Capital markets in Latin America: International firms

International capital markets activity was slow in 2022 and into 2023 with Latin America far from bucking that trend. Inflation, high interest rates and economic volatility - created by the Covid-19 pandemic and subsequently maintained by the war in Ukraine - has paused enthusiasm for this form of fundraising. Nevertheless, firms have seen an influx of debt restructuring engagements - notably in the aviation sector, amongst others. Bond financings for energy and infrastructure projects continue to be a feature of the market, given the need for additional economic growth and energy transition requirements. Indeed, green bonds and sustainability-linked offerings are now relatively widespread in the market. Sovereign bonds by Latin American states are also a fertile source of engagements for firms.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton’s prestigious history in Latin America, coupled with its extensive team of Latin America capital markets specialists, endows it with a virtually unrivalled standing in the region. The firm is a dominant force in Brazil and Mexico (along with multiple other jurisdictions), and represents a high proportion of the largest companies in Latin America, routinely advising them on SEC reporting obligations. Effectively, from large-scale initial public offerings (IPOs) to liability management transactions and green bonds, it is something of a gold standard. The firm also remains choice counsel to a number of sovereign states such as the Republic of Uruguay, Dominican Republic and United Mexican States (Mexico), and is designated underwriters’ counsel to the Republic of Chile. The practice is also generally at the forefront of new market trends; it recently advised the Republic of Uruguay on the country’s $1.5bn sustainability-linked bonds offering, the first sustainability-linked bond issuance by Uruguay and only the second ever by a sovereign. Jorge Juantorena is a leader in Latin America capital markets offerings, particularly in Mexico; he led the team that advised long-time client Petróleos Mexicanos (PEMEX) on its $2bn liability management transaction in 2022. São Paulo-based partner Juan Giráldez has an impressive record in sovereign offerings, liability management transactions and debt restructurings. Francesca Odell is another partner with huge experience of big ticket Brazil and Mexico offerings. Manuel Silva, Duane McLaughlin and Adam Brenneman are also key partners; while counsels Jonathan Mendes De Oliveira (in São Paulo) and Emilio Minvielle – additional practitioners of note – further serve to illustrate the team’s strength-in-depth. Nicolas Grabar is now senior counsel having retired from the partnership. All named individuals are based in New York unless stated otherwise. Since research concluded, Medes de Oliveira has been raised to the partnership and Minvielle has left the firm – effective as of October 2023.


They are lawyers committed to their work, trained and specialised in the corresponding areas. Compared to other firms, the service of Cleary Gottlieb Steen & Hamilton LLP is always distinguished by its commitment and skill.

They always have an expert in each subject, they are proactive, effective and try to find solutions to meet our objectives.

A firm that not only has prestige, but transaction by transaction demonstrates the quality of its lawyers, the delivery in each case and its commitment to the client.

Key clients

Republic of Uruguay

Petróleos Mexicanos (PEMEX)

América Móvil

Dominican Republic

MercadoLibre and Kaszek

Initial purchasers to Banco Mercantil del Norte

Initial purchasers to the Republic of Paraguay

Comisión Federal de Electricidad

United Mexican States (Mexico)

Underwriters to the Republic of Chile


The dealer managers to CEMEX

Grupo Cementos de Chihuahua

Pampa Energía S.A.

Coca-Cola FEMSA

Initial purchasers to Empresa Nacional del Petróleo



Inter & Co

Compañía General de Combustibles (CGC)

Work highlights

  • Advised the Republic of Uruguay on its $1.5bn sustainability-linked bonds offering, the first sustainability-linked bond issuance by Uruguay and only the second ever by a sovereign.
  • Advised long-time client Petróleos Mexicanos (PEMEX) on its $2bn liability management transaction.
  • Represented América Móvil in its $1bn Rule 144A/Reg. S offering of senior notes.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP’s dominant status in global capital markets remains in evidence in Latin America. The firm routinely lands big-ticket and market-first engagements. It is one of few firms to have a significant presence in São Paulo that is led by leading capital markets lawyers. Since 2006, it has advised on more than 600 completed capital markets transactions, including Santander Brasil’s inital public offering, the largest ever IPO by a Latin American issuer. The firm is also at the forefront of debt restructurings, notably advising Petróleos Mexicanos (Pemex) on its restructuring of $2bn of debt owed to several suppliers. In sovereign offerings, the practice represented Plurinational State of Bolivia on its $850m sovereign bond issuance. Manuel Garciadiaz is head of the Latin America group and has an outstanding record in headline offerings from Brazil, Mexico and other major markets; he has worked on more than 350 equity and debt financings by Latin American issuers over the past decade. Maurice Blanco co-heads the global capital markets team and has -in turn- advised on more than 250 transactions by Latin American issuers over the same period. Both divide their time between São Paulo and New York. Pedro Bermeo is now a pivotal member of the team, covering a variety of equity and debt instruments in multiple sectors and numerous Latin American jurisdictions. Counsel Katia Brener is a native Spanish speaker and specialises in Latin America capital markets transactions.

