governed by New York law.
  • Advised John Deere Credit Compañía on the issuance of Series VI notes for a total amount of $18m .

Tanoira Cassagne Abogados

Tanoira Cassagne Abogados is co-led by the ‘excellentAlexia Rosenthal, who is praised by clients for her customer management and leadership skills, and Jaime Uranga, who has worked on a large sweep of the team’s most important matters. Associate Ignacio Criado Díaz is also well regarded by sources. The ‘exceptional team’ stands out, with clients noting its partners are ‘very involved in transactions’. The practice is best known as an advisor to banks in their different roles as lenders, underwriters, placement agents, trustees, custodians and escrow agents, as well as in foreign exchange related matters. Regulatory expertise is another strong suit of the practice, which, over the last year has also worked on a number of high-profile provincial debt restructurings.

Practice head(s):

Alexia Rosenthal; Jaime Uranga

Testimonials

‘The team is adaptable and good at problem solving.’

‘Very solid both in professional and relationship terms. It is a pleasure to work with them considering that our activity needs a lot of support.’

‘A very solid team that that is responsive and decisive. Alexia Rosenthal, Jaime Uranga, Ignacio Criado Diaz, Ignacio Nantes and Rocio Carrica are a very competitive unit with good knowledge.’

‘A very dedicated team that can draw on expertise in other areas of the firm. They have no problem referring issues to other areas in order to give better advice.’

‘They have an exceptional team where the partners are very involved in transactions, which is not so common in other firms of this level. This is highly valued.’

‘In addition to the technical knowledge they have the skills to manage the regulators, which is essential. Always available, very good commercially and with a positive attitude in order to help finalise a deal.’

‘The banking and finance team led by Alexia Rosenthal is excellent. They are always available and they know the regulatory framework well. It is a pleasure to work with lawyers who, beyond the law, understand practical and economic consequences.’

Key clients

Citigroup Global Markets

Citibank Argentina

Province of Neuquén

Province of Río Negro

Banco Itaú Argentina

BBVA

Banco de Galicia y Buenos Aires

Banco Macro

Banco Comafi

HSBC

Banco Santander

Industrial and Commercial Bank of China (ICBC)

Banco Hipotecario

BACS Banco de Crédito y Securitización

Banco Supervielle

Banco de la Provincia de Buenos Aires

Balanz Capital Valores

TMF

Allaria Ledesma

Banco Mariva

Work highlights

  • Advised the deal managers -Citigroup Global Markets, Itau BBA USA Securities, Santander Investment Securities and Banco Itaú Argentina- on YPF’s international exchange offer.
  • Advisor to the Province of Neuquén  on the restructuring of outstanding notes issued in international capital markets.
  • Advisor to the Province of Rio Negro on the restructuring of outstanding notes issued in the international capital markets.

Zang, Bergel & Viñes Abogados

The ‘fast and efficientZang, Bergel & Viñes Abogados practice is co-led by experienced corporate lawyer Francisco Roggero and the ‘hands-on’ and exceptional Carolina Zang, who clients praise for her team management and strategic planning. Francisco Bereciartúa, who is strong in capital markets, is also praised in client feedback. The practice has been further boosted with the May-2020 hire of Ignacio Sanz as partner.  Over the last year the team has advised on a number of note issuances, as well as the high profile financial reorganisation of soybean company Vincentin, where Roggero played a prominent role.

Practice head(s):

Carolina Zang; Francisco J. Roggero

Testimonials

‘Fast and efficient. The team is always up-to-date and well managed.’

‘The team is pragmatic in its approach and understands the commercial aspects of a transaction that extends beyond the theory.’

‘The team is very sophisticated and knowledgeable. Their experience and know-how is always critical to successful deal execution. Carolina Zang is very hands on and does an exceptional job representing her clients. She also trains her team very well.’

‘With Carolina Zang as managing partner, the firm has transformed over the years to anticipate legal trends in Argentina and build the capability to take on more meaningful work.’

Key clients

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria

IRSA Inversiones y Representaciones Sociedad Anónima

IRSA

Banco Hipotecario

Bacs Banco De Crédito y Securitización

Newsan

Banco Itaú Argentina

Itaú Unibanco Nassau Branch

HSBC Bank Argentina

Work highlights

  • Advised Cresud Sociedad Anónima Comercial, Inmobiliaria and Financiera y Agropecuaria on the issuance of notes series XXIX under a global note program.
  • Advised Cresud Sociedad Anónima Comercial, Inmobiliaria and Financiera y Agropecuaria on the issuance of note series XXX under a global note program.
  • Advised IRSA Inversiones y Representaciones Sociedad Anónima on the issuance of notes series III, IV and V, issued under its global note program.

