Firms To Watch: Capital markets

Opening its doors in late 2019, Álamos & Squella Abogados is a nine-strong boutique with a close focus on corporate and finance matters, including capital markets work, where experienced young partner Alfonso Álamos leads the team; the practice focuses primarily on advising fund managers -particularly new market entrants- on both their day-to-day operations and transactional matters.

Capital markets in Chile

Barros & Errázuriz

Barros & Errázuriz‘s large and specialised capital markets team is a go-to practice for companies obtaining resources through the issuances of securities and public offering of bonds and shares. It is also a highly-regarded adviser to the Chilean investment funds industry. Heading the capital markets department, Luis Alberto Letelier is a specialist in the issuance of both debt and equity; Cristián Barros is regularly involved in major capital markets transactions; Víctor Barros' recent track record includes the issuance and placement of bonds by private and public investment funds, as well as the registration of issuers; and Javier Díaz is the firm’s regulatory specialist. At senior associate-level, key support is provided by Juan Ignacio Galdámez, who routinely advises on high-stakes capital markets matters; Cristián Risopatrón who has a focus on the structuring, issuance and placements by public investment funds; and Fernando Campino, who is active in public and private debt transactions. Former practice director Juan Cristóbal Schmidt  moved in-house at Crawford & Company in the US in late 2021, and former senior associate José Miguel Diez joined NLD Abogados in January 2022.

Testimonials

The team has highly trained lawyers, and is focused on giving good advice and preparing materials to a good standard, and with immediate availability.

Key clients

BTG Pactual

Neorentas

Volcom

Independencia Administradora General de Fondos

Moneda Asset Management

Inversiones CMPC

Geopark

Interchile

Ameris Capital

Compass Group

Larrain Vial

Asset AGF

Singular Asset Management

Southern Cross

Club de Polo

PWCC

Caja 18 de Septiembre

AGF Security

Esmax

Ebco

AFP Cuprum

Link Capital Partners

Caja de Compensación Los Héroes

Principal Financial Group

Servicios Financieros Altis

Alza

Work highlights

  • Advising BTG Pactual Chile on designing the corporate structure to collect investments from Chile (and other jurisdictions) to invest jointly with JLL-SSI in real estate assets in the US.
  • Acted for Larrain Vial Asset Management Administradora General de Fondos on a swap and settlement transaction.
  • Advised Independencia Administradora General de Fondos on the issuance and placement of bonds by public investment fund Independencia Rentas Inmobiliarias.

Carey

The ‘outstanding’ 40-strong department at market stalwart Carey has extensive experience advising issuers, bondholders and stockholders on corporate and securitised bonds, as well as both public and private securities. Other areas of strength include cross-border IPOs, capital increases, derivatives, debt issuances and securitisations. The team also has enviable regulatory compliance and corporate governance expertise. One recent highlight saw Diego Peralta lead advice to Deutsche Bank and other financial institutions on the Banco del Estado de Chile’s $5bn notes issuance. The deep bench of highly-rated practitioners also includes Salvador Valdés, who advises on local bond issuances and other capital market deals; debt and equity transactions expert Francisco Ugarte; Felipe Moro, whose broad experience includes US private placements and Rule 144A/Reg. S deals; the dual qualified (Chile/New York) Patricia Silberman, who has advised the likes of Goldman Sachs and BlackRock; and equity securities specialist Cristián Eyzaguirre. Jorge Ugarte (debt and equity issues and liability management transactions); Francisco Guzmán (capital increase transactions and secondary share-offerings, among other matters); and securities issuance expert Cristián Figueroa, are also integral to a practice that has been further strengthened with the raising to the partnership of Fernando Noriega and Alejandra Daroch in April and November 2021, respectively.

Testimonials

The Carey team is experienced, knowledgeable, accessible and responsive.

A group of outstanding partners and associates who provide an excellent service to their clients, and work collaboratively with international counsel on some of the most complex cross-border securities transactions involving Chilean companies and the US capital markets.

As one of the leading firms in Chile, the Carey team is involved in many high-profile capital markets transactions, and has a perspective on cross-border transactions that few local firms can match.

A top firm in Chile with an excellent finance practice.  We worked together on a very innovative financing in Chile, and it was able to resolve some very difficult issues.

