Banking and finance in Argentina

Bruchou, Fernández Madero & Lombardi

For many, Bruchou, Fernández Madero & Lombardi remains ‘the most recognised firm for banking in the country’. Both clients and peers alike commend its ‘really deep team’, which is comprised of ‘several of the market’s leading finance lawyers’. The firm routinely represents banks, multilateral credit agencies and alternative lenders on sophisticating financings, capital markets offerings, restructurings and complex regulatory matters. It is also a regular fixture on borrower-side mandates, particularly in the energy and natural resources sector, where it leverages its strong power, mining, and oil and gas offerings to pack a punch in project finance. Firm chairman Hugo Bruzone heads the team and his deep industry-expertise ensures that he is highly sought after for both regulatory and transactional matters. Name partner Carlos Lombardi is another high-profile specialist and has advised the majority of banks in Argentina on finance, capital markets and regulatory issues. Analía Battaglia and firm co-founder Enrique Bruchou are also senior names. Additionally, increasingly prominent partner José María Bazán was at the helm for many of the group’s highlight transactions over the past year and counts banks, private equity funds and corporations among his clients. Other up-and-coming figures include Alejandro Perelsztein, who provides ‘excellent and professional client management’, and Matías López Figueroa. Talented senior associate Andrés Chester is also noted.

Practice head(s):

Hugo Bruzone

Testimonials

An extremely committed team. Very experienced in Argentina and very solution-oriented – it is always working to further the interests of the client.’

Bruchou is still the most recognised firm for banking in the country.

Bruchou has a really deep team, which includes several of the market’s leading finance lawyers.’

The team has good knowledge in the energy sector and is always available.’

In my view, Bruchou is above the rest for banking and finance law in Argentina.

Lawyers demonstrate a great attitude.’

‘We value its excellent advice and professionalism.

Alejandro Perelsztein had a very good predisposition in solving problems that arose during the work. Provided excellent and professional client management and was always available to address our concerns.

Key clients

Credit Suisse (London and Cayman Islands branches); Credit Suisse Securities (USA), and Credit Suisse International

Kreditanstalt Für Wiederaufbau

Société Générale

DEG- Deutsche Investitions- und Entwicklungsgesellschaft

Banco Santander Río

Santander Investment Securities

HSBC Bank Argentina

Banco de Galicia y Buenos Aires

Société de Promotion et de Participation pour la Coopération Economique

Citibank

Industrial and Commercial Bank of China (Argentina)

Banco de Servicios y Transacciones

J.P. Morgan Securities

Citigroup Global Markets

Vista Oil & Gas

Banco de la Provincia de Buenos Aires

Banco de Córdoba

Balanz Capital Valores

Overseas Private Investment Corporation (OPIC)

Banco Itaú Argentina

Banco Ciudad de Buenos Aires

TPCG Valores

Balanz Capital Valores

Work highlights

  • Advised Credit Suisse Securities (USA) (as bookrunner and lead arranger), Credit Suisse, London Branch (as administrative agent) and Credit Suisse International and Credit Suisse, Cayman Islands Branch (as lenders) on the upsizing of a secured financing to the province of Neuquén, worth up to $100m.
  • Represented the lenders (Société de Promotion et de Participation pour la Coopération Economique, KfW, Société Générale and Deutsche Investitions- und Entwicklungsgesellschaft) on the $234m financing of a photovoltaic energy generation project developed by France-headquartered Neoen.
  • Advised a syndicate of domestic and international lenders on a $170m loan granted to YPF and Pampa Cogeneración.
  • Acted for the initial purchasers and the local placement agents on Pampa Energía’s $300m issuance of series 3 notes.
  • Advised Banco de Galicia y Buenos Aires on a $30m financing to Central Térmica San Alonso, to fund the construction and operation of a forest biomass electric power generation plant.

Marval O’Farrell Mairal

The broad finance practice at Marval O’Farrell Mairal is commended for its ‘significant exposure to different types of transactions’ and its ability to ‘understand transactions from a commercial and legal point of view’. Well weighted between transactional and regulatory matters, the group draws on its full-service offering to advise on all stages of banking and finance mandates. A popular choice for capital markets, the firm also consistently advises on corporate lending, structured finance, project finance, banking M&A and Central Bank-related litigation. Clients include domestic and multinational financial institutions, trust companies, alternative lenders and corporates, with the firm's New York office standing as a significant asset in cross-border work. Firm chairman Santiago Carregal oversees the group and is noted for his extensive market experience. Gabriel Matarasso coordinates the department and has a strong record in debt reorganisations, among other issues. The experienced Roberto Silva Jr is highly regarded for his specialist expertise in securitisations and trusts — he is also strong in capital markets. In addition, the team benefits from the regulatory prowess of Cecilia Mairal and the transactional capability of Juan Diehl Moreno, who led on several of the firm’s headline deals over the past year. Senior associate Francisco Abeal is also recommended.

