Capital markets in Latin America: International firms

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has long been a dominant in force in sovereign and state-owned enterprise (SOE) issuances, though it also continues to develop its standing in private sector offerings, acting for both issuers and underwriters. The firm has successfully targeted all of Latin America's principal economies, its three biggest markets being Brazil, Mexico and Argentina. Historically, it has also made a good impression in Chile, the broader Southern Cone region, and in the Caribbean with activity in the Dominican Republic and Puerto Rico. The firm is also a dominant force in liability management transactions in Latin America, where its senior resources and deep team pay dividends; it also leverages the expertise of non-Latin America team members such as David Lopez, who is a recognised leader in liability management. Nicolas Grabar and Francesca Odell continue to represent some of the firm's biggest issuer clients in Latin America, while Buenos Aires-based Andrés De La Cruz remains a dominant force in sovereign and private sector issuances in Argentina and the Southern Cone; he has worked in a series of major liability management transactions. Jorge Juantorena is a key figure for Mexico capital markets offerings. Sao Paulo partners Juan Giráldez and Francisco Cestero have proved pivotal for Brazil and other Latin America deals, while Manuel Silva, who was raised to the partnership in January 2020, and Buenos Aires counsel Emilio Minvielle, have also contributed to the success of the practice. All named individuals are based in New York unless stated otherwise.

Testimonials

Cleary has a deep bench of extremely intelligent and experienced lawyers, and covers the Latam space as no other US firm does.

They are always available, friendly, cooperative, and provide the best quality on every opinion and document. You can feel how they try to be in your shoes in order to solve any matter for your specific situation.

Nicolas Grabar is the most brilliant US lawyer I’ve ever met.

Francesca Odell is a pleasure to work with; sharp and sympathetic with all sorts of clients.’

Juan Giraldez is straightforward and thoughtful in equal measure.’

Francisco Cestero excels in complex cross-border debt capital markets work.’

Andrés de la Cruz’s work style is of high dedication, particularly when you are in the process of issuing bonds in the global markets.’

Key clients

Petróleo Brasileiro (Petrobras)

MercadoLibre

Vista Oil & Gas

Petróleos Mexicanos (Pemex)

The Mexican Ministry of Finance and Mexico City Airport Trust (MEXCAT)

United Mexican States

The Republic of Argentina

The Republic of Chile

Corporación Nacional del Cobre de Chile (Codelco)

América Móvil

The Republic of Uruguay

Federative Republic of Brazil

The Dominican Republic

Work highlights

  • Represented Petróleo Brasileiro  (Petrobras) in an abbreviated five-day exchange offer and related tender offer targeting seven series of outstanding notes with an aggregate value of some $7bn.
  • Advised MercadoLibre on a $2bn equity offering consisting of a $1.15bn public common stock offering and concurrent private placement investments.
  • Represented Vista Oil & Gas in the public offering of 10 million common shares; value, $92.5m.
  • Represented the syndicate of underwriters and international placement agents in a secondary offering of 132.51 million Banco do Brasil’s common shares, held by FI-FGTS and by Banco do Brasil, in treasury; value, $1.4bn.
  • Represented the underwriters, in the initial public offering of common shares of Brazilian medical education group, Afya; value, $245m.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP's global eminence in capital markets offerings remains in clear evidence in its celebrated Latin America practice. The firm continues to be a dominant force in big-ticket and high-value transactions in Brazil, Mexico and other major economies such as Chile and Colombia. Its high-profile partners Manuel Garciadiaz, head of the Latin America group, and Maurice Blanco who co-heads the global capital markets practice, both split their time between Sao Paulo and New York. The firm now represents a number of the biggest repeat issuers in the region and maintains its strong connections to major financial institutions. It claims to have advised on two-thirds of SEC-registered IPOs by Latin American issuers since 2007 and four of the five largest IPOs in Brazil's history, representing Brazilian technology-driven financial services platform XP on its $2.25bn initial public offering, the largest Brazilian IPO of 2019. Nicholas Kronfeld is another key member of the relatively lean Latin America team, as is counsel Katia Brener.

Key clients

Arco Platform

Adecoagro

Banco de Bogotá

Banco de Crédito del Perú

Banco Santander (including subsidiaries in Argentina, Brasil, Chile, Mexico and Puerto Rico)

