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.

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.

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.

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.

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. Since publication, Armas has left the firm with effect from January 2023.

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.

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.

Acting for mutual and public investment fund managers, stockbrokers, investment banks and corporate issuers, HD Legal‘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.

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.

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 associate Feliciano Tomarelli (dual-qualified in Chile and New York) is active in securities-related matters, but former fellow senior Victoria Salazar left the firm in March 2023.

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.

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.

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.

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.