Capital markets in Colombia

Brigard Urrutia

Brigard Urrutia's comprehensive capital markets and equity funds practice acts for issuers, sponsors, multilateral agencies, investment banks, funds, insurers, state-owned companies, and domestic and international corporations. Fittingly, the market leading practice's headline matters this year included advising on the Republic's sovereign offerings of $1.84bn in January 2020 - as counsel to the joint bookrunners; and $2.5bn in June 2020 - as counsel to the underwriters). The 10-strong team is led by 30-year veteran Carlos Fradique-Méndez, a former chief legal advisor to the Treasury; and well-regarded younger partner Luis Gabriel Morcillo, who has participated in various landmark mandates including the first dual-listed issue, the incorporation of the fist ETF in Colombia, and the first simultaneous offering in Colombia and the international markets. The pair are 'outstanding' according to clients, and are backed by a capable associate team that includes Felipe Calderón, formerly at the Ministerio de Hacienda y Crédito Público. With its 'outstanding experience in the main transactions in the country' the team's impressive caseload also included notes issues of $400m on behalf of Grupo Energía Bogotá, $2bn on behalf of Ecopetrol, and $500m on behalf of Ocensa. However, Viviana Araújo moved in house as a senior lawyer at Scotiabank Colpatria in March 2021.

Practice head(s):

Carlos Fradique-Méndez; Luis Gabriel Morcillo


Brigard Urrutia’s capital markets group is a strong team in providing the client with comprehensive and technical advice. It is an extraordinary advice, being this one of the best in the whole country.’

The lawyers of this firm are dedicated to their clients, and stand out for their knowledge and experience that they bring to the table in the different transactions. Especially, the work of Carlos Fradique (partner) and Felipe Calderon (associate) should be recognised.

The team compares favourably with other firms in that they are always willing to go that last mile and do whatever it takes to achieve the goals set in the time and with the quality required. The firm reaches a very high level of relationship with the different teams involved in each transaction and they do everything necessary for the processes to go forward. Other firms are not able to offer services as comprehensive as this one.

The level of expertise regarding the different issues that emerge during each transaction in different sectors. They stand out for their outstanding experience in the main transactions in the country and the close and fluid work that has been achieved with the different teams of the firm. Outstanding partners: Carlos Fradique and Luis Gabriel Morcillo.

Team leader Carlos Fradique Mendez is excellent, both professionally and in terms of customer service. Whenever he is present in the meetings, the results are achieved and the conclusions are provided.

Key clients

Ashmore Management Colombia

Scotiabank Colpatria

Asociación Bancaria y de Entidades Financieras de Colombia (Asobancaria)

Blackrock Institutional Trust Company

Patrimonio Autónomo Estrategias Inmobiliarias

Corporación Andina de Fomento (CAF)

Fábrica Nacional de Autopartes- (Fanalca)

Ashmore Management Colombia

Advent International Colombia

Grupo Energía Bogotá

Grupo Argos

Grupo Coltel

Banco Santander

Sura Asset Management

Bolsa de Valores de Colombia (BVC)

Pacific Midstream

Latam Logistic Properties


US International Development Finance Corporation

US Assured Guaranty Municipal Corp.

Goldman Sachs

República de Colombia


AI Candelaria

MercadoLibre Colombia

Canpack Colombia

Atento Luxco

Work highlights

  • Brigard Urrutia served as counsel to BBVA Colombia, Bancolombia and Citibank as underwriters of Colombia’s sovereign debt issuance of 4.8 trillion pesos ($1.29bn) in 30-year treasury notes (TES), and also acted as counsel for the banks in the Memorandum of Understanding amongst the underwriters; despite being local registered, more than 70% of the offering was subscribed by international investors.
  • Brigard Urrutia represented HSBC Securities (USA), Goldman Sachs and Scotia Capital (USA), in a dual tranche offering by multi-utility services company  Empresas Públicas de Medellín, involving  COP$635.5bn in senior notes due 2027, and $575m of senior notes due 2031.
  • Colombia law counsel to full-service telecommunications provider Coltel, firsty on a $320m syndcated facility, the proceeds of which were used to redeem the companies 2022 notes (principal ammount $320m); and on the issuance of a further $500m in notes to facilitate additional enhancement of its financial position and limit exposure to currency mismatches.


