Capital markets in Chile

Barros & Errázuriz

Full-service firm Barros & Errázuriz fields a 22-strong group that is one of the largest, specialized dedicated capital markets team in Chile. It consistently excels in its assistance to companies, which need to obtain resources through the issuances of securities and public offering of bonds, shares and other securities. The practice is also a leading adviser to the Chilean investment funds industry, and has longstanding participation in the development of Chilean capital markets regulation through its advice to the Chilean authorities. Luis Alberto Letelier heads the capital markets department, which includes Cristián Barros, who has longstanding experience in capital markets legal advisory work; Víctor Barros (recently active in the issuance and placement of investment funds and bonds); and regulatory expert Javier Díaz. The strong second line showcases recently promoted director Juan Cristóbal Schmidt, and senior associates Juan Ignacio Galdámez and Cristián Risopatrón.

Testimonials

This is a very good firm.’

I have worked on a number of merger cases with this firm with great results.’

Key clients

Vías Chile

CMB-Prime Administradora General de Fondos

Inmobiliaria Manquehue

Empresas CMPC

Picton Administradora General de Fondos

Compass Group Chile S.A. Administradora General de Fondos

Ameris Capital Administradora General de Fondos

Larrain Vial

Independencia Administradora General de Fondos

Administradora de Fondos de Pensiones Cuprum

BICE Inversiones

BTG Pactual Chile – Administradora General de Fondos

Volcom Administradora General de Fondos

Servicios Financieros Altis

JP Morgan

Singular Asset Management Administradora General de Fondos

Moneda

Neorentas

Geopark

Insight

Asset AGF

Caja de Compensación 18 de septiembre

Aspen Capital AGF

Security Inversiones

Work highlights

  • Advised Inversiones CMPC on the registration, issuance and placement of approximately $102m green bonds.
  • Advised Compass Group Chile on the structuring, issuance and placement of several public investment funds.
  • Advised GeoPark Chile, as guarantor, on the offer of GeoPark’s senior notes.
  • Advised the Abertis Group, through its subsidiary Vías Chile, on the registration of two lines of dematerialised bonds.
  • Acted for Fondo de Inversión Independencia Rentas Inmobiliarias on the registration, issue and placement of local inflation-linked market bonds.

Carey

The dedicated 33-strong group at market leviathan Carey has extensive capital markets experience, which includes advising on corporate and securitised bonds and high-profile securities offerings, including cross-border IPOs, capital increases, debt issuances and securitisation. The firm also has an outstanding derivatives practice, while other areas of strength include structuring and registering vehicles, managing relations with stock exchanges, and regulatory issues. In recent, high-profile work, Salvador ValdésCristián Figueroa and Patricia Silberman were part of a team that advised Enel Américas on the structuring of a capital increase and equity public offering for $3bn. The rest of the impressive partner list includes financial products and debt and equity securities specialist, Diego Peralta, structured products and derivatives expert Felipe Moro, and Jorge Ugarte (securities and debt and equity offerings). Also key to the practice are Cristián Figueroa  and Francisco Ugarte, while the firm's funds practice, which is led by Cristián Eyzaguirre and Francisco Guzmán, was launched in 2016.

Testimonials

Great for knowledge, professionalism and disposition.’

Great experience in multiple transactions.’

The entire team has extensive experience in multiple capital markets transactions, especially Patricia Silberman, who is always available to answer all customer questions and is highly proactive.’

Diego Peralta gives a high-quality and personalised service. The management is evident in all the transactions in which he participates.’

Key clients

Enel

Minerva

Electrolux

JP Morgan Securities

BofA Securities

Partners Group

Avante Financial Group

BlackRock

Screen Capital

Oenergy

Work highlights

  • Advised JP Morgan Securities and BofA Securities (as international agents) on the placement of approximately $1bn in shares from the IPO of retailer Cencosud Shopping; reportedly, the largest-ever IPO on The Santiago Stock Exchange.
  • Advised state-owned mine and copper producer, Codelco, on an international bond issuance of $1.3bn, as well as two concurrent bond tender offers for up to approximately $1.9bn.
  • Advised Falabella on a capital increase and secondary shares offering with an aggregate value of $800m.
  • Advised Sistema de Transmisión del Sur on the registration of two lines of bonds, which were for up to $411m each.

