Capital markets in Chile

Barros & Errázuriz

Barros & Errázuriz fields one of the largest, most specialised capital markets teams in the Chilean legal market. Both domestically and internationally, the team consistently advises on the issuance of securities and public offerings of bonds, shares and other securities. The team also assists with local and foreign investment fund placements; is strongly supported by the firm’s M&A, corporate, tax and real estate practices; and boasts longstanding expertise in capital markets regulations. Luis Alberto Letelier, whose key clients include BTG Pactual and Ameris, heads the capital markets department, which also showcases: Cristián Barros, who has over 30 years' experience in capital markets advisory work; Víctor Barros who handler issuer registrations and the issuance and placement of private and public investment funds and bonds; and Javier Díaz, the team’s regulatory expert. Also integral to the practice group: associated practice director Juan Cristóbal Schmidt; and senior associates José Miguel Diez (recently returned after a year as a Credicorp Capital legal manager), Pedro Pablo Cruz (elevated in 2020), Juan Ignacio GaldámezCristián Risopatrón and Fernando Campino.

Practice head(s):

Luis Alberto Letelier; Cristián Barros; Víctor Barros; Javier Díaz; Juan Cristóbal Schmidt

Testimonials

The firm has wide access to the funds industry and therefore has ample access to market practice, therefore providing insightful advice when needed.

Director Juan Cristóbal Schmidt is always available to clients, with the willingness and ability to engage in deep but also practical analysis.

Key clients

Abertis Autopistas (Vías Chile)

Administradora General de Fondos Sura

Agrosuper

Altis Administradora General de Fondos

Ameris Capital

Aspen Capital AGF

Asset Administradora General de Fondos

Australis Seafoods

AZ Andes Administradora General de Fondos

Adobe Capital

Baillie Gifford

Banco Falabella

Berkshire Partners

BICE Inversiones

BTG Pactual

C2V

Cerro Castillo Capital

CCAF 18 de Septiembre

CCAF Los Héroes

CMB – Prime Administradora General de Fondos

CMPC

Coca – Cola Embonor

Compass Group Chile

Constructora Besalco

Crawford Carvallo

Credicorp Capital

Credit Suisse

CVC Capital Partners

Damon Capital

DirecTV

Econsult Administradora General de Fondos

Entel

Empresas AcquaChile

Farmacias Ahumada

Fondo Esperanza

Frontal Trust

Geopark

Independencia Administradora General de Fondos

Insight Partners

Inversiones Security

JP Morgan Chase

Kapin Capital

Laboratorio Pasteur

Larraín Vial

Link Capital Partners

Lexington Partners

Moneda Asset Management

Megacentro

Neorentas (Administradora General de Fondos)

Picton Administradora General de Fondos

Siemens Chile

Singular Asset Management

Sensor Capital

Southern Cross Group

Transelec

VolcomCapital Administradora General de Fondos

Volcom Securitizadora

Weg Administradora General de Fondos

FinAsset

Work highlights

  • Advised Agrosuper on the $245m capital increase of its listed affiliate, Empresas Aquachile, which will allow it to consolidate the group’s salmon business.
  • Advised Redmegacentro on the placement of its Series D bonds.
  • Advised Fondo Esperanza on both its registration with the Financial Markets Commission and the issuance of notes defined as social bonds.

Carey

'With a tremendously strong capital markets team', Carey's 35-strong practice (including nine partners) has market-leading experience in advising issuers and bonds and stockholders on corporate bonds, securitised bonds and trade effects, as well as on both public and private securities. The group also assists with structuring and registering issuers and securities, along with managing relationships with stock exchanges, reporting requirements, periodic disclosures, and securities-related regulations. Other notable strengths include cross-border IPOs, capital increases, debt issuances, securitisation and derivatives. In recent highlights, Diego Peralta assisted Codelco with two large-value notes issuances; and Salvador Valdés advised Ontario Teachers’ Pension Plan Board on a corporate bond restructure involving several companies. Other key advisers are Francisco Ugarte (securities, corporate governance and derivatives); Cristián Eyzaguirre, who has 'extraordinary knowledge of capital markets'; Felipe Moro (structured products and derivatives); Jorge Ugarte (a professor of securities market law at the Catholic University of Chile); co-head of the investment funds practice, Francisco Guzmán; and equity and debt offerings experts Cristián Figueroa and Patricia Silberman. Senior Alejandra Daroch leads associate input.