Demonstrating 'total knowledge and experience of the subjects; kindness, organisation and responsibility', Garrigues' Bogotá office enjoyed a stellar performance in the capital markets segment over the course of 2020. Headline mandates include advising issuer Empresa Metro de Bogotá and Financiera de Desarrollo Nacional (FDN) on the COP$2.4bn debt securities (Títulos de Pago por Ejecución - TPEs - in the form of electronic promissory notes) emission; and underwriters Citigroup, Goldman Sachs, Santander Investment and Scotia Capital on Auna's $300m inaugural issue; as well as also counselling state finance agency Fondo Nacional de Garantías on the structuring of a partial guarantee to secure bond offerings by Colombian companies as part of the $7.3bn Unidos por Colombia program to mitigate the economic impact of the Covid-19 pandemic. The 10-strong practice is co-led by partner Roberto Borrás and counsel Camilo Gantiva, both of whom can count on previous experience at the Securities Market self-regulatory body; indeed, Borrás was president of the entity 2012-14 before arriving at the firm). As in the banking sector, key support comes from senior associate Paula Ospina Correa; over all, clients report a team that is 'highly professional, expert and prepared to meet the needs of their clients' and which knows 'how the procedures are developed and how they are handled properly and strategically'. Other matters include securities regulatory advice and consultancy for clients such as Alianza Fiduciaria, Corferias and Sodimac, loan securitisations, the negotiation of derivative agreements and cross border custodian operations.

Practice head(s):

Roberto Borrás; Camilo Gantiva


The level of the Garrigues team is excellent. Human quality, a sense of dignity for the other person and experience. Collaboration and respect for ideas, very good.’

It is a highly trained team that is very knowledgeable. Additionally, it listens to its clients -permanently and generously- always seeking to serve their interests, but always with ample and strong knowledge of the issues so as to also guide and advise in an accurate and timely manner. When comparing with other firms, I highlight their professionalism, knowledge of the issues, search for different alternatives and being absolutely serious and proactive. Very detailed in the work to be done.

Courtesy, knowledge, experience, rigour and total orientation / complete advice, given with responsibility and objectivity. They differ from other firms through all their knowledge and experience.

Their best qualities, they have total knowledge and experience of the subjects; kindness, organisation and responsibility.’

The members of the Garrigues team are highly professional, expert and prepared to meet the needs of their clients. They know how the procedures are developed and how they are handled properly and strategically. They work permanently in collaboration with clients to better respond to their suggestions. Before being aware of whether or not services are billed, they are concerned about serving their customers, meeting the commitments made, meeting legal requirements and responding in the respective times.’

The team has always shown knowledge about the issues on which we have consulted them. Camilo Gantiva has always been very kind and willing to answer the concerns we have had, as well as clarify the points that we consider necessary.

They stand out in their disposition, discipline and fulfillment of the entrusted activities.

Key clients

Fondo Nacional de Garantías

Gran Américas Usme Provisión

Banco de las Microfinanzas Bancamía


Alianza Valores

Empresa Metro de Bogotá

Banco Mundo Mujer

Fiduciaria Bogotá

Titularizadora Colombiana

Andean Towers Partners

Banca de Inversión Bancolombia

BNP Paribas

The World Bank

Fiduciaria Coomeva


Alianza Fiduciaria

Instituto Nacional de Vías

Gmasivo 10

Gmasivo 16


Gómez-Pinzón Abogados (GPA)

