Hall Of Fame

Banking and finance in Latin America: International firms

Recent economic volatility, escalating inflation and higher-interest rates have posed considerable challenges for Latin American businesses. The Covid-19 pandemic hammered certain industries (such as aviation), but the onset of geopolitical tensions and the war in Ukraine have certainly impacted the global economy, including Latin America. A swathe of bankruptcies and debt restructurings have increased demand for representation from international law firms, notably in US Chapter 11 bankruptcy proceedings. At the same time, efforts to improve infrastructure and to facilitate energy transition, have created a further need for finance with development finance institutions (DFIs), multilateral lenders, export credit agencies (ECAs) and commercial lenders among those eager to provide debt/investment for these initiatives.

A&O Shearman

The fruit of a merger betweeen two global heavyweights, A&O Shearman fields an impressive Latin America-focused finance practice that has presence and profile in the acquisition finance, export finance, structured finance, corporate lending, and restructurings and refinancing segments. The group represents a healthy array of financial institutions (including Barclays, JP Morgan, BNP Paribas and Banamex),  along with various DFIs and ECAs, as well as institutional investors, corporates and private equity funds. The team further demonstrates particular experience in corporate lending and is making a further impression in growth areas such as sustainability-linked finance and ESG-related loans. Senior partner Denise Grant  has deep bank finance, and project finance and development experience, and an enviable trajectory in Latin America financings throughout the region. Metals and mining specialist Cynthia Urda Kassis is also active in project and development finance across the region; while co-head of the Americas projects, energy, natural resources & infrastructure group, Dorina Yessios is noted for energy and infrastructure financings. New York-based Sami Mir is co-head of the US agency practice and is pivotal to the firm’s connections to ECAs, MLAs, DFIs and commercial lenders; while Todd Koretzky (banking, leveraged finance, corporate finance and private credit) is highlighted for acquisition financings in the region. Promoted to the partnership in 2022, dual-qualified (New York/Peru) Augusto Ruiloba is another key member of the team and is particularly noted for acquisition financings in the energy, mining and infrastructure sectors, particularly in Mexico, Chile and Peru. Now based in Washington DC, dual-qualified (New York/Brazil) counsel André de Paiva Teixeira focuses on project and leveraged financing as part of his broader corporate transactional practice. Named individuals are based in New York unless stated otherwise. Since publication, Sao Paulo-based Bruno Soares and New York's Joseph Stefano have both left the firm - in February and April 2024 respectively

Practice head(s):

Denise Grant; Dorina Yessios


A&O Shearman’s knowledge, connections with banks and other law firms make the job easier. The guidance on the due course of actions to be taken and the patience to explain the rationale behind their recommendations is something that makes them different from other firms. Also the presence of the partner in the deal is palpable, which is something that other firms don’t do very often.

Denise Grant, is one the best lawyers I’ve ever worked with. She is well connected to other firms and is able to sort things in a very quick and beneficial way. She also has a lot of patience to guide us through the different alternatives to close the deals and to be by our side.

All members of the team are well aware of the transaction. Likewise, all partners are involved in the transactions and do not leave the junior team alone in front of the customers. The expertise of the team is a strong point to be emphasized. They know what the bank is looking for and needs, and they make their recommendations based on precedents and with a proper risk assessment.

What makes them unique is the high quality of advice it provides to its clients, coupled with customer service that is hard to match. They have a strong and extensive team that allows them to provide services in complex transactions where there are many parties, making each of them feel that they are their only client.

The team stands out for its in-depth knowledge of the key aspects of a transaction. This allows them to respond quickly and submit proposals tailored to the transaction. In my experience, the partner Augusto Ruiloba stands out, who understands commercial issues in depth, is always looking for solutions to unlock the normal impasses of a negotiation and who is always available. Among the best qualities I would highlight his knowledge, creativity and dedication to the client.

The banking and financing practice provides exceptional service. I think the team’s strengths are mainly two: 1) the time they take to analyse the client’s issues, that is, their dedication, and 2) the flexibility they have to meet the different client requirements, which can change abruptly during the course of a financing process, be it corporate or project financing. I believe that the team is a level above most of the firms that provide legal services for banking and finance in the Latin American region.

Their dedication, flexibility and the fact that most of them are able to speak Spanish stand out. In addition, kindness also stands out, especially from members like Denise Grant.

Key clients


JP Morgan

BNP Paribas








Deutsche Bank

Work highlights

  • Advised a group of lenders on a series of loans (with an aggregate value of $897m), to Cencosud, to finance the $676m acquisition of a majority stake in The Fresh Market.
  • Represented a group of lenders in a $1.54bn three-year senior unsecured revolving credit facility for  state-owned electricity utility Comisión Federal de Electricidad de México (CFE).
  • Advised Ecopetrol on a $1bn loan as part of the Colombian state-owned oil company’s international refinancing strategy.

Cleary Gottlieb Steen & Hamilton

The market leader in bankruptcy and restructuring in Latin America, Cleary Gottlieb Steen & Hamilton's banking practice pivoted strongly to attend the necessities of clients in the current (post pandemic) economic scenario, taking a lead role in many of the biggest cases in the region. In this regard, it represents a mixture of creditors, investors and debtors, along with governments and government agencies, and frequently advises ad hoc groups of bondholders and a range of debtors in large-scale restructurings. Recent mandates include advising an ad hoc group of holders in connection with Stoneway Capital’s $984m debt restructuring through a Chapter 11 process. More typical banking and finance mandates included representing a CFE-sponsored special purpose trust (for renewable energy investments) on a $00m credit facility; and start-up Nelo Inc (as borrower) regarding a $100m senior secured loan (both in Mexico); and, on the lender side, Credit Suisse on a $180m senior secured guaranteed-term loan facility (and attendant $30m revolving loan facility) for Agro Vision Corp in Peru. Richard Cooper continues to be at the forefront of major Chapter 11 proceedings, debtor-in-possession (DIP) financings and bond restructurings. Sao Paulo partner Francisco Cestero is rated for Brazil restructurings, including representing the ad hoc group of bondholders in connection with Andrade Guttierez Engenharia’s $525m bond restructuring. Adam Brenneman is noted for asset-backed and receivables financings, and restructurings. Counsel Carina Wallance is another key member of the team. Andres de la Cruz and Nicolas Grabar have retired.


Francisco Cestero – deep understanding of the local market, culture and players. Great experience in cross-border financing and restructuring transactions. In addition, it is a very technical and creative lawyer when it comes to crafting solutions to get the deal done.

Cleary and the practice have a unique knowledge of the Brazilian culture and Brazilian clients, associated with their capability as an international law firm. The firm is also diverse and very easy to work with.

Partners and associates (such as Francisco Cestero and Rich Cooper) working in the practice have a unique understanding of the Brazilian market and Brazilian culture, providing tailor made advice to both international and Brazilian clients.