I worked mainly with Salvador Valdés and Patricia Silberman, who were fantastic to work with and available all the time.

Key clients

Enel Americas

Deutsche Bank

Citigroup

Celeo Redes

Codelco

Goldman Sachs

JP Morgan

Santander Investment Securities

Moneda AGF

Zentynel

Transbank

Falabella

Atento

Work highlights

  • Advised Enel Américas on its capital increase and the registration of newly issued shares.
  • Advised Deutsche Bank and other financial institutions (as dealers) on the $5bn issuance of senior, unsecured medium-term notes by Banco del Estado de Chile.
  • Assisted Celeo Redes in relation to the issuance and placement of $1.1bn in senior secured notes.

Claro & Cia.

The 14-member practice at full-service firm Claro & Cia. has a market-leading reputation for designing and structuring complex securities transactions that involve multilateral financings and cross-border capital flows. Representative work includes local and international securities deals, regulatory compliance and corporate governance issues in relation to IPOs, debt offerings, project bonds, securities exchange-listings, exchange offers, hybrid securities, and cash and debt tender offers. The group is co-led by Rodrigo Ochagavía  , who has extensive capital markets experience – particularly in the energy, mining, pension funds, banking and insurance sectors; and capital markets, corporate finance and general corporate specialist José Luis Ambrosy  , who has ‘vast knowledge‘. Additional integral members of the department include cross-border transactions experts Felipe Larraín   and Luisa Núñez    (‘a very solid lawyer, technically’), along with Juan José León , who focuses on banking and capital markets regulations. Cristián Lagos   is the counsel to note, his broad corporate practice including securities law matters and capital markets offerings; while Nicolás Aspillaga   (capital increases) and María Jesús Argandoña   (local bond issuances) are both active associates.

Practice head(s):

Rodrigo Ochagavía; José Luis Ambrosy

Testimonials

A very good team that is always willing and available to provide us with advice on all matters concerning our fintech business – comprehensive advice of the highest level.

Fast and effective communication through multiple channels, including mobile, messaging and email.

Clarity when responding to clients’ concerns.

Good time management and relations with third parties – proactivity in its search for solutions to resolve conflicts/problems during transactions.

Extensive experience and knowledge of capital markets.

Compares very favourably with other firms, thanks to its knowledge, practical experience and human qualities.

Good availability and vast knowledge from José Luis Ambrosy.

Luisa Núñez is like one of our own in-house legal group. She is a very solid lawyer, technically, very precise and with impeccable advice. The difference with her competitors is that despite being at one of the largest firms in the market and being a partner, she is always very present and available – she makes the topics her own, and you always have the feeling that she is a part of your team.

Key clients

AES Andes

State Grid

Banco del Estado de Chile

Sociedad Química y Minera de Chile

Toesca (Administradora General de Fondos)

Latam Airlines Group

Entel

Enfragen

Mercado Libre

CAP

Work highlights

  • Advised State Greed on the completion of a $3bn tender offer through the Santiago Stock Exchange.
  • Advised EnfraGen Energía Sur, Prime Energía and EnfraGen Spain on a $710m notes issuance.
  • Assisted JP Morgan Securities, Citigroup Global Markets, Santander Investment Securities, SMBC Nikko Securities America (as initial purchasers) with the placement of $1.1bn in senior secured notes by Alfa Desarrollo.

Morales & Besa

Morales & Besa‘s six-strong practice routinely advises on complex and innovative capital markets deals. The firm is a counsel of choice for prestigious investment banks such as Goldman Sachs and JP Morgan, while on the issuer side, the team acts for prominent domestic corporations on their major capital and debt raising processes; in addition to the capital markets group’s transactional work for underwriters and issuers, it also assists both domestic and global funds and asset managers. The broad corporate finance practice of founding partner Guillermo Morales includes domestic and cross-border capital markets transactions, debt and equity offerings, liability management transactions, IPOs and follow-on offerings; while José Miguel Carvajal has extensive experience in financing companies through the issuances of bonds and commercial paper. Notable growth during 2021 included the elevation of capital markets transactions specialist Andrea Díaz to partner, adding greater capacity to the practice, as well as the recruitment of Gonzalo Pereira from the Financial Market Commission (Chile’s securities, banking and insurance regulator) as a senior associate.

Practice head(s):

Guillermo Morales

Testimonials

Its strong knowledge of securities market legislation and other regulations stands out.

