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Long-established market forerunner, Estudio Echecopar member firm of Baker McKenzie International¬† has an 'outstanding practice in banking and finance'. Most notably, clients rate the firm's 'extensive experience in capital markets and financing transactions', 'strong market knowledge' and 'cross-border transactional experience'.¬†Rafael Picasso Salinas heads a seasoned, eight-partner team that is 'super-efficient and effective'.¬†Standout individuals include:¬†Marco Alarc√≥n, who¬†'knows the business' and 'always gives good advice'; current office managing partner Pablo Berckholtz Velarde, who leads the global firm's Latin American capital markets and derivatives practice;¬† Juan Carlos de los Heros Echecopar and Alonso Miranda Vargas. A significant number of the team have worked in New York, including partner Rafael Berckholtz Velarde who returned to Lima in 2018 following a two-year secondment at¬†Baker McKenzie LLP¬†there. The firm's track record of financial 'deal firsts' continued with the team's mandate to act as Peruvian counsel to the Republic of Peru on its record local currency-denominated $3.1bn sovereign notes offering. Other marquee mandates included representing the lenders (a syndicate of over 20 banks) on the $1.3bn credit facility to state-owned¬†Petroper√ļ for the modernisation of the Talara oil refinery; and acting for¬†Grupo de Energ√≠a Bogot√° (as issuer) and Bogot√° Distrito Capital (as selling shareholder) in one of only two equity oferings registered during 2018, value approximately $663m. These transactions were led by Juan Carlos de los Heros Echecopar and 'outstanding lawyer' Alonso Miranda Vargas respectively. Clients include Credicorp Capital Servicios Financieros, Scotiabank, DNB Bank,¬†Banco Santander, Co√∂peratieve Rabobank and¬† a number of global bulge-bracket banks.

'Excellent firm'¬†Garrigues excels in all the segments of finance work, from banking regulatory and capital markets to all forms of structured and project finance. It is the go-to firm for a number of leading New York law firms and international investment banks requiring Peruvian counsel for headline or sophisticated transactions. Acting alongside¬†Shearman & Sterling LLP,¬†Jos√© Francisco Meier¬†led advice to JP Morgan, Morgan Stanley, Santander, Scotia Capital and Scotiabank Per√ļ -as global coordinators, initial purchasers and bookrunners- on the Republic of Peru's $3.1bn sovereign bond issue, a record figure for an emerging economy in the international capital markets. Meier also counselled DirecTV Per√ļ (as co-guarantor alongside a swathe of domestic and international financial institutions) on the $1bn credit facility granted to Sky Servi√ßos.¬†Department head¬†Oscar Arr√ļs is widely respected in the market; he represented Bank of America Merrill Lynch and BTG Pactual, as international placement agents, in¬†Grupo Energ√≠a Bogot√° (GEB)'s $665m global share offering; and provided local advice to Corporaci√≥n Am√©rica Airports on its $485m IPO on the New York Stock Exchange (NYSE).¬†Arr√ļs leads a compact yet 'technically-able' four-partner team, which also includes¬†Sergio Amiel and¬†Thomas Thorndike, both noted for their corporate as well as financial law capability. The junior bench is both expanding and growing in reputation,¬† and now totals 18 in number. Notable associates include: Diego Harman,¬†Jorge Fuentes and¬†H√©ctor Zegarra. Representative clients of the practice include¬†Cr√©dit Agricole, Santander, Citibank, Natixis and Alicorp, as well as numerous global investment banks.

