Rising Stars

Capital markets in Colombia

Brigard Urrutia

Brigard Urrutia’s status as a destination practice for capital markets work was reinforced during 2022 through its advice to the underwriters on the Republic of Colombia’s $1.6bn bond issuance. The group, which routinely acts for both issuers and underwriters, also has a strong record in equity offerings. Senior partner Carlos Fradique-Méndez is sought after for his extensive expertise in capital markets and banking transactions and co-heads the department alongside Luis Gabriel Morcillo, who specialises in securities, private equity and corporate issues; together they co-led the capital markets advice to the underwriters on Colombia’s high-profile bond offering. The team was additionally boosted by the arrival of two new senior associates: in June 2022, Viviana Araújo joined from Scotiabank, while Nicolás Arocha Roldán, who was formerly at Esguerra Asesores Jurídicos, arrived in September 2022. Senior associate Luis Alejandro León departed the firm in September 2022.

Practice head(s):

Carlos Fradique-Méndez; Luis Gabriel Morcillo


Brigard Urrutia is a highly professional firm, which provides a close and accurate service to its clients. It is one of the best firms in Colombia, which is clear when dealing with its lawyers.

The main qualities of Brigard are its closeness and professionalism; it provides a service committed to the objectives of the clients.

Key clients



Asociación Colombiana de Fondos de Capital Privado (ColCapital)

Blackrock Institutional Trust Company

LATAM Airlines

Banco de Desarrollo de América Latina

Credit Suisse Securities


Ashmore Management Colombia

Scotiabank Colpatria

Asociación Bancaria y de Entidades Financieras de Colombia (Asobancaria)

Patrimonio Autónomo Estrategias Inmobiliarias

Corporación Andina de Fomento (CAF)

Fábrica Nacional de Autopartes (Fanalca)

Advent International Colombia

BTG Pactual

Grupo Argos

Grupo Coltel

Banco Santander

Sura Asset Management

Bolsa de Valores de Colombia (BVC)

Sumitomo Mitsui Banking Corporation

Latam Logistic Properties


LarraínVial Colombia

Goldman Sachs

República de Colombia


AI Candelaria

Mercado Libre Colombia

Atento Luxco

Julius Baer

JP Morgan

Bank of America


Península Investment Group

Work highlights

  • Advised the underwriters (HSBC Securities USA, Santander Investment Securities, and Scotia Capital USA) on a $1.6bn bond offering by the Republic of Colombia.
  • Advised LATAM Airlines on its emergence from Chapter 11 in a complex transaction that included the issuance of convertible bonds, among other aspects.
  • Advised Enel Colombia on a COP$9bn follow-on bond offering.

Gómez-Pinzón Abogados (GPA)

Gómez-Pinzón Abogados (GPA) fields an integrated banking, finance and capital markets practice that counts major Colombian and multinational issuers and underwriters among its representative clients. Despite the general market slowdown, the team was involved in several headline-grabbing mandates during 2022/2023. Most notably, department head Ricardo Fandiño, advised the underwriters (Citigroup Global Markets, JP Morgan Securities, Santander Investment Securities, and Scotia Capital) regarding Ecopetrol’s $2bn bond offering. Other senior figures include Daniel Londoño, who acted as local counsel to Credivalores-Crediservicios on a $300m notes issuance on the international market, as well as Medellín office head Adriana Moreno, and firm managing partner José Luis Suárez. The practice also houses a strong second line of senior associates, including Catalina Prieto Núñez, Jimena González Alarcón and Daniel Flórez Linero. In November 2022, senior associate Tonia Orozco left to join the Development Bank of Latin America (CAF).

Practice head(s):

Ricardo Fandiño


The lawyers that compose the team operate at an excellent professional and personal level, which gives us confidence in their advice. They are clear and precise in their assessments and demonstrate deep knowledge and analysis in relation to our issues.

The team is always willing to support us and return a call or email in a timely manner. Its rates are very competitive, unlike those handled by other offices that are usually well above what is expected or what fits our budget.

Lawyers are always willing to resolve our concerns, to return a call or a message very promptly. Unlike other firms, we feel very close to them on a day-to-day basis. They are generally very clear and precise in their answers, which saves us time and the need to ask for additional explanations.