Key clients

Ad hoc group (the consenting holders) with a substantial majority of 10% Senior Secured Notes (due 2027) issued by Stoneway Capital Corporation

Grupo Posadas

AES/Alto Maipo

Apollo Capital Management, BBVA (the lenders), led by Deutsche Bank; and Airport Groups as creditors

Ad hoc group of bondholders in AlphaCredit Restructuring


Ad hoc group of bondholders in the restructuring of AG

An ad hoc group of bondholders in Ocyan’s debt restructuring

Credit Suisse and First Citizens Bank of Trinidad and Tobago


Credit Suisse



Credit Suisse and Scotiabank Inverlat

Work highlights

  • Represented an ad hoc group of holders, with a substantial majority of 10% senior secured notes (due 2027) issued by Stoneway Capital Corporation, in connection with the restructuring of approximately $984m of indebtedness of the company and its subsidiaries.
  • Represented Grupo Posadas, Mexico’s largest hotel operator, in its prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of New York.
  • Represented AES/Alto Maipo (a project subsidiary of AES), and certain of its affiliates in connection with a pre‑arranged comprehensive Chapter 11 restructuring of obligations in excess of $2.7bn, which relate to a project for the construction of hydroelectric facilities near Santiago, Chile.

Clifford Chance

Clifford Chance houses a fully-rounded Latin America banking and finance practice. It is particularly noted for energy and infrastructure finance, and holds excellent connections to multilateral agencies (MLAs), export credit agencies (ECAs) and development finance institutions (DFIs), primarily through its Washington DC office. IDB Invest, IFC and Financiera de Desarrollo Nacional are amongst its key clients. The firm also has key banking and finance practitioners in its New York, Sao Paulo and Madrid offices. Key markets for the team include Brazil, Chile, Argentina, Mexico, Peru and Colombia. It has also made a considerable impression on smaller markets such as El Salvador, Dominican Republic, Guatemala, Honduras and Panama. Along with new money lending, the firm has an established record in major debt restructurings, especially in the aviation sector. Sustainability-linked financings are another forte, while it has made further inroads in acquisition finance, notably advising the lenders, issuing banks and hedge providers on the $1.2bn equivalent multi-tranche and dual-currency financing for Sociedad Transmisora Metropolitana’s acquisition of the entire stake in Enel Transmisión Chile. Fabricio Longhin has an outstanding reputation in the market, representing agencies, development banks and commercial lenders, amongst others, while partners Jessica Springsteen, Lori Bean and senior counsel Catherine McCarthy are also intensely focused on Latin America. New York partner Douglas Deutsch is noted for debt restructurings. Counsel Alberto Haito is another impressive practitioner. All named individuals are based in Washington DC unless stated otherwise.

Practice head(s):

Fabricio Longhin


Experience, availability and support; we’d recommend Alberto Haito and Andres Berry.

In addition to the experience, the collaboration and support that the firm offers in the transactions in which it has acted as advisor is noteworthy. They stand out considerably for the solidity and clarity with which they present their positions and arguments, as well as the review and delivery times of reviewed documents.

Key clients

IDB Invest


Financiera de Desarrollo Nacional

Banco Santander





US Ex-Im Bank


Deutsche Bank


Corporación Andina de Fomento



Work highlights

  • Advised the lenders, issuing banks and hedge providers on the $1.2bn equivalent multi-tranche and dual-currency financing provided to Sociedad Transmisora Metropolitana for the acquisition of the entire stake in Enel Transmisión Chile.
  • Advised a syndicate of lenders, including Scotiabank and SMBC, as joint lead arrangers and joint bookrunners, as well as Bank of China (Panama), Citibank and Banco de Sabadell (Miami) in connection with a syndicated $509m multiple draw term loan facility for Grupo Energía Bogota.
  • Advised IDB Invest and Bancolombia in connection with a COP656bn multi-tranche and multi-currency financing to developer Solarpack to finance solar PV projects in Colombia.


Milbank remains a market leader in energy and infrastructure finance. The firm represents a wide range of lenders, Latin American borrowers and financial sponsors in big-ticket and complex financings. The firm also has extensive geographic coverage from Argentina and Brazil to the Andean region, Central America and Mexico. With its long history in project finance, the Latin America team has also built a reputation for excellence in acquisition and leveraged finance, general syndicated lending, and bank-bond financings, among other structures. The highly acclaimed Dan Bartfeld is chair of the global project, energy and infrastructure finance group and has a major focus on Latin America; he continues to work on some of the landmark financings in the region including the $1.25bn financing for infrastructure developments at the Jorge Chavez International Airport in Lima, Peru. Carlos Albarracin is another Latin America specialist with a mix of bank finance, capital markets and hybrid engagements. Carolina Walther-Meade, Jaime Ramirez and Roland Estevez are also key figures in the team.

White & Case LLP

White & Case LLP is an indisputable leader in Latin America banking and finance. It leads the market in project finance, has a major presence in aviation finance and is active in acquisition finance in the energy and infrastructure fields. It is also at the forefront of debt restructurings and debtor-in-possession (DIP) financings in the region and is further noted for loans to financial institutions in Latin American jurisdictions. Green and sustainability-linked loans are another forte; it represented Petrobras on its debut $1.25bn sustainability-linked loan. The large banking and finance group operates from multiple offices, including Miami, New York, Washington DC, São Paulo and Mexico City. Carlos Viana  is head of the Latin America group and an eminent figure in project finance - although he is active in a range of financings, including syndicated loans. São Paulo executive partner John Anderson is a prominent name in Brazil, especially in the energy sector. New York’s Sabrena Silver has wide-ranging experience in Latin America financings; and Anna Andreeva has made an impression in asset finance, corporate loans and project finance. New York partner Bibiana Jaimes is well regarded for capital markets’ and debt financings. Named individuals are based in Miami unless stated otherwise.

Practice head(s):

Carlos Viana; Sabrena Silver


White & Case has an unrivaled level of experience in the financial sector. They have experience in all types of transactions, have multidisciplinary teams in different geographies, who speak various languages ​​and are always focused on the client.

We have worked extensively with Sabrena Silver and Bibiana Jaimes on various transactions and in our experience their dedication and client service is unmatched by other firms we have worked with. Both are exceptional professionals and I would recommend them without hesitation to financial institutions that require complex and specialised services.

The White & Case team provides relevant and unique insights into multilateral bank financings. They are well versed on latest market trends. We have used them for several deals throughout LatAm and have found them to provide strong legal support in all cases. I also appreciate their new Global Diversity Initiative because it shows that big law can also lead conversations about diversity and inclusion in the workplace.

Carlos Viana and his team always respond quickly to the current issues of the day. They bring a strategic mindset to their role.

They know the product (loans) very well, how to mitigate risks, what are the market standards which facilitate negotiations. I find them significantly better than other firms.

They are quite hands-on and really get into the important details. We have worked with Sabrena Silver and we believe that she has very good experience, she is pragmatic, not only diligent in her work but also helps push the transaction to closing.’

The W&C team is a very solid team that works very well together. It is a team with a lot of experience leading and coordinating financing processes that will ensure a successful process for all parties. The leadership of the senior partners infects the junior staff with energy and together they offer a high value service. I would say that the difference with other firms is the proactive approach to identify potential challenges during the process and propose timely solutions. The professional and conciliatory language of partners and junior staff helps to carry out transactions as well.

Partners of the experience of Carlos Viana and Sabrena Silver are crucial for the success of the transactions and of the firm. Carlos’s broad leadership over his teams makes the difference and his innovative and proactive approach is contagious to the rest of the team. Carlos and Sabrena are very focused on results and constantly go beyond what is expected to obtain results and the satisfaction of their clients.