Practice head(s):

Diego Peralta; Salvador Valdés; Francisco Ugarte; Felipe Moro; Cristián Eyzaguirre; Jorge Ugarte; Francisco Guzmán; Cristián Figueroa; Patricia Silberman

Testimonials

Carey has a tremendously strong capital markets team, which leaves clients feeling very calm.

They know this sector’s regulations like few others.

Great for the experience and quality of its partners, their attitude and way of working.

Carey has a first-rate capital markets practice.

Carey handles traditional offerings as well as challenging and innovative offerings with class, dedication, knowledge and experience – it’s a winning combination!

Francisco Ugarte and Cristián Eyzaguirre are extraordinary lawyers; they are the people with whom I discuss complex matters and their opinion is key to my decision making.

Cristián Eyzaguirre is an excellent lawyer; he has extraordinary knowledge of capital markets, and is capable of proposing very innovative and practical solutions.

Key clients

Codelco

OTTP

VTR

Inversiones CMPC

Scotiabank

Moneda AGF

Consorcio

Citibank

UMB Bank

Algonquin Power & Utilities

Work highlights

  • Assisted Codelco with two large-value note issuances.
  • Advised Ontario Teachers’ Pension Plan Board on a corporate bond restructure for sanitary companies Essbio, Esval and Nuevosur, and holding company Inversiones Southwater.
  • Advised BofA Securities, Credit Agricole Securities (USA), Goldman Sachs and JP Morgan Securities on the $750m issuance of senior notes  by Banco Estado.

Claro & Cia.

'Providing legal advice of the highest standard,' Claro & Cia.'s 15-strong team is widely respected for its experience in designing and structuring sophisticated securities transactions that comprise multilateral financing and cross-border capital flows. Representative work includes IPOs, equity and investment-grade and high-yield debt offerings, project bonds, securities exchange listings, exchange offers, hybrid securities, and cash and debt tender-offers. Rodrigo Ochagavía is particularly noted for his capital markets work involving energy, mining and insurance companies, pension funds and banking institutions; while José Luis Ambrosy focuses on capital markets, finance and corporate matters. The second line of experienced partners features Felipe Larraín (public transactions involving tender offers, securities laws and corporate governance issues); and Juan José León (banking and capital markets regulations, including regulatory actions). At counsel level, Cristián Lagos' practice includes securities law and capital markets offerings; however, former counsel Jaime Salas left the firm in March 2021.

Practice head(s):

Rodrigo Ochagavía; José Luis Ambrosy

Testimonials

The knowledge and experience they have in these matters is remarkable, as is their ability to understand clients’ specific requirements.

Provides legal advice of the highest standard.’

Compared to other firms, I would highlight the knowledge and quality of the team’s lawyers, as well as their significant experience.

Claro’s capital markets team is always available to clients and its knowledge of the national market is impressive – a key partner for our internal team.

They helped us achieve all the objectives that we set for ourselves.

Rodrigo Ochagavía is an excellent lawyer, who has solid knowledge and is a very good negotiator.

José Luis Ambrosy is excellent and always up to date.

Outstanding participation from Felipe Larraín, José Luis Ambrosy and counsel Cristian Lagos.

Key clients

AES Gener

Tecno Fast

Banco del Estado de Chile

Sociedad Química y Minera de Chile

Toesca (Administradora General de Fondos)

Latam Airlines Group

Clínica Las Condes

Compañía Sud Americana de Vapores

Parque Arauco

Atlas Renewable Energy

Work highlights

  • Advised Empresa Eléctrica Cochrane on what is reportedly the largest US dollar-denominated local bond placement in Chile’s history.
  • Advised Sociedad Química y Minera de Chile on a $400m notes offering.
  • Advised AES Gener on a $500m capital increase.