Testimonials

It makes a difference that partners are personally involved in all transactions, regardless of the size of the transaction.’

The factors that distinguish this firm are its ability to stay up-to-date on relevant topics, its professional lawyers, and the potential to work across departments to provide full advice on all of the client’s business needs.’

They have experience and significant exposure to different types of transactions.’

The team has the ability to understand transactions from a commercial and legal point of view and provides strategic analysis.’

The availability and speed of response sets them apart from the rest, particularly Roberto Silva Jr.’

 

Key clients

Credit Suisse

BNP Paribas

JPMorgan Chase Bank

Morgan Stanley

Rabobank

Goldman Sachs

Banco do Brasil

Bank of New York

HSBC

Deutsche Bank

TMF Trust

Banco de Servicios y Transacciones

ICBC Argentina

Banco Galicia

Santander Rio

Banco Supervielle

Banco Itau

Banco Comafi

Banco Industrial

BACS

Work highlights

  • Advised IFC on a $450m loan to Telecom Argentina for the expansion of broadband coverage in the country.
  • Acted for the arrangers (Citigroup Global Markets, HSBC Securities (USA), JP Morgan Securities and Santander Investment Securities) on Telecom Argentina’s $400m notes offering.
  • Represented TMF Group Argentina, and the placement agents, on Aluar Aluminio Argentino’s $150m issuance of secured notes.
  • Acted for the banks on the creation of Vicentín Exportaciones VIII Financial Trust and also on the $50m issuance of securities under the Vicentin Exportaciones global programme.
  • Advised IDB Invest on a $300m credit line for Telecom Argentina. On the same date, Telecom Argentina requested a first disbursement of $75m.

Beccar Varela

Beccar Varela has significantly invested in diversifying its banking and finance practice of late, recently creating a standalone fintech practice to support clients such as Softbank and Prisma Medios de Pago. The firm is traditionally well known for its strength in borrower-side transactions, banking M&A and regulatory matters. It also continues to strengthen its lender-side practice and consistently advises banks and alternative lenders on domestic and cross-border syndicated loans, structured finance, project finance and debt capital markets transactions. Roberto Fortunati co-heads the M&A and banking departments and brings to bear strong expertise in the energy and natural resources areas. Group co-head Pablo Torretta had a banner year, which included advising both lenders and borrowers on deals in the agribusiness, infrastructure and real estate spheres. Up-and-coming partner Daniel Levi is noted for his growing reputation for fintech matters. María Shakespear, Luciana Denegri and group co-head Javier Magnasco are other key names.

Key clients

Prisma Medios de Pago

Citibank (Argentina)

Coöperatieve Rabobank

Banco de Galicia y Buenos Aires

Banco de la Ciudad de Buenos Aires

International Finance Corporation – IFC

PNC Bank

Banco Santander Río

Consorcio de Gestión del Puerto de Quequén and Jan de Nul

Central Eólica Pampa de Malaspina

Corporación Interamericana para el Financiamiento de Infraestructura

Deutsche Bank (New York branch}

Agrofina

JP Morgan

FMO -Netherlands Development Finance Company

Softbank Group International

Work highlights

  • Advised payments company Prisma Medios de Pago, and the sellers, on the $724m sale of a 51% stake in Prisma Medios de Pago to Advent International.
  • Advised Central Eólica Pampa de Malaspina on a $103.6m project financing with KfW and FMO to fund the Malaspina I wind project.
  • Acted as co-counsel (alongside Pérez Alati, Grondona, Benites & Arntsen), to advise Consorcio de Gestión del Puerto de Quequén on a $32.2m syndicated loan from Banco Macro and Banco de Inversión y Comercio Exterior.
  • Represented Banco de Galicia y Buenos Aires on its AR$4.1bn notes issuance.

Bomchil

Bomchil impresses with its ‘exceptional professionals’, the ‘active participation of partners in deals’ and its ability to provide ‘innovative solutions’. Predominantly active on behalf of borrowers, the group also acts for traditional and alternative lenders on a broad range of banking, project finance, debt capital markets, structured finance and regulatory matters. The team’s close links to global law firms also secures a significant volume of cross-border work. Financial services specialist Néstor Belgrano heads the department and advises on conventional finance, shipping and aircraft finance and insurance issues. The ‘exceptionalFermín Caride continues to build his profile in the market and acts for an impressive mix of domestic and international lenders and borrowers. Other key contacts include María Victoria Funes, who strikes a balance between regulatory and transactional matters, and Tomás Araya, who is highly regarded for financial restructuring. Senior associate María Victoria Tuculet is also noted. Since publication, Máximo José Bomchil has been made up to partner, effective January 2021.