Key clients

Arco Platform

Arcos Dorados


Banco de Bogotá

Banco de Crédito del Perú

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

BR Malls

BR Properties

CM Hospitalar

Corporación Inmobiliaria Vesta


Empresa Nacional de Telecomunicaciones



Grupo Aval

Grupo Biotoscana

Grupo Unicomer



Work highlights

  • Advised Banco Santander on its $2.75bn SEC-registered offering of senior preferred fixed-rate notes and senior non-preferred fixed-rate notes.
  • Advised the initial purchasers on a series of high-value senior note offerings by JBS USA Lux, JBS USA Food Company and JBS USA Finance.
  • Advised Grupo Aval Acciones y Valores on the spinoff of BAC Holding International and consent solicitation.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is at the forefront of Brazil offerings and also SEC-registered transactions - where it also has particular strength in work from Mexico. The firm has outstanding connections to key underwriters and Latin American issuers (including FIBRAs in Mexico), and is frequently engaged to advise on sovereign bond offerings, including sustainability-linked and green bond offerings. It is also recognised for bond restructurings and liability management transactions. Todd Crider is head of the Latin America practice and has many years' experience in capital markets offerings from the region, including SEC-registered transactions. Leader of the Sao Paulo office Grenfel Calheiros has an outstanding record on Brazil offerings and recent SPAC vehicle transactions. Juan Francisco Méndez and senior counsel Kirsten Davis are also immensely experienced members of the team, the former having a prolific 2022 with a string of headline engagements. Juan Naveira is an increasingly prominent practitioner in the market, along with Paulo Fernando de Menezes Cardoso in Sao Paulo. Jaime Mercado has retired from the partnership but remains of counsel at the firm.

Practice head(s):

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


They are leaders in capital markets and international issues, especially for the Latam market.

They are very good at what they do and have a lot of credibility and a well-earned reputation in the market. They are agile, practical, and efficient.

Individually they are lawyers committed to achieving the best results for their clients. You have extensive experience and support from various areas of the studio.

Great work team, which is always looking for solutions according to the needs of the business, focused on resolving the issues dealt with efficiently.

Excellent professionals, with great knowledge of their subjects and the business. Looking for innovative solutions and according to the client.

Key clients

América Móvil

Banco de Crédito e Inversiones




BTG Pactual



Comisión Federal de Electricidad (CFE)

FIBRA Prologis

FIBRA Macquarie

Fondo Mivivienda


Goldman Sachs



Itau BBA

JP Morgan


Morgan Stanley

Pan American Energy


Work highlights

  • Advised the initial purchasers on a $1bn convertible senior notes offering by Carnival.
  • Advised Comisión Federal de Electricidad on its $1.1bn tender offer and $1.75bn sustainable debt offering.
  • Advised América Móvil on its $1bn senior notes offering.

White & Case LLP

White & Case LLP has performed admirably in spite of a difficult climate for capital markets issuances, with deal flow from Brazil – the firm’s primary market – remaining strong with a series of bond restructuring engagements. It has a large team of capital markets specialists in São Paulo, along with a significant number of New York partners and associates that have a particular focus on Brazil. Mexico, the Andean region and Argentina are also core markets for the team; 2022 partner-hires Eduardo Flores Herrera and Narciso Campos in Mexico City are both capital markets focused. The firm has also benefitted from its strength in energy and infrastructure, areas where capital markets activity has remained relatively buoyant, and it has leveraged its prominence in liability management to significant effect. The practice group continues to benefit from its exceptional issuer client base that provides a steady pipeline of engagements, while it also maintains strong links to bulge-bracket investment banks and funds – including distressed debt funds – that are increasingly prominent in this space. Further growth in the team has come through the promotion of São Paulo’s Abraham Paul and Miami-based Karen Katri to the partnership. Donald Baker remains the premier international capital markets lawyer in São Paulo, while John Vetterli is global head of capital markets and has a major focus on the Brazil market. São Paulo’s John Guzman is increasingly prominent in Brazil capital markets offerings, and Bibiana Jaimes and the highly-rated Rafael Roberti are also key team members. Sao Paulo associate Beatriz Barros is active team member on many large deals. Named individuals are based in New York unless stated otherwise.

Practice head(s):

Carlos Viana; John Vetterli


Team focused on client’s needs and goals.

Partner Rafael Roberti fully available and gives quick feedback on all matters.

W&C has an incredibly strong practice that is particularly active in Brazil. Creative, responsive, smart.

Raf Roberti in particular is fantastic. He is deep, incredibly knowledgeable, commercial…just outstanding!

Key clients

Banco BTG Pactual


XP Investimentos

Banco Bradesco

Caixa Econômica Federal

Credit Suisse

JP Morgan

Morgan Stanley

Queiroz Galvão Óleo e Gás

Sendas Distribuidora



Bank of America

Banco Mercantil del Norte


Lumina Capital Management

Goldman Sachs

Equatorial Energia

AEGEA Finance

Companhia Brasileira de Alumínio



XP Investimentos Corretora de Câmbio


Financiera Independencia

Alpha Credit

Work highlights

  • Advised Banco BTG Pactual on the $6.9bn public offering by Centrais Elétricas Brasileiras (Eletrobras) and BNDES of 697,476,856 common shares, including 9,783,100 American Depositary Shares evidenced by American Depositary Receipts.
  • Advised Constellation Oil Services Holding on the restructuring of its $1.8bn indebtedness, including New York-law governed bonds, project financing loans and working capital facilities.
  • Advised AlphaCredit on its $800m financial and operational restructuring, including its Chapter 11 filing and negotiations with various funded debt creditors.

Clifford Chance

Clifford Chance has an established team of Latin America capital markets specialists, spread primarily across its New York and Sao Paulo offices. Over the years it has landed big engagements in relation to capital markets offerings originating in Brazil, Chile, Colombia, Ecuador, Mexico, Uruguay, Argentina, Peru, Guatemala, Costa Rica, and Panama, among others. It has strong links to bulge-bracket underwriters and big-name issuers, including a significant number of Brazilian corporates. Along with a steady pipeline of equity and debt offerings, the practice is also noted for bond restructurings. It is further recognised for sovereign and sub-sovereign offerings, and has a fine record in the energy, infrastructure and financial services sectors. Jonathan Zonis is co-head of the Americas capital markets group and co-head of the Latin America team; he has advised on a plethora of headline transactions over the years, including the recent $6.9bn equity offering by Eletrobras, the largest equity offering in the Southern Hemisphere in 2022. Hugo Triaca is another senior member of the team, which has benefited from the firm’s ability to develop a strong cohort of emerging talent, including Sao Paulo’s Patrick Jackson, who was promoted to partner in 2022; and Mariana Estévez, who joined the partnership in 2023. Sao Paulo counsel Anja Pfleger Andrade is another key figure. Named individuals are based in New York unless stated otherwise.