Miranda & Amado fields one of the largest, specialist teams in the country, comprising 23 lawyers working exclusively in banking and capital markets work; they demonstrate¬†'extensive experience' and 'good knowledge of the industry'.¬†The practice commands a faithful following among major domestic and international banks, including Grupo Cr√©dito,¬†BBVA Continental, HSBC, Bank of America, JP Morgan and Santander, and also counts multilateral lender IFC as a key client. As one of the largest full-service law firms in Peru, it brings broad industry expertise to finance transactions, as evidenced by a deal list spanning sectors from energy to agri-business. Recent mandate include acting for¬†Bank of America, Citigroup Global Markets, JP Morgan Chase and Credicorp Capital, as underwriters, on Hunt Oil's $600m bond issue; and¬†representing BBVA Continental, as underwriter, of Enel¬†Generaci√≥n's $350m sixth bond programme. Both deals were led by the 'very good' Juan Luis Avenda√Īo Cisneros, a leading market figure. Away from the capital markets, banking regulatory work is a further strength of the practice and Rafael Corzo, in particular, is applauded for his experience and knowledge; he recently advised on the incorporation of an entity for the issue of electronic money and also represented a well-known international manufacturer on the incorporation of its own lease-finance company. Other key partners include practice head¬†Jos√© Miguel Puiggros¬†who leads on the majority of mandates, such as advising steel manufacturer Corporaci√≥n Aceros Arequipa on its $300m third debt programme;¬†and¬†Nydia Guevara, who specialises in capital markets and cross-border financing transactions. At associate level,¬†√Ālvaro Del Valle enjoys a growing market profile, while Gabriela Da√Īino and Lisbeth Benavides are regular advisers on complex matters.

The 'excellent' Payet, Rey, Cauvi, P√©rez Abogados¬†has a proven track record in major-league transactions on behalf of the country's largest banks and financial institutions -¬†Banco de Cr√©dito del Per√ļ, Scotiabank,¬†BBVA Banco Continental and Interbank are key clients, while gains this year included Citibank and Santander. Well resourced in terms of both numbers and capability, the eight-partner team is characterised by its 'high professional quality and experience'.¬†It is co-led by Jos√© C√ļneo (banking and finance) and Eduardo Vega (capital markets), both respected across the market, with input from name partner¬†Jos√© Antonio Payet, who is widely considered as among the foremost corporate finance lawyers in Peru. Indeed, corporate finance transactions are a key strength of the practice: C√ļneo led advice to Scotiabank, Citibank and Santander on a financing to Oncosalud (and parent company Auna Group) for the $165.6m acquisition of Colombia's Promotora M√©dica Las Am√©ricas. On the debt markets, Vega represented¬†Credicorp Capital Servicios Financieros, Scotiabank and BTG Pactual on the $200m second corporate-bond program of Primax.¬†Corporate and finance specialist¬†Susan Castillo¬†¬†is¬†praised for her proactivity; she led advice to Scotiabank on Plaza Norte's PEN600m first securitised bond programme and subsequent issues with an aggregate value of PEN450m. Other partners to highlight include Juan Jos√© Cauvi, who focuses on corporate and project finance, while senior associate Alan Garc√≠a Nores ¬†is gaining prominence in the market and led advice to Sociedad Agr√≠cola Saturno on its $17m loan from MetLife. Aldo Reggiardo left the firm to open the new Peru operation of international Spanish firm¬† CUATRECASAS.

Few headline deals come to the Peruvian market without Rodrigo, El√≠as & Medrano ‚Äď Abogados' presence¬†at the table, the result of an 'excellent' and 'constructive' team and enviable client roster. It is the firm of choice for most of the country's top domestic banks -such as¬†Credicorp Capital,¬†Banco de Cr√©dito del Per√ļ,¬†BBVA Continental and Scotiabank- for both regulatory and transactions. It also advises major international financial institutions, including Goldman Sachs, HSBC, BNP Paribas, Santander and DNB Bank and some of the country's prime borrowers, namely Gra√Īa y Montero and Southern Copper Corporation. The practice's eight partners are led by the¬† 'exceptional'¬†Jean Paul Chabaneix,¬†and includes project finance star Fernando Molina,¬†Luis Enrique Palacios¬†(who is lauded for his corporate finance expertise), and regulatory specialist Gino Sangalli. Counsel Paul Castritius, formerly of the Peruvian Securities and Exchange Commission, brings public sector capital markets experience to the firm. Recent deal highlights included working alongside London's Clifford Chance in advice to Natixis, American General Life Insurance, Pacific Life Insurance and MetLife on hybrid financing (comprising a¬†$75m loan and¬†$100m bond issue) granted to transmission line concessionaire CCNCM. On the borrower side, the firm represented¬†Tahoe Resources on its $200m financing from Scotiabank and HSBC Securities, and avocado distributor Mission Produce on its $275m loan from Bank of America Merrill Lynch. The firm also¬†provided local law advice to TMF Group in the $1bn international debt issuance by DirecTV, a deal led by Palacios. Augusto C√°ceres, who was raised to the partnership in July 2019, and associates Efrain Salazar and Nicol√°s Cornejo are also very well regarded. Regulatory lawyer¬†Diego Peschiera moved to¬†CMS Grau.