Key clients



Credit Suisse Securities (USA), JP Morgan Securities, Bank of America, Morgan Stanley, Goldman Sachs, Deutsche Bank


Citigroup Global Markets, SMBC, Scotia Bank

Banco Davivienda


Inter-American Investment Corporation (IDB Invest)

Emso Asset Management



Wells Fargo Securities

Cemex España

Instituto Colombiano de Crédito Educativo y Estudios Técnicos en el Exterior ‘Mariano Ospina Pérez’ ( ICETEX)

Work highlights

  • Advised Nugil on its unsolicited tender offers for shares of Grupo Nutresa.
  • Advised JGDB Holding, a Colombian company owned by the Gilinski family, on its unsolicited tender offer for Grupo de Inversiones Suramericana.
  • Advised the underwriters on a $2bn bond offering launched on the international market by Ecopetrol

Baker McKenzie S.A.S.

Lauded for its ‘hands-on and practical legal advice’, Baker McKenzie S.A.S. also stands out for its cross-border firepower and its ability to guide multinational clients through ‘the Colombian landscape of deal-making’. Ricardo Trejos is highly regarded for his strength in debt capital markets and private equity transactions — notably, private equity is subject to capital markets regulation in Colombia. M&A specialist Andrés Crump, who co-leads the department together with Trejos, is recommended for equity capital markets work. At associate level, key contacts include senior Natalia Ponce de León and intermediate Juliana Gómez. In December 2022, finance partner Carolina Duque left to establish her own firm, while senior associate Sebastián Boada departed for the Development Bank of Latin America (CAF).

Practice head(s):

Ricardo Trejos; Andrés Crump


The team was highly professional, gave very hands-on and practical legal advice, and really helped us to navigate a new jurisdiction in a transaction with many challenges and difficulties in a very efficient manner.

The type of deal was historic for the Colombian stock exchange and had never been done. The team and its professional attitude – also dealing with the many other parties involved – contributed tremendously to the success of the transaction.

The team headed by Andrés Crump, and including associates Natalia Ponce de León and Juliana Gómez, did an excellent job. While dealing with Covid-19 restrictions and travel bans and many time-zones, they were always available and hands on.

Key clients

Banco Davivienda

Harbour Vest

Akzo Nobel


Transporte Masivo del Valle de Aburrá Limitada – Metro de Medellín

Desarrollo Eléctrico Suria (DELSUR)

Grupo Excala

MFS Investment Management


Credicorp Capital


Work highlights

  • Advised Industria Ambiental on the first ever bond regulatory approval by a simplified corporation in the Colombian market.
  • Advised Prabyc Ingenieros on its first regulatory registration approval for local bonds.
  • Advised Akzo Nobel on the acquisition of publicly listed company, Grupo Orbis.

Dentons Cardenas & Cardenas

Dentons Cardenas & Cardenas houses a leading debt capital markets practice, which is distinguished by its ability to plug into the wider firm’s dominant banking and structured finance groups. On the equity side, the team has extensive experience in share sales and acquisitions. Colombia managing partner Bernardo Cárdenas is noted for corporate and finance transactions and has notched up a strong record in representing underwriters on debt issuances. Cárdenas co-heads the department together with high-profile corporate specialist Eduardo Cárdenas and Catalina Pinilla, who splits her practice between banking, finance and capital markets. In February 2023, senior associate Felipe Molano left to join CMS Rodríguez-Azuero.

Practice head(s):

Bernardo Cárdenas; Eduardo Cárdenas; Catalina Pinilla


Garrigues has a prominent reputation for its advice to government agencies, including multilateral organisations, on capital markets issues. In a recent example of its strength in this sphere, regulatory specialist and group head Roberto Borrás advised Fiduciaria Bogotá on the structuring of an exchange-traded fund (ETF) in collaboration with the International Bank for Reconstruction and Development. In July 2022, the group was boosted by the hire of senior associate Lissa Parra Alarcón, who joined from the Colombian Stock Exchange and has extensive experience in advising on the registration and issuance of shares, bonds, ETFs and investment funds units. Principal associate Paula Ospina Correa is also noted for her broad regulatory expertise.

Practice head(s):

Roberto Borrás


Garrigues’ team is characterised by its collaboration and technical knowledge, which distinguishes it from other firms.

The lawyers who stand out in the firm are Roberto Borrás, Paula Ospina Correa and Lissa Parra Alarcón.

The Garrigues team has extensive experience and specialised knowledge in the area of capital markets and financial and stock market law. It has in-depth knowledge of the legal, regulatory and financial aspects related to capital markets, which allows it to provide solid and quality advice to its clients.

The Garrigues Colombia team is a professional  group that works together, is competent and has extensive experience and knowledge of the Colombian stock market.