Fielding a 'consolidated and very professional' 19-strong team, Gómez-Pinzón Abogados (GPA)' capital markets practice acts on the full range of relevant matters, from international Rule 144A/Reg S. issuances to CM-related private equity deals. With 25 years' experience, banking and finance head Ricardo Fandiño also directs the capital markets practice, where he leads on the bulk of mandates. Nevertheless, three further partners are also active in the area: manging partner José Luis Suárez led on Enfragen's $710m Rule 144A/Reg S. bond offering, as well as on Cemex España's COP$352bn tender offer for outstanding Cemex Latam Holdings' shares; Daniel Londoño advised the Inter American Investment Corporation (IDB Invest) on multiple matters, including the subscription of  the COP452bn social bonds issued by La Hipotecaria Compañía de Financiamiento in the Colombian secondary market; and Medellín office head Adriana Moreno (whose past experience includes as head of legal at both stockbroker Serfinco and BTG Pactual), advised Credicorp on obtaining approval for the merger of several funds co-managed in conjunction with Ultraserfinco, and involving complex regulatory issues. A powerful second line of senior associates includes Jimena González Alarcón, Catalina Prieto Núñez, Tonia Orozco Araújo and Daniel Flórez Linero. However, former senior associate Diana Bogotá moved in house at IDB Invest in July 2020.

Practice head(s):

Ricardo Fandiño De la Calle


It has a consolidated and very professional team that carry out what is requested with efficiency and clarity. They focus on results which makes them different from other teams.

They are very professional and successful in their concepts. Likewise, they provide full support in the implementation of new processes that the client required.

Great collaboration and support in a very new process for the entity that hired them.

You can feel the professionalism that differentiates them from other firms.

Key clients

Goldman Sachs

JP Morgan Securities


Avianca Holdings


BofA Securities

Credivalores – Crediservicios

Cemex España


Termocandelaria Power

Credit Suisse Securities


Inter-American Investment Corporation (IDB Invest)

Citigroup Markets

Wells Fargo Securities

ScotiaCapital (USA)

Citigroup Global Markets


BNP Paribas


Philippi Prietocarrizosa Ferrero DU & Uría

The robust and knowledgeable team at Philippi Prietocarrizosa Ferrero DU & Uría handles debt and equity matters in both local and international markets, as well as the structuring of mutual and private equity funds and associated transactions. The 13-strong team is led by a trio of experienced partners. A veteran practitioner renowned as much for her leadership skills as her technical capabilities, Claudia Barrero continues to advise Celsia on issuances and placements as part of its COP$1510bn programme. Hernando Padilla's recent mandates include leading advice to Alpha Holding n its $400m senior notes issue under Rule 144A/Reg. S; he also heads the firm's private equity group. Overall banking and finance practice head, Juan Fernando Gaviria counselled the initial purchasers - BofA securities and HSBC Securities (USA) - on Grupo Energía de Bogotá's $400m senior notes issue, among other mandates. Key support comes from principal associates Luz María Mercado (capital markets; corporate/M&A) and Paula Buriticá (banking and finance; capital markets; corporate/M&A); both have over a decade's experience. However, former principal Clara Robledo-Sánchez left for Mendoza Abogados in December 2020.

Practice head(s):

Claudia Barrero; Juan Fernando Gaviria; Hernando Padilla

Key clients

Bank of America


Echelon Wealth Partners

JP Morgan


Empresa de Energía de Pacífico (EPSA)

Goldman Sachs

Alpha Holding / Alpha Capital


Grupo Energía Bogotá

Grupo Argos

Cementos Argos

Inter-American Development Bank



Work highlights

  • Counsel to JP Morgan and Citigroup as underwriters in the reopening of Promigas and Gases del Pacífico’s 2019 Rule 144A/Reg. S issuance for a total amount of $120m listed on the Singapore Exchange Securities Market.
  • Counsel to Celsia Colombia on the issuance and placement of ordinary bonds as part of its bonds and commercial paper program for a total amount of COP$150bn (with the possibility to over-allot up to COP$200bn).
  • Counsel to BofA Securities and HSBC Securities (USA), as initial purchasers on Grupo Energía de Bogotá’s $400m international senior notes issuance for the purpose of  financing GEB’s investment plan for the period 2020-2022.