Claro & Cia.

The sophisticated practice at Claro & Cia. typically represent key parties in all types of significant local and international securities transactions, regulatory compliance and associated corporate governance issues. Handling public and private offerings (IPOs, equity and investment-grade and high-yield debt offerings), project bonds, securities exchange listings, exchange offers, cash and debt tender offers and hybrid securities, the team is praised for its design and structuring of securities transactions. Rodrigo Ochagavía has extensive capital markets experience, particularly in relation to regulated sectors such as energy, mining, pension funds, banking institutions and insurance companies; while José Luis Ambrosy's clients include leading corporates, banks and underwriting firms. Also key to the practice are experienced partners Felipe Larraín and Juan José León, along with counsels Cristián Lagos and Jaime Salas.

Testimonials

Claro is extremely efficient. They know their clients and are able to understand their needs and propose concrete solutions.’

They have great knowledge and the fully committed team partners are motivated to succeed.’

Claro has the best lawyers in the market.’

It is a team that is capable of quickly responding to customer needs. Compared to other teams, it stands out for its extensive knowledge of the topics on which it provides advice.’

They are simply the best.’

José Luis Ambrosy is practical, efficient and accurate. Working with this team is always a pleasure.’

Rodrigo Ochagavía is innovative and able to find solutions to complex issues.’

José Luis Ambrosy is a reliable and great team worker.’

Key clients

AES Gener

Tecno Fast

Banco del Estado de Chile

Sociedad Química y Minera de Chile

Toesca S.A. Administradora General de Fondos

Actis

Energía Llaima

Compañía Sud Americana de Vapores

Parque Arauco

Nutrien

Work highlights

  • Assisted AES Gener with the issuance and sale of $550m junior subordinated capital notes.
  • Advised Citigroup Global Markets, Banco Santander, Barclays Bank and Mizuho Securities Europe on the issuance and sale of €335m senior secured notes by KKR’s Tasty Bondco 1.
  • Acted for the publically owned Banco del Estado de Chile, on a $250m bond issuance and placement under its MTN programme.
  • Advised Energía Llaima and Duqueco on a private placement that related to the purchase of $150m senior secured notes.
  • Advised Hortifrut on the registration of up to $200m worth of green bonds.

Honorato | Delaveau

Honorato | Delaveau fields a small, seven-strong team in the capital markets area which nevertheless both punches-above-its-weight and stands apart from competitors primarily dedicated to issuance-work as a result of its additional and in-depth focus on the establishment and registration of funds with the Risk Classification Commission (CCR) and Chilean Financial Markets; Commission (CMF). Head of the firm’s capital markets and legal asset management department, Sebastián Delpiano has enormous experience across the full range of capital markets and stock exchange matters, including  stockbroker and fund manager advisory, and fund regulation; while head of the firm’s corporate finance practice Matías Langevin  has over 15 years’ experience in equity and debt transactions, including under Rule 144A/Reg S. and private placements. Senior partner Gonzalo Delaveau, in turn, has particular expertise in cross-listings on the Chilean Off-Shore Exchange and the obtaining of CCR approvals. Additional key figures in the practice include counsel and practice director Carlos Frias, who can draw on in-house experience in both banking and multilateral finance institutions; and senior associate Nicolás Garcia, who is particularly active advising fund managers, stockbrokers and security agents on their day-to-day activities. The team also includes economist Carolina Phillips.

Testimonials

Honorato | Delaveau is one of the few Chilean law firms truly specializing in capital markets. Likewise, and unlike other firms, Honorato | Delaveau (i) provides us with an agile and efficient service, which is essential given the dynamism and speed with which the market moves; (ii) at the same time, they provide legal advice without neglecting the commercial or operational aspects of the solutions they provide, something that today is strange to many lawyers. Indeed, the fact that its partners have all started their activities in the business world, allows them to analyse from that point of view the effects of the advice they provide, which is not the case with many other firms who, when providing advice, put aside the impacts that they have on the different areas of a company; (iii) finally, it should be noted that at least one of its partners is always present actively participating in the advice, which turns out to be a significant difference with other firms.’

We have worked directly with partner Sebastián Delpiano, who has extensive experience in capital markets. At the same time, and given this experience and the fact of working with several other companies in that area, this allows him many times Anticipate eventual situations In the same way, we highlight the pro-business profile that he and his team have, always looking for possibilities to structure deals with other market agents that they know.