BR Malls

BR Properties

Corporación Inmobiliaria Vesta

Cosan

GeoPark

Grupo Aval

Grupo Biotoscana

Grupo Unicomer

Hypermarcas

Plurinational State of Bolivia

Rumo

StoneCo

Telefônica Brasil

Telefónica Chile

Telefónica Móviles Chile

TIM

Tonon Bioenergia

Triple-S Management

XP

Work highlights

  • Advised XP on its $2.25bn IPO of Class A common shares.
  • Advised the initial purchasers on the $400m Rule 144A/Reg S offering of senior notes by Promigas and its subsidiary Gases del Pacífico.
  • Advised CODELCO, the world’s largest copper producer,  on its $1.3bn Rule 144A/Reg S offering of senior notes.
  • Advised the initial purchasers on a $1bn Rule 144A/Reg S high-yield senior notes offering by JBS USA Lux, JBS USA Food Company and JBS USA Finance.
  • Advised the initial purchasers on the $450m Rule 144A/Reg S notes offering by Sociedad Química y Minera de Chile.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has built a significant market share of capital markets offerings from Brazil and Argentina over the years, while achieving growth in other key markets such as Mexico, Chile, Peru and Colombia. With its substantial presence in Sao Paulo, it has successfully exploited the surge in IPOs and other offerings in Brazil in 2019. High yield debt and hybrid offerings are also areas of particular expertise for the Latin America group. The firm represents a wide range of corporate issuers around the region and has a slice of the sovereign issuance market; it advised the initial purchasers on the $1.5bn and DOP$50.5bn sovereign bond offerings by the Dominican Republic. Todd Crider is head of the Latin America practice, dividing his time between Sao Paulo and New York, and advising on a range of debt and equity offerings in major Latin American economies. David Williams is the founder of the Latin America practice and another hugely experienced specialist with a fine record in debt and equity issuances in Chile, Argentina and other larger markets; he advised Chilean forestry company Celulosa Arauco y Constitución on its $1bn sustainable bond offerings and concurrent cash tender offers. Resident partner in the Sao Paulo office Grenfel Calheiros has been key to building the firm's standing in Brazilian issuances; he led the team that advised Brazilian fashion retail brand C&A Modas on its 2019 IPO on the Sao Paulo Stock Exchange.  Juan Francisco Méndez and Jaime Mercado are also prolific advisors on big-ticket capital markets offerings. Partners are based in New York unless stated otherwise.

Key clients

Fibra UNO

Deutsche Bank

Work highlights

  • Represented the initial purchasers in $1.5bn and DOP$50.5bn sovereign bond offerings by the Dominican Republic.
  • Represented the underwriters in the $468m initial public offering and NYSE listing of common shares by Intercorp Financial Services (IFS).
  • Represented the Republic of Guatemala in connection with the issuance and sale of $1.2bn in sovereign debt.
  • Advised C&A Modas on its R$1.6bn IPO on the São Paulo Stock Exchange (B3).
  • Advised Braskem Netherlands Finance on  its completion of a $2.25bn notes offering  and related tender offers, the largest single debt issuance by Braskem.

White & Case LLP

White & Case LLP has a tremendous record in the region's larger markets, particularly Brazil, and to a slightly lesser degree Mexico. Yet it has further augmented its position in Peru and Colombia, along with secondary markets such as Ecuador and Paraguay, thanks -in part- to the sheer size of the Latin America capital markets team and its longstanding commitment to the region. The firm was also a major force in Argentina before the recent collapse in capital markets activity. The team covers a breadth of capital markets products, from straight equity to high yield debt, project bonds and liability management. It has expanded its senior ranks in the last few years with the hire of senior figure Taisa Markus in 2018 and the elevation of Sao Paulo's John Guzman and New York's Bibiana Jaimes to the partnership. Other younger partners such as project finance specialist Thomas Pate have helped to grow the project bonds element of the practice. The firm continues to be recognised for its almost peerless issuer client base in Brazil, thanks in no small part to the presence of Sao Paulo-office founding partner Donald Baker, who has been based there since 1997. It maintains excellent connections to investment banks such as Goldman Sachs with global head of capital markets John Vetterli having a particularly pivotal role in these relationships. All named individuals are based in New York unless stated otherwise.

Key clients

Banco Bradesco

Banco Mercantil del Norte (Banorte)

Caixa Econômica Federal

Citigroup Global Markets

Companhia Brasileira de Alumínio

Companhia de Locação das Américas

Corporación Quiport

Goldman Sachs

Grupo SBF

Itaú BBA

JBS

JP Morgan Securities

Linx

Morgan Stanley

Oi

Promigas

Sacyr Concesiones and Ocho A

Telefónica Celular del Paraguay

Termocandelaria CCGT

WOM

Work highlights

  • Represented WOM (Kenbourne Invest) on its $450m high yield bond issue and its $200m pari passu senior credit facilities.
  • Advised Sacyr Concesiones  and Ocho A as sponsors, Rutas del Este as borrower, and Rutas 2 and 7 Finance as issuers, in the $458m zero coupon Rule 144A/Reg S bond arranged by Goldman Sachs; this was for the financing of the design, construction, operation and maintenance of the Paraguayan highway project, the largest private investment in the country’s history.
  • Represented the underwriters on the $789m public offering of 19.5m Class A common shares by certain selling-shareholders of Nasdaq-listed Brazilian fintech company, StoneCo.  
  • Assisted Telefónica Celular del Paraguay on its offering of $300m senior notes.

Clifford Chance

Clifford Chance 's sizeable Sao Paulo presence enabled it to achieve prominence in the resurgence of Brazil capital markets activity during 2019. Historically the firm has frequently advised Brazilian financial institutions as issuers and more recently has broadened this emphasis into the corporate space. It also represents the same financial institutions as underwriters and arrangers. This segment of the practice covers straight equity and debt products, along with derivatives and structured products. Outside of Brazil, the firm has maintained solid deal flow, despite the drop-off in activities in Mexico and Argentina; Peru Colombia, Ecuador and Panama have been fruitful markets. Moreover, the firm continues to build out its practice for sovereigns and quasi-sovereigns, including issuances by the Republic of Ecuador and Republic of Costa Rica. Project bonds continue to be a major specialism of the team with Gianluca Bacchiocchi to the fore; this includes Colombia's 4G toll roads program and further deals in Paraguay and Brazil. Co-head of Americas capital markets Jonathan Zonis is active throughout the region and has had a key role in developing the firm's sovereign issuance practice. Sao Paulo's Anthony Oldfield leads a strong team in Brazil, which includes counsels Patrick Jackson and Anja Pfleger Andrade. Hugo TriacaAnand Saha and Jake Farquharson are also key names. Associate Mariana Estévez impresses clients. All are based in New York unless stated otherwise. Since publication, Bacchiocchi has left the firm for Latham & Watkins LLP , effective as of January 2021.