Practice head(s):

Jonathan Zonis; Anthony Oldfield


The team as a whole has a varied assortment of strengths which round out their offering as a firm. Areas of strength include project finance, bank issuer and sovereign work, but they appear to be agnostic in terms of their issuer coverage and operate in many more industries. The partners are available and involved, their teams are smaller and identifiable, and the team is able to work in Spanish, Portuguese and English as needed. Their style is collaborative rather than combative which from a process perspective greatly facilitates the work, but they know when an issue is important and/or sensitive to be addressed.

The team has a number of strong lawyers with different assets, making them a reliable source of advice as they are able to tap the different members of the team depending on the circumstances. One of the attorneys who stands out for me is Anja Pfleger Andrade — she is a technically strong, efficient attorney with great business savvy and an understanding of the market she is in. The feedback I hear from issuers and banks alike is nothing but good, and this is well deserved.

Partners are always on top of all discussions related to the deals they are advising. The senior availability, aligned with a well-prepared staff makes the firm a highly valued business partner.

Patrick Jackson is an outstanding lawyer, with great legal skills and also deep knowledge of the market he is inserted in. Have Patrick onboard in deals is valuable.

CC is one of the best international capital markets’ firms acting in Brazil. They are very experienced and hands-on.

Anthony Oldfied, Anja Pfleger and Patrick Jackson are the go-to people in CC.

Key clients

AES Corporation

Empresas Públicas de Medellín


Bank of America

Goldman Sachs


Citigroup Global Markets

JP Morgan Securities

Scotia Capital (US)

Credit Agricole Securities

Itau BBA USA Securities

HSBC Securities (USA)

Compañía Latinoamericana de Infraestructura & Servicios (CLISA)

Inter-American Investment Corporation (IDB Invest)

Inter-American Development Bank (IDB)

Credit Suisse

Concesionaria Vial Unión del Sur

Cristalerías Toro

CIBC FirstCaribbean


Morgan Stanley


Banco do Brasil

Klabin Finance

Itau BBA

BTG Pactual

Banco Bradesco


Work highlights

  • Represented Eletrobras in its $6.9bn equity offering, which reduced the Brazilian government’s holding to 45% equity interest and 10% voting power.
  • Acted as designated underwriter’s counsel to CAF in several offerings over the past year, including its recent largest-ever $1.5bn notes offering
  • Represented sponsor Sacyr in the restructuring of the project debt for the Rumichaca-Pasto 4G toll road in Colombia, the largest infrastructure project-related social bond issuance in Latin America.

Latham & Watkins LLP

Latham & Watkins LLP’s commitment to Latin America, its global leadership in capital markets transactions, and its immense presence in energy and infrastructure, provides a foundation for a flourishing practice. This includes complex deals such as project and infrastructure bonds, bank/bond transactions and securitisations. Having expanded the team with lateral hires in recent years, it has further grown the senior bench with the promotion of Washington DC-based Carlos Ardila and New York’s John Slater to the partnership; both are native Spanish speakers and Slater recently advised on the first Mexico-focused SPAC IPO in Latin America. Mexico City native Roderick Branch, who divides his time between Chicago and New York, has worked on a range of headline deals over the years, including marquee transactions for Corporación Andina de Fomento (CAF); he recently advised CAF on its largest ever bond financing, which closed in January 2023. Guido Liniado and Gianluca Bacchiocchi are leaders in project bonds, bank/bond transactions and sustainability-linked bonds, along with hybrid transactions backed by government receivables, commercial receivables and future flows of payment rights; Bacchiocchi has advised Goldman Sachs on a series of headline transactions in Latin America; and Liniado advised the banks on on the Rumichaca-Pasto toll road project, the largest-ever financing for a Colombian 4G toll road and the largest infrastructure sustainable bond in Latin America. The team also benefits from the firm’s national office, which features a group of former senior figures at the SEC.


Practice head(s):

Antonio (Tony) Del Pino; Roderick Branch


A very sophisticated and specialised team with whom we have worked on complex and highly innovative transactions.

Gianluca Bacchiocchi and Guido Liniado are excellent lawyers, with a lot of experience in complex capital market transactions and with a lot of knowledge of the Latin American market.

Key clients

GM Holdings (Generadora Metropolitana), a joint venture between Andes Mining & Energy (AME) and EDF Renewables

Morgan Stanley

Banco de Desarrollo de América Latina (CAF)

JP Morgan Securities

Global Infrastructure Partners

Goldman Sachs

Sempra Energy


CPPIB Credit Investments

International Investors

HSBC Global Asset Management


Grupo Aval

Bank of America Merrill Lynch





Itaú Unibanco


The Carlyle Group

Inter-American Development Bank (IDB)

Work highlights

  • Advised the banks on on the Rumichaca-Pasto toll road project, the largest-ever financing for a Colombian 4G toll road and the largest infrastructure sustainable bond in Latin America.
  • Advised Corporación Andina de Fomento (CAF) on its global offering of $1.5bn in three-year notes, the largest bond financing in CAF’s history.
  • Advised Corporación Andina de Fomento (CAF) on its $800m syndicated bond offering.