Great knowledge of the bond issuance market and complex operations that include multiple parties with diverse interests.

The team stands out for being multidisciplinary, and for being able to combine financial matters, capital markets and bond issuances during complex operations.

Great flexibility and ability to search for solutions when difficulties appear during this type of operation. Always available to clients when called.

Excellent communication and response times, with great commitment to achieving the client’s objectives and getting involved in all the steps that are necessary to arrive at that objective. This ability differentiates it from other firms that are more reactive in relation to clients’ needs.’

Experience in matters that few lawyers know about, for example the voluntary repurchase of bonds.

Proximity to clients, experience and knowledge. I like working with M&B because their partners and more junior lawyers are always available and quick to respond. They are also up to date on all subjects, and give extra when someone asks for their help/opinion.

José Miguel Carvajal and Andrea Díaz are both very professional in relation to capital markets matters; and they are always available to answer our questions despite short notice from our side.

Key clients

The Republic of Chile

Goldman Sachs

JP Morgan Securities

Enjoy

Empresa Nacional del Petróleo

Ruta del Loa Sociedad Concesionaria

Embotelladora Andina

Ingevec

Parque Arauco

Banchile Administradora General de Fondos

Work highlights

  • Advised the Republic of Chile (acting through its Ministry of Finance) on all its issuances and global offerings of social, green and sustainable sovereign bonds executed during 2021; aggregate value: approx. $11.4bn.
  • Advised Goldman Sachs & Co, as dealer manager and US settlement agent, on the voluntary tender offer of shares issued by CCU.
  • Advised JP Morgan Securities, Itaú BBA USA Securities, Banco BTG Pactual (Cayman Branch) and Larraín Vial, as dealer managers, on a follow-on offering and placement of $1.01bn in shares by Banco Itaú Corpbanca.

Philippi Prietocarrizosa Ferrero DU & Uría

Housing a nine-member team, international law firm Philippi Prietocarrizosa Ferrero DU & Uría is well known for its expertise in the incorporation, registration, operation, transfer and liquidation of capital markets-related entities. Other areas of notable strength include the issuance, registration, placement, trading and offering of securities. The firm also has robust corporate governance and compliance practices. The practice is co-led by Marcelo Armas, whose track record includes complex financings involving several jurisdictions; Marcela Silva, an expert in advising underwriters and issuers of shares and bonds; and Andrés Sanfuentes, who has over 30 years’ experience in capital markets transactions. Experienced partner Federico Grebe is also active in capital markets deals; while principal associates Constanza Rodríguez  (IPOs and debt issues) and Daniel Parodi (bond issuances) are also key figures in the practice.

Key clients

Bank of America

JP Morgan

Tanner Servicios Financieros

The Bank of Nova Scotia

BNP Paribas Securities Corp

Goldman Sachs

Citigroup Global Markets

AD Retail

Bolsa de Comercio de Santiago

Salmones Austral

Work highlights

  • Advised BofA Securities, JP Morgan Securities, Banco BTG Pactual (Cayman Branch) and Larraín Vial  Corredora de Bolsa on a $1.1bn common stock offering by Sociedad Química y Minera de Chile.
  • Advised Tanner Servicios Financieros on establishing a new bond facility (for up to approximately $750m), as well as on two issuances with an aggregate value of $161m.
  • Acted as Chilean counsel to Securities Inc, JP Morgan Securities, Mizuho Securities USA and Scotia Capital (USA), as initial purchasers, on the issuance of $500m in notes by Chile’s  Corporación Nacional del Cobre (CODELCO).

Cariola Díez Pérez-Cotapos

The 11-strong practice at Cariola Díez Pérez-Cotapos routinely advises investment banks and financial advisers, as well as investors and issuers, on debt and equity securities' offerings in Chile and abroad. Examples include IPOs, 144A/Reg. S deals, private placements, American depositary receipts, and the public offering of securities on the international and Chilean markets. The team is co-led by widely respected senior partner Francisco J Illanes; Rodrigo Sepúlveda, whose CM practice focuses on debt issuances and other capital instruments, and who has extensive experience working with Chilena state-owned companies; and Juan Antonio Parodi, who acts for both issuers and underwriters. At senior associate level, Sergio Balharry has experience in bond issuances. Florencia Grez left for MBC Abogados in June 2021.

