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.

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).

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.

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.

‘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.

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.

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.

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.

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.

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.