Morales & Besa

Consistently sought out to advise on complex, large and challenging transactions, Morales & Besa's five-member capital markets department has 'great experience and knows the regulations and their application very well'. In addition to the firm's transactional work for underwriters and issuers of securities, the group acts for domestic and global private equity funds and asset managers. It additionally provides specialised regulatory advice, predominantly to global investment banks, stockbroker firms, investment funds and depositaries. With longstanding experience, founding partner Guillermo Morales' broad corporate finance practice includes domestic and cross-border capital markets transactions, debt and equity offerings, liability management transactions, IPOs and follow-on offerings; while co-department head José Miguel Carvajal's experience includes financing companies through bond and commercial paper issuances. The promotion of Andrea Díaz, director of the capital markets regulation sub-practice, to the partnership in July 2021 completes the partner line up.

Practice head(s):

Guillermo Morales; José Miguel Carvajal

Testimonials

A consolidated team with great capacity for innovation.

The team has great experience and knows the regulations and their application very well.

They have a lot of experience in different matters, which allows them to provide complete advice to the client.

The capital markets team has been specialising in these matters for several years, which mean they deliver their answers and opinions with confidence, providing a very good level of advice to the client.

They carry out the work with great enthusiasm, are committed and become part of the client’s needs – outstanding teamwork and relationship with the client.

A team that is on top of the issues and concerned about each detail of each operation; it is professional, and quick to deliver assertive answers.

I would highlight the work of Guillermo Morales and senior associate Andrea Díaz, who are both always ready to help the client and deliver the best solution – very kind, committed people with a lot of knowledge and experience in the stock markets.

Senior associate Andrea Díaz has great knowledge of the market and innovative structures.

Key clients

The Republic of Chile

Enjoy

Cencosud

Viña San Pedro Tarapacá

SMU

Parque Arauco

Empresas Hites

AVLA

LarrainVial

Apollo Global Management

Wenco

Work highlights

  • Advised the Republic of Chile on several high-profile environmental, social and corporate governance financial operations.
  • Advised Enjoy (undergoing a reorganisation proceeding in Chile) on the issuance of new bonds to reflect its debt restructuring, and their subsequent exchange for outstanding bonds and local commercial papers.
  • Advised AVLA, as issuer, on the voluntary prepayment offer of outstanding commercial papers (Series F1, J1, D1, D2, G1, G2, G3 and H1) and the placement of its Series A inaugural bonds.

Philippi Prietocarrizosa Ferrero DU & Uría

With an established presence in national and international capital markets activity, Philippi Prietocarrizosa Ferrero DU & Uría's 12-strong team has a strong reputation for the incorporation, registration, operation, merger, acquisition, transfer and liquidation of listed companies. Additional areas of expertise include the issuance, registration, placement, trading and offering of securities. The firm also has robust corporate governance and compliance practices; handles administrative proceedings before the Financial Market Commission; and assists with the creation and optimisation of structures and investment vehicles. Banking, finance and capital markets expert Marcelo Armas co-heads the practice with Andrés Sanfuentes wh brings over 30 years' practice experience to bear; Federico Grebe, who recently advised Salmones Austral on the registration of the company and its shares with the CMF; and Marcela Silva, who advises underwriters and issuers. The principal associates to note are Constanza Rodríguez, Guillermo Vial and Daniel Parodi.

Practice head(s):

Marcelo Armas; Marcela Silva; Andrés Sanfuentes; Federico Grebe

Testimonials

Marcelo Armas is our go-to guy.