Posse Herrera Ruiz

Posse Herrera Ruiz handles the full range of capital markets transactions, along with associated administrative and regulatory matters, and compliance. Characterised by its ‘disposition, experience and accompaniment‘, the team is led by the highly regarded Mariana Posse, a veteran of the segment whose practice encompasses debt restructuring, bonds and securities, and public stock acquisition. Headline matters saw Posse lead advice to Grupo Bolivar on its COP$999bn bond issue on the Colombian stock exchange, and -in conjunction with corporate partner Jaime Cubillos– co-lead advice to Auna on its $300m Rule 144A/Reg. S senior notes issue. Other matters included advising Oriflame Colombia, as a guarantor of the $335m bond issuance by its parent, Oriflame Corporation; the first netting bond emission in Colombia, on behalf of Odinsa; and securitisations, first issues, refinancing via bond issuances and day-to-day regulatory advisory. Key support comes from young associate Adriana Cabal, who has a growing specialisation in funds; and Mexico-qualified Jesús Albarrán. Corporate senior associate Susana Gómez also participates in the practice as required. Since publication, the team has been strengthened with the hire of Natalia Escobar -as a partner- with effect from January 2022; she returns to the firm after a decade in the finance and insurance sectors, most notably some five years at the Superintendencia Financiera de Colombia.


Jaime Cubillos and Susana Gómez stand out for their proactivity; attention to detail; and dedication to anticipating the needs of its customers.

As it is an issue that is handled sporadically, the experience provided by the firm in other [legal] sectors is essential to undertake this in an agile manner.

Disposition, experience and accompaniment. Excellent work by Adriana Cabal and Mariana Posse.

Key clients


Grupo Bolivar


Cemex Latam Holdings



Grupo Orbis

Work highlights

  • Advised major local finance entity, Grupo Bolivar, on its COP$999bn (approx. $288m) bond issue on the Bogotá stock exchange.
  • Advised Peruvian healthcare company Auna and its Colombian guarantors on a $300m, Rule 144A / Reg. S senior notes issue.
  • Advised Pactia Trust on the issuance of $122m bonds to the QIB market in Colombia, the client thereby becoming the first real estate private equity trust to issue ordinary bonds in the capital markets.

Baker McKenzie S.A.S.

The dynamic young practice at Baker McKenzie S.A.S. currently advises primarily on the corporate side -issuers, guarantors, sponsors- and has been particularly busy with a series of first-time issuances in the $10m-50m range of late. It is also active with both asset manager and banks in the fund formation segment (governed by capital markets regulation in Colombia). The eight-strong practice is co-led by Andrés Crump (who also co-heads the corporate practice); and Ricardo Trejos, a partner since 2019. The parallel 2019-hire of project finance specialist and banking co-head Carolina Duque has added extra depth and fire power to the senior team, especially on the project and infrastructure side, where the office has growing traction. Recent matters saw Trejos lead advice to issuer Ingeurbe (and structuring agents Credicorp Capital and Bonus Banca de Inversión), on a $40m lease securitisation; and Crump advise Brookfield Asset Management, as indirect majority shareholder of Vanti, with the latter's Colombian stock market delisting and the acquisition of some 20% of said shares via a $150m public tender offer. Key support comes from senior associates Sebastian Boada (formerly at the Superintendence of Companies); and Natalia Ponce de León (who is also qualified in New York) from the banking and finance, and corporate teams, respectively.

Practice head(s):

Ricardo Trejos; Andrés Crump

Key clients

Gas Natural – Vanti

Bonus Banca de Inversión


Siemens Financial Services

Tradition Colombia / Tradition Securities

Brookfield Asset Management

Sumatoria Asset Management



Work highlights

  • Advised Ingeurbe  as the issuer, and the structuring agents, in the non-recourse securitisation of a 25 year-real estate lease in which Colombia Telecomunicaciones is the lessee and Ingeurbe the lessor; value: $40m.
  • Advised Brookfield Asset Management, as indirect majority shareholder of Vanti on its delisting of the shares of Vanti from the Colombian stock exchange and its acquisition of 20% of Vanti’s shares by means of a $150m public tender offer.