Key clients

Celeo Redes



Aerovías de México

The Bank of Nova Scotia

Tereos Açúcar e Energia Brasil

Ad hoc bondholder group of LATAM Airlines creditors

Morgan Stanley




BP Bunge Bioenergia

Banco Nacional de Desenvolimento Economico e Social (BNDES)


Arroyo Energy Investment Partners

Banco de Credito del Peru



Standard Chartered Bank



Societe Generale


Work highlights

  • Advised the affiliates of Oaktree Capital Management as a debtor-in-possession lender in relation to the $1.3bn senior tranche of a $2.45bn  multi-tranche debtor-in-possession financing facility in the chapter 11 proceedings of LATAM Airlines Group.
  • Advised Petrobras in a green market debut $1.25bn sustainability-linked term loan facility; this was the first time Petrobras has contracted financing associated with its corporate sustainability targets.
  • Advised Morgan Stanley, Citibank, Goldman Sachs and HSBC on a $650m cross-border loan facility to Nubank, one of the largest fintech companies globally and the largest bank in Latin America by market capitalisation.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP has a solid background in Latin America banking and finance through its New York and Sao Paulo offices. Indeed, market leading practitioners in New York frequently work alongside Sao Paulo colleagues on Latin America financings and restructurings. Particularly noted for acquisition finance and project finance, the practice has also achieved further growth in sustainability-linked financings; it advised the banks on Mexican multinational Grupo Bimbo’s first-ever sustainability-linked financing. The Latin America team has achieved further prominence in digital banking and debtor-in-possession (DIP) financings. James Florack leads the global finance practice and is also head of the Latin America-wide finance practice; he is highlighted for leveraged and investment-grade lending, structured-finance and sustainability-linked financings. Though better known for capital markets transactions, Maurice Blanco – who splits his time between Sao Paulo and New York – also frequently advises on bank financings. Based in Sao Paulo for 20 years, James Vickers is a hugely experienced Latin America financings specialist. The practice was further strengthened – particularly as regards energy, power and infrastructure financings – with the May-2023 hire of David Penna from Latham & Watkins LLP.

Practice head(s):

James Florack

Key clients

Altera Infrastructure

Arcos Dorados Holdings

BBVA Bancomer

BBVA Securities

Banco Nacional De México


Citigroup Global Markets

Enel Américas

Grupo Aeroméxico

Grupo Financiero BBVA Bancomer

Integrante Del Grupo Financiero Banamex, División Fiduciaria,


Natixis, New York Branch


PNC Capital Markets


Sociedad Minera Cerro Verde


The Bank of Nova Scotia

Work highlights

  • Advised the banks on Mexican bakery group Grupo Bimbo’s first-ever sustainability-linked financing, valued at $1.75bn.

Hughes Hubbard & Reed LLP

Hughes Hubbard & Reed LLP is a long-time leader in Latin America syndicated lending, particularly in Brazil. Much of the credit should go to leading figure Amy Dulin, who has now handed over the baton to Emilio Saiz (elected partner in 2021) and he has stepped up to lead many of the team’s headline financing engagements. The Latin America team has close links to many of the bulge-bracket lenders that are active in Brazil financings as well as elsewhere in the region. Aside from syndicated lending, the team is also noted for bilateral facilities, trade finance, project finance, restructurings and sustainability-linked loans. Moreover, Mark Denham is a leader in the aviation finance segment and has impressed in a series of recent DIP financings. Co-head of the Latin America team, Federico Goudie has close links to the Republic of Paraguay and has advised on a number of financing transactions in the jurisdiction.

Practice head(s):

Emilio Saiz; Federico Goudie


Availability / attention to details / efficiency under tight timelines.

Accompaniment and knowledge of the business and industry.

The interest and knowledge of the customer.

Key clients

Heinzel Holding

The Shareholders of BAC Florida Bank

Banco Nacional de Fomento

Delta Air Lines

United Airlines

Goldman Sachs Lending Partners

BNP Paribas

Bank of Nova Scotia and Banco Santander

Syndicate of banks including BNP Paribas, Export Development Canada, MUFG Bank, and Sumitomo Mitsui

Work highlights

  • Advised Heinzel Holding, a producer and trader of market pulp and packaging paper, regarding its equity investment in Paracel, a $3.4bn pulp mill project on undeveloped land in Paraguay.

Latham & Watkins LLP

Latham & Watkins LLP is at the forefront of the private-credit segment in Latin America financings, building on its long history of bank lending in the region. Much of the practice centres on the energy and infrastructure sectors, with additional growth in fintech. The firm is also rated for its expertise in acquisition finance and hybrid financings involving capital markets components. The Latin America team is close to a range of corporate borrowers, sponsors, commercial banks and institutional investors, and is gaining increasing visibility and traction in the start-up segment. Head of the Latin America group, Antonio Del Pino handles a broad range of transactional matters, including acquisition finance, project finance and hybrid deals. Gianluca Bacchiocchi and Guido Liniado are key figures in the firm’s rising prominence in securitisation and structured financings in the energy and infrastructure segments, along with a wider range of project and infrastructure financings. Newly elected Washington DC partner Carlos Ardila and counsel Marcela Ruenes are also key members of the team. All named individuals are based in New York unless stated otherwise. David Penna left the firm in May 2023.

Practice head(s):

Antonio (Tony) Del Pino


The team is very competent, capable and diligent. It has a business approach that is very valuable.

Approach to closing and doing business without neglecting valuable advice.

Without a doubt, LW is the best law firm on the street for banking and finance. Their expertise is deep and broad, their response time is incredible, their creativity is impressive, and their commerciality is great.

Gianluca Bacchiochi and Guido Liniado are two of the best lawyers I have ever worked with.


Key clients

ArcLight Capital

Ares Capital

Atlantic Park Capital Partners

Barclays Bank

BNP Paribas


Credit Suisse


Global Infrastructure Partners

Goldman Sachs


Grupo Altex

Grupo Aval

Sempra Energy / IEnova



Sempra Energy



Work highlights

  • Advised the joint global coordinators, lead arrangers, and bookrunners in connection with a $2.3bn five-year credit facility provided to Mexico’s TC Energía Mexicana.
  • Advised on the $906m million financing for the Rumichaca-Pasto Toll Road, which is the first in Colombia to include a project-level letter of credit facility to collateralise reserve accounts.
  • Advised Global Infrastructure Partners on the acquisition and acquisition financing (green loan) of Atlas Renewable Energy.

Mayer Brown

Mayer Brown’s status as a global leader in banking and finance, combined with its longstanding commitment to Latin America, forms the basis for a flourishing practice in the region. The firm advises a vast array of big-name lenders, including Latin American and international institutions, with engagements ranging from bulge-bracket project finance to sustainability-linked loans and pioneering structured finance transactions. It continues to be at the forefront of future flow financings, warehouse financing, and supply chain and trade finance, and has also worked on the vast majority of diversified payment rights financings in Latin America. The firm has a presence in Brazil through its association with Tauil & Chequer Advogados and a growing office in Mexico City, coupled with Latin America-focused practitioners in New York, Chicago, Washington DC and other US offices. Chicago partner Douglas Doetsch is head of the Latin America group and a market leader in infrastructure finance and cross-border securitisations, including future cash flow securitisations. Buenos Aires-born Gabriela Sakamoto is another experienced name in project finance, structured finance and acquisition finance, and Chicago partner Juan Pablo Moreno is another key figure on cross-border financings in Latin America, including major project financings and sustainability-linked loans. David Duffee has retired.