Roberto Borrás makes the difference: he is the leader of the group, a great human being, an expert professional in these matters, and knows the law in depth.

Garrigues’ legal team adopts a comprehensive approach when dealing with capital markets matters. They not only focus on the legal aspects, but also understand the commercial and financial aspects in which their clients operate. This global understanding allows them to provide solutions tailored to the specific needs of each client.

For our company, the legal support of Garrigues has been fundamental in achieving the proposed objectives and goals. We recognise the excellence of Garrigues lawyers in the legal field. They have a solid legal background and stay up to date on the latest developments and trends in the law.

The team’s dedication and professionalism allows it to provide high-quality legal advice. It is important to highlight Roberto Borrás and associate Lissa Parra Alarcón in this regard. These qualities, combined with Garrigues’ reputation and prestige in the legal market, make the firm’s lawyers stand out.

Key clients

Fiduciaria Bogotá

Interamerican Development Bank (IDB) Invest


BBVA Colombia

World Bank


Banco Falabella

Grupo Hencorp (Titularice)

Fondo Nacional de Garantias

Inverti Sociedad de Financiación Colaborativa

Work highlights

  • Advised Fiduciaria Bogotá on the structuring of an exchange-traded fund (ETF) called ID-ETF, in collaboration with the International Bank for Reconstruction and Development.
  • Advised IDB Invest on the first securities issuance in the Colombian stock market using blockchain infrastructure.
  • Advised Mi Banco on the structuring of its first issuance of social and gender bonds in the Colombian second market, totalling $30m.

Holland & Knight

A highly specialised and experienced team’, Holland & Knight’s nascent capital markets practice has hit the ground running following the arrival of Camilo Gantiva in February 2022; he was formerly department co-head at Garrigues. Among the team’s recent highlights, Gantiva advised Inter-American Development Bank, IDB Invest and Latin America Green Fund on the process of reviewing and investing in sustainability linked-bonds issued by Bancolombia — notably, this represents the first sustainability linked-bond issued by a bank in LatAm. The group was further strengthened in February 2022 with the arrival of associate Juan Felipe Fontecha (‘his regulatory knowledge is exceptional’), who was formerly an attorney at the Financial Superintendence of Colombia.

Practice head(s):

Camilo Gantiva


‘Compared to other capital markets practices in Colombia and in the region, Holland & Knight’s practice stands out for its innovative and multidisciplinary approach, its commitment to quality and efficiency, and its ability to offer customised solutions tailored to the specific needs of each client.

A dynamic, prepared and efficient team. Strong price-quality ratio.

A highly specialised and experienced team advising clients on a wide range of capital market transactions in Colombia and other LatAm countries. Lawyers have deep understanding of capital market laws and regulations, and use their experience to provide clients with innovative and creative solutions.

Camilo Gantiva is an exceptional leader: knowledgeable, proactive and effective.

Camilo Gantiva and associate Juan Felipe Fontecha have extensive experience advising clients on capital market transactions in Colombia and the wider region.

Associate Juan Felipe Fontecha is agile, provides very good responses and is skilful. His regulatory knowledge is exceptional.

Key clients

Banco Davivienda


JP Morgan Chase

Allianz Global Investors US

Banco de Comercio Exterior de Colombia – Bancoldex

KMA Construcciones

Quálitas Seguros

Cámara de Comercio Electrónico de Colombia

PayU Colombia


Ripio Colombia


Scania Colombia

Work highlights

  • Advised Inter-American Development Bank, IDB Invest and Latin America Green Fund on the process of reviewing and investing in sustainability linked-bonds issued by Bancolombia.
  • Advised Allianz Global Investors US, JP Morgan Securities, JPMorgan Chase Bank and the purchasers on the private placement of notes issued by Desarrollo Eléctrico Suria; it also advised TMF Colombia and TMF Group New York as the local collateral agent and intercreditor agent respectively.
  • Advised Titularizadora Colombiana on the amendment of its securitisation programme, which involved a portfolio of real estate valued at around $101m.

Philippi Prietocarrizosa Ferrero DU & Uría

The banking, finance and capital markets team at Philippi Prietocarrizosa Ferrero DU & Uría has an established track record in advising issuers and underwriters on debt and equity offerings —including flagship IPOs— as well as regulatory issues. Corporate and finance specialist Claudia Barrero is recognised for the breadth of her practice scope and recently led the Colombian aspects of the firm’s cross-office advice to the stock markets of Bogotá, Lima and Santiago in relation to their integration process. Hernando Padilla, who specialises in corporate and capital markets, and Juan Fernando Gaviria, who is an expert in project and corporate finance, co-lead the practice alongside Barrero. At associate level, principal Luz María Mercado  and practice coordinator Daniela Mejía provide support. Associate Paula Buriticá left the firm in May 2022. Since research concluded, Mercado has moved in house - effective as of September 2023.