Dentons Cardenas & Cardenas

Primarily active representing banks and financial institutions of late, rather than issuers, Dentons Cardenas & Cardenas fields a robust and knowledgeable team with particular expertise regarding international issuances. The six-strong group is led by team is led by managing partner Bernardo Cárdenas in conjunction with fellow co-heads Eduardo Cárdenas (who also leads the corporate practice) and Catalina Pinilla. Recent headline mandates saw Bernardo Cárdenas lead advice to the initial purchasers with regards to Colombia Telecomunicaciones $500m senior notes issue under Rule 144A /Reg S; while Pinilla has been active in relation to the structuring of a bond programme directed towards sustainable development. Key support comes from experienced senior associates Felipe Molano, who is increasingly taking on leading roles in this area; and Daniela Mejía, who has a Master's degree in securities and financial regulation. However, Christina Burn moved to Mendoza Abogados in August 2020.

Practice head(s):

Capital Markets

Key clients

BNP Paribas

Bank of America

JP Morgan


Work highlights

  • Local counsel to the initial purchasers (BofA Securities, BBVA Securities, BNP Paribas Securities, JP Morgan Securities and Santander Investment Securities) regarding Colombia Telecomunicaciones’ Rule 144A/Reg S. $500m senior notes issue.

Esguerra Asesores Jurídicos

Esguerra Asesores Jurídicos has a long-established reputation in securities field and has developed a considerable client roster including broker dealers, banks, private capital funds, mutual funds, investment funds and trust companies, as well as international financial institutions. Distinct from other firms, its primary focus is on the regulatory aspects of the sector, including funds, CMs associated administrative representations and arbitration. It also has expertise in insolvency and debt restructuring operations (representing creditors), and the liquidation of funds. Practice head Juan Pablo González enjoys strong market recognition, in part due to his former role as vice-president of the Bogotá stock exchange, and leads a small but experienced team of four. Notable mandates, recently, include advising on the merger of Colombia’s Cámara de Riesgo Central de Contraparte and Cámara de Compensación de Divisas, thereby strengthening the country’s counterpart clearing and settlement system. Key support comes from associate practice director Verónica Arango Lux, who has a post-graduate degree in capital markets law. Other matters include advisory on the introduction of new (capital markets-related) products into the Colombian market, and counsel regarding recurrent placements, a modality the stock exchange and Financial Superintendency are seeking to foster to further promote capital markets activity in the country. Since publication, Arango has been raised to the partnership - effective January 2022.

Practice head(s):

Juan Pablo González

Key clients

Cámara de Riesgo Central de Contraparte

Cámara de Compensación de Divisas de Colombia

Adcap Colombia


Itaú Comisionista de Bolsa

Itaú Asset Management Colombia

Sociedad Fiduciaria

Itaú Corpbanca Colombia

EFG Group

FCP Credicorp Capital Real Estate

Oficinas de Representación de Credicorp Capital & Credicorp Capital Advisors

Work highlights

  • Permanent corporate and legal counsel to the aforementioned financial companies: (i) Cámara de Riesgo Central de Contraparte de Colombia; (ii) AdCap Comisionista de Bolsa; (iii) Ultraserfinco Comisionista de Bolsa; (iv) Itaú Comisionista de Bolsa; (v) Itaú Corpbanca; (vi) Itaú Asset Management Colombia; and (vii) EFG Group.
  • Advised Cámara de Riesgo Central de Contraparte de Colombia (CRCC) and Cámara de Compensación de Divisas de Colombia (CCDC), on their merger process, which resulted in a more robust and solid counterpart clearing and settlement system.
  • Advised Adcap Colombia on the assignment of its assets and contracts to Alianza Valores and Alianza Fiducaria, a transaction requiring approval from the Superintendencia Financiera de Colombia.