Practice head(s):

Néstor Belgrano

Testimonials

They are super professionals, who are willing to resolve queries immediately, and with excellent client care.’

Lawyers are excellent negotiators and they own the deal as if it were theirs.

The team provides innovative solutions, always warning of legal and regulatory risks. They differ from the competition in that in addition to providing great financial advice, they also bring in their tax, administrative and litigation teams to provide a holistic view.’

They are excellent lawyers and exceptional professionals, who are predisposed 24/7 to solve problems.

The firm distinguishes itself through the quality of the response prepared and the active participation of partners in deals.

Fermín Caride is exceptional. María Victoria Funes, María Victoria Tuculet and Máximo Bomchil are also excellent.

Key clients

Aeropuertos Argentina 2000

Aluar Aluminio Argentino

BBVA

Biosidus

CHEP

Compañía General de Combustibles

Corredor Panamericano I y II

Genneia

Gramercy Funds Management

Itaú

Metalsa

Milkaut / Savencia Groupe

PSA Finance Argentina Compañía Financiera

Banco Santander

Crédit Agricole

CMB Financial Leasing

Tokyo Century Corporation

Sandvik

Work highlights

  • Acted as Argentine counsel to the lenders on a $130m credit facility to CEP IV Bubble.  
  • Advised Aluar Aluminio Argentino on its $150m notes issuance.
  • Acted as local counsel to Aeropuertos Argentina 2000, as borrower, on two loans totalling $120m.
  • Represented Compañía General de Combustibles on a $75m syndicated loan provided by Citibank, Industrial and Commercial Bank of China (Argentina) and Banco Santander Río.

Pérez Alati, Grondona, Benites & Arntsen

Comparable to the best teams in Argentina’, Pérez Alati, Grondona, Benites & Arntsen attracts strong praise for its ‘experience and personal dedication’ and its ‘skill to handle complex matters’. The group handles a varied mix of banking, capital markets, structured finance and restructuring work, with extensive expertise in the energy, agribusiness and real estate sectors. It is also equally adept at both lender and borrower-side mandates, with local and multinational financial institutions, funds and corporations among its key clients. Diego Serrano Redonnet is widely recognised as a leader in the area and combines strong skill sets in banking, corporate and private equity. The group also includes ‘excellent professionalMaría Gabriela Grigioni, as well as founding partners Alan Arntsen and Mariano Grondona. Impressive younger lawyer Danilo Parodi Logioco was recently promoted to counsel.

Testimonials

The team is very strong in capital markets, project finance, banking and restructuring. It is comparable to the best teams in Argentina that are ranked in the top tier.

They know the financial market and have great experience, having participated in the biggest transactions of the past 20 years.’

The team has the skill to handle complex matters that involve the capital markets, as well as project finance and restructuring. They advise banks and multilateral financial institutions, as well as companies and investment funds — both local and international.

The standout feature of the team is their experience and personal dedication to their clients’ matters. They have put together a large team that is very efficient and is valued by clients.’

Diego Serrano Redonnet is the team leader and is a very versatile lawyer with many years’ experience, who has a great reputation in the market. He is Argentinian but is also admitted to practise law in New York.’

Another standout in the team is Danilo Parodi Logioco, who was recently promoted to counsel. The other partners (such as Mariano Grondona, Alan Arntsen, Santiago Daireaux and María Gabriela Grigioni) and associates make up a leading team.’

María Gabriela Grigioni is an excellent professional.’

Key clients

Genneia

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

IFC (International Finance Corporation)

Metrogas.

San Antonio Internacional

Banco de la Provincia de Córdoba

HSBC Bank Argentina

Cencosud

Work highlights

  • Acted for IFC on a loan of up to $500m to Pan American Energy Sucursal Argentina.
  • Advised two special purpose vehicles, jointly owned by Genneia and Pan American Fueguina, on a $131.5m project financing from KfW.
  • Represented the placement agents on a $130m notes offering by IRSA (Inversiones y Representaciones Sociedad Anónima).
  • Advised Los Grobo Agropecuaria on a $70m syndicated loan from a group of banks.