Milbank has a prestigious history in Latin America, landing headline capital markets engagements in multiple jurisdictions, notably -of late- in Colombia, Chile and Peru. The firm has a major presence in energy and infrastructure financings, although is active across multiple sectors. Having a wide-ranging presence in equity and debt offerings, it continues to build its presence in investment grade and high-yield debt, project bonds, sustainability-linked bonds and bond restructurings. Global chair of the capital markets team and co-chair of the Latin America group, Marcelo Mottesi is especially active in Latin America equity and debt offerings from across the region. Carlos Albarracin is another key figure; his practice straddles bank debt and capital markets fundraisings, particularly in the energy and infrastructure sectors. Tobias Stirnberg is a senior name in Sao Paulo where he has worked on numerous headline deals over the years, often alongside Fabiana Sakai, another capital markets specialist with more than 20 years’ experience.

Practice head(s):

Marcelo Mottesi

Key clients

Compañía Cervecerías Unidas



Consorcio Transmantaro

Initial Purchasers to Arcos Dorados

Sociedad de Transmisión Austral

Underwriters to Comunicaciones Celulares (Comcel)

Interconexión Eléctrica

Work highlights

  • Advised the initial purchasers in the $300m senior notes offering by Multibank.
  • Advised the underwriters on a $2bn notes offering by Ecopetrol.
  • Advised the initial purchasers on a $500m senior notes offering by Antofagasta.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has maintained an impressive deal flow thanks largely to the standing of its established São Paulo office, where the team has continued to work on a series of debt, equity and SPAC deals, along with debt restructurings. The firm also has a New York-based group that has a strong focus on the region, particularly debt offerings, including high-yield bonds. More generally, in Brazil, the firm has landed a number of SPAC transaction engagements and continues to work on numerous public M&A deals, while elsewhere in the region it has a wide-ranging client list of underwriters and issuers. São Paulo partner Filipe Areno has emerged as a strong player in equity and debt transactions, along with São Paulo office head Mathias von Bernuth who has an outstanding record in equity, debt (including high-yield) and recent SPAC deals. New York’s Alejandro González Lazzeri is a Latin America specialist with huge experience in bank financings, and debt and equity offerings; he recently led advice to Mexico's Grupo Kaltex on the refinancing of its 8.875% senior secured notes (due 2022), an associated $100m senior secured loan from Bancomext, and a transaction support agreement with an ad hoc group of holders of its existing notes to complete an exchange offer for up to $118m of the new notes.

Work highlights

  • Advised Semantix Tecnologia em Sistema de Informação on its merger with Alpha Capital Acquisition Company, at an equity value $1bn, resulting in Semantix becoming a publicly traded company.
  • Advised PetroRecôncavo (Brazil) on its $202m follow-on offering of common shares.
  • Advised SuperBAC Bio Technology Solutions (Brazil) on its merger with XPAC Acquisition Corp, at an equity value of $500m, resulting in SuperBAC becoming a publicly traded company.

A&O Shearman

After a tumultuous 2023 which saw the departures of partner Grissel Mercado and counsel Maria Larsen, and the subsequent hire of former Linklaters LLP counsel, Alejandro Gordano, as a partner, the capital markets practice at the newly combined A&O Shearman has emerged with a bench of considerable strength. A senior figure, of counsel Antonia Stolper handles primarily US capital markets and global ECM work, but has a long history and strong profile across the Latin America region. David Flechner has built a strong reputation in Brazil, Mexico and other Latin American jurisdictions, covering a range of equity and debt transactions, including a number of IPOs and follow-on offerings in Brazil. New York’s Manuel Orillac and Sao Paulo-based Roberta Cherman are also key figures in the Latin America capital markets group; while the aforementioned Gordano is particulary experienced in ESG-segment capital markets mandates. More broadly, the team is making an impression in sustainability-linked bonds and ESG-related offerings in general, along with project bonds, where the capital markets department often works alongside colleagues in the project finance group. Since publication, Sao Paulo-based counsel Jonathan Lewis has left the firm - effective as of February 2024.


In all bonds transactions I have worked on with the firm, they have acted as banks’ counsel. They have always made a fantastic job in addressing all concerns of the Company as well as intermediating the discussions between Company and Banks.

David Flechner – David is a parter who cares a lot about his relationship with the client. He always seeks to understand the business of the company and its concerns to suggest alternatives and provide a better position to his clients in the transactions documents.

David Flechner is one of the best capital markets lawyers of his generation covering Latin America. His extensive track record in issuances across industries and structures equips him with a unique toolbox that allows him to think outside the box and find unique, creative solutions to new challenges.

Super expertise of the capital markets team, especially David Flechner – great delivery and knowledge of our business.

David Flechner is an excepcional lawyer. Always available, great expertise and very nice person.

The firm stands out due to the quality of the work they do. They also play fair with the party they are not representing, looking always for the best outcome for the project.’

Key clients

Banco de Chile

BNP Paribas Securities

BofA Securities

Citigroup Global Markets

Goldman Sachs & Co

HSBC Securities (USA)

Inversiones La Construcción

Itaú Corpbanca

JP Morgan Securities

Merrill Lynch International

Morgan Stanley & Co International

The Nature Conservancy

Volcan Compañía Minera

Central American Bank for Economic Integration (CABEI)

Empresa Generadora de Electricidad Haina (EGE Haina)

Work highlights

  • Represented the state-owned BNDES Participações as selling shareholder in the $6.9bn offering of shares issued by Centrais Elétricas Brasileiras (Eletrobras), the largest electric power generation and transmission company in Latin America.
  • Advised The Nature Conservancy (TNC) on a financial deal that will enable the Government of Barbados to redirect a portion of its sovereign debt service into marine conservation funding in support of the nation’s commitment to conserve approximately 30% of its ocean and sustainably develop its blue economy.
  • Advised the underwriters on the Republic of Uruguay’s sustainability-linked bonds offering.

