Capital markets in Chile

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 Galdámez, Cristián Risopatrón and Fernando Campino.

'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.

'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.

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.

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.

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.

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'.

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.

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.

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.

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.

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.

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.

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.