Salaverri, Burgio & Wetzler Malbran

Salaverri, Burgio & Wetzler Malbran’s capital markets capability continues to impress and the firm acts for a string of seasoned repeat-issuers, mainly energy companies. On the corporate lending side, the firm is a best-known for representing corporate borrowers on syndicated loans, project financings and leveraged buy-out deals. It also acts for lenders, including major multinational banks. High-profile figure Diego Salaverri is recognised for his broad corporate finance practice, which spans capital markets, corporate lending and M&A. Roberto Lizondo is another key contact and has an emphasis on capital markets and syndicated financings. Additionally, up-and-coming partner Tomás Arnaude is noted for capital markets and corporate finance matters, while Pablo Fernández Pujadas is an active associate. The team also includes founding partner Germán Wetzler Malbrán, Martín Fernández Dussaut and Elena Sozzani.

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

IFC

BAML

Industrial and Commercial Bank of China Limited

Bank of China Limited

Sumitomo Mitsui Banking Corporation (SMBC)

ENAP Sipetrol Argentina

Creaurban

GST

Work highlights

  • Acted as Argentine counsel to Pampa Energía on its $300m notes issuance, under its $2bm global notes programme.
  • Represented ENAP Sipetrol Argentina, as borrower, on a $100m term loan facility from Bank of America.
  • Advised Empresa Distribuidora y Comercializadora Norte on the creation of its global notes programme, worth up to $750m.
  • Acted for YPF and Pampa Energía on a $170m cross-border syndicated financing to support the acquisition of a thermal power plant.

Tavarone, Rovelli, Salim & Miani

Very professional, practical and efficient’, Tavarone, Rovelli, Salim & Miani is widely recognised as a leader in capital markets, with strong experience in representing both banks and issuers on the full spread of debt securities and securitisations. Corporate lending is another significant pillar of the practice and the team advises both borrowers and lenders on sophisticated financing transactions, including project finance. On the regulatory front, the team is particularly well versed in securities and foreign exchange matters. Marcelo Tavarone is hailed by some as ‘one of the most knowledgeable professionals on the Argentine capital market’. Tavarone spearheads the practice alongside Federico Salim, who is noted for his project finance expertise, and Julieta De Ruggiero who advises on a mix of financing and capital markets deals. The practice was further strengthened in November 2020, with the election of Francisco Molina Portela to the partnership.

Testimonials

Tavarone, Rovelli, Salim & Miani offers very professional, practical and efficient legal advice comparable to the largest local firms, while keeping a close, caring relationship with their clients.’

Overall, in my experience the firm provides an unrivalled combination of thorough analysis, timely delivery, high-quality product and business-oriented approach.’

They have a perfect understanding of the client’s needs and internal processes.’

I believe that the professionalism, the enthusiasm and the experience are part of the most valuable assets of this firm. They have always answered fast and with a creative solution to all the requirements I have had, showing a big orientation to customer needs.’

Marcelo Tavarone is arguably one of the most knowledgeable professionals on the Argentine capital market. His approach is very hands-on and pragmatic. He has a very fluid dialogue with both authorities and legal colleagues, which is always a plus in order to find solutions and get deals done.’

Key clients

BNP Paribas

UBS AG

Credit Suisse

Goldman Sachs

Banco de Galicia y Buenos Aires

International Development Finance Corporation

Banco de la Provincia de Buenos Aires

Banco de la Provincia de Córdoba

HSBC Bank Argentina

KfW IPEX-Bank

Work highlights

  • Advised BNP Paribas Fortis and International Development Finance Corporation on a $150m project financing to Luz del León, a special purpose vehicle controlled by YPF Energía Eléctrica, to finance the development and construction of the Cañadón León wind farm.
  • Acted for Celulosa Argentina on its $50m notes issuance under its $280m global notes programme.
  • Represented Banco Santander Río and Banco de la Provincia de Buenos Aires, as lenders, in the AR$491.6m debt refinancing of Biscayne Servicios.
  • Acted for Banco del Chubut, as arranger, placement agent and financial agent, on two issuances of treasury notes by the Province of Chubut, totalling around $29m

Allende & Brea

Allende & Brea leverages its strength in the wider financial services to demonstrate ‘comprehensive understanding of how clients’ businesses work’. In particular, the group’s increased emphasis on fintech and new industry technologies is a recurring theme and clients assert that it is ‘one of the most knowledgeable firms in the market on the subject of payment instruments’. It also regularly represents domestic and international lenders on structured loans and regulatory issues. Carlos M Melhem co-heads the department and is lauded for his ‘knowledge of banking and finance regulations and the payment instruments industry’. Group co-head Jorge Mayora advises on lending and capital markets transactions, as well as regulatory matters.

Practice head(s):

Carlos Melhem; Jorge Mayora

Testimonials

Allende & Brea stands out due to its standardised services and administration, its integrated service and clear division of work, and the high level of efficiency and reliability.’

It is a firm with a long tradition and the structure that this brings, but it also has the freshness and dynamism of a newcomer to the market.