Key clients

Empresa de los Ferrocarriles del Estado

Automotores Gildemeister

Compañía Cervecerías Unidas

Esmax Distribución

Enel

Rentas e Inversiones Baker

Banco Ripley

Work highlights

  • Advised autonomous Chilean state-owned company Empresa de los Ferrocarriles del Estado on its $500m, Rule 144A/Reg.S senior notes issue, with Santander Investment Securities and Scotia Capital (USA) as initial purchasers.
  • Advised Compañía Cervecerías Unidas on the placement of its Rule 144A/Reg.S, $600m senior notes issue.
  • Advised Rentas e Inversiones Baker on its registration as new issuer, and the registration of its Series A and B notes issues, each for an amount of $52m (due 2026 and 2030, respectively).

Garrigues Chile

Garrigues Chile's 12-strong finance law and capital markets practice (including three partners), is regularly involved in significant bond issuances in Chile and abroad. Heading up the group, Pedro García's expertise encompasses debt securities (international and domestic), along with equities, liability management, debt restructuring, derivatives and regulatory matters. He is flanked by fellow partners, José Miguel Rioseco, who heads up the investment funds sub-practice and has longstanding experience in capital markets; and financing, M&A and capital markets expert, Jaime de Larraechea. At senior associate level, Daniel Hernández's practice includes financial markets regulation and capital markets transactions. Maria Fernanda Jara left the firm in July 2021 to pursue her LLM.

Practice head(s):

Pedro García

Key clients

BNP

Crédit Agricole

Citibank

Humboldt

Itaú BBA Securities

Mizuho

Scotiabank Chile

Banco Santander-Chile

Goldman Sachs

JPMorgan

Colbún

Empresa Nacional del Petróleo

A3 Property Investments

Allianz

BofA Securities

Work highlights

  • Advised BNP Paribas, Citigroup, Goldman Sachs, JP Morgan, Banco Santander, Scotiabank, BNP Paribas, as initial purchasers, on two 2021 sovereign-bond issuances by the Republic of Chile with an aggregate value of $9.8bn.
  • Advised Scotia Capital, Goldman Sachs and JP Morgan, as initial purchasers, on Interchile’s $1.2bn notes issuance.
  • Advised BNP Paribas, JP Morgan and Scotia Capital, as underwriters and initial purchasers, on Empresa Nacional de Telecomunicaciones’ $800m notes issuance.

Honorato | Delaveau

Acting for mutual and public investment fund managers, stockbrokers, investment banks and corporate issuers, Honorato | Delaveau‘s ‘great’ seven-member capital markets team routinely advises on private placements and public offerings of securities. Heading up the department, Sebastián Delpiano‘s track record includes advising recognised fund managers and brokers in Chile and abroad on capital markets procedures; the experience of corporate finance and fintech group leader, Matías Langevin, includes both debt and equity offerings; and Gonzalo Delaveau is a securitisation expert. Felipe Divin, recruited from a brokerage service company in early 2021 to head-up the firm’s corporate governance, financial regulation and IT practice, is also a key member of the team, as are counsels Carlos Frias and Nicolás Garcia, both cross-border transactional experts. Fund regulatory specialist Andrea Alarcón joined as senior associate from the former Bofill Mir Alvarez Jana in September 2021.

Practice head(s):

Sebastián Delpiano

Testimonials

The lawyers have very good knowledge of funds and their characteristics, allowing us always to be up to date with what is happening, and with practical solutions and adequate legal structures for different needs.

Good availability, high knowledge of our industry and active participation in different matters.

A great team that is fully aware of capital markets regulations, highly experienced, knowledgeable, agile in their responses and always available.

Of all the teams with which we have worked, this is by far the one that has given us the best results – excellent strategic partners for us.

What sets the lawyers apart is both the high level of legal specialisation that they have , especially in matters involving stock markets. They also recognise and tune into the different commercial aspects of their clients, providing quality advice that is focused on the needs of clients’ business.

Stands out above the rest, knowing how to combine legal issues with commercial aspects – proactive, diligent and pro-business. The other thing that characterises the lawyers at Honorato | Delaveau is the speed with which the lawyers provide their advice.

Sebastián del Piano is committed, and with extensive knowledge and great availability.