Practice head(s):

Douglas Doetsch


Excellent at executing and solving structural problems.

My perception is that the team is very solid for transactions in Latin America. Compared to other firms, it seems to me that the team is certainly as good as its competitors.

In the project on which we worked with Mayer Brown, the involvement of the partner in charge, Juan Pablo Moreno, was exceptional. He led the transaction the whole time and was always available for everything. For a complex transaction like the one we had, his ideas and his contributions were important.

Key clients

Banco do Brasil

Banco Itau

Banco Latinoamericano de Comercio Exterior

Banco Santander

Bank of America

BNP Paribas

Bogotá, Distrito Capital

Credit Suisse

Deutsche Bank

Empresas Públicas de Medellín

Goldman Sachs

Sumitomo Mutsui Banking Corporation

Work highlights

  • Advised Empresas Públicas de Medellín on a $700m sustainability-linked loan credit facility, based on sustainability linked loans principles.
  • Represented BBVA México, as arranger, in connection with a $750m syndicated cross-border term loan facility to Banco Actinver, acting solely and exclusively as trustee of Trust 1401; the proceeds of the facility were used to refinance existing real estate portfolio indebtedness.
  • Represented Goldman Sachs Bank as lender, administrative agent, collateral agent and lead arranger regarding a senior secured revolving credit facility with Operadora Falcon.

Norton Rose Fulbright

Norton Rose Fulbright is unique in having a large banking and finance team in São Paulo, that works alongside Latin America-focused colleagues in New York, Washington DC, Mexico City and other offices. The practice has an extensive record in project finance, acquisition finance, restructurings, trade finance and aviation finance, and is also increasingly making its mark in relation to sustainability-linked financings and ESG loans. The Washington DC office has close connections to agency lenders and DFIs, while the broader team has an impressive portfolio of commercial lender clients and large corporate borrowers. Charles Johnson is a leading figure in structured trade finance, asset finance and restructuring, and – although focused on Brazil – he has broad geographic coverage, including Colombia, Peru, Uruguay and Paraguay. Michael McCourt has impressive connections to Brazilian and international lenders, and has a fine record in structured trade finance, leveraged finance and acquisition finance. Daniel Spencer is a prominent name in project finance and project bonds; while Raquel Bierzwinsky, who splits her time between New York and Mexico City, brings further project finance expertise. In Washington DC, key figures Sarah Devine and Jeremy Hushon frequently represent agencies and DFIs. Counsel Diego Brandão is another prominent team member. All named individuals are based in Sao Paulo unless stated otherwise.

Practice head(s):

Charles Johnson; Raquel Bierzwinsky

Key clients



Deutsche Bank

Banco del Estado de Chile


IDB Invest

FinDev Canada


Banco Rabobank International Brasil

BRK Ambiental Participações



Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO)

Société de Promotion et de Participation Pour la Coopération Economique (PROPARCO)

International Finance Corporation (IFC)

Hedera Investimentos e Participações

Banco Itau BBA

ING Bank

Banco Bradesco

Iochpe Maxion

Corporacion Andina de Fomento (CAF)

Ultrapar Participações

Goldman Sachs

JP Morgan

MUFG Bank, Ltd.

Banco Credit Suisse do Brasil S.A.

Banco ABN Amro

Banco do Brasil


DNB Bank

Banco BTG Pactual

Sumitomo Mitsui Banking Corporation

Bank of America


Banco Santander

Work highlights

  • Represented Corporación Andina de Fomento (CAF) in a $300m financing to YPF to finance investments in sustainable projects in Argentina.
  • Represented SIMPAR (and certain subsidiaries) in a $250m ESG-related financing with IDB Invest.
  • Represented Bradesco as secured creditor in relation to the $1.84bn debt restructuring of Constellation.

Paul Hastings LLP

Paul Hastings LLP  is best known for project finance, a segment where it hired Gregory Tan, Alexandro Padrés and Robert Freedman from Shearman & Sterling LLP  in May 2022. The firm also has a fine record in restructurings, liability management and bank lending. It has an outstanding record in Mexico, along with other major economies such as Colombia, Panama, Peru, Uruguay, Costa Rica and Guatemala. Pedro Jimenez is an experienced name in Latin America restructurings and has worked on some of the biggest engagements in the region in recent years. Elicia Ling has an impressive record in energy and infrastructure finance.  However, former Latin America department head Michael Fitzgerald exited the firm in June 2023 taking a senior (albeit capital markets-focused) team, including Joy Gallup  and Arturo Carrillo, with him. Cathleen McLaughlin  has retired. All named individuals are based in New York.


It is a robust team knowledgeable about Mexican laws, its business culture and customer needs. Always accessible and available to help.

The diversity accompanied by the talent that this team has makes them unique in the market. Despite the fact that some firms have tried to emulate the diversity that they have, the reality is that the PH team is many years ahead of them, which makes them the strongest group for financing and capital market issues.

It is a robust team, knowledgeable about Mexican laws, its business culture and customer needs. Always accessible and available to help.


Key clients

Goldman Sachs

Morgan Stanley

JP Morgan



Credit Suisse


BTG Pactual

Barclays Capital


Bank of America Merrill Lynch


Alfa Group and subsidiaries

EIG Global Partners

Jaguar Growth Partners



Fibra Uno



Work highlights

  • Advised the ad hoc group of pre-petition noteholders of Avianca’s 9.000% Senior Secured Notes (due 2023) in connection with the Chapter 11 cases of Avianca Holdings and certain of its direct and indirect subsidiaries.
  • Represented TMF Trust Company (Argentina) as trustee for substantially all of the creditors of Stoneway Capital Corporation under secured loans.
  • Represented the lenders in a $650m unsecured syndicated revolving facility for Grupo Televisa.

Proskauer Rose LLP

Proskauer Rose LLP’s Latin America group is largely located in New York and São Paulo, with much of its banking and finance practice in the Brazilian city. The team has an excellent record in pre-export finance, acquisition finance, syndicated loans, restructurings and project finance. Moreover, it is one of few firms to have both US and UK qualified lawyers in its São Paulo office. The practice represents an impressive number of Brazilian corporates and banks, along with a series of financial sponsors, and is also noted for cross-border financings to Brazilian banks and financial institutions, and international acquisition financings for Brazilian corporates. Although the São Paulo team has a primary focus on the Brazilian market, it does have a broader geographic, including Chile. New York-based head of the Latin America practice Carlos Martinez is a versatile practitioner with a solid record in restructurings and bank lending. Head of the São Paulo office Antonio Piccirillo is a recognised finance specialist, highlighted for his recent record in acquisition financings and sustainability-linked loans. Dual-qualified (New York/UK) David Fenwick is noted for bank lending, securitisations, and hedging and derivatives transactions; while Fábio Yamada is also rated for bank lending and pre-export financings. Named individuals are based in São Paulo unless stated otherwise.

Practice head(s):

Carlos Martinez; Antonio Piccirillo


Excellent team, with fluent command of the Spanish language and knowledge of the Latin culture.

Pro-deal approach with sensitivity to the Latin American markets. Carlos Martinez. Antonio Piccirillo. Fabio Yamada.

Proskauer has a reputable banking practice.

Fabio and Antonio lead the practice and are responsive.