They provide rapid advice and warm attention, they are up to date with the latest technologies and regulations, and they have a comprehensive understanding of how clients’ businesses work.’

Allende & Brea is one of the most knowledgeable firms in the market on the subject of payment instruments and credit cards. They know the details of the industry regulations and our business, which makes them stand out — they are also very practical and efficient in looking for solutions and mitigating risks.

They are the ideal team to work with businesses like ours where the issues are very challenging and often involve new products and services that may not yet be regulated or have been tested in the local market.’

Whenever we need them, they are there – they are always available and provide good client service.’

It is a dynamic team, with the depth of experience and the versatility to find simple solutions to complex problems.’

Many of the firm’s lawyers have studied and worked abroad, which is an advantage when you work with them as they speak and write in perfect English and can respond to specific questions within a very short time frame.’

They have a very good knowledge of the rules of the Central Bank and the foreign exchange regulations, which is an advantage when you work with them.

At Allende & Brea they have specialist lawyers in very specific areas, which is not easy to find in this market.

The work of Carlos Melhem stands out due to the depth and accuracy of his knowledge of banking and finance regulations and the payment instruments industry, as well as his focus on the transaction and the need to resolve problems efficiently.’

Carlos Melhem is very empathetic. He understands what is important and makes himself fully available to find effective solutions. He has a lot of experience combined with a deep knowledge of financial matters.’

Carlos Melhem is an exceptional lawyer, specialising in banking and fintech, with a deep knowledge of business. Jorge Mayora is an excellent professional, who is always attentive and has a smooth relationship with clients.’

Jorge Mayora’s best qualities are that he is professional and rigorous and he always protects the client’s interests.

Key clients

Atanor

Baillie Gifford

Banco Columbia

Banco Industrial

Banco Itaú Argentina

Banco Santander

Bank Lombard Odier

Bank of America Merrill Lynch

Bank of China Limited

Banque Internationale Luxembourg

Barclays Bank

BBVA Banco Francés

Bitso

BMCE Bank International

Canadian Imperial Bank of Commerce (CIBC)

China Export and Credit Insurance Corporation (Sinosure)

China Minsheng Banking Corp.

Clearstream Banking

Commerzbank

Credishopp

Danske Bank

Deutsche Bank Paris

Euroclear Bank

Export Credit Corporation

Google Payment Corporation

HSBC Bank

Industrial Asset Management / Industrial Valores

Inter American Development Bank (IDB)

Intesa Sanpaolo Private Bank

Itrust

J. Safra Sarasin

Julius Bär Group

Listo

Mastercard Worldwide

Mercado Libre

Mercedes Benz Compañía Financiera Argentina

Moni Préstamos

MUFG Bank

Moon Money On line

Nordea Bank

Rappi

Royal Bank of Canada

Standard Chartered Bank

Syngenta Argentina

Trend Capital

Trend Securities

UniCredit Bank

Union Bancaire Privee

Wells Fargo Bank

Work highlights

  • Advised Bank of China on the establishment of a full branch in Argentina.
  • Acted as local counsel to the lenders on a €385m senior facility agreement entered into with Spain-based Bering IV Congelados.
  • Advised Deutsche Bank on the amendment of a $70m facility agreement with Pan American Energy.

Baker McKenzie

Baker McKenzie is valued by clients for its ‘knowledge, professionalism and specialisation’. The Buenos Aires’ office of the global firm houses a diverse banking and finance practice, which has made significant inroads into the fintech space of late. The group also continues to advise a mix of financial institutions, alternative lenders and corporates on corporate lending, capital markets, banking M&A and regulatory issues. Department head Gabriel Gomez Giglio combines corporate finance and securities strength with experience in the insurance and pension funds spheres. Francisco Fernández Rostello has an ‘immediate understanding of the business’ and is noted for his experience in debt capital markets and structured finance.

Practice head(s):

Gabriel Gomez Giglio

Testimonials

Baker McKenzie has a leading multidisciplinary team. In recent times we have turned to them for advice on multiple occasions and our interaction with the firm has been more than satisfactory.’

Compared with other advisers we use, they provide a high-quality service. They stand out for their knowledge, professionalism and specialisation, and for their availability to listen to our questions and provide a response.’

They have the solid knowledge and experience to guide you through all legal processes and negotiations.’

Francisco Fernández-Rostello and Gabriel Gómez-Giglio are excellent professionals; they have outstanding knowledge and set out all the options, allowing us to make the right decisions.’

The lawyers quickly understand your business and the issues involved, and are up to date with all the banking regulations. They have an immediate understanding of the business, particularly Francisco Fernández-Rostello.’