Bulló Abogados

Bulló Abogados sets itself apart through its highly regarded finance-regulatory practice, which plugs into the firm’s wider expertise in financial services -particularly insurance- to advise on Central Bank and anti-money laundering regulations. The team also acts for both corporate borrowers and major financial institutions on financing transactions, with HSBC standing out as a key client in this area. Restructuring is another strength and the firm is regularly called upon to advise banks on complex debt restructurings. Corporate finance partner Gustavo Torassa co-heads the department alongside Esteban Gramblicka, whose practice spans financial services, telecoms and capital markets.

Practice head(s):

Gustavo Torassa; Esteban Gramblicka

Key clients

HSBC Bank Argentina

Banco Itaú Argentina

Banco Sáenz

HSBC Administradora de Inversiones

Mercedes-Benz Argentina

Círculo Cerrado de Ahorro para fines determinados

Telefónica de Argentina

Telefónica Móviles Argentina

Cerolini & Ferrari Abogados

Cerolini & Ferrari Abogados houses an ‘agile’ finance practice that ‘builds very good relationships with clients’. The firm leverages close ties with local banks to advise lenders and borrowers on domestically-focused capital markets deals. The five-strong team, led by founding partner Agustín Cerolini, is also active in regulatory matters, supporting local and international clients with compliance and incorporation advice.

Practice head(s):

Agustín Cerolini 

Testimonials

‘The team stand outs for its agility and closeness to clients. Julieta Mel is responsive and committed.’

‘The firm builds very good relationships with clients, advisers and regulators. Senior partners are involved in deals.’

‘A team with good technical knowledge.’

Key clients

Mecalux Argentina

Catapult Sports

Banco de Servicios

Transacciones

Soltec Argentina

Openbank Argentina

Banco CMF

Banco Mariva

Banco Supervielle

Banco Sáenz

Diesel Lange

Work highlights

  • Advised Mecalux, a subsidiary of Spanish company, in the granting of guarantees regarding a syndicated loan to be executed by a large number of banks in Spain.
  • Advising Catapult Sport, a subsidiary of the eponymous Australia-based company, on financial matters related to the development of its Argentine structure.
  • Advising Banco de Servicios y Transacciones, as placement agent and arranger, on the initial notes issuance of notes by livestock company San Bautista del Sur.

MBP Partners - Abogados

The tightly-knit team at MBP Partners - Abogados leverages the wider firm’s expertise to provide fintech, infrastructure, food & drink and financial services firms with a general suite of banking and finance services. Ignacio Meggiolaro, who also covers corporate and M&A work, leads the practice, which advised digital bank Ank on regulatory and commercial matters during 2020 as it established  operations in Argentina.

Practice head(s):

Ignacio Meggiolaro

Testimonials

‘At MBP Partners we find a team with a great capacity for work, with expeditious response times and with great technical strength.’

‘We feel very comfortable working with MBP, who understand our organisation and culture. They perform perfectly with our internal legal teams and external consultants in different countries.’

‘Ignacio Meggiolaro is an excellent professional who addresses our interest with a lot of technical support and passion -even in complex scenarios with difficult counterparts and with the public sector.’

‘A first class team with a lot of knowledge of local regulations that are very changeable.’

‘The commitment of the managing partners is unprecedented. There is focus and attention to detail.’

Key clients

Ank (Itau-Unibanco Group)

Max Valores

BTG Pactual

The Bank of China

Centaurus

Emes Group (Cocos Capital; TAP wallet)

Ausur

PagoYa

Work highlights

  • Advised online bank, Ank, on commercial and regulatory matters ahead of the kick-off of its fintech operations in Argentina (incuding a digital ‘wallet’, digital credit cards, etc.).
  • Advised Max Valores Group on Securities & Exchange Commission and Central Bank regulations, among other day-to-day matters.
  • Provided legal assistance to Argentine subsidiary BTG Pactual Group on its day-to-day matters as a local broker-dealer.

Severgnini, Robiola, Grinberg & Tombeur

Severgnini, Robiola, Grinberg & Tombeur assists local and international banks on securing permits and licences and also has a track record advising banks on M&A matters. Name partner Carlos Tombeur, who also heads the firm’s corporate and M&A team, leads the practice, with recent work highlights including advice -as special Argentine counsel- to Solutions 2 Go regarding a $120m term loan provided by Export Development Canada.

Practice head(s):

Carlos Tombeur

Key clients

Instituto de Crédito Oficial (ICO)

Compañía Española de Financiación del Desarollo (COFIDES)

3 Solutions 2 Go

Vitrium Capital

Banco Industrial

ENAP Sipetrol Argentina – Empresa Nacional del Petróleo (ENAP)

Grupo AndBank

8 Tecnologías e Inversiones S.A.

9 AES Generación

Work highlights

  • Acted as special Argentine counsel to Solutions 2 Go on a $120m term loan provided by Export Development Canada.
  • Acted as counsel to Vitrium Capital with respect to a secured loan granted  as working capital and secured with a pledge of stock of a Uruguayan subsidiary of the client.
  • Represented Trend Capital  as settlor for the constitution of a financial trust for BLC Trust, an Argentine company.