Key clients

Banco Sofisa

Gilinski Group

Companhia de Eletricidade do Estado da Bahia (Coelba) (Neoenergia Group)

Companhia Siderúrgica Nacional (CSN)

Sociedad Portuaria Puerto Bahia

Prisma Capital


Sylvamo Brazil

HIG Brazil

Financiera Maestra

Itaú Unibanco

Work highlights

  • Advised Banco Sofisa, as borrower, on a financing provided by the US Development Finance Corporation (DFC), the proceeds of which will be used to make loans to small and medium enterprises in the Amazon region.
  • Represented the Gilinski Group in a series of financings related to hostile tender offers to acquire Grupo Nutresa and Grupo Suramericana, two public companies in Colombia.
  • Represented Companhia de Eletricidade do Estado da Bahia (as borrower) and Neonergia (as guarantor), in a $107m financing by the International Finance Cooperation (IFC), to finance the borrower’s network expansion and loss reduction projects in accordance with Neoenergia’s Green Finance Framework.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has a long history in Latin America and a substantial team spread across its New York and São Paulo offices. The firm has worked hard to bring through a new generation of Latin America-focused partners in recent years and the Latin America group has -in turn- successfully leveraged the firm’s global standing in banking and finance transactions. The practice has an outstanding record in syndicated loans and acquisition finance, and evidences an especially strong record in the Southern Cone. Of late, it has worked on financings for some of Latin America’s largest corporates as well as routinely advising many of the world’s leading banks on financings in the region. Members of the core Latin America group are versatile practitioners, operating across multiple practice areas, although both Juan Naveira and Juan Francisco Méndez are particularly noted for syndicated loans and acquisition financings. The wider firm features banking and finance practitioners that also work on Latin America financings, including a team that advised JP Morgan on LATAM Airlines Group’s $3.7bn DIP term loan agreement. January 2023 saw the retirement of Jaime Mercado as a partner (although he remains at the firm as an of counsel); and the promotion of Borja Marcos – who has a strong record in Latin America financings – to the partnership. Named individuals are based in New York.

Practice head(s):

Todd Crider; Grenfel Calheiros; Juan Francisco Méndez; Juan Naveira; Paulo Fernando de Menezes Cardoso; Borja Marcos


They are practical, very technical and very experienced. They also have many other areas within the firm that allow them to address their engagements from multiple areas.

The technical qualities of the team members sets them apart from the competition.’

Simpson Thacher’s team is Rolls-Royce. The work is always of a total quality. It is a top law firm, with top lawyers.

Juan Francisco Mendez is a star lawyer. He is a work machine, always with spectacular quality. Todd Crider and Juan Naveira also stand out.

It is a highly specialised, cohesive team whose skills complement each other.

Juan Francisco Mendez has a lot of experience and gives us a lot of confidence in his legal advice.

The counterpart in the work experience was Simpson Thacher & Bartlett LLP; the work that Simpson offered was impeccable.

Key clients


Administradora de Electromovilidad

Agro Vision

Albanesi Energía

Avla Peru Compania de Seguros

Banco Latinoamericano de Comercio Exterior

Bank of America

Celulosa Arauco y Constitución


Compañía de Petróleos de Chile Copec


Empresa Copec

Empresa Nacional de Telecomunicaciones

FIBRA Macquarie México

Goldman Sachs

Gramercy Funds Management

Grupo Monge

Ingeniería Estrella

Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat

JPMorgan Chase Bank



Morgan Stanley

Pan American Energy



Stonepeak Infrastructure Partners

Unigel Participações



Work highlights

  • Represented JP Morgan in LatAm Airlines Group’s $3.7bn amended and restated term loan agreement.
  • Represented the lenders in América Móvil and Torres’ senior unsecured term loan facility.
  • Represented Agrovision in a $180m senior secured term loan and a $30m senior unsecured revolving facility.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has small core team of Latin America-focused practitioners that have an extensive record in regional financings, notably in acquisition finance, project finance, refinancings and restructurings. The firm routinely represents large Latin American corporates in big-ticket financings, along with a range of leading international lenders. It advised Grupo Bimbo on the refinancing of its $1.75bn sustainability-linked revolving credit facility. It also advised several creditors and the underwriters on the $1bn+ out of court global debt restructuring of Alsea. Alejandro González Lazzeri is a true Latin America banking and finance specialist with an outstanding record and an enviable pipeline of big-ticket engagements. Counsel Jose Nicolas Perez-Sierra - who worked on the Alsea mandate, among others - is also noted.

Practice head(s):

Alejandro González Lazzeri

Work highlights

  • Advised Grupo Bimbo on the refinancing of its $1.75bn sustainability-linked revolving credit facility.
  • Advised several creditors and the underwriters on the $1bn+ out-of-court global debt restructuring of Alsea.
  • Advised the lenders on a $750m credit agreement with Argos North America (a subsidiary of Mexico’s Cementos Argos), to refinance its current debt.

Arnold & Porter

Arnold & Porter is widely known for its representation of sovereign and quasi-sovereign entities but also acts for an extensive list of corporate and financial institution clients in Latin America. It has a particularly strong record in Brazil, where team members have worked on a range of project finance, acquisition finance, export prepayment and trade finance, and general corporate lending mandates. The practice is also noted for derivatives, structured finance and securitisations, including future flow diversified payments rights (DPR) transactions. More generally, firm has continued to advice sovereign governments and central banks on major financings, regulatory matters and disputes. Washington DC’s Gregory Harrington and Whitney Debevoise  have extensive sovereign connections, bringing a wealth of engagements; while New York’s Christopher Willott has a fine record in Brazil financings. Raul Herrera (a former IDB General Counsel) has a 25 year track record and experience across the LatAm and Caribbean regions; he and counsel Arturo Caraballo are also key members of the team.

Practice head(s):

Gregory Harrington; Christopher Willott

Key clients

Central Bank of Venezuela

Central Bank of Brazil (Banco Central do Brasil)

Banco Credit Suisse (Brazil)

Banco de Credito del Peru

Itaú Unibanco (Brazil)

Banco Bradesco

Republic of Colombia

MetroBank (Panama)

BTG Pactual

Citibank (Brazil)

Banco do Brasil

LIASA (Ligas de Aluminio)

Visum Rentas Inmobiliarias

Work highlights

  • Represented the Republic of Colombia in a debtor-in-possession financing, in the chapter 11 case of Avianca.
  • Advised the Central Bank of Brazil in regard to MSFTA, GMRA and swap transactions as part of its negotiation of $370bn of external reserves.
  • Acted for Brasil Warrant in a €400m margin loan agreement granted by Deutsche Bank to its Lepton Fund.

Dechert LLP

Best known for its restructuring practice in the financial sector – as opposed to banking per seDechert LLP has extensive experience in bankruptcy-related and distressed company matters, and enjoys an impressive record in Mexico, Brazil, Chile, Argentina and Puerto Rico, among other markets. In recent years, it has landed a series of major roles in the aviation sector, including LATAM Airlines’ Chapter 11 bankruptcy. It is also active in representing funds in the restructuring arena. Allan Brilliant is co-chair of the global financial restructuring group and stands out for his work representing bondholders in cross-border restructurings involving Latin America. A partner since 2021, David Herman is another financial restructuring specialist with considerable experience in Latin America, including Chapter 11 processes. Providing additional support, senior Latin America specialist’s broad corporate and securities practice takes in bank and capital markets’ financings. Dual-qualified (New York/Chile) associate Isaac Stevens also impresses clients in financial restructuring and distressed transactions.