Arnold & Porter

Arnold & Porter remains at the forefront of sovereign and sub-sovereign representation. It advises a range of state entities, including ministries of finance, central banks, state-owned companies, states, and municipalities. Clients include the Republic of Panama, Republic of Colombia, Republic of El Salvador, and Banco Central do Brazil. The firm’s longstanding commitment to Latin America has also brought it a number of private sector corporate and financial institution clients. It is also noted for derivatives, structured finance and securitisation transactions, including diversified payment rights deals. The core Latin America team features a number of senior and experienced practitioners that have specialised in the region for decades and speak fluent Spanish and/or Portuguese. Whitney Debevoise is a veteran of the region, having represented Brazil, El Salvador, Panama and Honduras on numerous capital markets offerings over the years. Gregory Harrington is similarly experienced with a large number of sovereign and multilateral development bank clients. Panama native Raul Herrera, and counsels Arturo Caraballo and Carlos Pelaez, are also key figures in the team. All named individuals are based in Washington DC. The practice was further boosted in September 2023 with the hire of capital markets, PE and M&A partner Carlos Lobo (formerly at Hughes Hubbard & Reed LLP) to the firm's New York office; the Brazilian-born Lobo should significantly enhance the firm's network of relations in the Brazilian market.

Practice head(s):

Whitney Debevoise; Gregory Harrington

Key clients

Republic of Panama

Corporación Andina de Fomento

Republic of El Salvador

Republic of Colombia

Brazilian National Treasury

Bolivarian Republic of Venezuela

Central Bank of Brazil (Banco Central do Brasil)

Inter-American Development Bank (IDB)

Work highlights

  • Advised the Republic of Panama in multiple transactions, including issuances of global bonds totalling $4bn, and an offer to purchase some $485m in global bonds.
  • Advised Bolivarian Republic of Venezuela under Interim President Juan Guaidó in connection with its external claims, restructuring and related matters, including asset protection and asset recovery matters, and related litigation.
  • Advised Republic of Colombia on the issuance of $1.62bn in global bonds due 2033, the first issue of international bonds since President Petro took office.

Baker McKenzie LLP

Baker McKenzie LLP has capital markets expertise across its multiple offices in Latin America and now – with the June 2023 hire of celebrated name Michael Fitzgerald, and partners Arturo Carrillo, Joy Gallup and Pedro Reyes in New York  – it has enormous credibility in international offerings, particularly those originating in Mexico. Fitzgerald has his team were instrumental in building the standing or their former firm (Paul Hastings LLP) in the Latin America market and are expected to do the same for Baker McKenzie LLP. The firm’s widespread presence provides it with close links to local issuers, along with an impressive range of underwriter clients. With an extensive record in equity and debt offerings, the firm is also noted for its securities’ regulatory-expertise and experience in securitisations. Bogota partners Ricardo Trejos and Andrés Crump are active in capital markets transactions, as are Lima’s Alonso Miranda and Pablo Berckholtz. Since the conclusion of research, the New York-based team has been further strengthened with the August hire of Steven Sandretto - formerly at Greenberg Traurig, LLP - who has particular expertise regarding Brazil and Mexico.


Top notch. Solid and creative – always with solutions rather than problems.

Reach, access, attitude… Michael Fitzgerald, Arturo Carrillo and Joy Gallup.

They are lawyers who really understand the business, as well as the needs that the client has in the relevant jurisdictions. Mike Fitzgerald is the dean, Arturo Carrillo and Joy Gallup are extraordinary lawyers, and all three are ready for any challenge.

DLA Piper LLP (US)

DLA Piper LLP (US) has a well developed Latin America capital markets team spread across its offices in the region and in New York; moreover, many of its practitioners are dual-qualified lawyers in both the US and one-or-other Latin American jurisdiction. The firm has an established record in high-yield debt, medium-term notes, asset backed securities and project bonds, while structured finance and securitisation (including diversified payments rights securitisations) are also fortes for the team – which worked intensively on debt restructurings and liability management transactions during 2022. The group benefits from outstanding links to Latin American corporates and financial institutions. New York partner Christopher Paci is an immensely experienced capital markets specialist with a strong focus on Latin America. Managing partner of the Buenos Aires office Marcelo Etchebarne, who splits his time between Argentina and New York, and is also an experienced capital markers expert.

Practice head(s):

Christopher Paci; Marcelo Etchebarne


In addition to its technical solvency, the DLA team stands out for its enormous willingness and openness to generate solutions in a scenario of permanent change. Its quick reaction and adaptation capacity has allowed us to carry out transactions dynamically and successfully.

Permanent attention, flexibility, predisposition and knowledge of the company.

Key clients

Innergex Renewable Energy

Grupo Bafar

Empresa Distribuidora y Comercializadora Norte


Banco do Brasil


YPF ad hoc bondholder committee

Crédito Real


Transtelco Holdings and Transtelco Acquisition III

Banco Latinoamericano de Comercio Exterior

Banco do Brasil

Work highlights

  • Advised Innergex Renewable Energy on a private placement with institutional investors of $710m million senior secured notes by its indirect wholly-owned subsidiary, Aela Generación.
  • Advised Empresa Distribuidora y Comercializadora Norte on its offer to exchange its $98m outstanding 9.75% senior notes (due 2022) for newly issued 9.75% senior notes (due 2025).
  • Advised Crédito Real on the liability management exercise to refinance its Swiss Franc bonds.