DLA Piper Martinez Beltrán

DLA Piper Martinez Beltrán‘s 10-strong practice has extensive experience in the Colombian and foreign securities markets, advising on a full range of capital markets transactions under both Colombian stock exchange and US regulation. Since his late-2019 arrival from Posse Herrera Ruiz, Sebastián Lora has co-led the practice with managing partner Camilo Martínez; between them the pair cover the full range of corporate and financing matters, including all aspects of capital markets work under, with Martínez’s practice also including advisory to financial institutions with respect to regulatory matters and also regarding investigations by the Colombian Superintendence of Finance. In the absence of banking and finance senior Sebastian Celis (currently undertaking his LLM), corporate associate director Felipe Aristizabal and corporate senior Daniela Duarte provide support as necessary. Debt securities work has constituted the bulk of the team’s recent mandates, including simultaneous issuances, bonds with a social component and bonds for the secondary market, among others.

Practice head(s):

Sebastián Lora; Camilo Martínez

Mendoza Abogados

'Highly specialised boutique' Mendoza Abogados is sharply focused on finance work; 'despite being recent and small in size', it is 'increasingly consolidated in its niche' and enters the rankings on the back of significant and sustained activity in the CM segment. With a growing practice advising second-floor banks such as Financiera de Desarrollo Nacional (FDN) and Financiera del Territorio Nacional (FINDETER) regarding ISDA documentation; regulatory-advisory mandates for a number of financial institutions; and transactional and restructuring activity such as advising Inversiones Alsacia and Express de Santiago Uno on the restructuring of their $370m senior secured-note programme (under Rule 144A / Reg S.), the firm is 'at the level of the best law firms in the country' according to clients. Founding partner Mateo Mendoza, formerly a senior associate at both Posse Herrera Ruiz and Gómez-Pinzón Abogados (GPA) has expertise across corporate and project finance, banking and derivatives (among other matters). He has 'put together a very high-quality team that meets the needs of the market and clients', and that includes senior associates María Beatriz Segura and Clara Robledo-Sánchez who arrived from Sidley Austin LLP and Philippi Prietocarrizosa Ferrero DU & Uría in June 2020 and January 2021, respectively.

Practice head(s):

Mateo Mendoza


They have a great service for client’s needs, they care about explaining and getting on the client’s side in negotiations. The transactions are led directly by their main partner who has a lot of experience in the matters for which we contract them.

They are very attentive to customers, they maintain a good relationship, they are always attentive to answering their concerns.

Direct contact with the firm’s partner generates trust and solidity in transactions.’

Of course, Mateo Mendoza and Luis Armando Tolosa stand out. I think it’s necessary to highlight their dedication to the client, the speed of response and their concern to clarify and explain in detail all the points negotiated and considered before any decision that we as clients have to make in the advisory process that they provide to us.’

The service offered by Mendoza was exceptional in every way; the support, diligence, capacity and knowledge of the Mendoza team of lawyers exceeded our expectations.

Excellent collaboration and use of technological tools given the situation.

Mendoza has been putting together a very high quality team that meets the needs of the market and clients, which is at the level of the best law firms in the country.’

Maria Beatriz Segura is one of the outstanding associates of the firm, she has an exceptional dedication, knowledge and relationship, her partner Mateo is an outstanding lawyer, she may be among the best lawyers in her area in the country; in general the whole team is excellent.’

‘It is a highly specialised boutique firm, a work team with a lot of disposition and with the right technological tools for the job.’

Mateo Mendoza is an exceptional professional. He has a great knowledge of the matters that he assumes to advise on, which generates great trust in his clients and counterparts. Additionally, he has charisma and simplicity, which facilitates interaction with him and his team.

The firm, despite being recent and small in size, does not generate public reluctance for such conditions, on the contrary, it is increasingly consolidated in its niche.’

Mateo is an extraordinary lawyer and human being. The combination of professional and personal means that his relationships with his clients are strengthened in the short term and that his work team is responsible in a similar way to Mateo’s example.’