The outstanding partner and of counsel, respectively, are Sebastián Delpiano and Nicolás García, who always demonstrate their qualities as lawyers and in-depth knowledge of different capital markets matters.

Key clients

Sura

Fintual

Chilena Consolidada

Tanner Corredores de Bolsa

SQM

Ameris Capital

Banchile Inversiones

Capital Advisors

Credit Suisse

Falcom

Finasset

Focus

FYNSA

HMC

Invinsa

Larraín Vial

Nevasa

Paragon Advisors

Primus Capital

Quest

Racional

Sartor Financial Group

Vantrust

XLC

Zurich

Credicorp

EFG

Euroamerica

Manulife

Stone Harbor

PGIM

Oddó

Planvital

The Vanguard

Columbia Threadneedle Investment

Vontobel

Open Trading

Regum Capital

Tembici

Orion X

Buda

Goldman Sachs

BNP Paribas

ET Pay

Work highlights

  • Advised Banchile Administradora General de Fondos on a $115m placement.
  • Assisted fund administrator Fynsa with the structuring of legal vehicles in Chile and the US.
  • Assisted Sartor Finance Group/Fondo de Inversión Privado Tactical Sport with a tender offer -the first launched by a private closed-end fund- to obtain control of Chilean soccer team Azul Azul.

Prieto Abogados

Prieto Abogados' eleven-strong practice advises issuers of debt, both in Chile and on the US market (the latter through bond placements under Rule 144A Reg. S rules). The group is also well known for its longstanding experience assisting with major IPOs, as well as it expertise in fund formation and associated placements. The practice’s is co-led by Patricio Prieto L, whose recent track record includes handling bond issues and advising issuers on covenant modifications; and former counsel Isabel Wolleter (who was raised to the partnership in January 2022), and who can draw on past experience working at Shearman & Sterling LLP's New York office. Also a key member of the team, Maite Larrañaga was promoted to counsel and director of the investment funds area in September 2021.

Testimonials

Prieto Abogados’ lawyers have deep knowledge of the law and the CMF, and are up to date on the frequent changes to the regulations – a strategic supplier for us.

They are very available lawyers who we trust, and their knowledge of us facilitates the work and reduces legal expenses, as they know our history very well. They also contribute to our business with ideas so that investments are well structured.

Patricio Prieto L is an expert in structuring investment funds, who is willing to get involved at an in-depth level and provide both legal and commercial perspectives, a fairly rare combination among lawyers in the market.

Counsel Maite Larrañaga has a lot of experience in executing robust investment structures, but which, in turn, have the flexibility to adapt to changes in new regulations.

Key clients

Ad hoc Group (Automotores Gildemeister noteholders)

Unidad Leasing Habitacional

Inversiones La Construcción

Caja de Compensación y Asignación Familiar Los Andes

Plaza

Cemento Polpaico

Inversiones Confuturo

Larrain Vial Activos

West Administradora

Rockville Capital Group

Work highlights

  • Advised Elliot Management Corporation (and a group of ad hoc noteholders) on the voluntary reorganisation of Automotores Gildemeister.
  • Acted for Cemento Polpaico on the registration of two bond lines worth  $144m, in anticipation of its inaugural bond issuance.
  • Advised Larrain Vial Activos on the amendment of the byelaws of several funds.

Ried Fabres

Ried Fabres' eleven-strong practice has a strong track record in complex transactions involving alternative assets, debt securities, bond issuances, securitisations, tender offers and equity transactions. The 'unique' department is jointly led by Cristián Fabres, whose experience includes advising on over 60 securitisation matters involving both funds and special purpose vehicles; former Santiago Stock Exchange in-house counsel José Miguel Ried; and derivatives leader Ricardo Abogabir (a partner since 2020), whose practice also covers domestic and international bond offerings. Further growth in the team saw the promotion of bonds and IPO specialist Jaime Hirschberg to partner in January 2022; while associates Luz María Waidele and Ariadna Beroiz (a late 2021 hire from Alcaíno | Abogados) are also active team members. Former associate Luz María Guridi recently moved in house at real estate investment company IFB Inversiones.

Testimonials

A large part of the team participates in each matter, which gives a unique richness to the advice and execution of the decisions taken, combining great experience with new lines and state-of-the-art legal and forensic practice solutions.