Greenberg Traurig, LLP

Greenberg Traurig, LLP’s deep experience in SPAC transactions has enabled the firm to advise on a series of deals in Latin America, building on its already established presence in debt and equity offerings in the region. Among other matters, it advised DD3 Acquisition Corp II on its business combination with Codere Online, which operates in Spain, Mexico, Colombia, Panama and Buenos Aires. The firm is also rated for project and infrastructure bonds, and future-flow securitisations. Marc Rossell is co-chair of the Latin America team and a veteran of capital markets deals in the region. Oscar Stephens is also a key figure, particularly for project and infrastructure bonds, structured finance and securitisation. Hired from an in-house position in October 2022, Steven Sandretto has subsequently left the firm - effective as of July 2023.

Practice head(s):

Antonio Peña; Marc Rossell; José Raz Guzmán


The teams have highly capable professionals in terms of knowledge, creativity to solve problems and proposed structures.

The ability to propose complex structures to solve any obstacle that prevents the matter from being carried out and negotiate said structures with the counterparties until their conclusion.

Good team, committed to the work and who understands the commercial needs of the parties and knows how to balance them.

Oscar Stephens is a great lawyer, with great knowledge of the market and the news in the capital markets and how operations are structured. Very nice to work with him.


Key clients

ACI Airport Sudamérica

Colombian Infrastructure Equity Fund (CIEF)

Work highlights

  • Represented ACI Airport Sudamérica, which operates the Carrasco International Airport (near Montevideo, Uruguay), on a bond exchange offering and a concurrent offering of new notes totalling $246m.
  • Advised Procaps Group on the business combination between its subsidiary Ozelm and Union Acquisition Corp II and the subsequent listing of the shares and warrants of Procaps Group on the Nasdaq Global Market.
  • Advised DD3 Acquisition Corp II on in its business combination agreement with Codere Online.

Hogan Lovells US LLP

Hogan Lovells US LLP has broad geographic coverage of Latin America and is experienced in a range of capital markets structures. It has close links to a significant number of Latin American corporates, financial institutions and international banks. The firm is at the forefront of diversified payment rights (DPR) securitisation programmes and is building its name in sustainability-linked bond offerings where its experience includes a headline offering by The Central America Bottling Corp. Emil Arca (a member of the firm's Latin America Steering Group) is an experienced name in debt offerings, structured finance and securitisation transactions - most notably in DPR securitisation programmes. Sao Paulo partner Isabel Costa Carvalho is another prominent figure in Brazil IPOs and follow-on offerings. Ben Garcia is also making an impression in a range of equity and debt deals, including sustainability-linked bond offerings and sovereign offerings. Evan Koster is also recognised for sovereign offerings, liability management and derivatives transactions.

Practice head(s):

Emil Arca

Key clients

Banco del Austro

Banco do Brasil

Banco Industrial

Banco Pichincha


Government of the Commonwealth of the Bahamas

IRB-Brasil Resseguros

National Commercial Bank Jamaica

The Central American Bottling Corporation

Caixa Seguridade


IDB Invest

Work highlights

  • Advised The Central America Bottling Corp, CBC Bottling Holdco and Beliv Holdco on a Rule 144A/Reg S offering of $1.1bn senior guaranteed sustainability-linked notes.
  • Advised Banco Industrial on two offerings from its diversified payment rights (DPR) securitisation programme.
  • Advised the government of the Commonwealth of The Bahamas on its $385m dual-tranche 144A/Reg S debt offering.

Holland & Knight LLP

Holland & Knight LLP has a huge Latin America practice, spread primarily across its Miami, New York, Mexico City and Bogota offices. This has provided the firm with an impressive number of project and infrastructure bond engagements over the years, including private bond placements, while its sizeable presence in Mexico City has also enabled it to penetrate the Mexican FIBRA market – a good source of equity offerings over the last decade. The firm has also managed to carve-out a reputation in ESG and sustainability-linked offerings, and is noted for debt restructurings and liability management exercises. Furthermore, it has a fine record in sovereign and sub-sovereign offerings, especially in Argentina. New York partner Stephen Double is an experienced Latin America specialist with deep expertise in bond debt and bond offerings, particularly in the energy and infrastructure sectors. Miami and New York-based partner Norberto Quintana is another Latin America-focused practitioner, who has an extensive record in project and infrastructure bonds. Additionally, the practice is building its presence in venture capital fundraisings after the arrival of Miami partner Alexandra Aguirre from Morrison Foerster in June 2022. New York associate Julia de la Parra is also rated, particularly for energy and infrastructure transactions; she is currently on secondment at Deutsche Bank NY.

Practice head(s):

Roberto Pupo; Raul Cosio


Holland & Knight’s capital markets team has gained a lot of presence in Argentina in recent years. It is one of the most active teams. They have a lot of experience in sub-sovereign issues, but it is common to see them increasingly involved in corporate issues. They are an excellent team, with lawyers who not only work very well, but also have a lot of empathy with the client.

Steven Double is an excellent lawyer. He is capable of making complex problems simple, and of understanding very well the idiosyncrasies of Argentine clients. He has a lot of experience in Argentina, and it is always a pleasure to team up with him. Julia de la Parra also stands out.

Key clients


Banco Latinoamericano de Comercio Exterior (Bladex)

Deutsche Bank

BCP Securities

Grupo CCR

JP Morgan

MRV Engenharia

Province of Jujuy, Argentina

TMF Group

Bank of America

Work highlights

  • Advised the dealer managers on the successful exchange offer for the 9.75% senior notes (due 2022) of Empresa Distribuidora y Comercializadora Norte (Edenor), the largest electricity distribution company in Argentina; undertaken in accordance with social bond guidelines.
  • Represented JP Morgan Securities (as placement agent) in a private placement of bonds by Desarrollo Eléctrico Suria, the operator of the Suria and Palenque electricity transmission lines in Colombia.