Practice head(s):

Jonathan Zonis; Anthony Oldfield

Testimonials

Clifford Chance is a powerhouse for Latin America capital markets.’

The team is extremely professional and dedicated to deals. They are constantly on top of the execution and have a great capacity to anticipate issues and manage them properly.’

Outstanding professionalism and profound knowledge of their respective industries.’

Jon Zonis is fantastic. His level of knowledge and experience in the field is unparalleled.’

Hugo Triaca is hands down one of the best partners in practice. He is very hands on and always available. He is also extremely constructive when issues arise, and comes up with practical solutions.’

Hugo Triaca is our go to lawyer for difficult situations, high yield and liability management transactions. He is experienced, reliable and friendly with both issuers and banks.

Jake Farquharson knows the real estate market, Mexico and capital market transactions of all kinds.

Mariana Estévez is a great associate, very dedicated and on top of all the deals.’

Key clients

AES Gener

Bank of America Merrill Lynch

CAF

Credit Suisse

Eletrobras

Banco do Brasil

HSBC Securities (USA)

Klabin Finance

Empresas Públicas de Medellín

BNDES

Work highlights

  • Advised the Underwriters on a secondary equity issuance of shares held by the Brazilian Federal Government and BB Seguros in reinsurer IRB Resseguros.
  • Represented Goldman Sachs, as placement agent, in the $400m social bonds offering by Ecuador, partially guaranteed by the Inter-American Development Bank (IDB).
  • Advised the Republic of Costa Rica on a dual-tranche notes offering with an aggregate value of $1.3bn.
  • Represented Klabin in a $1bn green bonds offering.

Milbank

Milbank has an extensive record in debt and equity offerings throughout Latin America, given additional weight by a strong Sao Paulo office. It continues to impress in big-ticket and headline IPOs, high yield debt offerings and other capital markets issuances, including project and infrastructure bonds. A case in pint involved advising Allianz Global Investors in connection with TAG Norte Holding’s $332m private placement to fund the Los Ramones Norte natural gas pipeline in Mexico. It also advised the underwriters on the $900m project bond offering for the refinancing of Mexico-based polyethylene producer Braskem Idesa's project financing for the Nanchital petrochemical complex in Veracruz, Mexico. The firm has a notably wide geographic spread of capital markets activity. Marcelo Mottesi leads the global capital markets practice and is co-head of the Latin America group; he covers debt and equity issuances across the region. Carlos Albarracin is similarly highly-reputed, spanning both bank and structured financings along with a healthy flow of capital markets transactions; he is noted for infrastructure-related fund raisings. Sao Paulo's Tobias Stirnberg has landed the firm a wealth of connections to corporate issuers, banks and underwriting firms in Brazil. Fabiana Sakai is an emerging talent in Sao Paulo having advised on a series of headline offerings in Brazil.

Key clients

Bank of America Merrill Lynch

Cencosud

Credit Suisse

Deutsche Bank

Grupo Energía Bogotá

Cometa Energía

Morgan Stanley

Gol Linhas Aéreas Inteligentes

JP Morgan

Goldman Sachs

Work highlights

  • Represented the initial purchasers in connection with GeoPark’s $350m bond acquisition financing of Amerisur’s assets.
  • Assisted Avianca Holdings in connection with the successful renegotiation of a substantial part of its debt, lease obligations and agreements with key suppliers.
  • Advised the underwriters in connection with the $900m project bond offering for the refinancing of Mexico-based polyethylene producer Braskem Idesa’s project financing.
  • Represented the underwriters in connection with the R$2.4bn ($561m) IPO of Brazilian jewellery retailer, Vivara.

Paul Hastings LLP

Paul Hastings LLP has significantly expanded its geographic and product coverage over the last year to 18 months. Having once been regarded as a Mexico-focused practice, it is now gaining a greater foothold in Brazil, Colombia and Peru issuances, among other jurisdictions. Moreover, the firm is making additional inroads into the project bonds segment and other infrastructure related capital markets financings. Hybrid financings, involving both bank loans and bond issuances, are a particular feature of the practice. The firm is also making a considerable impression in exchange offers, including those linked to major cross-border restructurings, the team often working alongside bankruptcy and restructuring partner Pedro Jimenez. An expansion of the Sao Paulo team, which included the hire of David Flechner from Shearman & Sterling LLP in August 2019, has given the firm an event greater presence in Brazil capital markets transactions. Michael Fitzgerald leads the team and remains one of the leading names in Mexico capital markets deals. Cathleen McLaughlin is building the firm's name in project bonds and infrastructure-related financings. Arturo Carrillo is another pivotal figure in Mexico deals, while Joy Gallup and Sao Paulo's Steven Sandretto are also key names. Of counsel Pedro Reyes and associate Eduardo Gonzalez are also recommended by clients. All named partners are based in New York unless stated otherwise.

Practice head(s):

Michael Fitzgerald

Testimonials

Very experienced across the board. Superb attention to detail. Deep involvement from senior partners. Top tier in Mexico, very few other firms compare well.

The team is very time efficient with their work which is executed with high-quality standards. They are also proactive, providing us with their thoughts and considerations so we can make a better decision regarding certain matters.

Mike Fitzgerald, Arturo Carrillo and Joy Gallup have been together for a long time and it shows. They are highly coordinated and engaged, always giving good and timely advice, and are very proactive. They are really experienced and are always looking for a good and balanced solution.

Cathleen McLaughlin promotes team work and focuses on client satisfaction.