'Technically strong'¬†Lazo & De Roma√Īa Abogados¬†is highly praised by clients, who rate its 'excellent advice in all areas of practice', 'unique business focus' and 'advice that is not text book - it is individualized and tailor made'. The firm's core strengths are regulatory and capital markets matters, although it handles a decent share of other financings, including cross-border. The team acted alongside London's Norton Rose Fulbright to provide local advice to the Peruvian arm of global commodities trader Trafigura on its $840m syndicated loan facility, led by Natixis. Described as 'imaginative and hard-working' with 'exceptional legal skills',¬† office managing partner F√°tima De Roma√Īa heads the tean, which also acted for real estate investment trust FIBRA PRIME, as issuer, and BVVA Continental as structuring and placement agent, on the former's $22m IPO - the first ever REIT listing on the Peruvian capital markets - and part of a $500m three-year program. Name partner Jorge Lazo¬† and Freddy Escobar are also key members of the team. However,¬†Patricia Brocos moved to Credicorp Capital in October 2019; and asset management specialist Bruno Gonzalez has also moved in house.

Mu√Īiz, Olaya, Mel√©ndez, Castro, Ono & Herrera Abogados rises in the ranking following a year of stellar mandates, regularly opposing tier-one firms. Clients highlight the 'great teamwork', 'creative solutions' and 'deep knowledge and expertise across the Peruvian financial services arena'. The firm was local counsel to Citigroup, JP Morgan Chase, Goldman Sachs and Morgan Stanley -as initial purchasers and bookrunners- of DirecTV's $1bn note offering and an associated $1bn credit facility granted to subsidiary SKY Servi√ßos de Banda Larga.¬† Andr√©s Kuan-Veng led the deal, and heads a 'very well rounded, diverse and client oriented' team that includes five partners, all of whom are full-time finance law specialists. Kuan-Veng has 'extremely strong analytic and communication abilities and client management skills'; Mercedes Fern√°ndez has 'clear expertise in capital market regulation'; and¬†Guillermo Flores is 'very assertive' and provides 'fast legal advice which is very much appreciated given the pace of the business'. Juliana Llosa Bustamante joined the practice from Santiv√°√Īez Abogados¬†as partner responsible for capital markets and banking regulation, while former partner Gillian Peredes moved in-house. Clients include Citibank, Credit Suisse, Interbank, Scotiabank and Santander.

Philippi Prietocarrizosa Ferrero DU & Uria has a robust and highly-capable practice that advises on a broad spectrum of domestic and cross-border matters and has standout expertise in project finance.¬†Ronald Fern√°ndez-D√°vila has 'extensive experience in structured finance that needs the approval of the Peruvian state' and led local advice to Line One Peru Metro Expansion Company on its $273m project bond offering. Indeed, the three-partner 'professional team' has 'multiple specialities' and provides 'integral solutions to the different problems'; in addition to Fern√°ndez-D√°vila it comprises¬† Ignacio L√≥pez de Roma√Īa¬†(formerly of Citibank) and¬†Rafael Puiggros. Puiggros acted for a lending syndicate -including Scotiabank, HSBC Canada and Soci√©t√© G√©n√©rale- on a $275m loan facility granted to Trevali Mining Corporation, while in other highlights,¬†L√≥pez de Roma√Īa led advice to Chile's¬†Banco de Cr√©dito de Inversiones (BCI) on a $42m financing granted to¬†Gra√Īa y Montero using a structure new to the Peruvian market. Other representative practice clients include BBVA Banco Continental, Inter-American Investment Corporation and Liberty Mutual Insurance Company. Experienced associates include¬†Gabriela Cuadros and¬†Luciana Carpio-Rivero¬†who are¬†noted for their track record in key deals.