What makes R&F unique is its extensive knowledge of this subject. The lawyers manage many funds and work with important counterparties, and the service they provide is of the highest quality, with quick responses, efficient solutions, excellent availability and partners who are always directly involved in matters.

When compared to other firms, in terms of quality and knowledge, the firm is a few notches above even the loudest-sounding competitors on paper.

Lawyers who can handle market concepts in relation to very technical work.

They convey a lot of confidence and provide quick solutions to problems that  take a long time for others. All its partners and associates have excellent manners and good availability, and they always go one step further than just resolving doubts, problems or questions.

José Miguel Ried has vast experience in capital markets, based both on his theoretical knowledge as a professor and his professional practice (through advice on multiple matters that are widely publicised in the media).

Cristián Fabres has great investment funds experience.

Ricardo Abogabir is highly experienced in sophisticated financial products, especially derivatives.

Key clients

BCI Group

Empresa de Transporte de Pasajeros Metro

Larraín Vial

BICE Group

Santander

Zurich Group

BlackRock

BTG Pactual

Itaú Corpbanca

Coagra

Tanner Group

Deutsche Bank

Ameris Capital

Credicorp Capital

Bloomberg

Consorcio

Falcom Capital

Venturance (Administradora General de Fondos)

Cencosud

Forum Servicios Financieros

Vicapital

Kotak Funds

Volcom Capital Administradora General de Fondos

Invinsa Administradora de Fondos

Macquire Asset Management

Arrayán Asset

MBI Asset Management

Empresa de Ferrocarriles del Estado

Small Word Financial Services

Barca Capital

Work highlights

  • Assisted Santander Corredores de Bolsa with its role as tender offer agent, in relation to the $3bn tender offer issued by State Grid for CGE in 2021.
  • Assisted state-owned Empresa de Transporte de Pasajeros Metro with a $650m international notes offering.
  • Assisted BCI Asset Management with the organisation of real estate focuse public invesment fund Fondo de Inversión Bci Invinsa Rentas Inmobiliarias, including financing advice on a loan of up to $28m.

Bofill Mir Abogados

One of the offices emerging from the mid-2022 dissolution of Bofill, Mir & Álvarez Jana (BMAJ), Bofill Mir Abogados‘ banking, finance and capital markets department is experienced in advising on major IPOs and secondary offerings, bond and share issuances, and Rule 144A/Reg.S financings and securitisations. The team is also known for assisting with the development and filings of new investment funds. Founding partner Octavio Bofill has broad capital markets expertise, although his recent caseload has primarily involved advising bondholders in the context of reorganisations, along with bond issuance and purchases; fellow partner Rodrigo Saffirio, who assists bondholder groups and also handles capital markets’ regulatory matters, is also a highly regarded practitioner, as is Ana María Yuri, who has particular expertise as regards bond issuances related to infrastructure projects and the energy sector. Senior associates Feliciano Tomarelli (dual-qualified in Chile and New York) and Victoria Salazar are also both active in securities-related matters.

Practice head(s):

Octavio Bofill

Testimonials

Octavio Bofill has outstanding intellectual ability, and is capable of offering new and valuable points of view based on his deep knowledge of law.

Work highlights

  • Advised EuroAmérica as initial purchasers of a $50.8m, 4.5% bond issuance by Humboldt Americas (due 2026).
  • Provided banking solutions provider VÖB-Service with a legal opinion regarding the safekeeping of securities under Chilean law, with a focus on the chain of custody and protection of the depositor.
  • Advised Enlasa on the preparation and structuring of a 10-year, $43.6m bond issuance (originally registered with the Chilean financial markets authority -CMF- in 2013), in coordination with BTG Pactual and Credicorp Capital.

DLA Piper Chile

Fielding seven practitioners, DLA Piper Chile's ‘highly thorough' capital markets practice handles IPOs, private and public placements, securities issuances and capital increases. Other areas of strength range from mergers and divisions, to publicly-held companies’ share exchanges, stock options, American depositary receipts, stock options, and bond issuances and credit line registrations. Senior partner Diego Noguera is a recognised and long-standing corporate, capital markets and securities specialist; he co-leads the department with Jorge Timmerman, who was made partner in January 2021 and who is experienced in securities issuances and the registration of funds before the Financial Markets Commission. The ‘very active' Matías Zegers, who is a corporate governance and venture capital expert of note, rounds out the senior team.