Pedro Reyes and Eduardo Gonzalez stand out for their analysis, problem-solving, knowledge, efficiency and proactiveness.’

Key clients

Grupo Industrial Alfa

Sigma Alimentos

Nemak

Axtel

Companhia Energética de Minas Gerais – CEMIG

GRUMA

Energy Infrastructure Group

Banco del Bajio

Grupo Traxión

Crédito Real

Grupo Kaltex

Braskem Idesa

Grupo Televisa

Sacyr

Citigroup

Barclays

Credit Suisse

Morgan Stanley

JP Morgan

Work highlights

  • Represented the ad-hoc Board of Directors of Petróleos de Venezuela on the renegotiation of bonds and possible exchange for new securities, as part of the litigation involving its 2020-bonds secured by the stock of CITGO.
  • Advised the joint book-runners in connection with a $1bn  senior notes offering by Fibra Uno.
  • Represented Minera México in an international offering of senior notes.
  • Advised Braskem Idesa, the largest polyethylene producer in Mexico, on an international offering of senior secured notes.
  • Acted as counsel to the underwriters  in Televisa’s $750m SEC-registered senior notes offering

Shearman & Sterling LLP

Shearman & Sterling LLP has a rich history in Latin America capital markets issuances and remains a force, albeit primarily from its New York headquarters, following the departure of David Flechner and Jonathan Kellner from its Sao Paulo branch to Paul Hastings LLP. The firm remains particularly noted for its connections to key banks and underwriting firms that operate in the Latin America capital markets segment. It is also a key player in SEC-registered offerings and sovereign offerings. Notable recent mandates include advising the underwriters on Pemex's triple-tranche capital markets offering, (the largest refinancing in the Mexican oil and gas giant's history); and representing the dealer managers in Petrobras’ $3bn SEC-registered notes offering and concurrent liability management transaction. It also advised the underwriters on Peru’s $2.5bn issuance of sovereign and global bonds. Antonia Stolper is a hugely experienced figure in Latin America capital markets and leads the Latin America group. Stuart Fleischmann is equally highly reputed, often representing underwriters in equity offerings, sovereign and quasi-sovereign bond offerings. Houston partner Manuel Orillac is another key figure in capital markets and project finance transactions, while Grissel Mercado remains noted for Mexico deals. Sao Paulo's Roberta Berliner Cherman was promoted to partner in January 2020 and has supported colleagues in a series of major deals. All named individuals are based in New York unless stated otherwise.

Practice head(s):

Antonia Stolper

Testimonials

Very professional service in capital markets.

The team is driven and pro deal.’

 

Key clients

Alicorp

Azul

Banco Bradesco BBI

BTG Pactual

Banco do Brasil

BNP Paribas Securities

BofA Securities

CABEI

Citigroup Global Markets

Crédit Agricole Corporate and Investment Bank / Crédit Agricole Securities

Credit Suisse Securities (USA)

Daiwa Capital Markets America

Ecopetrol

Empresa Nacional del Petróleo (ENAP)

Engie Energía Chile

FI-FGTS

Goldman Sachs

HSBC Securities (USA)

Interbank

Intercorp Financial Services

Itaú Unibanco

JP Morgan Securities

Mizuho Securities USA

Morgan Stanley

Positivo Tecnologia

Santander Investment Securities

Scotia Capital (USA) / Scotiabank Perú

SMBC

Société Générale

Volaris

Wells Fargo Securities

Work highlights

  • Represented the underwriters in connection with a refinancing operation for Pemex consisting of $7.5bn multi-tranche bond offerings, $5bn multi-series cash tender offers and $3bn multi-series exchange offers.
  • Represented the international placement agents in a Rule 144A/Reg S international offering by Cencosud Shopping and a concurrent IPO of shares in Chile, the largest-ever IPO in Chile.
  • Represented the underwriters in four separate offerings of green bonds by the Republic of Chile, including the first green bonds issued by a Latin American sovereign country.
  • Represented the global coordinators and joint bookrunners in the Republic of Peru’s Rule 144A/Reg S offering of sovereign bonds with an aggregate principal amount of $3bn.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP's highly rated Sao Paulo office has enabled the firm to ride the wave of resurgent capital markets activity in Brazil. The firm is also noted for Mexico offerings, but beyond these markets has genuine credibility across the Latin America region. It has close connections to a range of repeat issuers including BTG Pactual, which it advised on a series of issuances in 2019, including its $600m Rule 144A/Reg S offering of Basel II-compliant Tier 2 subordinated notes listed on the Luxembourg Stock Exchange. Filipe Areno and Mathias von Bernuth are the key partners in Sao Paulo, where they advise on a range of equity and debt offerings, representing both issuers and underwriters. New York's Alejandro González Lazzeri covers both bank debt and debt offerings, including high yield debt, particularly in Mexico.

Practice head(s):

Paola Lozano; Paul Schnell

Key clients

BB Securities

Banco Bradesco

HSBC Securities

JP Morgan Securities

Grupo Bimbo

Usinas Siderúrgicas de Minas Gerais

BTG Pactual

Ultrapar Participações

Crédito Real

Banco PAN

Citigroup

Morgan Stanley

Banco do Brasil

Santander

BCP Securities

Santander Investment Securities

XP Investments US

Barclays Capital

Citigroup Global Markets

BLADEX

Credit Suisse Securities

UBS Securities

BofA Securities

Goldman Sachs Securities

Work highlights

  • Advised Mexico’s Grupo Bimbo on its $600m Rule 144A/Reg S offering of 4% notes, the lowest coupon interest rate for an issuer in Latin America for a 30-year bond to date.
  • Advised Usinas Siderúrgicas de Minas Gerais in connection with a $750m bond issuance, its first return to the international bond market since 2008.
  • Represented a group of global investment bank coordinators during the $2.3bn initial public offering of shares in XP on Nasdaq – the largest ever US IPO of a Brazilian company.
  • Represented a group of global financial services corporations in connection with a liability management exercise for up to $900 million of three series of existing notes issued by Votorantim Cimentos International.