The impressive client base at¬†Rebaza, Alc√°zar & De Las Casas is testament to the firm's 'strong specialisation in banking and capital market issues'. It includes leading local and international players such as JP Morgan Chase,¬†BNP Paribas, Co√∂peratieve Rabobank,¬†Banco de Cr√©dito del Per√ļ and Scotiabank, who are attracted to the practice for its 'clear focus on the client and its needs', 'superb knowledge' of the financial industry and 'good relationship with the regulator and the market'. Instrumental to the department's success is founding partner Rafael Alc√°zar, an 'exceptional leader' who's 'technical knowledge and seniority is highly appreciated'; he leads an 'enthusiastic' and 'committed' team. He and fellow partner Daniel Gonz√°les led advice to leading Peruvian agri-industrial company, Camposol, on a complex $250m facility granted by Santander and Co√∂peratieve Rabobank. On the lender side, the team acted for Scotiabank, Banco de Cr√©dito del Per√ļ and BD Capital regarding a $56m financing granted to Ashmore Group for the acquisition of 88% of shares issued by Peruvian mining company Stracon GyM.¬†Luis Miguel El√≠as is another key partner and now leads the firm's project finance work¬† following the departure of¬†Juan Jos√© C√°rdenas and¬†Mar√≠a Luisa Pe√Īa¬† to Ernst & Young.

Praised for its 'assertive and innovative solutions', CMS Grau¬†has¬†continued to grow its team.¬†Diego Peschiera¬†joined as practice co-head¬†(alongside¬†Juan Carlos Escudero V) from leading firm¬†Rodrigo, El√≠as & Medrano ‚Äď Abogados¬†and¬†much-admired corporate and finance lawyer¬†Miguel Viale¬†¬†was promoted¬†to the partnership. The firm's client base is also expanding, particularly in the investment funds arena, with Chilean fund¬†Volcom Capital,¬†Acumen LATAM Capital Partners/Acumen Latin America Early Growth Fund and Scotiabank among recent client gains. Other representative clients are Santander and¬†Credicorp Capital. Recent highlights included acting for mining-equipment manufacturer¬†Boart Longyear Group on its $290m refinancing of long-term debt, and representing Santander in its $120m factoring financing granted to Petroper√ļ. The experienced Sergio Oquendo completes the four-partner line-up.

DLA Piper Per√ļ provides a 'great service' that is 'in accordance with international standards' and 'never fails to recommend the best option'. It is consistently praised for its teamwork and its seamless collaboration with US colleagues for New York-governed deals. Demonstrating capability in both banking regulatory and finance transactions, the team acted for Bank of China in securing local incorporation approval from the Peruvian regulator SBS, and handled a string of significant-value transactions. The latter include advice to Aluminum Corporation of China subsidiary, Minera Chinalco Per√ļ, on obtaining $75m in debt finance; and acting for Germany's¬† DEG and Dutch development bank FMO on a $43.9m refinancing following the indirect acquisition of Genandin by Polaris Infrastructure . Other clients of the practice include Inter-American Investment Corporation and Global Climate Partnership Fund. The¬†'prompt and efficient' team¬†'understands complex, cross-border issues' and is led by¬†Ricardo Escobar and¬†Sergio Barboza (noted for his professionalism), with associate Melissa Padilla praised for being 'swift' and 'competent'.