We also work with associate Nicolás García, who, in addition to having extensive experience in the area, is a professional completely dedicated to finding solutions for his clients, and is always available to meet our requirements.

The closeness with the client, they are always available, the answers to the questions are immediate and they are always following up on our needs.

The partners who work with us are Rebeca Zamora, Antonia Vial and Matias Langevin. Both of them stand out for their professional capacity and as experts in their areas, additionally, the quality of interpersonal relationship makes one work 100% at ease with them.

Honorato Delaveau are clearly incredibly knowledgeable on local laws and procedures. We have had every confidence in advice received from the firm and in handing over our legal tasks that need carrying out in Chile.

Matías Langevin, in particular, stands-out as being knowledgeable, practical and considered in his advice and approach. We have relied on him heavily during one of our biggest and most strategic projects. He has always made himself available when needed and is never caught off-guard by any question, his intellect and capability is immediately evident.

In depth understanding of local requirements and strong relationships with local regulators.

Carolina Phillips is the partner we have worked with; she has done a great job providing practical and timely guidance for the registration of our UCITS, ETFs and alternative funds registered in Chile with the CCR and/or CMF.’

Key clients

Nevasa HMC Administradora General de Fondos

Buena Vista Capital

Moneda Asset Management

Lexington Partners

Banchile Administradora General de Fondos

Credit Suisse Agencia de Valores

Larrain Vial Activos Administradora General de Fondos

Quilvest

Consorcio Corredores de Bolsa

Zurich

FOL Agencia de Valores

Falcom Capital

Vision Advisors Administradora General de Fondos

Vantrust Capital

Nevasa Corredores de Bolsa

Invinsa Administradora de Fondos Privados

HMC Capital

Sartor Administradora General de Fondos

XLC Administradora General de Fondos

Quest Administradora General de Fondos

Capital Advisors Administradora General de Fondos

Santander

Ameris Capital

Vantrust Capital Administradora General de Fondos

Chilean Mutual Fund Association

EFG Corredores de Bolsa

Vantrust Capital Corredores de Bolsa

AI Capitals

Chilemarket Corredores de Bolsa

Deutsche Bank

Investrust Administradora de Fondos

Paragon Private Advisor

BTG Pactual Administradora General de Fondos

Focus Administradora General de Fondos

AMM Asesorías

Primus Capital

Work highlights

  • Advised JP Morgan, Bank of America, Goldmans Sachs, Citi and Banco Santander, as placement underwriters regarding AES Gener’s $450m green hybrid bond issuance, the first of its type.
  • Advised Nevasa on the structuring and registration of several funds with the Chilean Financial Markets Commission, including: Fondo de Inversión Pre-IPO Opportunities MVP, Fondo de Inversión Nevasa HMC CIP VIII, Fondo de Inversion CS III and Fondo de Inversión Deuda Privada Andina.
  • Permanent advice to Columbia Threadneedle Investment on approval and distribution activities for the institutional investors of Threadneedle Investment Funds and Threadneedle Specialists Investment Funds.
  • Advised Credit Suisse Luxembourg on CMF registration of its Japan Value Equity Fund, AgaNola Global Convertible Bond Fund, Small and Mid-Cap Germany Equity Fund, Emerging Market Corporate Bond Fund, and Emerging Market Corporate Investment Grade Bond Relevant.
  • Advised Banco Santander on the structuring and implementation of a new guarantee system that allows clients keeping shares, bonds, funds or other instruments in stockbroker custody to employ them as collateral for finaning operations, while permitting greater flexibility than a pledge agreement.

Philippi Prietocarrizosa Ferrero DU & Uría

The Chilean office of multijurisdictional, regional player Philippi Prietocarrizosa Ferrero DU & Uría is an established presence in international capital markets matters. The 17-strong department is well known for the issuance, registration, placement, trading and offering of securities, as well as transactions in the stock market and over-the-counter market, and the design and optimization of structures and investment vehicles. Corporate governance and compliance are also strong features of the practice, along with defending administrative proceedings before the Securities and Insurances Superintendence. Co-chair of the firm Marcelo Armas and Andrés Sanfuentes are highly rated by the market, with Federico Grebe and Juan Francisco Gutiérrez also noted as experienced partners. Growth in the team saw Marcela Silva make partner in 2019; while at the associate level, Constanza Rodríguez and Daniel Parodi provide key support.