Practice head(s):

Claudia Barrero; Hernando Padilla; Juan Fernando Gaviria

Key clients

Bolsa de Valores de Colombia

Bolsa de Comercio de Santiago, Bolsa de Valores

Grupo BVL

Fondo de Capital Privado Colombia Infrastructure Equity Fund

Work highlights

  • A cross-office team advised the stock markets of Bogotá, Lima and Santiago on the integration process of the infrastructure and services of the three entities.
  • Advised Fondo de Capital Privado Colombia Infrastructure Equity Fund on the private placement of senior secured notes to finance certain share acquisitions.

Posse Herrera Ruiz

Posse Herrera Ruiz leverages its robust finance practice to secure a significant volume of debt capital markets offerings, while its top-tier corporate practice ensures it is routinely involved in advising public companies on share transactions. Go-to banking and finance expert Mariana Posse co-heads the financial law and capital markets group alongside Natalia Escobar, who has extensive expertise in regulatory matters. The group also draws on Jesús Albarrán, who was promoted to partner in February 2023, and associate Isabella Del Río, who has a focus on regulatory financial law and securities. Associate Silvana Lattanzio left in April 2022 to join SILK Banca de Inversion. Since publication, August-2023 senior associate hire, Juan José Huertas, has been promoted to practice director - effective as of March 2024.

Practice head(s):

Mariana Posse

Key clients

Concesionaria Vial Unión del Sur

Sacyr Concesiones Colombia

Sudamericana Integral de Construcciones Sudinco Colombia


Grupo Orbis

Grupo Imsa

Valores Industriales

CEMEX Latam Holdings

Work highlights

  • Advised Concesionaria Vial Unión del Sur (as concessionaire) and Sacyr Concesiones Colombia, and Sudamericana Integral de Construcciones Sudinco Colombia (as sponsors) in the long-term refinancing of the Rumichaca-Pasto 4G toll-road project.
  • Advised Grupo Orbis on the sale of Grupo Orbis to Akzo Nobel through a direct sale of shares to the purchaser.
  • Advised Enerflex and its Colombian subsidiary, Enerflex Colombian Compression Services Colombia, on the former’s $625m private notes offering.

Ustáriz & Abogados Estudio Jurídico

Ustáriz & Abogados Estudio Jurídico’s strong regulatory credentials positions it as a leader for compliance matters in the capital markets space. The group is a popular choice to advise a mix of brokerage entities, financial institutions and trust companies on operational issues, audits and product development, among other matters. Luis Humberto Ustáriz has honed his industry expertise through in-house roles at various financial companies, including Corporación Financiera Colombiana, and co-heads the department alongside Jose Federico Ustáriz. Associate support is provided by senior Andrés Pineda, who has a marked focus on capital markets law; Pablo Valencia, who specialises in corporate and public contracts; and Manuel Antonio García, who is associate director of the risk practice. Since publication, Pineda has returned to the public sector at the Fondo Nacional de Garantías - effective as of November 2023.

Practice head(s):

Luis Humberto Ustáriz; Jose Federico Ustáriz


We value its availability to serve clients.

Its lawyers are open to listen to, and attend to, customer needs.’

‘The firm focuses on niche issues, which are hardly addressed by other firms. It seeks to be at the forefront in these areas.

The team does its job very well without asking for unnecessary things or burdening the client. Lawyers demonstrate great collaboration, compliance knowledge, and responsiveness.

Key clients

Citivalores Comisionista de Bolsa

Itaú Comisionista de Bolsa Colombia

Skandia Valores Comisionista de Bolsa

Casa de Bolsa Comisionista de Bolsa

BBVA Valores Comisionista Bolsa

Compass Group Comisionista de Bolsa

BBVA Asset Management

Valores Bancolombia Comisionista de Bolsa

Fiduciaria Bancolombia

Fiduciaria Popular

Alianza Valores

Larrain Vial Comisionista de Bolsa

Ashmore Colombia


Work highlights

  • Advised stockbroker Citivalores on regulatory and compliance issues.
  • Acted for Itaú Comisionista de Bolsa Colombia on compliance matters.
  • Advised Compass Group Comisionista de Bolsa on regulatory and compliance matters.