Hern√°ndez & C√≠a. Abogados is the go-to firm for several leading New York and London law firms requiring Peruvian counsel, drawn by the 'great expertise' of the five-partner team led by leading individual Juan Luis Hern√°ndez and Jos√© Manuel Abastos. It worked alongside White & Case LLP in advising maritime operator Trabajos Mar√≠timos on its $300m international private placement, as well as on a $182m inter-company loan in favour of subsidiary Terminal Internacional del Sur; both deals were led by Diego Carri√≥n and¬†Ricardo Luque. On the lender side, Abastos and¬†Alfredo Filomeno provided local advice to Allianz, Blackrock, COFIDE and MetLife on a $300m private placement in the Peruvian transport infrastructure market, a first-of-it's-kind deal in the sector. Other clients include Interbank,¬†Banco de Cr√©dito del Per√ļ, Santander,¬†Gra√Īa y Montero and ABInBev Group.

Estudio Olaechea provides 'innovative solutions from many perspectives' and advises an impressive array of international financial blue-chips, such as BlackRock, Deutsche Bank, UBS and Standard Chartered (a recent gain), on regulatory matters. On the transactional front, the firm acted for a domestic asset management company as arranger of a $300m local bond issue in the mining sector, advice led by practice co-head¬†Carlo Viacava. Fellow co-head Jes√ļs Matos specialises in equipment financings, primarily for well-known international manufacturing companies. Senior associates Valery Vicente and¬†Vladimir Popov are also noted, with the bench beign further strengthened with the January 2019 hire of¬†Jessica Mercado, former general counsel at¬†BD Capital, also as a senior associate. Other clients include¬†Banco Ita√ļ, Mizuho Bank, Bank of America, Macquarie Capital,¬†Wells Fargo and¬†Soci√©t√© G√©n√©rale.

De Bracamonte - Haaker - Castellares' client roster includes domestic and international banks and some large Peruvian companies; the team acts on both the lender and borrower side in a range of matters. Agri-finance and investment trust work has been particularly busy for the practice during the past year. The two-partner team comprises capable duo Ricardo Manuel Haaker Yori¬† and Christian Castellares Alfaro , who 'get involved with every section of the work, which is key to the success of the process'. The firm acted alongside New York's Holland & Knight LLP in advising Peruvian agriculture company Agr√≠cola Pampa Baja on its $50m loan from Dutch development bank FMO and Germany‚Äôs DEG, while Co√∂peratieve Rabobank and Southern Bridge Capital (Per√ļ) are recent client gains.

The 'superbly co-ordinated' offering at¬†Garc√≠a Say√°n Abogados is managed by¬†Luis Gasta√Īeta, a 'highly-experienced attorney' whom clients are¬†'grateful' to have by their side. The firm's recent deal list -broad in both type and value- included local advice to Frontera Energy and subsidiary Pacific Stratus Energy del Per√ļ on the former's $350m bond offering, co-ordinated by Bank of America Merrill Lynch, et al. With the promotion of Alfonso Tola and Shirley Cardenas, the team now boasts three partners, while associate Mar√≠a Soledad Gasta√Īeta stands out for her 'fantastic attention to detail'.

Rubio Legu√≠a Normand¬†'s finance team handles increasingly sophisticated deals under the leadership of Carlos Arata, who is 'always able to engage with our requirements'. Most notably, the team acted for the initial purchasers -Citigroup, HSBC, Ita√ļ, JP Morgan Chase and Bank of America Merrill Lynch- on Frontera Energy's $350m bond offering; and provided local advice to Bank of Tokyo-Mitsubishi UFJ in its $50m revolving credit facility for Peruvian conglomerate Ferreyros. Other active clients include Credicorp Capital and Banco de Cr√©dito del Per√ļ.¬†The practice was boosted with the hire of the 'outstanding' Jeanette Aliaga , formerly of¬†Philippi Prietocarrizosa Ferrero DU & Uria,¬†as partner and co-department head. A number of hires at associate level included senior Diego Chavez from asset managers AdCap Investment Bank.

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