Practice head(s):

Mark Thierfelder


‘Excellent office, international in character. One of its main virtues is that it has lawyers of different nationalities, so that they can better apply the law from the perspective of origin of their clients. Likewise, they have a comprehensive work approach, in that they not only satisfy the legal need, but also protect the interest of each client.’

‘The different nationalities and training of their lawyers, with a comprehensive approach. I especially highlight the associate Isaac Stevens, who has outstanding experience, both in Chile and in the United States. He offers innovative solutions for strategy and is excellent in litigation. His level is exceptional.’


Key clients

Alden Global Capital

Bci Asset Management Administradora General de Fondos


CarVal Investors

Cinépolis de México


EB Capital

Compañía Cervecerías Unidas



Grupo Sordo Madaleno

Grupo LALA

Grupo Movile

iFood Holdings

Itau Unibanco


Laguna Dairy

The Official Committee of Unsecured Creditors of LATAM Airlines Group


XP Investimentos

Work highlights

  • Represented the Official Committee of Unsecured Creditors in the Chapter 11 cases of LATAM Airlines and its affiliates.
  • Represented Citadel in connection with several phases of the complex cross-border restructuring of Colombian airline Avianca Holdings.

DLA Piper LLP (US)

DLA Piper LLP (US)’s sizeable Latin America team in the US alongside practitioners in the region itself, provides a solid platform for a growing banking and finance practice. The firm has built an enviable client base, particularly Latin American borrowers, and is widely recognised for its geographic spread of engagements in project finance and large restructurings. The team was further strengthened by the hire of Latin America banking and finance specialist Robert da Silva Ashley from McDermott Will & Emery LLP in April 2023; splitting his time between New York and Miami, he brings wide-ranging experience in project finance and corporate lending, including wind and solar projects. Margarita Oliva Sainz de Aja is co-regional head of Latin America banking and finance, and is another experienced figure in project finance and general corporate lending. Mexico City partner Edgar Romo and Lima’s Sergio Barboza, are also co-regional heads of the group, and are key figures within the team, along with José Sosa-Lloréns in Puerto Rico. Raul Farias, who splits his time between San Diego and New York has made a big impression in cross-border financings and refinancings, and has also led on a series of large-scale restructuring engagements; he was the lead partner in advising Mexico-based Crédito Real on its $2.9bn global debt restructuring encompassing six different jurisdictions and more than 45 different creditors. Since publication, the team has been strengthened with the hires of Sao Paulo-based Bruno Soares (who has built a well-rounded practice and a strong record in financings across the region, including ESG-linked loans) and the New York-based Joseph Stefano (a specialist in secured and unsecured corporate financing) – effective as of February and April 2024, respectively.


Practice head(s):

Margarita Oliva Sainz de Aja; Edgar Romo; Sergio Barboza


We structured one of our financings with the firm. We worked in a fairly integrated way between the internal and external team, with cost-efficient results that are solid and sustainable in the long term.

Margarita Oliva is very knowledgeable and expert in the renewable energy sector in Latam and also knows the finance-players normally involved in financing this type of project. This allows negotiations to be approached with accurate knowledge of the applicable standards. She was very present throughout the consultancy, allowing matters to continue advancing in an orderly and systematic manner towards the objective.

Key clients


Grupo Bafar

Crédito Real

Puerto Rico Public-Private Partnership Authority

Grupo Famsa

Famsa USA


Bank of China

Cultiva Financial

Banco Compartamos

Work highlights

  • Represented Mexico City-based regional restaurant operator, Alsea, on its  $1bn-plus debt restructuring in the US and related senior notes issuances for $500m (due 2026), and €300m (due 2027), in the US.
  • Represented Grupo Bafar in connection with the refinancing of loan facilities and a private placement of a bond worth $150m in the US.
  • Advised Crédito Real on its liability management exercise to refinance its Swiss Franc bonds.

Greenberg Traurig, LLP

Greenberg Traurig LLP’s longstanding commitment to Latin America is increasingly evident with its track record of acquisition finance, structured finance and financial services regulatory work. The firm is a growing force in fintech, cryptocurrency businesses and digital payments systems in Latin America, including start-ups to publicly traded companies. Notably, it is increasingly active in the acquisition of fintech and digital payments businesses by US and international strategic buyers; it advised Paysafe on its acquisition of SafetyPay, a payments platform operating primarily in Latin America. In another growth area, the practice is assisting a number of Latin American financial services clients with their entry into the US market, particularly South Florida. In financings, the firm benefits from an impressive portfolio of Latin American borrower clients. Emilio Alvarez-Farré has an impressive record in Latin America financings, particularly in Mexico, and Marina Olaman-Pal is building the firm’s standing in financial services regulatory, following the June-2022 departure of long-term partner Carl Fornaris.

Practice head(s):

Antonio Peña; Marc Rossell; José Raz Guzmán


Greenberg Trauring LLP (“GT”) stands out for the experience and quality of its human team. Especially the partner in charge of the relationship and who leads the transaction. Likewise, in general the other members of the team have stood out for their experience. GT distinguishes itself with its business connections and in relation to banking matters.

Emilio Alvarez stands out for his experience, creativity and flexibility.

Key clients

Nationwide Dental Services Organization

MRO Holdings

Bio Pappel

Altio NextGen Opportunity Fund

Paysafe Group

Five Flags Banks

Associated Foreign Exchange


Work highlights

  • Advised major Mexican paper-and-pulp company, Bio Pappel, on its $100m  senior secured term loan facility to finance its acquisition of a target located in the US.
  • Advised Paysafe on its acquisition of SafetyPay, a payments platform operating primarily in Latin America.

Herbert Smith Freehills

At Herbert Smith Freehills, London-based partner William Breeze’s Latin America banking and finance practice is principally centred on energy, infrastructure and mining financings. Indeed, the firm has a track record in oil-and-gas-sector financings (particularly in Brazil), and has gradually developed a significant presence in Chile’s mining sector. Moreover, it is increasingly recognised for energy-transition transactions, with Argentina, Brazil, Chile and Colombia all among its primary markets. The practice represents a range of lenders and borrowers, has developed particular expertise in advising various Asian lenders on Latin America loans, and has also has cemented a strong connection with the IFC. Edward Dougherty is co-head of the Latin America group and leads the project finance group in New York; he to is particularly well known for his expertise in oil and gas financings.

Practice head(s):

Edward Dougherty

Hogan Lovells US LLP

Hogan Lovells US LLP’s long history in Latin America transactions brings it a wealth of financing engagements, notably project finance and corporate lending matters. Its client base includes IDB Invest, which the New York and Mexico City offices recently advised on a $300m financing to ENGIE Energía for the expansion of Peru’s largest wind farm. The firm is also steadily growing its profile in sustainability-linked finance. Jorge Diaz-Silveira has an outstanding record in Latin America project finance and other financing transactions, particularly in Central America. Mexico City’s Federico De Noriega and New York partner Ricardo Martinez are also key members of the team.

Key clients

Inter-American Investment Corporation

The Central America Bottling Corporation

Work highlights

  • Advised on a $300m financing to ENGIE Energía for the expansion of Peru’s largest wind farm.
  • Advised The Central America Bottling Corporation on issuance of $1.1bn in 5.250% Senior Guaranteed Sustainability-Linked Notes, due 2029.