Key clients

Goldman Sachs

JP Morgan Securities

BNP Paribas Securities

Société Générale

Deutsche Bank Securities

Crédit Agricole Corporate and Investment Bank

Citigroup Global Markets

HSBC

Itau BBA USA Securities

Santander Investment Securities

Scotia Capital (USA)

Credit Suisse Securities (USA)

Merrill Lynch, Pierce, Fenner & Smith

BofA Securities

Tanner Servicios Financieros

Embotelladora Andina

Salmones Austral

Work highlights

  • Advised BofA Securities, HSBC Securities, JPMorgan Securities and Scotia Capital, as underwriters, on a $1bn debt offering by Corporación Nacional del Cobre de Chile (Codelco).
  • Acted for Goldman Sachs and JP Morgan Securities, as initial purchasers of  of a $200m notes the offering by LATAM Finance.
  • Advised Tanner Servicios Financieros on several issuances under a bond facility.
  • Acted for JP Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith,  and Santander Investment Securities (as representatives of several initial purchasers) on  $450m notes offering by Sociedad Química y Minera de Chile’s notes.
  • Advised Salmones Austral on both its registration as a securities issuer and the registration of the shares from its IPO with the Financial Market Commission.

Morales & Besa

Morales & Besa‘s seven-strong group regularly advises major global banks, local securities firms, global private equity funds and seasoned issuers on major Chilean capital market transactions. Recent work includes a sizeable IPO, bond issuances, a liability management transaction and a voluntary exchange and early redemption of project bonds process. Founding partner Guillermo Morales has over 35 years’ experience in advising national and international banks and corporations, and José Miguel Carvajal has extensive experience in financing companies through bond and commercial paper issuances. Senior associate Andrea Díaz heads the capital markets regulation practice; since publcation, she has been raised to the partnership, effective as of July 2021.

Testimonials

One aspect in which M&B stands out is the presence and concern of the partners in the structuring and implementation of their clients’ businesses.’

The M&B partners have maximum availability to serve clients. In capital markets, they have a very sharp team with vast experience in corporate and securities issues. Compared to other law firms, M&B has very good partner quality – it is one level higher than most practices.’

I highlight the meritocratic nature of the firm. It has a distinctive feature in the training of its lawyers, which is the thoroughness in the analysis and implementation of each transaction document.’

It is a team with great capacity for analysing problems that the client raises, always looking for innovative solutions.’

Guillermo Morales is rated for his deep knowledge of the capital markets and for being able to read the market on time. He stands out as one of the best exponents of his generation in this area.’

José Miguel Carvajal is known for his ability to respond quickly and commercially to the concerns of clients, without neglecting the delivery of a first-rate product.’

José Miguel Carvajal stands out for his high-level of analysis of any problem, dedicating the necessary time that the client requires.’

Associate Andrea Díaz has in-depth knowledge of stock market regulations.’

Key clients

Cencosud Shopping

The Republic of Chile

Goldman Sachs

JP Morgan Securities

Morgan Stanley

Ruta del Maipo Sociedad Concesionaria

Embotelladora Andina

SMU

Enjoy

Ingevec

Enap

Work highlights

  • Advised Cencosud Shopping on its registration in Chile as an issuer of publicly traded securities and in the structuring, issuance, offering and placement of 472m newly issued shares of common stock.
  • Acted for the Republic of Chile on a global offering of sovereign green bonds.
  • Advised Ruta del Maipo, a toll-road concessionaire owned by Grupo Intervial, on the issuance of a project bond for approximately $200m.

Prieto Abogados

The ten-strong team at Prieto Abogados has a substantial debt placement practice, which consistently advises issuers of debt in Chile (as well as in the US market) on bond placements. The team is also frequently involved in major IPOs, public acquisition tender offers and the structuring of industrial projects. In addition, the firm is well known for its private equity funds expertise and for its assistance to family offices with the structuring of investment vehicles. Patricio Prieto L heads the capital markets team, which also fields experienced counsel and practice director, Isabel Wolleter.

Testimonials

Prieto’s team is very committed to operations and they are always one step ahead.’

They have a lot of experience and within the team it is possible to have backup, which allows continuity.’