Key clients

BofA Securities

JP Morgan Securities

Merrill Lynch International

Tanner Servicios Financieros

AD Retail

Embotelladora Andina

Scotiabank Europe

Scotia Capital (USA)

The Bank of Nova Scotia (Hong Kong Branch)

Citigroup Global Markets

Itau BBA USA Securities

HSBC Securities (USA)

BNP Paribas Securities Corp

Mizuho Securities USA

Goldman Sachs

Credit Suisse Securities (USA)

Deutsche Bank

Morgan Stanley

Santander Investment

BNP Paribas

Bolsa de Comercio de Santiago

Bolsa de Valores de Lima

Bolsa de Valores de Colombia

Work highlights

  • Advised AD Retail (holding company of the local department retail store and its financial credit card business) on the restructuring of its debt (predominantly with Chilean SEC-registered bondholders).
  • Acted as Chilean counsel to the underwriters on the Republic of Chile’s issuance and sale of approximately $1.46bn in notes, with funds destined to finance Covid-19 related governmental policies and aid programmes.
  • Advised (alongside its Lima and Bogotá offices) BCS, BVL and BVC on the potential integration of the infrastructure and services of the three entities, which would lead to the first integration of Latin American stock exchanges.

Bofill Mir Abogados

Bofill, Mir & Álvarez Jana's sizeable 20-member capital markets practice is consistently sought out for its experience in IPOs and secondary offerings, bond and share issuances and Rule 144A/Reg S financings, and securitisation work. It also assists with structuring and launching new investment funds; over the last year it has been particularly active on behalf of finance, insurance, real estate, construction and retail clients. Name partner Octavio Bofill recently led advice to EuroAmérica, as creditors, in a bond issuance for Nexus Chile (following a bridge loan financing operation), while Ana María Yuri has been active, of late, working with insurer Bice Vida on its ongoing investments; the pair co-lead the practice with Alejandro Álvarez, who also co-leads the firm’s corporate practice alongside Bofill. Additional partner-level experience comes from Rodrigo Saffirio (securities and capital markets transactions) and corporate law specialist José Antonio Velasco. An impressive second line of senior associates includes Manuel Sánchez, Andrea Alarcón and Joaquín Recart, along with September 2020-hire (from Carey), Feliciano Tomarelli. However, former senior associate Francisco Palma moved to Lembeye Abogados in June 2020.

Practice head(s):

Octavio Bofill; Alejandro Álvarez; Ana María Yuri

Testimonials

Responds to clients’ requirements with extreme speed and precision, in terms of technical and factual aspects, which is essential in environments as dynamic as the capital markets.

Human qualities, as well as high levels of technical knowledge.

Key clients

EuroAmérica

Lucec Tres

Constructora Pocuro

Bice Vida Compañía de Seguros

Work highlights

  • Advised EuroAmérica, as creditor, on a bond issuance for Nexus Chile (following a bridging loan deal).
  • Advised Inmobiliaria Frontera Country Club, a public limited company that is registered with the CMF, on its dissolution.
  • Ongoing advise to insurance company Bice Vida on its investments in various investment funds (feeder funds).

Garrigues Chile

Garrigues Chile houses a 12-member team that is dedicated to finance law and capital markets, and frequently involved in significant bond issuances in Chile, as well as international debt placements by Chilean companies. It was also recently active in assisting bondholders with high-profile restructurings. Department head Pedro García's practice ranges from debt securities (internationally and locally) to equity, liability management, debt restructuring, derivatives and regulatory matters. Also integral to the practice group are investment funds leader José Miguel Rioseco (over 20 years' capital markets experience); and Jaime de Larraechea, who has expertise in new technologies for the capital markets. At non-partner level, senior associate Daniel Hernández is active in debt securities and liability management transactions, while Maria Fernanda Jara is 'an outstanding associate'.

Practice head(s):

Pedro García

Other key lawyers:

associate Maria Fernanda Jara

Testimonials

Compares very favourably to other firms, with a thorough knowledge of the procedures and rules.

They differ in their attention to detail; they are efficient and always ready to serve the client.

A lot of experience and mastery of the topics on which they advise.

Very good command of stock market issues and good availability.

A lot of proactivity when working, which saves time and the need for follow-ups.’

Pedro García is an outstanding partner.

Maria Fernanda Jara is an outstanding associate.

Maria Fernanda Jara has managed to carry out particularly difficult and challenging transactions with excellent results.