Linklaters LLP

Linklaters LLP has capital markets at the core of its Latin America practice. New York partner Conrado Tenaglia is co-head of the Latin America group and has specialised in capital markets offerings in the region (and Spain) for over 25 years. The team has an especially strong record in the southern cone, where it has worked on numerous headline bond offerings and debt restructurings, and has emerged as a leader in green, social, ESG and sustainability-linked bonds. It has advised the Republic of Chile on a series of green, social and sustainability-linked transactions and has also worked on sustainability-linked offerings in Peru and Argentina. The firm has a sizeable presence in liability management, sovereign and quasi-sovereign offerings and high-yield debt. 2023-mandates include advising a Latin American bank on $350m diversified payment rights sustainable transaction by a special purpose company. Sao Paulo office-head Matthew Poulter is also experienced in capital markets transactions, and has a large number of Brazilian issuer clients; while New York-based counsel Alejandro Gordano led on all the firm's ESG capital markets transactions in the region over the last year. Since research concluded, Gordano has left the firm (as of August 2023) with the team subsequently hiring counsel Emilio Minvielle from Cleary Gottlieb Steen & Hamilton – effective October 2023.

Practice head(s):

Conrado Tenaglia

Mayer Brown

Mayer Brown has a genuinely wide-ranging Latin America capital markets practice. It has a longstanding presence in energy and infrastructure bonds, high-yield and investment-grade bonds, private placements, liability management, and securitisation and structured financings. Additionally, the firm is building its standing in IPOs and equity offerings, especially in Brazil through its partner firm Tauil & Chequer Advogados. It has continued to advise on a series of infrastructure financings, often through private placements, and remains at the forefront of diversified payments rights programmes. It also has a growing office in Mexico City. Chicago partner Douglas Doetsch leads the Latin America group and has an outstanding record in infrastructure bond financings and future cash flow securitisations, including diversified payments rights programmes. Chicago’s Juan Pablo Moreno is licensed to practice in Colombia, New York and Illinois, and is also noted for diversified payments rights programmes, debt offerings and other structured finance transactions. Washington DC partner Gabriela Sakamoto is rated for private placement financings for infrastructure projects and securitisations. New York’s David Bakst  is another key member of the team.

Practice head(s):

Douglas Doetsch

Key clients

Banco Santander

Bank of Nova Scotia

BNP Paribas


Pacific Life Insurance Company

Goldman Sachs

Global Bank


JP Morgan Chase

Wells Fargo

Work highlights

  • Represented Global Bank Corporation, as originator, in the establishment of a diversified payment rights programme.
  • Advised Goldman Sachs, as sole structuring agent and placement agent, on Banco Pichincha’s issuance of a second series of notes under its diversified payment rights securitisation programme.
  • Represented the concessionaire in obtaining a $170m financing to complete works on the Costanera Sur project in Paraguay, which included a $130m private placement of notes by a special purpose vehicle.

Paul Hastings LLP

Paul Hastings LLP has led the market in Mexico over the last decade with capital markets transactions at the core of its Latin America practice. Although Mexico is very much its primary jurisdiction, the team has widened its presence geographically to target the Andean region, particularly Colombia and Peru. The departure in June 2023 of iconic Latin America capital markets specialist Michael Fitzgerald, along with partners Arturo Carrillo  and Joy Gallup , and counsel Pedro Reyes, is a considerable blow to the firm’s credentials in this space, but the subsequent (March 2023) hires of leading name Grissel Mercado and of counsel Maria Larsen from Shearman & Sterling LLP should enable the practice to remain a major player in a market where it has continued to impress on green, social and sustainability-linked bonds. The new senior bench will also have to ensure the maintenance of the firm’s hitherto strong connections to investment banks and Latin American issuers. Cathleen McLaughlin  has retired.


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.

Paul Hastings’ capital markets practice area is the best in existence today. The knowledge of US and Mexican securities laws is outstanding.

The team is made up of people who speak Spanish and know the needs of clients well.


Key clients




Credit Suisse


Goldman Sachs


Grupo Alfa

Jaguar Global Growth Corporation

JP Morgan

Morgan Stanley




Sigma Alimentos

The Republic of Peru



Work highlights

  • Advised the ad hoc group of pre-petition noteholders of Avianca’s senior secured notes in connection with the Chapter 11 cases of Avianca Holdings and certain of its direct and indirect subsidiaries.
  • Advised Grupo IUSA on its high-yield consent solicitation whereby its distressed debt was exchanged and issued to various institutional hedge funds in satisfaction of their claims against the company.
  • Represented Prize in its definitive business combination agreement with Rose Hill Acquisition Corporation, resulting in Prize becoming a US publicly listed company.

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has a long and prestigious history in Latin America. Its small core team of Latin America specialists has a reputation for working on big-ticket and marquee deals, including SEC-registered offerings, and large-scale project and infrastructure bonds. It is also noted for ESG and sustainability-linked offerings. Recent mandates include advising Fiduciaria Bancolombia (as trustee) on Río Magdalena’s $746m financing for the construction of a 153km toll road in Colombia, involving a $248m project bond and $498m syndicated credit facilities. Sergio Galvis, Christopher Mann and Werner Ahlers constitute the heart of a formidable Latin America team that targets premium deals and regularly work alongside colleagues from across the firm.

Winston & Strawn LLP

Winston & Strawn LLP has boldly expanded its Latin America team, most notably with the launch of a large Miami office in May 2022. While the Miami team is not primarily focused on  capital markets business, it does heighten the firm’s Latin America credibility and ability to win new clients and engagements. A New York group combined with the São Paulo office, spearhead the capital markets work, which has a fine record in future flow securitisations, SEC-registered deals and public M&A. The firm is also recognised for advising on inaugural bond offerings for Latin American issuers and has landed a number of SPAC IPO engagements. Rodrigo Carvalho has developed a substantial reputation in São Paulo, leading advice to clients on a number of IPOs and equity offerings, including SPAC transactions. Allen Miller and Talbert Navia co-head the Latin America team, which includes capital markets specialists Claude Serfilippi and Sey-Hyo Lee. All named individuals are based in New York unless stated otherwise.