The good manners and the good treatment of the team allows greater affordability and proximity to see the external lawyer not as a consultant but as an extension of the client’s internal team.’

The availability, kindness and good treatment of Mateo Mendoza and his team make the service provided exceptional.’

With Mendoza Abogados we work in a dynamic and orderly manner, which facilitates understanding of the issues.’

Key clients

Inversiones Alsacia and Express de Santiago 1

Financiera de Desarrollo Nacional


Banco Davivienda

Bonus Banca de Inversión

BTG Pactual


Work highlights

  • Advised Inversiones Alsacia and Express Santiago on the restructuring of its US$370 million senior secured notes program issued under rules 144A/Reg S.
  • Advised Avianca in connection with the negotiation of its ISDA Master Agreements and Credit Support Annex with 10 international swap dealers for purposes of hedging FX, interest rates and fuel prices
  • Financiera de Desarrollo Territorial in connection with the negotiation of its ISDA Master Agreements and 2016 Credit Support Annex with five international swap dealers for purposes of hedging FX and interest rates.

Ustáriz & Abogados Estudio Jurídico

With a particularly noteworthy list of stockbrokers among its clients, longstanding finance boutique Ustáriz & Abogados Estudio Jurídico is lauded for its specialised capital markets knowledge, particularly as regards regulation and products. Luis Humberto Ustáriz's extensive in-house experience includes roles at the Bogotá stock market's self-regulating body; while José Federico Ustáriz, formerly in house at Corporación Financiera Colombiana, has extensive experience as legal controller in financial institutions and a postgraduate capital markets qualification. The pair co-head an eight-strong team which acts for international investment banks, brokerage firms and trust companies. Its advisory ranges from consultancy regarding securities issuance and the legal risk of potential investments, to securities compliance services, all of which is overseen by new practice director Adriana Rivera, a September-2020 hire from Alianza Fiduciaria - Alianza Valores. The team also includes Pablo Valencia, a senior figure with over 30 years' finance-sector experience, both in house and in private practice. Recent matters include advisory to Fondo Nacional de Garantías to ensure its guarantees cover the bonds issues by real estate companies in the secondary market; and elaborating of ISDA Master Agreements for both local and foreign financial entities. The team has also been particularly active in the regulatory compliance segment - where (non-lawyer) risk specialist Manuel Antonio García C comes to the fore - advising clients Itaú Comisionista de Bolsa, Skandia Valores, Casa de Bolsa, BBVA Valores and Fiduciaria de Occidente, among others.

Practice head(s):

Luis Humberto Ustáriz; Jose Federico Ustáriz


Attention to detail, focus on delivering customer service of the highest standards, and conceptual clarity. The firm is always seeking to innovate, especially in the implementation of technologies for the provision of legal services through tools that simplify client processes. They are undoubtedly at the level and are comparable with the main law firms in the country. – Luis Humberto Ustáriz: conceptual clarity and the ability to structure novel solutions to problems.– Jose Federico Ustáriz: permanent availability to meet customer needs and the high quality of deliverables.

Their work and competence are excellent. They are diligent and responsive to requests made by our company. The person who stands out is Manuel García.

A highly specialized boutique practice in banking and international trade / structures issues. It has nothing to envy to the largest firms in the region. Luis Humberto Ustáriz’s legal services are of exceptional quality and provided with a high degree of professionalism. It is available 24 hours a day, 7 days a week and is committed to meeting the deadlines to which it is committed. Nor have we had any issues with billing. Mr Ustáriz shows a total management of the technologies applicable to the services he provides. Again, he has nothing to envy other firms in the region.’

Key clients

Citivalores (Stockbroker) Skandia Valores (Stockbroker)

Casa de Bolsa (Stockbroker)

BBVA Valores (Stockbroker)

Compass Group (Stockbroker)

Valores Bancolombia (Stockbroker)

BBVA Asset Management

Fiduciaria Bancolombia

Fiduciaria de Occidente

Itaú Comisionista de Bolsa Colombia

Work highlights