Key clients

Goldman Sachs Group

Central American Bank for Economic Integration

JP Morgan

Prisma Medios de Pago

ING Bank

ABN AMRO Bank

Wells Fargo Bank

Bank of America

PayPal

Deutsche Bank

Work highlights

  • Acted for Advent International on the acquisition of a 51% stake in Prisma Medios de Pago.
  • Advised Comerica Bank on a $20m loan to SageRider.
  • Acted for BancTrust & Co, through its subsidiary BT Capital Markets, on the acquisition of Argentine securities broker, Bluepoint Capital.

Bulló Abogados

Bulló Abogados sets itself apart through its highly regarded 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 sweet spot and the firm is regularly called upon to advice 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.

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

Work highlights

  • Advised HSBC Bank Argentina on financial and consumer law regulations.
  • Acted for HSBC Bank Argentina on the restructuring of $300m worth of debt owed by real estate company, Ribera Desarrollos.
  • Advised HSBC Bank Argentina on the restructuring of $100m worth of debt owed by poultry producer, Cresta Roja.

Martínez de Hoz & Rueda

Martínez de Hoz & Rueda ranks among the leading firms for finance matters in the energy sphere, with its specialist experience covering corporate lending, project finance, debt capital markets and debt restructuring. The team’s market-leading oil and gas practice translates into a steady stream of borrower and issuer-side mandates, and it also routinely advises financial institutions, both as lenders and underwriters. José Martínez de Hoz (n) co-heads the group and represents banks and corporates, particularly energy companies, in domestic and cross-border financings. Department co-lead Martín Lepiane is recommended for his combination of transactional and regulatory expertise. Jimena Vega Olmos is also noted for her emphasis on project finance matters.

Key clients

International Finance Corporation (IFC)

Santander

Credit Agricole Corporate and Investment Bank (CA-CIB)

BNP Paribas

UBS

Agence Française de Développement (AFD)

Pan American Energy

YPF Energía Eléctrica (YPF Luz)

Corporación Andina de Fomento

Banco de Galicia

BCP Securities

President Energy

The Prudential Insurance Company

Puente Hnos.

International Development Finance Corporation

Neoen

Work highlights

  • Represented Neoen, as sponsor, on the $234m project financing of two solar photovoltaic projects.
  • Advised Agence Française de Développement on a €100m financing to Argentine development bank, Banco de Inversión y Comercio Exterior.
  • Acted for Pan American Energy on its $120m international debt issuance.

Mitrani Caballero & Ruiz Moreno Abogados

A strong performer for corporates, Mitrani Caballero & Ruiz Moreno Abogados routinely advises both borrowers and issuers on corporate lending, debt capital markets, project finance and structured finance transactions. It also has significant lender-side experience, with FMO and green climate fund, PROPARCO, both representative clients. On the regulatory front, the firm is particularly well versed in foreign exchange issues. Corporate finance partner Diego Parise heads the department and is consistently engaged by corporate borrowers. Julio Martínez is another key contact and handles both transactional and regulatory matters. Other recommended names are Natalia Rauchberger and senior associate, Belén Justiniano.

Practice head(s):

Diego Parise

Key clients

Tenaris and Ternium

Aluar Aluminio Argentino

Netherlands Development Finance Company (FMO)

Shandong Gold Mining

Société de Promotion et de Participation pour la Coopération Economique – Proparco

Raízen Combustíveis

Mitsui

Export-Import Bank of China

Asterion Industrial Partners

Kia Argentina

Work highlights

  • Acted as Argentine counsel to Shandong Gold Mining (Hong Kong) on its $1bn loan repayment and security interest release.
  • Advised Ternium and Ternium Brasil on a $500m syndicated loan-facility.
  • Acted for private equity house, Asterion Industrial Partners, on its €285m senior facilities agreement with BBVA and Banco Santander to finance the acquisition of a portfolio of data centres from Telefónica.
  • Represented Giralda, and parent company GMM Topco Conexion, on a €90m syndicated term loan and multicurrency revolving facilities from a syndicate of international banks.

Nicholson y Cano Abogados

Over the past year, Nicholson y Cano Abogados had a strong run in representing multilateral and bilateral credit organisations on finance transactions, including International Finance Corporation and IDB Invest. The team additionally advises banks, corporate borrowers and financial trusts on traditional lending, structured finance and capital markets deals — its robust oil and gas practice also generates a significant volume of project finance work. Carlos Marcelo Villegas is recommended for his record in energy financings. Other key contacts include securitisation specialist Mario Kenny and Mariano Fabrizio, who recently led several deals for development banks.