Practice head(s):

Diego NogueraJorge Timmermann

Testimonials

This firm brings together lawyers who are very well versed in all the legal and economic aspects of the capital markets – they also have in-depth knowledge of the way companies work locally and their needs. Other advantages are the timeliness and quick and comprehensive solutions.

The lawyers of this firm are characterised by a deep knowledge of the matters on which they work, as well as their flexibility and timeliness – highly thorough in their work and delivery of high-quality products.

The team at DLA knows current capital market practices very well.

Proactive and the response times are world class.

The firm has the virtue of incorporating young talent from its teams and developing them properly, but without neglecting the main contact with the senior partner. Regarding innovations, it makes good use of social networks to communicate valuable information; and regarding billing, it is flexible and open to achieving fixed-fee modes, which shows that the long-term relationship with the client is important to the firm.

Matías Zegers is a professional who is very active and responds quickly. He always give us various proposals to resolve our issues.

Matias Zegers has high levels of professionalism, and very quickly responds to our concerns, always giving us various solutions to the issues we raise.

Key clients

Gasco Inversiones

Devlabs

Administradora Fen Ventures II

Fondo de Inversión Privado Vulcano – Administradora Dadneo II

Work highlights

  • Assisted Gasco Inversiones with its registration as an issuer at the Security Registry of the Financial Market Commission.
  • Ongoing assistance to Devlabs with the administration and operation of Administradora Devlabs Ventures and its private equity fund, FIP Chile Outlier Seed Fund I; approximate value: $6.6m.
  • Advised Administradora Fen Ventures II on the legal aspects of the administration and operation of FIP Fen Ventures II.

Guerrero Olivos

Recent work for Guerrero Olivos' 13-member practice includes international bond issuances, along with the issuance, placement and registration of local bonds with the local regulator (CMF). The group is also experienced in cross-border capital markets work, and structuring investments funds and fund managers. Three experienced, senior figures co-lead the practice: Jorge Delpiano advises banks and financial institutions on day-to-day capital markets matters; Pedro Pellegrini's broad corporate and finance practice includes capital markets’ transactions; and Pedro Lyon is particularly known for the structuring of investment funds. Also highly regarded, Miguel Coddou 's expertise takes in local debt offerings, international securities issuances, senior guaranteed notes, and capital markets regulatory matters. Debt issuance expert César Gálvez was made partner in February 2022.

Key clients

WOM

Kenbourne Invest

Caja de Compensación de Asignación Familiar de Los Andes

Activa Alternative Assets

CORFO

ChileGlobal Ventures

LarrainVial

The Prudential Insurance Company of America

LarrainVial

Telefónica Group

Work highlights

  • Advised Kenbourne Invest on a $450m, Rule 144A/Reg. S bond issuance on the international markets.
  • Advised Caja de Compensación de Asignación Familiar de Los Andes on the registration of four series of bonds with an aggregate value of $294m.
  • Advised Activa Alternative Assets on the structuring of a new investment fund with the OLX Group (Prosus) that focuses on the investment of debt securities and marketable securities.

Alvarez Abogados

Alvarez Abogados, one of the firms emerging from the former Bofill, Mir & Álvarez Jana (BMAJ) in mid-2022, fields founding partner Alejandro Álvarez, whose capital markets expertise focuses on real estate and leasing sector-related transactions; along with experienced senior associates Manuel Sánchez (investment funds) and Joaquín Recart (securities transactions) – ‘a super professional‘, highlighted for his ‘great technical knowledge’. Recent matters include advising a construction company on the sale of a majority of its securitisation business.

Testimonials

Senior associate Joaquín Recart is a super professional, he has great technical knowledge and is always available to give us explanations as many times as necessary. He also has a lot of patience in difficult negotiations.

Baker McKenzie Chile

The seven-member capital markets practice at Baker McKenzie Chile covers all aspects of financing in the domestic and international capital markets. It is particularly experienced in tender offer work, while becoming increasingly active in the debt capital markets space. The department is co-led by Fernando Castro, the current Chilean member of the firm’s capital markets steering committee in Latin America; and the experienced Jaime Munro, whose primarily corporate transactional practice includes both capital markets and securitisation work. At associate level, Cristóbal Larrain's track record includes advising both local and international clients on tender offers and auction processes.