Key clients

Inversiones La Construcción

Compañía Industrial El Volcán

Inversiones Confuturo

Banco Internacional

Empresas Red Salud

Aguas Andinas

Salfacorp

VivoCorp

Caja de Compensación y Asignación Familiar Los Andes

Work highlights

  • Acted as lead counsel for VivoCorp, the real estate arm of CorpGroup and one of the largest shopping centre operators in Chile, on a $180m bond issuance on the local market.
  • Advised Aguas Andinas on an $80m green bond issue, its second in the local market.
  • Advised Inversiones La Construcción on a $160m bond issuance.

Ried Fabres

Ried Fabres recently unwound its two year tie-up wtih Jara del Favero Abogados and returned to its former indepedent status. The ten-strong department is co-led by Cristián Fabres, whose experience includes advising on over 60 securitisation deals, and José Miguel Ried, whose former experience includes as a former in-house counsel at the Santiago Stock Exchange. The team is well known for its capital markets expertise; typical work includes advising on alternative assets, debt securities, bond issuances, securitisation and equity transactions. Clients also benefit from the group's experience in regulatory matters, derivatives trading, investment and mutual funds, portfolio management and securities public offerings. Strong support is provided by associate Ricardo Abogabir.

Testimonials

The Ried Fabres team has deep knowledge and an accurate interpretation of capital market regulations and practice, allowing it to provide the highest level of advice, ensuring that business is conducted safely and within the legal margins and the best practices in the market, both locally and internationally.’

The level of the team is very even, which allows for quality of advice regardless of the lawyer in charge. This is generally uncommon among competitors. This is clearly appreciated in partners José Miguel Ried, Cristián Fabres and associate Ricardo Abogabir.’

Key clients

BCI Group

Metro

Larraín Vial

BICE Group

Santander Asset Management

Zurich Group

Itaú Corpbanca

BlackRock

BTG Pactual

Coagra

Ameris Capital

Tanner Group

Deutsche Bank

Forum Servicios Financieros

Credicorp Capital

Sura Group

Work highlights

  • Advised several Chilean banks on the negotiation of International Swaps and Derivatives Association (ISDA) agreements, the structuring of new derivatives products, and compliance matters.
  • Permanently advise to several local stockbrokers, securities dealers and other securities investment advisers on their day-to-day legal needs, including assistance with both the structuring of new financial products and acting in securities-related litigation.
  • Advised both Coagra and Incofin on the issuance of a new series of bonds.

Bofill, Mir & Álvarez Jana

Bofill, Mir & Álvarez Jana's capital markets team fields specialists in secondary offerings, bond and share issuances and Rule 144A / Reg S financings, and securitisation. It also assists with the launch of new investment funds. The team's recent caseload has seen it advising clients across the mining, finance, insurance, real estate, construction and hospitality industries. Practice co-heads Octavio Bofill, Alejandro Álvarez and Ana María Yuri  are all experienced practitioners, with Rodrigo Saffirio and José Antonio Velasco also highly active in the sector. A strong second line of senior associates includes Manuel Sánchez, Andrea Alarcón, Joaquín Recart and Francisco Palma.

Testimonials

A very committed team that is knowledgeable and tackles both complex and non-standard transactions.’

Quick to find solutions and swift to execute.’

A very good understanding of financial matters, the contractual treatment that is given to them and also the extension and scope of the job specifically requested. The lawyers also have a very good understanding of the structure of the contracts under analysis, even those under foreign legislation.

Octavio Bofill and Rodrigo Saffirio are outstanding partners. Both have a good command of not only legal matters, but also financial matters, the products that are traded in the markets and the various local and foreign regulations that affect them. This results in a very easy understanding both of the requirements formulated, as well as precise and useful observations and recommendations that they send clients during the various matters upon which they advise.’

Alejandro Álvarez has a senior business understanding of strategy – a key adviser.’

Manuel Sánchez has a broad command of financial and legal issues in financing contracts; he thinks out of the box to find solutions – a total team player.’

Key clients

Nutrien

EuroAmérica

Bice Vida

Moonvalley

Corso Inversiones

Kinza Capital

Work highlights

  • Advised financial services company, Moonvalley Capital, on the incorporation of an Administradora General de Fondos (a vehicle that manages third-party funds and invests in capital markets).
  • Advised EuroAmérica Servicios Financieros, as creditor, on a bond issuance by Nexus Chile.
  • Advised Corso Inversiones, the family office belonging to one of the controllers of retail giant Falabella, on the regulation of local funds.