Key clients

HSBC Bank Argentina

TMF Trust Company (Argentina)

Argentine Business Chamber of Domestic Banks (ADEBA)

Banco de Galicia y Buenos Aires

Banco Comafi

Banco Mariva

Banco Hipotecario

Banco Saenz

Banco de Valores

International Finance Corporation (IFC)

BID Invest

IFU (Denmark’s Investment Fund for Developing Countries)

Rosario Futures Exchange (ROFEX)

MegaINVER

Work highlights

  • Advised International Finance Corporation on a $100m loan to Banco Continental.  
  • Acted for IDB Invest on a $10m financing to International Health Services Argentina.  
  • Advised Ledesma on a $90 million loan, which can be extended to $110m, from FMO.

Estudio O'Farrell

Estudio O'Farrell’s close relationship with YPF remains its main source of capital markets work and the team routinely advises the energy giant, and its subsidiaries, on its local and international bond offerings. Less frequently, the firm acts for other corporate issuers, underwriters and lenders on capital markets and corporate lending transactions. Department co-head Sebastián Luegmayer has a strong track record in capital markets and structured finance transactions, and he also advises on regulatory issues. High-profile energy specialist Uriel O’Farrell co-leads the group.

Key clients

YPF

YPF Energía Eléctrica

John Deere Credit Companía Financiera

Naturgy Ban (formerly Gas Natural Ban)

International Swaps and Derivatives Association (ISDA)

Morgan Stanley

Wells Fargo Advisors

Societe Generale

Standard Chartered Bank

Sumimoto Mitsui Banking Corporation

Commerzbank

Banco BBVA Argentina

Macquarie Bank

National Bank of Canada

Mitsui Bussan Commodities

Work highlights

  • Represented YPF on its international and local offering of $500m worth of notes.
  • Advised YPF Energía Eléctrica on a $400m notes issuance under its $1.5bn global medium-term note programme.
  • Acted for John Deere Credit Compañía Financiera on its $47.8m notes offering, under its global medium term-note programme.

Tanoira Cassagne Abogados

Tanoira Cassagne Abogados is best known for its strong skill sets in the project finance, capital markets and mutual funds areas, where it specialises in representing local and international banks as underwriters, trustees, placement agents and lenders. The firm also advises most domestic financial institutions on regulatory matters, particularly in relation to Central Bank rules and foreign exchange restrictions. Sector specialist Alexia Rosenthal heads the department and is highly regarded for her transactional and regulatory expertise. Other key names include Jaime Uranga, who was recently promoted to partner, and impressive associate Ignacio Criado Díaz.

Practice head(s):

Alexia Rosenthal

Key clients

Citibank

Banco Macro

Banco de Galicia y Buenos Aires

Deutsche Bank

Banco Comafi

BBVA Banco Frances

ICBC

CMF

Banco de Servicios y Transacciones

Banco Industrial

Work highlights

  • Advised Citibank, London Branch and Citibank, Argentina Branch as collateral agent, depositary bank and trustee on a $234m project financing to Neoen to fund two solar projects.
  • Acted for the joint bookrunners and initial purchasers, as well as the local placing agents, on YPF’s $500m global notes offering.
  • Acted for Citibank, London Branch and Citibank, Argentina Branch as collateral agent, depositary bank and trustee on a $170m acquisition financing concerning the acquisition of the Barragán Power Plant.

Zang, Bergel & Viñes Abogados

Zang, Bergel & Viñes Abogados’ practice has a strong emphasis on debt capital markets, where the firm retains its significant market share, despite the recent challenging environment. Best known for its relationships with corporate issuers, particularly in the real estate and agribusiness spheres, the group also routinely acts for financial issuers. On the corporate lending front, the firm advises both borrowers and lenders on a wide range of finance matters. Firm managing partner Carolina Zang heads the group and her finance practice encompasses capital markets, debt restructuring, investment funds, private equity and real estate. Francisco Bereciartúa is also noted for capital markets.

Practice head(s):

Carolina Zang

Key clients

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria

IRSA Inversiones y Representaciones

IRSA Propiedades Comerciales

Banco Hipotecario

BACS Banco de Crédito y Securitación

Work highlights

  • Advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria on a $59.5m notes issuance, as part of its $500m global notes programme.
  • Acted for IRSA Inversiones y Representaciones on its $130m two-tranche notes offering, under its $350m global notes programme.
  • Represented IRSA Inversiones y Representaciones Sociedad Anónima on its $96.3m notes issuance, as part of its $350m global notes programme.

Cerolini & Ferrari Abogados

Cerolini & Ferrari Abogados is best known for its close links to local banks, which it represents on a mix of lending and capital markets transactions. On the regulatory side, the firm frequently advises both local and multinational banks on compliance matters. Founding partner Agustín Cerolini has a focus on banking, finance and capital markets law.