DLA Piper Martinez Beltrán

Noted for its ‘timely delivery of results’, DLA Piper Martinez Beltrán’s capital markets group has experience in representing issuers, underwriters, brokers, placement agents and investors on debt and equity transactions. Managing partner Camilo Martínez spearheads the department and brings to bear complementary practice expertise in corporate, banking, foreign investment and dispute resolution. Other key contacts include associate director Juan Camilo Varón, who focuses on corporate, commercial and energy law; and associate Sebastián Pomárico, who provides support on banking, finance and corporate issues.

Practice head(s):

Camilo Martínez


The firm provides quality and expertise in the relevant matters and timely delivery of results, as well as a competitive fee structure that responds to the needs and characteristics of the client.

We value the team’s strong disposition, open and two-way communication, quality and expertise in the law, and timely delivery of results, particularly Camilo Martínez and associate Sebastián Pomárico.

Key clients


Promotora de Café Colombia



Improsa SAFI


Banco de Bogotá

Grupo Aval Acciones y Valores

Financiera Juriscoop

Compañía de Empaques

Corredores Davivienda

Work highlights

  • Acted as local legal advisor to BID Invest on the negotiation of the formation documents of the fund concerning a COP$192bn investment in the private equity fund, FCP Credicorp Capital Deuda Privada I.
  • Advised Fondo Inmobiliario Gibraltar, a Costa Rican real estate investment fund, on listing its participation units on the Colombian Stock Exchange.
  • Advised Esadinco on a public takeover offer for up to 25% of BAC Holding International.

Esguerra Asesores Jurídicos

Esguerra Asesores Jurídicos’ practice predominantly advises public companies on M&A, spin-off transactions and regulatory matters, including company incorporations. The team also demonstrates significant activity in debt capital markets work. In a recent example, department head Juan Pablo Gonzalez advised Scotiabank Colpatria on the issuance of subordinated bonds classified in the Additional Tier 1 capital of the bank. Veronica Arango Lux is also noted for her experience in advising on bond and share offerings in both the local and international markets. In December 2022, associate María Andrea Ballén joined Valentech Pharma. Since publication, the firm has merged with tax specialist firm Jiménez, Higuita, Rodríguez & Asociados (Tax & customs) to become Esguerra JHR - effective as of February 2024.

Practice head(s):

Juan Pablo González

Key clients

Protección AFP

AdCap Colombia, Comisionista de Bolsa

Gestor Profesional Inmpacta

Insights Investments

Cámara de Riesgo Central de Contraparte

Gestor Inmobiliario

Itaú Corpbanca Colombia

Itaú Asset Management Colombia

EFG Group

Pa Helsinki

Insights Wealth Management

Scotiabank Colpatria, Scotia Capital (SCI) and The Bank of Nova Scotia Trust,

Scotiabank Colpatria

Work highlights

  • Advised Protección AFP on its spin-off process, which involved the incorporation of insurance company Asulado Seguros de Vida.
  • Advised Scotiabank Colpatria on the issuance of subordinated bonds.
  • Advised the shareholders of AdCap Colombia Comisionista de Bolsa on a partial spin-off process, through which part of the company’s assets were transferred to a Panamanian company.

Mendoza Abogados

Corporate, project and structured finance boutique Mendoza Abogados is particularly recognised for its expertise in International Swaps and Derivatives Association (ISDA) and derivatives-related matters. Founding partner Mateo Mendoza has broad international experience and, throughout his 18-year career, has advised local and international underwriters on debt capital markets deals involving Colombia, Mexico, Uruguay, Jamaica and Chile. The group was recently bolstered by the hire of senior associate Lina María Londoño, who arrived in September 2022 from the Ministry of Finance. Mid-level associate Christina Burn is also active in capital markets work. Director Clara Robledo-Sánchez left for KLYM in July 2022, while intermediate associate Paula Knudson joined the energy department of Dentons Cardenas & Cardenas in September 2022.

Practice head(s):

Mateo Mendoza; Lina María Londoño

Key clients


Financiera de Desarrollo Nacional

Grupo Argos

Distrito de Barranquilla

Work highlights

  • Advised Distrito Especial Industrial y Portuario de Barranquilla on the negotiation of all its ISDA and local derivatives documentation with four international swap dealers and one local swap dealer.
  • Advised Avianca on various matters, including on the negotiation of ISDA master agreements.