Cariola Díez Pérez-Cotapos

Cariola Díez Pérez-Cotapos fields a 12-strong department that is led by experienced partners Francisco J Illanes, Rodrigo Sepúlveda and Juan Antonio Parodi. The group advises investment banks and financial advisers, investors and issuers on the private and public debt and equity offering of securities in both Chile and abroad, including IPOs and private placements. Notable support is provided at associate level by Sergio Balharry, Marco Antonio Aravena and Florencia Grez.

Testimonials

They are very available and are committed; they also provide quick responses and keep their clients informed. The lawyers are also very decisive and orderly. I think these are the main differentiators with some competitors.’

Key clients

Joyvio

Empresa de los Ferrocarriles del Estado

Compañía Cervecerías Unidas

DNB Markets

Empresa de Transporte de Pasajeros Metro

Banchile

Automotores Gildemeister

Nordic Trustee

Enel Generación Chile

Enel Chile

Banco Ripley

Principal Financial Group

Inversiones Transfield Services (Chile) Holdings

Ripley

Enel

Credit Suisse Securities

Work highlights

  • Advised Ripley Corp and Ripley Chile on the registration of an amendment to existing note programs.
  • Advised Chile’s State-owned railroad company, Empresa de los Ferrocarriles del Estado, on the registration and issuance of an approximately $145m note program.
  • Advised Automotores Gildemeister, a vehicle importer and distributor in Chile and Perú, on the issuance of approximately $510m new senior secured notes.

Garrigues Chile

The dedicated ten-strong department at Garrigues Chile regularly participates in some of the country’s most prominent capital markets deals, including high-value bond issuances and bond restructuring. The team is led by Pedro García, whose expertise covers debt securities, equity, liability management, derivatives and regulatory issues. José Miguel Rioseco and Jaime de Larraechea are also experienced partners, while principal associate  Antonio Morales is an increasingly core member of the team.

Practice head(s):

Pedro García

Testimonials

Great for availability and technical knowledge when executing.’

Both Pedro García and associate Maria Fernanda Jara share a high commitment to execution and speed of response in solving problems. They generate confidence in the success of the operations that clients participate in with them.’

Key clients

A3 Property Investments

Administradora General de Fondos SURA

Allianz

Banco Santander (Chile)

Besalco S

Capital Advisors

Colbún

Empresas IANSA

ENAEX

Global Soluciones Financieras

Grupo Empresas Navieras

GTD Teleductos

Nexus Chile Health

Pampa Calichera

Punta Blanca

Sacyr Chile

Santander Consumer Chile

Scotiabank Chile

Sigdo Koppers

Work highlights

  • Advised Credit Agricole Securities (USA), HSBC Securities (USA) and JP Morgan Securities, as underwriters, on the Republic of Chile’s $900m and $750m bond issuances.
  • Advised Credit Agricole, Daiwa Capital Markets, Goldman Sachs, Santander and Wells Fargo (as underwriters of Banco Santander-Chile) on a $750m issuance of 144A / Reg S bonds.
  • Advised Sigdo Koppers (as issuer) and Scotiabank and Credicorp Capital (as placement agents) on the registration and placement of debt securities.

Guerrero Olivos

Guerrero Olivos fields a 14-strong team that includes experienced partner Jorge Delpiano, Roberto Guerrero V (who specialises in cross-border debt and equity transactions), and funds expert Pedro Lyon. Providing strong support are recently promoted partner, Miguel Coddou, who specialises in commercial paper registrations, debt refinancings, and issuances of senior secured notes and securitisation; and senior associate César Gálvez, who rejoined the team after a year at Winston & Strawn LLP's New York-based capital markets department. Since publication it has become public that Guerrero is due to leave the firm as of 31st December 2020.

Practice head(s):

Jorge Delpiano; Pedro Lyon

Testimonials

The team has many years of experience and they are totally bilingual.’

They are cost effective and do a good job at a reasonable cost. They also understand the market.’

The associates are very good; they understand that I am very busy and follow up on matters as if they were my right hand. They understand the market and how my colleagues in the industry operate. They are also efficient.’