Key clients

A3 Property Investments

Allianz

Banco de Chile

Banco del Estado de Chile

Banco Santander-Chile

BNP

La Araucana

Colbún

Empresa Nacional del Petróleo

Falabella

Global Soluciones Financieras

Goldman Sachs

Grupo Empresas Navieras

Inversiones Punta Blanca

JP Morgan

Nexus Chile Health

Norte Grande

Nitratos de Chile

Sociedad de Inversiones Oro Blanco

Potasios de Chile

Sociedad de Inversiones Pampa Calichera

Santander Consumer Finance

Scotia Securities

Scotiabank Chile

Sigdo Koppers

Sociedad Concesionaria Ruta Del Algarrobo

Sociedad Concesionaria Rutas del Desierto

Sura

Work highlights

  • Advised BNP Paribas, Intesa Sanpaolo, Mizuho, MUFG, SMBC, and Société Générale on the placement of $710m debt securities by Glenfarne/Enfragen.
  • Advised BoFA, JP Morgan, Scotia Capital and Santander (as bookrunners), on the placement of international bonds by major power-generation conglomerate, Colbún.
  • Advised Société Generale, BNP Paribas and Santander Securities (as underwriters) on the Republic of Chile’s high-value issuances.

Honorato | Delaveau

Honorato | Delaveau houses an eight-member team that advises on the whole spectrum of capital markets, including asset management, debt and equity matters, as well as structuring investments for pension funds and institutional investors. Clients particularly benefit from the group's focus on the establishment and registration of funds with the Risk Classification Commission and Chilean Financial Market Commission (CMF). Sebastián Delpiano leads the department, which also includes: current member of the Good Practices Committee of the Santiago Stock Exchange and the Electronic Stock Exchange, Gonzalo Delaveau, a securitisation specialist; and corporate finance and international transactions practice head Matías Langevin (debt and equity offerings). Also key to the practice are of counsel Carlos Frias, senior associate Nicolás Garcia and director Carolina Phillips. In January 2021, the firm hired Felipe Divin to lead its corporate governance, financial regulation and IT practice from a brokerage service company.

Practice head(s):

Sebastián Delpiano

Testimonials

What makes this firm unique is not only the high degree of specialisation that its lawyers have in the various matters they advise us on, but also the practical approach they have, perfectly combining legal aspects with our requirements as an issuer of securities.

Personalised advice tailored to our needs, always taking into account our business and how to address different issues in a practical and timely manner.

Great for comprehensive advice and concern for detail.

Stands out from others, especially for the quality of the advice and the speed with which it is provided.

Extensive experience in the field of investments with excellent response times.

A good firm with serious and committed professionals, who have a lot of knowledge in the area in which they serve us.

Sebastián Delpiano is appreciated for his knowledge, experience and network of contacts with the supervisory bodies.

Key clients

Larrain Vial

Nueva Capital

Zurich

Falcom Capital

Nevasa

XLC Capital

Quest

HMC

Ameris Capital

Finasset

Invinsa

Focus Capital

Buena Vista Capital

JP Morgan

Goldman Sachs

HSBC Securities

Bank of America

BNP Paribas

Open Trading Group

Central Hipotecaria

Primus Capital

SMBC Securities

Work highlights

  • Assisted Administradora General de Fondos Sura with the CCR (Risk Classification Commission) approval of Fondo de Inversión Sura Renta Inmobiliaria III.
  • Advises Columbia Threadneedle Investment (on an ongoing basis) on approval and distribution matters.
  • Acted for HMC (Administradora General de Fondos) on the structuring and registering of several investment funds before the Chilean Commission for the Financial Market.