Holland & Knight LLP

Holland & Knight LLP has a longstanding presence in Latin America banking and finance matters. With a number of finance specialists that have a major focus on the Latin America market, it has attracted a wealth of financial institution clients and routinely lands significant engagements. Much of the Latin America finance team sits in New York and Miami. In New York, Stephen Double is a vastly experienced Latin America expert with a fine record in syndicated lending, acquisition finance, project finance, structured finance and trade finance. Phillip Durham splits his time between New York and Chicago and is a leader in equipment and aviation finance (indeed the firm has a burgeoning record in the latter segment); he led the team that acted for aircraft leasing companies in the Chapter 11 bankruptcy of LATAM Airlines. New York and Miami-based Norberto Quintana has close connections to a number of major lenders and is a prominent figure in energy and infrastructure finance, including Colombian toll road projects.

Practice head(s):

Roberto Pupo

Key clients

Banco Bilboa Vizcaya Argentaria (BBVA)

Banco Latinoamericano de Comercio Exterior (Bladex)

Mizuho Bank

Banco Santander

Deutsche Bank

Financiera de Desarrollo Nacional (FDN)

Grupo CrediQ

Wells Fargo

Work highlights

  • Acted for various aircraft leasing companies in the Chapter 11 bankruptcy of LATAM Airlines
  • Advised private equity fund Deuda Infraestructura II Sura-Credicorp Capital as the liquidity lender on the Rumichaca-Pasto toll-road project financing led by Concesionaria Vial Unión del Sur and its Spanish sponsor Sacyr Concesiones.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP is widely noted for its extensive connections to multilateral development banks, including IDB Invest and CIFI Latam, which has led to a solid pipeline of financings in the renewables and energy transition areas. It also has strong links to other commercial lenders and the practice has developed a fine record in advising on loans to Latin American financial institutions by multilaterals; it advised Ecuadorian bank Banco de la Produccion (Produbanco) on two loans from International Finance Corporation with an aggregate value of $160m. Fernando Alonso is head of the Latin America group and a versatile practitioner with extensive experience in Latin America financings, including loans to Latin American financial institutions. Washington DC partner Vera Rechsteiner is pivotal to many of the multilateral development bank relationships and lands numerous financing engagements in the energy, oil and gas, and infrastructure segments; while Washington DC’s Alejandro Silva is now also especially active in this area for the IFC and IDB Invest. Fernando Margarit is a leader in digital infrastructure financings, especially subsea fibre optic cable systems. Uriel Mendieta is also experienced in syndicated loans and digital infrastructure finance, and Houston partner Doris Rodríguez is an experienced figure in oil and gas financings. Siddharth Sethy has left the firm to join Prudential Private Capital in March 2022. Named partners are based in Miami unless stated otherwise.

Practice head(s):

Fernando Alonso

Key clients

Banco Santander

Promerica Financial Corporation

Banco de la Producción (Produbanco)

Banco de Sabadell

Banesco (Panama)



International Finance Corporation (Latin America)

Inter-American Investment Corporation

CIFI Latam

Work highlights

  • Advised Ecuadorian bank Banco de la Produccion (Produbanco) on two loans from the International Finance Corporation; aggregate value: $160m.
  • Advised the Inter-American Investment Corporation (IDB Invest) on a risk sharing guarantee facility co-guaranteed by the Government of Panama providing support for banks in Panama to finance loans by local banks for the tourism sector.
  • Advised the International Finance Corporation (IFC) in connection with a $290m unsecured loan to Colombian financial institution Banco Davivienda.

Linklaters LLP

Linklaters LLP's core Latin America practice operates from its New York, Sao Paulo and Madrid offices. Many in the team have extensive experience in financings, particularly in the renewables segment and it has become a real force in sustainability-linked financings. One recent mandate saw Michael Bassett and counsel Alejandro Gordano led the team that advised ENGIE Energía Perú on an up to $300m loan granted by the Inter-American Development Bank (IDB) and IDB Invest for the development of its Punta Lomitas wind farm project. The firm also has developed an especially strong record in Peru. With over 25 years' experience, corporate-finance veteran Conrado Tenaglia co-heads the Latin America group in conjunction with Sao Paulo partner Matthew Poulter who is highly regarded for syndicated loans and infrastructure finance. Madrid-based managing associate Alberto García Linera leads the Mexico group and has experience across an array of cross-border finance matters.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has an established record in Latin America finance. With its close links to a growing number of international financial institutions, it is best known for corporate lending; HSBC has been a major client for many years and Deutsche Bank is a new name on its client list. Restructuring and securitisation are also fortes for the Latin America team, which has achieved further growth in debt private placements and fintech matters. Thomas Mellor has a long history of syndicated finance, club deals and trade finance in Brazil and elsewhere in the region. Hartford partner Daniel Papermaster has additional experience in financings, restructurings, and private placement financings, particularly in Chile, Peru and Mexico - although his experience reaches further afield.

Practice head(s):

Thomas Mellor; John Crespo


Deep knowledge and broad expertise in cross border transactions.

Tom Mellor has been involved in complex transactions in different environments for many years and manages the nuances of multiple overlapping legal issues.

Key clients

HSBC US|HSBC Mexico|HSBC Brazil|HSBC UK|HSBC Bermuda|HSBC Singapore


National Bank of Kuwait




Bank of America

Fuyo Leasing



Cerberus Capital Management

Credit Suisse

Deutsche Bank

Work highlights

  • Represented ING Capital as arranger, agent and lender in a club transaction in negotiating and closing a $80m leveraged acquisition finance loan.
  • Represented institutional investors in a $200m private placement financing of Tramarsa in Peru.
  • Represented institutional investors in an $85m private placement financing of Virutex Ilko.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has an illustrious history in Latin America deals. It has handled numerous landmark project finance engagements over the years, and is also recognised for its expertise in large-scale restructurings, sustainability-linked financings and financial institutions M&A. The firm counts a number of sovereign states as clients, which have also provided a series of headline mandates. Sergio Galvis is a doyen of the Latin America legal market, while Christopher Mann is another senior name in infrastructure finance and sovereign finance. Werner Ahlers now coordinates the Latin America group and is another experienced and versatile practitioner, with experience in financings and restructurings.

Practice head(s):

Werner Ahlers

Winston & Strawn LLP

Winston & Strawn LLP continues to significantly expand its banking and finance offering, primarily through the launch of a large Latin America-focused Miami office in 2022. This has provided the Latin America practice with considerable depth in project finance, bank regulatory matters, fintech, digital payments and digital assets. In project finance, Richard Puttré has a long history in energy and infrastructure financings, especially for Spanish construction companies and other sponsors. This builds on the firm’s pre-existing expertise in Latin America project financings, including in the renewable energy sector; it has an especially strong record in Chile. The new Miami office also includes partner Craig Rasile, an experienced figure in bankruptcy and restructuring, including Latin America engagements. Carl Fornaris joined from Greenberg Traurig LLP to co-chair the financial services group and the digital assets & blockchain technology team, and has an extensive background in Latin America. Kimberly Prior and Daniel Stabile also co-head the digital assets & blockchain technology group. Other key partners include Talbert Navia and Allen Miller who co-chair the Latin America team from New York; and the highly-rated Rodrigo Carvalho, managing partner of the São Paulo office. Los Angeles-based Francisco Flores is highly rated for structured finance transactions in Latin America. All named individuals are based in Miami unless stated otherwise.