Key clients

BlackRock

Lyxor Asset Management

Morgan Stanley Investment Funds

Janus Henderson

Benefit Street Partners

Santander Mutual Fund

Franklin Templeton Asset Management

LarrainVial Activos – Administradora General de Fondos

Adepa Asset Management

Anglo American Marketing Limited Singapore Branch

The Prudential Insurance Company of America

Caja Los Andes

CGE

WOM

Kenbourne Invest

Weg Capital

Work highlights

  • Acted for Compañía General de Electricidad on the registration and placement of high-value bonds.
  • Advised TMT company, WOM, (as borrower and bond issuer), and Kenbourne Invest regarding a $450m bond offering on the international markets.
  • Assisted Anglo American Marketing (Singapore Branch) with a $45m international financing, which included structured notes.

CMS Carey & Allende

The eight-strong team at CMS Carey & Allende is frequently instructed to handle capital increases, IPOs, follow-on offerings and bond issuances, and stands out for its assistance with tender offers - most recently in the technology, gaming and aquaculture sectors. In addition, the practice fields experts in regulatory compliance matters before the Chilean Securities and Exchange Commission. Highly regarded managing partner Ramón Valdivieso heads the capital markets team alongside Jorge Allende D.

Key clients

Sun International

Sun Dreams

Empresas AquaChile

Sonda

Broota

Work highlights

  • Advised information technology services provider Sonda on the registration of bonds.

DLA Piper Chile

DLA Piper Chile's extensive practice covers IPOs, private and public placements, securities and bond issuances, capital increases, share exchanges of publicly held companies, and corporate governance regulations. The practice's sector experience takes in investment companies and retail, among others, and it has particular expertise in venture capital and in working with entrepreneurs. Diego Noguera and Matías Zegers are the experienced partners to note, with support provided by counsel Manola Quiroz and Jorge Timmermann, who was raised to the partnership in January 2021.

Practice head(s):

Diego Noguera; Matías Zegers

Testimonials

The DLA lawyers stand out not only for their extensive knowledge of the regulations that govern the different areas of our start-up business, but above all they are creative professionals with an extraordinary ability to find dynamic and simple solutions that allow us to embark on new projects with the peace of mind that they have a solid legal and regulatory basis.’

At DLA you have direct contact with the partner in charge, who is really informed and concerned about your business and has excellent availability, which is always appreciated.’

Very good performance of the team in general. It is very skilled and its people are involved from the beginning. Many firms greatly restrict the amount of resources allocated to the execution of a transaction, which ends up affecting the pace that the business needs. It does not happen with them. It compares very well with other firms of a similar size.’

Diego Noguera conveyed the necessary tranquility to the client when the social situation in Chile began to affect negotiations – a much-needed quality in processes that are normally very exhausting. His extensive knowledge and experience of Peru also allowed for a more productive negotiation.’

Matías Zegers is very creative, available and with a lot of knowledge of a wide range of businesses, which allows him to contribute experience from different companies to support the innovative projects that clients present to him.’

Key clients

Quiñenco

Fintual

CMPC

Alterra – Administradora de Fondos de Inversión

Devlabs

Administradora Dadneo II

Giddings Group

Viña Concha y Toro

Work highlights

  • Assisted Quiñenco with the filling of two bond lines before Chile’s Financial Market Commission.

Urenda, Rencoret, Orrego y Dörr

Urenda, Rencoret, Orrego y Dörr's specialist, seven-strong team (including four partners) are consistently present on both equity and debt market deals. Typical work includes IPOs, bonds and public tender offers, as well as advice to publicly held corporations, brokers and other entities on their interactions with the Securities Agency and the stock markets. Experienced partners Rodrigo de AlencarSergio Orrego, Gonzalo Rencoret and Nicholas Mocarquer are the names to note.

Key clients

Sociedad Quimica y Minera de Chile

Cemento Polpaico

Empresa Nacional de Aeronáutica de Chile

Bice Inversiones

Echeverría Izquierdo

BHP

Sociedad Pesquera Coloso

Cintac

Bank of New York Mellon

Minera Escondida

Work highlights

  • Advised Echeverría Izquierdo, a publicly held corporation and one of the largest real estate and construction companies in Chile, on its first ever bond issuance in the local market, which was split into two placements.