Prieto Abogados

The ten-member team at Prieto Abogados is particularly well known for its substantial debt placement practice; it advises issuers of debt in Chile, as well as in the US market on bond placements. More broadly, the team regularly advises on IPOs; assists family offices with the structuring of investment vehicles; and also houses private equity fund experts who advise on the formation of private funds. In addition to leading the insurance and reinsurance department, capital markets head Patricio Prieto L advises on the issue, buyback and exchange of bonds; while highly regarded counsel Isabel Wolleter assists with the structuring of debt issuance, negotiable instruments and stock exchange listing processes, among other matters. Associate Maite Larrañaga is also a key team member. Since publciation Larrañaga has been raised to counsel and appointed director of the investment funds practice at the firm (effective November 2021), while Wolleter has been raised to partner as of January 2022.

Practice head(s):

Patricio Prieto L.; Isabel Wolleter

Key clients

Plaza

Vivocorp

Aguas Andinas

Ad Hoc Group (Automotores Gildemeister noteholders)

Empresas Red Salud

HB Inversiones

Compañía Industrial El Volcán

Infraestructura Alpha (Frontal Trust)

Engie Energía Chile

Caja de Compensación y Asignación Familiar Los Andes

Work highlights

  • Advised Plaza on the registration of two bond lines worth $400m each, as well as three bond placements (totalling $320m).
  • Advised VivoCorp on the registration of approximately 87m shares in the company at the Securities Register of the Financial Market Commission (in anticipation of its IPO).
  • Advised the noteholders of Automotores Gildemeister (AG) on the tender and exchange offer by AG to restructure the company’s outstanding secured and unsecured debt securities, including the issuance of senior secured notes.

Ried Fabres

Ried Fabres, which in early 2020 unwound its 2018 merger with Jara Del Favero Abogados, fields a nine-member group that advises on complex transactions involving alternative assets, debt securities, bond issuances, securitisation, tender offers, and equity transactions; with the team's expertise extending to derivatives agreements and related regulations. The practice is co-led by: Cristián Fabres, whose experience includes multiple securitisations through funds and special purpose vehicles; José Miguel Ried, a former in-house counsel at the Santiago Stock Exchange; and recently named partner Ricardo Abogabir, who, in addition to his bond offerings work, leads the derivatives sub-practice. At non-partner level, senior associate Jaime Hirschberg, and associates Luz María Waidele (who joined in May 2020 from Barros & Errázuriz) and Luz María Guridi, have broad capital markets' practices and expertise.

Practice head(s):

Cristián Fabres; José Miguel Ried; Ricardo Abogabir

Testimonials

The team is very good and the partners are available to clients, participating in the resolution of cases/queries when necessary.

These lawyers have thorough knowledge of securities market issues and provide concrete answers.

Willingness to resolve issues with the urgency required.

A highly qualified team in all capital markets matters, including both legal and practical aspects.

Excellent professional training and vast experience.

The difference is that the level of all the lawyers, regardless of their rank, is very high, which allows for the very best service.

Ability to solve complex problems with fast and reliable solutions, thanks to their professional excellence and extensive and successful careers.

A very agile and accessible practice.

Key clients

BCI Group

Empresa de Transporte de Pasajeros Metro

Larraín Vial

BICE Group

Santander Asset Management

Zurich Group

BlackRock

BTG Pactual

Itaú Corpbanca

Coagra

Tanner Group

Deutsche Bank

Ameris Capital

Credicorp Capital

Banco Santander

Bloomberg

Consorcio

Falcom Capital

Endurance Investments

Cencosud

Forum Servicios Financieros

Work highlights

  • Advised state-owned Empresa de Transporte de Pasajeros Metro on its notes offering.
  • Advised Volcom Securitizadora on the shelf registration with the Chilean regulator of securitised bonds, as well as the subsequent placement of the securitised bonds in the Chilean market.
  • Advised BCI Securitizadora on the issuance of a securitised bond with underlying assets, which was originated by Copeval.

Cariola Díez Pérez-Cotapos

Cariola Díez Pérez-Cotapos fields a 10-strong team that assists investment banks, financial advisers, investors and issuers with private and public debt and equity securities offerings in both Chile and abroad, including IPOs, 144As, Reg S work and private placements. The practice co-heads are the widely respected partners Francisco J Illanes (M&A, banking and finance, capital markets and telecoms); Rodrigo Sepúlveda (issuance of debt and capital instruments, syndicated loans and other financial transactions); and Juan Antonio Parodi (securities issuances). Key associate support comes from, senior Sergio Balharry; however, former senior associates Marco Antonio Aravena and Florencia Grez moved to Mercado Libre and MBC Abogados, in January and June 2021, respectively.