Practice head(s):

Talbert Navia; Allen Miller; Francisco Flores


The closeness and close treatment. For a company, the most important thing is that the legal process is as simple as possible, avoiding all negotiations that do not add value to the contract and that only generate fruitless discussions – and therefore fees. Francisco Flores is a great lawyer and understands the business well, which is rare for lawyers.

The banking and finance team of Winston, already very strong in the U.S., substantially increased its presence in Brazil with the opening of the office in São Paulo. A union of highly qualified lawyers in NY law with local knowledge (as well as great familiarity with financial institutions), distinguishes Winston from other firms operating in Brazil. They are mainly strong in syndicated financing, trade finance and operations with related ESG metrics. This is another differential, vast knowledge of “green” financing contracts.

Rodrigo Carvalho, head of Brazil and an excellent lawyer in cross-border financing, uses all the experience acquired during his years as head of legal at Bank of America, to execute transactions more smoothly and effectively. Technical knowledge, combined with cultural knowledge and usually applied policies, has made Rodrigo stand out since Winston opened the law firm in Sao Paulo, placing Winston as one of two leading law firms acting as legal advisers for national and international banks.

The firm is characterised by its solid and up-to-date legal knowledge and extensive knowledge of the sector, which makes its advice valuable beyond legal aspects. They are flexible and committed, good negotiators and a great support during the development of the transactions.

Partners Allen Miller, Talbert Navia and Richard Puttré are very attentive and available, have extensive legal knowledge and bring all their experience to defend the interests of their clients.

I have known the W&S team for several years and they have assisted us in several transactions. The team is an experienced and serious team, aligned with the business and providing interesting solutions to problems all the time. They are always available to know and understand the business so that their advice is much more complete. In-house lawyers should know that this firm has a lot of experience in banking and financing transactions. They are always available and have a high capacity to understand operational issues that make their work more efficient. My experience with them is very favourable and although it is a traditional firm in the sense that it is not a new firm in terms of technology, they are very efficient. One of the main themes is the personalised attention of its members.

I have worked with various partners in the firm and they have all been very professional. One of their best qualities is that they are always prepared for the issues and that makes them much more efficient. They spend time getting to know the companies and their needs and that is a plus. I really like that the attention received is personalised. Allen Miller, Talbert Navia, Claude Serfilippi are some of the partners I have worked with. Their service is of high quality and they are excellent people.

Key clients

Total Play Telecommunications

Work highlights

  • Represented Total Play Telecommunications with regard to its $45m bridge financing from Barclays.
  • Represented Chilean airline Sky in connection with the negotiation of documentation relating to the sale and leaseback of various CFM International aircraft engines with Engine Lease Finance Corporation.

Baker McKenzie LLP

Baker McKenzie LLP’s prevalence across Latin America, with multiple offices, coupled with an established Latin America-focused team in the US, provides it with genuine credibility and a slew of impressive engagements. It has especially strong banking and finance teams in Brazil, Colombia, Chile and Peru, among other offices. It previously advised Banco Davivienda on the $906m refinancing of the Rumichaca-Pasto 4G toll road in Colombia. Buenos Aires partner Gabriel Gomez Giglio is chair of the Latin America banking and finance team, which includes Juan Carlos de los Heros Echecopar in Lima. Sebastian Vivanco, León Larrain and Jaime Munro are key figures in Santiago, notably for corporate lending and project finance; the firm recently advised the banks on the $146m credit facility to finance the Centella and Tap Mauro power transmission line projects in Chile. Bogota’s Ricardo Trejos Robledo is noted for project finance and acquisition finance. Former Bogota partner Carolina Duque left the firm in January 2023.

Practice head(s):

Gabriel Gomez Giglio


CMS has become a considerable force in Latin America banking and finance with its integrated offices in Brazil, Mexico, Colombia, Chile and Peru. It has further enhanced this offering through a cooperation agreement with Brazilian law firm FAS Advogados, in cooperation with CMS in 2023.The established team has a fine record in financings and restructurings, and represents some of the biggest international and regional lenders – including multilateral development banks – that operate in the market. It is also noted for its links to private equity sponsors, corporates and government entities. The various offices have landed key roles in a series of headline acquisition financings, project financings and restructurings, including advising BBVA Colombia on a $200m loan facility to Akzo Nobel Coatings and its Colombian SPV for the acquisition of Grupo Orbis, a major Colombian chemicals and paint conglomerate. Fernando De Cárcer and Jorge Allende Destuet are the key figures in Santiago, along with Sergio Rodriguez-Azuero and Daniel Rodríguez in Bogota. Miguel Viale and Diego Peschiera are the practitioners of note in Lima.

Key clients


Bank Polska Kasa Opieki




Agence Française de Developpment (AFD)

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Development Bank of Latin America (CAF)

Banco Aliado

Grupo Indi Banco Inbursa

Institución De Banca Múltiple (Inbursa)

Banco de Chile

Work highlights

  • Advised BBVA Colombia on a $200m loan facility to Akzo Nobel Coatings and its Colombian SPV for the acquisition of Grupo Orbis.
  • Assisted NAFIN with the restructuring of a syndicated loan agreement with Mota Engil México to finance additional works related to the construction of the first part of the Tren Maya project.
  • Advised OnNet on the financing related to the acquisition of the existing fibre optic network of Entel Chile, comprising the primary distribution fibre-to-the-home network, and the primary fibre optic network for peer-to-peer services.


Cuatrecasas’ multi-office strategy in Latin America continues to pay dividends. The offices in Mexico, Colombia, Chile and Peru advise a range of financial institutions, funds and corporates on acquisition finance, project finance, trade finance, and refinancings and restructurings, among other matters. It is noted for Spanish law-governed financings and has landed a number of major restructuring engagements. Bogota partner Manuel Quinche leads the team and has a fine record in corporate lending, project finance and real estate finance. Santiago’s Roberto Guerrero V has impressed in the restructuring field and Lima partner Aldo Reggiardo is well regarded for project finance. Mexico City partner León López is another important figure in project finance; while Madrid partner Carlos Lasarte regularly advises on Spanish law financings in Latin America, notably advising Bancóldex on its Spanish law bilateral loan agreement with BBVA.

Practice head(s):

Manuel Quinche

Key clients


Interconexión Eléctrica (ISA)

BTG Pactual




JP Morgan Chase

Inversiones CMPC

Carlyle Global Credit Investment Management


Work highlights

  • Advised Bancóldex on negotiating a bilateral loan agreement subject to Spanish law with BBVA.
  • Advised Costa Verde Aeronáutica (as DIP lender) 0n providing financing for Latam Airlines in the US Chapter 11 proceedings and also on approving the restructuring plan for Latam Airlines Group.
  • Advised BTG Pactual, Banco de Bogotá, Banco de Occidente and Banco Santander on structuring the corporate financing granted to the ACON Group–Vitalis.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has an established record in energy and infrastructure financings, including bank debt and bond issuances. The firm also has a presence in corporate lending and restructurings, and has developed strong connections to both lenders and Latin American borrowers. Tomer Pinkusiewicz leads the Latin America team and has an excellent reputation in infrastructure financings, including bank and bond debt. Toren Murphy is also active on project financings in the region, while Anita Girdhari is noted for transportation infrastructure financings and public-private-partnerships.

Practice head(s):

Lisa Alfaro; Tomer Pinkusiewicz