Arnold & Porter

Arnold & Porter is a leading player in sovereign issuances for states, state-owned companies and quasi-sovereign entities, and municipalities. It also represents corporate issuers, financial institutions and underwriters. Its history with sovereigns stems back to the 1980s. The firm also impresses in derivatives, structured finance and securitisation, including diversified payment rights transactions and other asset securitisations. Many of its senior team members are fluent in Spanish, Portuguese or both; some are native speakers. Clients include Bolivarian Republic of Venezuela, Federative Republic of Brazil and Republic of Colombia. Whitney Debevoise has advised Brazil, El Salvador and Panama on sovereign issuances for many years; he advised Republic of El Salvador on its $1.1bn sovereign bond issuance in 2019 and represented the Republic of Panama on a series of capital markets transactions. Gregory Harrington has a long record with Brazil and Peru, including Peruvian entity Camposol. Senior counsel Neil GoodmanRaul Herrera and counsels Arturo Caraballo and Carlos Pelaez also contribute to the huge success of the sovereign issuance side of the practice.

Practice head(s):

Whitney Debevoise

Key clients

Barbados Creditors’ Committee

Bolivarian Republic of Venezuela

Camposol

Caribbean Development Bank

Empresa de Transmisión Eléctrica

Federative Republic of Brazil

Grupo de Energía de Bogotá

Province of Buenos Aires Creditors’ Committee

Republic of Colombia

Republic of Costa Rica

Republic of El Salvador

Republic of Honduras

Republic of Panama

Work highlights

  • Advised the Republic of El Salvador on its $1.1bn offering of 30-year Bonds.
  • Advised the Republic of Panama on the simultaneous issue of $300m in 3.2% Global Bonds (due 2030) and $1bn in 4.3% Global Bonds (due 2053); each bond was issued at the tightest spread to US Treasuries ever obtained by Panama for the respective maturity.
  • Advised the Barbados Creditors’ Committee regarding the restructuring of The Government of Barbados’ external public debt of more than $640m; the deal  included a most-favored creditor clause, a principal reinstatement clause, a creditor engagement clause and the reimbursement of committee expenses, among other protections.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has an extensive international reach, including in Latin America, despite its limited physical presence in only New York and London. It has a long track record in Latin America, building a range of high-profile corporate client relationships and leveraging its bank and financial institution connections to land major deals across the region. The highly rated David Mercado is noted for M&A and capital markets, with huge experience in IPOs, follow-on offerings and high-yield debt in Latin America; he represents some of the biggest names in the region (see: Key Clients). Sasha Rosenthal‑Larrea was promoted to partner in January 2019 and has a growing body of experience in Latin America high-yield and investment grade debt.

Practice head(s):

David Mercado

Key clients

Anheuser-Busch InBev

Avon

Bacardi

Banco Santander Río

Cisneros Group of Companies

OLX

Casa Cuervo

Naspers

Work highlights

  • Advised the initial purchasers on Celulosa Arauco y Constitución’s $1bn 144A/Reg S sustainable notes offering.
  • Represented the initial purchasers in the $500m 144A/Reg S notes offering of Inversiones CMPC.

Hogan Lovells US LLP

Hogan Lovells US LLP is recognised for derivatives and structured finance transactions, along with a healthy flow of sovereign issuances, notably for the Republic of Ecuador. It combined the two particular areas of strength in representing Banco del Pacífico on the establishment of and first issuance under its diversified payment rights securitisation programme; this was the first such programme ever established in Ecuador. Emil Arca, who led the deal, is head of the firm's international debt capital markets practice for the Americas and a leading figure in diversified payment rights securitisations in Latin America. The Mexico City office led by partner Federico de Noriega also represented Banco Santander on a $110m master receivables factoring agreement with Vitro. Isabel Costa Carvalho leads the Sao Paulo office, where the firm has gained a solid market share of equity deals; in 2019 it advised the international placement agents on an $118m equity offering by Brazilian real estate company, Tecnisa.

Latham & Watkins LLP

Latham & Watkins LLP is a global leader in equity offerings and high-yield bonds. The firm, which has so far elected not to establish offices on the ground in Latin America, has leveraged its capital markets credentials to significant effect, landing deals from across the region. The Latin America team has strong connections to key investment banks that are active in the region and to local law firms in multiple jurisdictions. Bank of America Merrill Lynch, Goldman Sachs, JP Morgan and Morgan Stanley are key clients. It continues to impress in headline and novel deals such as advising the Inter-American Development Bank (IDB), as guarantor, on a $400m offering of social bonds issued by the Republic of Ecuador, the first sovereign in the world to conduct a financing of this kind. New York partner Roderick Branch co-heads the practice, is a Mexico City native and has a fine record in equity and debt offerings in the jurisdiction.  Washington DC's Alexander Cohen leads the firm's SEC national office and provides additional SEC-registered deal expertise for Latin America transactions. Since publication the firm has notably strengthened the practice with the January-2021 hires of Gianluca Bacchiocchi and Guido Liniado from Clifford Chance; they arrive as as partners in the corporate department and energy & infrastructure industry group, and as members of the Latin America and capital markets practices.