Practice head(s):

Francisco Illanes; Rodrigo Sepúlveda; Juan Antonio Parodi

Key clients

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 Corp

Enel

Credit Suisse Securities

Banvida

Esmax Distribución

Rentas e Inversiones Baker

Work highlights

  • Advised Banvida on a capital increase for approximately $45m, its registration with the Chilean securities regulator, and a two-step preemptive rights offering and placement in the local market.
  • Advised Ripley Corp and Ripley Chile on the registration and issuance of two notes programmes in the Chilean capital markets.
  • Advised Empresa de los Ferrocarriles del Estado (Chilean state-owned railway company) on the registration and issuance of a guaranteed, long-term notes programme in the Chilean capital markets.

DLA Piper Chile

The broad practice at DLA Piper Chile is a ‘technically extraordinary team‘ and advises on matters ranging from IPOs, private and public placements and securities issuances, to assistance with capital increases, stock options, bond issuances and credit line registrations. Clients additionally benefit from the group’s expertise in venture capital and its experience in working with entrepreneurs. Securities and capital markets expert Diego Noguera leads the department, which includes corporate and securities law specialist Matías Zegers. In January 2021, Jorge Timmermann (securities issuances and fund registrations) was made up to partner; but former counsel Manola Quiroz moved to NLD Abogados as a partner in February.

Practice head(s):

Diego Noguera

Testimonials

The DLA team is technically extraordinary, but they also commit enough time and resources so that clients feel permanently accompanied by them; and they are accessible both at associate-attorney and partner level.

The main differentiating element is the commitment to handling clients’ concerns.

A very good team, with quick answers and practical solutions to the problems presented.

Jorge Timmerman is very receptive to looking for solutions within the options presented to him, and he is very clear in explaining his answers.

Key clients

Quiñenco

LQ Inversiones Financieras

OakTree Capital Management

Devlabs

Administradora Fen Ventures II

Link Capital Partners

Fondo de Inversión Privado Vulcano – Administradora Dadneo II

Work highlights

  • Advised Quiñenco on the issuance of local bonds.
  • Advised Oaktree Capital Management on the design and incorporation of local investment funds.
  • Advised LQ Inversiones Financieras on the filling of two bond lines before the CMF.

Guerrero Olivos

The 12-member department at Guerrero Olivos covers the full range of capital markets work, including regulatory and transactional matters; debt and equity issuances; the structuring of investments funds and management of their transactions; and assisting mutual and public investment fund managers with the registration and placement of private and public funds. Jorge Delpiano has longstanding experience advising on day-to-day capital markets matters; Miguel Coddou advises on local debt offerings, international securities issuances and regulatory matters; and Pedro Lyon is an investment funds specialist. At non-partner level, senior associate César Gálvez and associate Diego Rodríguez are names to note. Former partner Roberto Guerrero V left for Cuatrecasas in December 2020. Since publication, Gálvez has been raised to the partnership - effective as of March 2022.

Practice head(s):

Jorge Delpiano; Miguel Coddou; Pedro Lyon

Testimonials

An excellent team that is prepared and knows what it is doing.

One of the best offices around for capital markets.

Knows the regulations while also being creative.

Knowledge and competences that are excellent.

Key clients

Kenbourne Invest

Wom

Molitalia

BlackRock

Larrain Vial

Caja de Compensación de Asignación Familiar La Araucana

DWS Group

Franklin Templeton Investment Funds

Lyxor Asset Management

The Prudential Insurance Company of America

Compañía General de Electricidad

Caja de Compensación de Asignación Familiar de Los Andes

Corporación de Fomento de la Producción (CORFO)

Fondo Crece

Activa

Aministradora Mater

Ameris Capital Administradora General de Fondos

Work highlights

  • Advised Kenbourne Invest on two international bond offerings under Rule 144A/Reg S for an aggregate amount of $960m.
  • Advised Caja de Compensación de Asignación Familiar La Araucana on the registration and exchange of two series of bonds (amounting to $442m).
  • Advised Larrain Vial on structuring several public and private investment funds.