Practice head(s):

Agustin Cerolini

Key clients

Banco de Servicios y Transacciones

Catapult Sports

Alynk

Bank of America

Banco del Chubut

Metrocorp Valores

Merril Lynch Argentina

Work highlights

  • Advised Banco de Servicios y Transacciones, as arranger and placement agent, on Banco Sáenz’s $2.4m notes issuance.
  • Acted for Alynk, an Argentine stockbroker, on its registration as a mutual fund placement agent and Agente de Liquidación y Compensación (ALyC) before the Argentine Securities Exchange Commission.

DLA Piper Argentina

DLA Piper Argentina is a prominent player in capital markets transactions, in both the corporate and sovereign spheres. A regular fixture on issuer-side mandates, the team also enjoys close relationships with domestic and international underwriters - with its wider global network a significant asset in cross-border matters. Managing partner Marcelo Etchebarne is recognised for his reputation in debt restructuring and capital markets offerings. Alejandro Noblia, who heads the structured finance group, is also recommended.

Errecondo, González & Funes

Banking and capital markets are core areas at Errecondo, González & Funes, and the firm consistently advises major corporate borrowers and financial institutions on sophisticated financings and debt offerings. A strong performer in cross-border transactions, the firm also benefits from an office in New York for support on multi-jurisdictional matters. New York-based Javier Errecondo is dual New York- and Buenos Aires-qualified and is highly regarded for his experience in pioneering finance transactions. Corporate finance partner Baruki González is also recommended.

Work highlights

  • Advised Citibank, JP Morgan and Morgan Stanley Senior Funding, as lenders, on a $180m loan to Central Puerto.
  • Advised Telecom Argentina on a $450m loan from International Finance Corporation.
  • Advised Desarrolladora Energética on its $149m notes issuance.

MBP Partners - Abogados

The ‘always available’ team at MBP Partners - Abogados is distinguished through its ‘hands-on service’ and its ability to ‘focus on what is important’. The compact practice is mainly active on behalf of corporate borrowers but it also advises financial institutions on lending, capital markets and compliance issues. Founding partner Ignacio Meggiolaro is well versed in debt securities, bank financings and regulatory matters.

Practice head(s):

Ignacio Meggiolaro

Testimonials

The team, and the law firm, is comprised of high-performance professionals, who provide a unique service focused on the needs of the clients with knowledge of the trends and standards of the market.’

In my experience, what makes this law firm different from other firms is the closeness of the professionals with the client. The team is always available to discuss any matter and its fluent communication makes it unique.’

When we need quality work and reliable advice, this is the firm we use. It differs from its competitors through its hands-on service and the ability to focus on what is important.’

Ignacio Meggiolaro and corporate partner Victoria Bengochea are a big plus and bring high added value.’

Key clients

Ausur

BTG Pactual Group

Mota-Egil Group

Cono Sur Inversiones

Dana Incorporated

Grupo Galicia Seguros

Ripio

Hyundai Engineering & Construction

Grupo La Anónima

AWM Advisors

Cross Capital

Max Valores

SMB Capital

HSBC Bank

American Express

Zuma Advisors

Banco Interfinanzas

AWM Advisors

Zuma Advisors

Grupo Danone

CN Sapag

Almundo

Central Puerto

PECOM

EcoMinera

The Rohatyn Group

Duracell

Rizziani De Eccher

Cooperativa Muratori Cementisti Ravenna (CMC)

Octagon

Work highlights

  • Advised local PPP contractor, Ausur, on a AR$200m loan granted by Banco Ciudad de Buenos Aires and a $15m loan granted by Banco de Inversión y Comercio Exterior.
  • Advised MUFG (Buenos Aires Branch) on its deregistration as a local broker-dealer.

Severgnini, Robiola, Grinberg & Tombeur

Severgnini, Robiola, Grinberg & Tombeur houses a solid regulatory practice, which advises on establishing local branch offices of foreign banks, exchange controls and financial services litigation. On the transactional side, the team has experience in banking M&A, corporate lending and trade finance. Carlos Tombeur heads the department and handles banking, capital markets and regulatory issues. Corporate and finance partner Matias Grinberg is also a key contact.

Practice head(s):

Carlos Tombeur

Key clients

Compañía Española de Financiación del Desarollo S.A. (COFIDES)

Instituto de Crédito Oficial (ICO)

Corporación Andina de Fomento (CAF)

Banco Industrial

Grupo AndBank

ENAP Sipetrol Argentina – Empresa Nacional del Petróleo

AES Generación Argentina

Work highlights

  • Acted as special Argentine counsel to Solutions 2 GO on a $ 120m term loan provided by Export Development Canada.
  • Represented Banco Patagonia, as defendant, in a securities litigation case related to the Madoff investment scandal.