Testimonials

They have true market experience and do not hesitate to show it. The practice has deep knowledge, but with real sensitivity to client needs.’

Partners dominate the subject and participate practically in all calls and decisions during the deal. They follow up closely during the development of matters.

 

Key clients

AES Corporation

Baird

Bank of America Merrill Lynch

Dragoneer Investment Group

Inter-American Development Bank

Eletrans

Fermaca Pipeline El Encino

Goldman Sachs

Grupo BAL

JP Morgan

Howard Energy Partners

Infraestructura Energética Nova (IEnova)

Morgan Stanley

Riverstone

TAG Pipelines Norte Holding

Vista Oil & Gas

Work highlights

  • Represented Dragoneer Investment Group on the $100m private placement of 100,000 shares of series A convertible preferred stock of MercadoLibre.
  • Advised JP Morgan, as underwriters, on the $450 million offering of senior notes due 2024 by WOM Mobile.
  • Advised the Inter-American Development Bank (IDB), as guarantor, in a $400m offering of social bonds issued by the Republic of Ecuador, the first sovereign in the world to conduct a financing of this kind.

Linklaters LLP

Linklaters LLP is best known for debt issuances in Brazil and Argentina, along with deals in Chile, Colombia and Peru. In 2019, it showed its standing among Argentinian issuers as capital markets activity spiked temporarily, representing YPF, Argentina’s regional oil and gas leader, on its $500m international notes offering. It also represented Telecom Argentina, the country’s second largest company, on its $400m notes offering. Co-head of the Latin America practice Conrado Tenaglia, an Argentine native, has an excellent record in Argentina, Chile and Peru. Matthew Poulter splits his time between New York and Sao Paulo, has strong connections to Brazilian issuers such as Marfrig and is active in capital markets deals across Latin America. Sao Paulo and New York partner Gabriel Silva is an emerging talent.

Testimonials

They are very professional and show permanent availability.

Linklaters’ team is responsible, devoted to the company’s success and is very diligent.

They have a fully bilingual team which focuses solely on the region and has a particular emphasis on Chile, which makes it a very good option for a number of clients when looking at international counsel.

Conrado Tenaglia is always outstanding. He is bright, articulate and totally dedicated to his clients. He is a delight to work with.

Matthew Poulter is a creative, charismatic and determined lawyer.

Mayer Brown

Mayer Brown has achieved considerable growth in Brazilian capital markets engagements, building on its already powerful presence in high yield and investment grade bonds, project and infrastructure bonds, private placements, structured finance and securitisation. The firm is making a considerable impression in private placement financings and advised Celeo Redes on its $365m million private placement financing of a green/brown-field portfolio of transmission projects in Chile. Douglas Doetsch leads the Latin America practice and has an outstanding record in equity and debt capital markets issuances, along with structured finance and structured finance transactions, including diversified payment rights deals. James Patti provides a similar skill set and a significant focus on Latin America. New York partner David Bakst has gained recognition for advising on a growing number of Brazil deals, working alongside local associate firm Tauil & Chequer Advogados in association with Mayer Brown. Washington DC and New York partner Christopher Erckert is rated for private placement financings of energy and infrastructure assets. Named individuals are based in Chicago unless stated otherwise.

Practice head(s):

Douglas Doetsch

Key clients

Banco General

Banco Bradesco

Celeo Redes

Credit Suisse

Deutsche Bank Securities

Global Bank of Panama

Goldman, Sachs & Co

Banco Itaú BBA

Sanepar

Banco Santander Brasil

Work highlights

  • Advised the consortium and sponsors in connection with a $300m sale of milestone certificates issued in connection with the construction of the Corredor Bioceanico highway in Paraguay, marking the first time that an infrastructure project in Paraguay is funded through a structured note placement.
  • Advised Celeo Redes on a $365m private placement financing of a greenfield-brownfield portfolio of transmission projects in Chile (totalling more than 550km of transmission lines and eight substations).
  • Represented the underwriters in a R$362m offering of shares issued by Brazilian financial-sector tech provider Sinqia.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP is noted for 144A/Reg S bond offerings, sovereign bond offerings, and private placements for institutional investors. It also frequently represents bondholders in Latin America debt restructurings. The firm has developed a niche in representing insurance companies and other institutional investors in the private placement of debt securities in multiple Latin American jurisdictions. It advised Major Paraguayan meat producer Frigorífico Concepción on its debut $100m Rule 144A/ Reg S offering of senior secured notes, guaranteed by the issuer’s Bolivian subsidiary Frigorífico BFC. It was also US legal adviser to the Republic of Suriname on its $125m sovereign bond offering. London partner Carter Brod has emerged as a strong player in Latin America bond offerings for major corporates, sovereigns, quasi-sovereigns and SOEs. New York's Timothy DeSieno is a leading figure in bondholder restructurings in the region, while Hartford partner Daniel Papermaster is a market leader in private placements for institutional investors.

Practice head(s):

Thomas Mellor; Juan-Pablo Crespo

Testimonials

This firm is very unique since, although our contacts reside in New York, they have a network to assist those New York banks to directly or indirectly advocate positions for their clients.

Tim DeSieno and Tom Mellor are exceptional. They take highly complex situations and look at various aspects for resolution, plainly explaining options for creditors to implement. They have significant relationships within Latin America and are not afraid to leverage those relationships to assist in resolution. They are exceptionally hard workers and available for their clients at short notice.