Baker McKenzie Chile

Covering all aspects of financing in the domestic and international capital markets, Baker McKenzie Chile's seven-strong practice has been particularly active in the corporate debt and securitisation markets, recently; the practice also houses experts in capital markets regulation. Fernando Castro (current Chilean member of the firm's capital markets' steering committee in Latin America) recently advised Grupo Security on a $130m capital increase. Jaime Munro's broad transactional practice also includes securities advice to multinational and Chilean companies. Key associate support comes from the experienced intermediate, Cristóbal Larrain.

Practice head(s):

Fernando Castro; Jaime Munro

Key clients

Grupo Security

Viña Concha y Toro

Securitizadora Security

Administradora General de Fondos Security

Natixis

Credicorp Capital Asset Management

Work highlights

  • Advised Grupo Security on the issuance and placement of a $130m capital increase.
  • Advised Inversiones Previsión Security on the issuance of a 30-year line of corporate bonds and the subsequent issuance of Series B, C, D and E bonds.
  • Advised Natixis on capital markets-related compliance issues.

CMS Carey & Allende

CMS Carey & Allende's six-member department advises on capital increases and bond issuances, as well as tender offers. Other notable areas include regulatory compliance, unsolicited tender offers, debt restructurings, and IPOs and follow-on offerings, as well as financing expansions through capital markets. Senior partner Ramón Valdivieso advises issuing companies and investment banks on the issuance, registration and placement of securities, while fellow co-head Jorge Allende D is known for his work involving the international hospitality, finance, and natural resources sectors. Senior associate Enrique Vergara's experience includes corporate bond issuances.

Practice head(s):

Jorge Allende D; Ramón Valdivieso

Testimonials

Experienced team with agility that is not afraid to handle unknown, innovative or unregulated matters.

Great support on regulatory matters.

Key clients

Nueva Inversiones Pacifico Sur

Sonda

Sun International

E-digital

Broota

Sun Dreams

Centerbridge

Blackstone Infrastructure Partners

Morgan Stanley

Zurcher Kantonalbank

Ardian Chile

Work highlights

  • Advised Nueva Inversiones Pacífico Sur on a new share purchase agreement with Sun Latam, in relation to the purchase of a 65% stake in casino operator Sun Dreams.
  • Advised Sun Dreams on the required amendments to a 2012 bond-issuance agreement.
  • Advised Sun Dreams on the issuance of corporate bonds in the local market (for approximately $76m).

Urenda, Rencoret, Orrego y Dörr

Urenda, Rencoret, Orrego y Dörr's eight-strong team assists with both equity and debt markets, such as IPOs, bonds and public tender offers. It is also noted for its assistance to publicly held corporations, brokers and other entities, in relation to their interaction with Chile's Securities Agency and the stock markets. Rodrigo de Alencar and Sergio Orrego are experienced in capital markets-related compliance, securities, IPOs and tender offers; and Gonzalo Rencoret and Nicholas Mocarquer provide additional partner-level support. Isidora Zañartu is a go-to associate for securities laws and regulations.

Practice head(s):

Rodrigo de Alencar; Sergio Orrego

Key clients

Sociedad Química y Minera de Chile

Cemento Polpaico

Sociedad Pesquera Coloso

Izquierdo Echeverría

Cintac

Inmobiliaria Mall Viña del Mar

Invercap

Work highlights

  • Advised Sociedad Pesquera Coloso on its dissolution and liquidation process.
  • Advised Invercap on the securities laws and regulations applicable to Invercap’s acquisition of stock packages in CAP, through subsequent transactions.
  • Advised Echeverría Izquierdo on the registration of new shares with the Financial Market Commission’s Securities Registry.