Practice head(s):

Allen Miller; Talbert Navia


Winston & Strawn is one of the top firms in Capital Markets. We are totally satisfied with their services in such area.

Rodrigo Carvalho and team render exceptional services in any are of law, especially Capital Markets. Rodrigo Carvalho has great knowledge in such area and has experienced several kinds of transactions related to foreigners emissions for brazilian companies.

The Winston and Strawn team is very competent and extremely dedicated. The people allocated are to each deal based on expertise, as opposed to office location/affinity with partner as is the case in many US law firms present in Brazil.

Further to the expertise, which is second to none, the lawyers (including partners and associates) are amiable and cordial, easy to deal with and very responsive.

Winston and Strawn managed to quickly become a leading presence in the Brazilian capital markets arena, delivering savvy and business oriented advise in different transactions.

Rodrigo Carvalho leads the capital markets efforts. He is a reference among underwriters, with the capacity to handle both legand and business matters. Besides being a very capable lawyer, Rodrigo adds experience of having been a an executive director of Bank of America.


Akin has a niche practice driven by its institutional-investor debt finance practice, which represents a variety of insurance companies and other institutional investors in private placements and other debt financings. The firm has worked on a range of deals in the region, both in major markets such as Brazil, Mexico, Chile and Colombia, alnd smaller markets including El Salvador and Costa Rica. More recently, much of the practice group's activity has centred on Mexico, including its representation of The Prudential Insurance Company of America, as lenders and investors, in the financing of Medios Cattri. London partner Thomas O’Connor has represented institutional investors and institutional lenders in connection with private placement transactions over many years, often along with Margaret Parker-Yavuz in Washington DC.

Practice head(s):

Thomas O’Connor


Professionals with great knowledge of their product, always looking to find a way to reach an agreement that works for both sides, excellent management of relationships with third parties, they do not seek to create conflicts or create unnecessary complications, always seeking to execute things in the simplest way possible.

Margaret Parker-Yavuz – a pleasure to work with on behalf of investors. We have never had any material difference with her.

Work highlights

  • Represented The Prudential Insurance Company of America and its affiliates as the lenders and investors in a “one-stop” financing of Medios Cattri.
  • Represented an affiliate of a client as the investor in a private placement of $100m of senior notes issued by Xignux.
  • Represented The Prudential Insurance Company of America and its affiliates as the investors in a private placement of $150m of senior notes issued by Bafar Alimentos.

Dechert LLP

Dechert LLP remains a major player in financial restructuring, often representing bondholder committees in large-scale restructurings and workouts. Allan Brilliant, co-chair of the global financial restructuring practice, is a leader in this field; he and a team represented Peaje Investments, the largest holder of unwrapped special revenue bonds issued by the Puerto Rico Highways & Transportation Authority (PRHTA), in connection with the Commonwealth of Puerto Rico’s debt restructuring. Howard Kleinman has joined McDermott Will & Emery LLP‘s New York office as co-head of the Latin America group.

Work highlights

  • Represented Peaje Investments, the largest holder of unwrapped special revenue bonds issued by the Puerto Rico Highways & Transportation Authority (PRHTA), in connection with the Commonwealth of Puerto Rico’s debt restructuring.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has an impressive background in project and infrastructure bonds, and has recently advised on a series of bond offerings to finance digital infrastructure, roads and wind farms. It also advised GCS Energy Investments on the purchase of private notes issued by GM Operaciones, the proceeds of the private placement destined to finance Grupo Albanesi’s operation of a 100-megawatt cogeneration plant at the Talara refinery in northwestern Peru.  Tomer Pinkusiewicz is co-chair of the Latin America group and is a recognised force in project bonds. Boris Dolgonos is a capital markets specialist with a history in Latin America equity and debt offerings.

Practice head(s):

Lisa Alfaro; Tomer Pinkusiewicz

Work highlights

  • Advised GCS Energy Investments in the purchase of private notes issued by GM Operaciones, the proceeds of the private placement to finance Grupo Albanesi’s operation of a 100-megawatt cogeneration plant at the Talara refinery in northwestern Peru.

Proskauer Rose LLP

Proskauer Rose LLP has a sizeable Latin America team based across its New York and Sao Paulo offices. It has attracted a wealth of Latin American issuer clients in Brazil and across the region, notably in relation to cross-border bond offerings, exchange offers, private placements and project bonds. The firm is also recognised for debt restructuring matters and is a growing force in token offerings. It advised IMPSA, the Argentine power generation and renewables business, on two exchange offers involving a $208m issuance of 1.50% senior notes (due 2036). São Paulo and New York-based Antonio Piccirillo and head of the Latin America group Carlos Martinez are key partners for capital markets transactions in the region.

Practice head(s):

Carlos Martinez; Antonio Piccirillo

Key clients

Banco Daycoval

Compañía Latinoamericana de Infraestructura & Servicios

Financial Oversight & Management Board for Puerto Rico (FOMB)

Frontera Energy Corporation

Gilinski Group

Gran Colombia Gold Corp



LW Securities

Work highlights

  • Avised Argentine power generation and renewables business, IMPSA, on two exchange offers involving a $208m issuance of 1.50% senior notes (due 2036).
  • Represented the Financial Oversight & Management Board for Puerto Rico (FOMB) in two bond offerings by the Commonwealth of Puerto Rico in connection with the Commonwealth’s adjustment plan under Title III of PROMESA.
  • Represented Kodo Assets in the tokenization of real estate assets and an offering of tokens to non-Brazilian investors.