Key clients

Telecommunications Services of Trinidad and Tobago

Republic of Suriname

Frigorífico Concepción

Morgan Stanley

Patriotic Energies and Technologies

Work highlights

  • Acted as issuer’s counsel on Telecommunications Services of Trinidad and Tobago (TSTT)’s debut Rule 144A/ Reg S bond offering.
  • Acted as US legal adviser to the Republic of Suriname on a $125m sovereign bond offering.
  • Represented a Brazilian engineering and construction conglomerate on its  $2.5bn bond restructuring plan.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP is not a volume player, but its illustrious Latin America practice continues to land a significant market share of bulge-bracket, complex and headline deals. This includes SEC-registered issuances, hybrid financings, project bonds and sovereign deals. In April 2020, the firm advised the underwriters on the Republic of Panama's $2.5bn global bond offering. New York's Sergio GalvisChristopher Mann and Werner Ahlers comprise the core Latin America team, all of which are engaged in capital markets transactions, along with M&A, project finance and other areas of practice. Washington DC partner Robert Risoleo is also an experienced figure in Latin America sovereign bond and project bond issuances.

Winston & Strawn LLP

Winston & Strawn LLP remains best known for capital markets transactions in the energy and infrastructure sectors. Its impressive corporate client base ensures a steady flow of capital markets engagements; it represents four of the 11 Chilean NYSE-listed companies, plus many more from around Latin America. Active in the capital increase and corporate reorganisation segments, the firm has landed major engagements from the likes of Enel Américas and Enel Chile. It has also impressed with its work on novel securitisation structures and private placement transactions. Co-head of the Latin America practice Allen Miller has genuine capital markets pedigree and continues to work on major transactions for Chilean power group Enel, including capital increases and reorganisations; he and fellow partner Sey-Hyo Lee recently advised NYSE-listed Enel Américas on its $3bn capital increase. Co-head of the Latin America group Talbert Navia has an excellent record in Argentina and the Southern Cone. Claude Serfilippi is noted for high-yield debt, project bonds and private placements.

Practice head(s):

Allen Miller; Talbert Navia

Testimonials

I must say that the level of service is outstanding. The team is really impressive in terms of availability, responsiveness, depth of knowledge and practical advice.

Something that distinguishes them from other law firms in New York is that the partners are completely involved and are always the main contact in all the transactions.

Their advice is always wise and they know how to solve any issue that arises (even complex ones).’

What I really like about Winston is that they know how to work as a team. Their focus is always on the client and they really know how to interact very well with local counsel to achieve the results sought by the client.

Allen Miller is an extremely capable lawyer who has been involved in most of the main high profile transactions in Chile and in many relevant transactions in Latin America. He really cares about his clients and gets deeply involved in every transaction he works on. He has a lot of experience, he is thorough but very pragmatic and has a unique business understanding.

Sey-Hyo Lee is an extraordinary advisor. As co-counsel, I always feel very supported by him. He has a lot of patience and makes sure that everyone understands very well the issues and solutions. He is extremely collaborative, works very hard and succeeds in timely achieving the results sought by his clients.

Key clients

TV Azteca

Enel Américas

Enel Chile

Enel Generación Chile

Sociedad Química y Minera de Chile (SQM)

Pampa Energía

Work highlights

  • Advised New York-listed Enel Américas, on a $3bn capital increase, the largest all-cash capital increase in Chilean history.
  • Represented Socieded Química y Minera de Chile  in connection with its $450m notes offering.
  • Represented Enel Chile in a reorganisation involving a $2.7bn dual-jurisdiction SEC-registered exchange offer and simultaneous Chilean tender offer, an SEC-registered cross-border preemptive rights offering and a $1.1bn merger.

Baker McKenzie LLP

Baker McKenzie LLP has a strong regional profile for capital markets expertise, particularly in Peru through Estudio Echecopar member firm of Baker McKenzie International. The firm's impressive corporate client base throughout Latin America ensures a steady diet of capital markets engagements. Lima managing partner Pablo Berckholtz is an established capital markets and derivatives specialist, noted for his experience in high-yield debt, IPOs and project bonds. Daniel Facó joined the Brazilian associate firm Trench Rossi Watanabe in January 2019, bringing additional capital markets expertise; he subsequently advised Grupo SBF (Centauro) on its $176m IPO in Brazil.

Practice head(s):

Pablo Berckholtz

Testimonials

They are lawyers with plenty of experience in capital markets. It is noted in the transactions that they know the market and regulatory aspects, which facilitates the structuring of transactions.

The team’s extensive know-how allows us to always look for the best solution for the client.

 

Key clients

Cencosud

Natura Cosmeticos

Fondo Mi Vivienda

Credicorp Capital Servicios Financieros

LafargeHolcim

Petrobras

Viña Concha y Toro

BTG Pactual

Votorantim

Banco Internacional del Perú (Interbank)

Estácio Participações

Grupo SBF (Centauro)

Ergon Peru (subsidiary of Italy’s Tozzi Green)

Bogota Capital District and Grupo Energía Bogotá

Corporacion Transmantaro

TMF Colombia

Brookfield

Work highlights

  • Advised Citibank (as trustee) and Citibank of Peru (as collateral and fiduciary Peruvian subagent) on the issuing $563m guaranteed senior bonds on international markets for Lima Metro Line 2 Finance II.
  • Advised Corporacion Transmantaro, the first Peruvian company to issue green bonds, on its $400m investment.