Practice head(s):

Fernando CastroJaime Munro

Testimonials

Baker & McKenzie represents a solid guarantee, and it has excellent knowledge of our business, which makes its legal advice very reliable.

The Baker McKenzie team has impeccable technical levels, with extensive knowledge of the relevant laws and regulations. In addition to its technical abilities, the team has human qualities that make working with it very pleasant – the lawyers are available, clear and reliable.

A great strength of the firm is that it is part of a really strong global network that is available to clients, and which has been shown to be very efficient.

Locally, the lawyers deliver a very strong service that is permanently available and of good quality.

Fernando Castro’s professional collaboration is excellent.

Fernando Castro has detailed knowledge of the laws of the securities market and corporations, along with all the specific regulations issued by the regulator.

Jaime Munro is great for financial structuring matters.

Key clients

Grupo Security

Viña Concha y Toro

Securitizadora Security

Administradora General de Fondos Security

Natixis

Credicorp Capital Asset Management

Banco Security

Seguros Vida Security Previsión

Work highlights

  • Advised Banco Security, Seguros Vida Security Previsión and Securitizadora Security on a framework agreement with Hipotecaria La Construcción for the purchase and securitisation of a portfolio of mortgage backed loans and residential leasing contracts.
  • Advised Credicorp Capital Asset Management Administradora General de Fondos on the incorporation and registration of a public investment fund, as well as the offering and subscription of capital call commitments.
  • Advised Viña Concha y Toro on the structuring, approval and implementation of a stock redemption programme.

CMS Carey & Allende

The seven-strong team at full-service firm CMS Carey & Allende frequently assists with private placements and public offerings, including IPOs and project bond issuances. The practice is co-led by managing partner Ramón Valdivieso, whose broad practice includes the issuance, registration, and placement of securities; and Jorge Allende D who focuses on M&A, capital market operations and private equity, and routinely acts for international clients from the hospitality, finance and natural resources sectors. Completing the partner-level team, Fernando De Cárcer advises on securities and the development of corporate governance practices; while senior associate Enrique Vergara ‘s practice includes corporate bonds work.

Key clients

Nueva Inversiones Pacifico Sur

Sonda

Sun International

Broota

Sun Dreams

Centerbridge

Blackstone Infrastructure Partners

Morgan Stanley

Zurcher Kantonalbank

Ardian Chile

Work highlights

  • Advised Sun Dreams on the amendment of bond agreements pertaining to $182m of bonds (issues 2012) as a result of issues arising during the Covid pandemic and with associated negotiations with the bondholders.
  • Advised Nueva Inversiones Pacífico Sur on a share purchase agreement with Sun Latam.
  • Advised Ardian on its investment in Chile, including its bid for the acquisition of stock in pension funds and infrastructure.

Urenda, Rencoret, Orrego y Dörr

Urenda, Rencoret, Orrego y Dörr's seven-member practice routinely acts on bonds and other debt-certificate issuances, along with public tender offers. The team also assists publicly-held corporations and brokers with issues involving the Securities Agency and the stock market. The practice is co-led by Felipe Rencoret, who advises on securities and associated compliance matters, and Sergio Orrego, whose practice includes IPOs and tender offers. Further partner-level, capital markets support is provided by Gonzalo Rencoret and Nicholas Mocarquer, while associate Isidora Zañartu possesses securities and regulatory expertise. Former partner Rodrigo de Alencar   joined Barros Silva Varela & Vigil in January 2022.

Practice head(s):

Felipe Rencoret; Sergio Orrego

Key clients

Sociedad Química y Minera de Chile

Cemento Polpaico

BHP

Sociedad Pesquera Coloso

Echeverría, Izquierdo

Minera Escondida

Cintac

Inmobiliaria Mall Viña del Mar

Invercap

Yamana Gold

Work highlights

  • Advised Banco de Chile, Scotiabank Chile, Banco de Crédito e Inversiones, Itaú Corpbanca, Banco Estado and Nexus in relation to the sale of Nexus (regulated by the Chilean Securities and Banking Authority) to Indra.
  • Advising listed-corporation Sociedad Pesquera Coloso on its dissolution and liquidation process.
  • Advised Yamana, Minera Meridian and Minera Florida on Yamana Gold’s $500m senior notes offering.