Dechert LLP

Dechert LLP has strong links to Latin America, advising on both equity and debt offerings, along with a high volume of bondholder restructuring engagements. It has a fine record in major economies such as Brazil, Mexico, Chile and Peru. It advised Peruvian real estate developer Inmobiliaria J Y D, a joint venture of Grupo Algeciras and Grupo Patio, on its $65m senior secured notes offering. Howard Kleinman has a significant focus on Latin America, covering M&A, financings and capital markets transactions. Allan Brilliant is a leader in bondholder restructurings. Both partners are based in New York.

Practice head(s):

Mark Thierfelder

Key clients

Ad hoc Group of Bondholders of Gildermeister

Alden Global Capital

Argentem Creek Partners

Australis Partners

Berwind Corporation

Cinépolis de México

Citadel

Inmobiliaria J Y D

Inversiones Santa Teresita

Oro Negro

Peaje Investments

PIMCO

US Ecology

Work highlights

  • Represented Citadel, one of the largest bondholders, in connection with the restructuring of Colombian airline Avianca.
  • Represented Peaje Investments, the largest holder of unwrapped special revenue bonds issued by the Puerto Rico Highways & Transportation Authority (PRHTA), in all aspects of the Commonwealth of Puerto Rico’s debt restructuring, including related litigation.

DLA Piper LLP (US)

DLA Piper LLP (US)'s extensive geographic platform and its large Latin America team with deep linguistic and cultural connection to the region, provides a platform for an impressive capital markets practice, particularly in debt, securitisation and structured finance. The firm has worked on a series of significant bond offerings and debt restructurings for major corporate clients in the region. New York's Christopher Paci and William Candelaria have extensive Latin America experience, including debt capital markets transactions. Buenos Aires Marcelo Etchebarne is noted for debt restructurings and Peru's Sergio Barboza is also rated for a variety of transaction-types.

Practice head(s):

Roger Meltzer

Testimonials

The Peruvian legal market is highly competitive but DLA Piper’s capital markets team is close, creative, experienced, and committed.’

They have a business approach in their DNA.

Sergio Barboza attends to us 24/7.’

Key clients

Stoneway Capital

Grupo Posadas

Arendal

Banco Latinoamericano de Comercio Exterior (Bladex)

Banco Votoratim

Puerto Rico Public-Private Partnership Authority

ALSEA

Quálitas Controladora and its main subsidiary Quálitas Compañía de Seguros,

Genomma Lab Internacional

BTG Pactual

Giddings Fruit

Work highlights

  • Advises major Mexican hotel operator and hospitality services company Grupo Posadas on its $1bn 144A/Reg S debt offering, along with financing and US compliance matters.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP bolstered its Latin America capital markets credentials with the September-2019 hire of Boris Dolgonos from Jones Day. Dolgonos has a particularly fine record in Mexico, in both debt and equity offerings. The wider team is recognised for project and infrastructure bonds, hybrid financings, structured financings and private placements. Tomer Pinkusiewicz is recommended for project bonds and private placement transactions; along with Anita Girdhari, he led the team that advised Autopistas Metropolitanas de Puerto Rico on the refinancing of its term loan credit facility with private placement notes. All named individuals are based in New York.

Work highlights

  • Advised Goldman Sachs Infrastructure Partners II on the sale of its interest in Autopistas Metropolitanas de Puerto Rico.
  • Advised Colombian port operator Compañía de Puertos Asociados (Compas), in connection with a $165m credit facility.

Greenberg Traurig, LLP

Greenberg Traurig, LLP is deeply connected to Latin America, principally through its substantial Miami and Mexico City offices, although it can also call on additional capabilities in New York and other offices for both capital markets and additional areas of expertise; the Miami office is particularly closely linked to New York. While it is especially known for Mexico and Central America expertise, the firm increasingly covers the entire Latin America region. Marc Rossell is an expert figure in debt and equity offerings, including those in Argentina, Peru, Chile, Mexico and Venezuela. The practice group was  reinforced with the August-2019 hire of capital markets specialist Oscar Stephens, a Chile native, who joined from Hogan Lovells US LLP.

Practice head(s):

Marc Rossell; Jose Raz Guzman

Testimonials

Greenberg Traurig did a very fast and professional job. They supported us in a great way in preparing local documents. They showed speed, efficiency, and knowledge.

Key clients

Riverwalk East Developments

Replay Acquisition Corp

Bank of America (BAC)

Oppenheimer & Co

Republic Bank

Work highlights

  • Advised Riverwalk East Developments on its $200 million construction loan from Itau BBA International.
  • Advise the initial purchasers regarding Telecommunications Services of Trinidad & Tobago’s $400m bond offering.

Holland & Knight LLP

Holland & Knight LLP is best known for project and infrastructure bonds in Latin America, principally through its New York, Miami and Mexico City offices. It advised long-term client Fibra UNO, Mexico's largest real estate investment trust, on its international two-tranche offering of $1bn senior notes in 2019. New York partner Stephen Double has a wide-ranging practice, covering multiple financing structures, including debt issuances. He frequently teams up with Guillermo Uribe, a leading figure in offerings by Mexican REITs, notably Fibra UNO. New York and Miami partner Norberto Quintana is the key name for project and infrastructure bonds.

Practice head(s):

Jose Sirven; Matthew Fontane

Testimonials

They are knowledgeable about the market and provide creative solutions.

I believe that Holland & Knight is the best law firm in New York, with excellent professionals that provide solutions to all customer requests, efficiently and quickly.

Key clients

Fibra UNO

Deutsche Bank

Work highlights

  • Advised Fibra UNO on its international, two-tranche offering of $1bn in senior notes.
  • Advised Deutsche Bank Trust Company Americas, as collateral agent and settlement agent, on a $65m private placement for a Peruvian real estate developer.