Banking and finance in Peru

Estudio Echecopar member firm of Baker McKenzie International

Estudio Echecopar member firm of Baker McKenzie International earns top status for its diverse spread of big-ticket instructions and a premium client list, demonstrating versatility with a range of work for both leading domestic banks and global bulge-bracket financial institutions. The practice advises predominantly on the lender-side due to its extensive banking clientele, although there are demonstrable examples of high-value acquisition and debt refinancing, for example, on behalf of borrowers. In particular, the firm advised Lima Expresa, concessionaire of a 25km urban toll road linking central Lima to the City’s international airport and other key highways, in its debt restructuring and extension of a P$1.195bn subordinated loan with BBVA Peru. The work was led by firm managing partner Juan Carlos de los Heros, admired both locally and internationally for his finance expertise, particularly project finance. Other key members of the seven-partner practice, led by Rafael Picasso, include: Pablo Berckholtz, who excels regionally in corporate finance and derivatives matters alongside capital markets; the very experienced Marco Alarcón, well-versed in local and international transactions; and Alonso Miranda, who is growing in gravitas off the back of multiple lead roles in key matters. Promoted to of counsel in July 2021, Luis Ernesto Marin  continues to shine in regulatory banking work; however, principal associate Janett Burga left the firm in October 2021.

Practice head(s):

Rafael Picasso

Testimonials

The closeness of the team to the clients and the technical quality of its people stand out. The Echecopar team knows how to go the extra mile for its clients.’

The plus is their commitment to carry out transactions, knowing how to put themselves in the customer’s shoes. In that sense, they are flexible in changing the proposed structures if necessary. Luis Ernesto Marin stands out in the group, given his technical quality, such as his ability to reach agreement when transactions get more complicated.’

Strengths/skills: the people are highly committed, pending that the transaction is executed successfully; follow-up of the entire transaction/negotiation; good coordination between the team and the client; efficient solutions. The firm compares favourably with others.

They maintain a high knowledge and mastery of the subject; are 100% committed to work; follow-up of operations from beginning to end; they express themselves clearly in their ideas and conduct good negotiations; good co-ordination and negotiation in transactions involving various entities/parties; if there are any errors, they look for an immediate solution; they build trust; compared to other offices, there is more follow-up in operations and negotiations; every part of the process is executed successfully. Outstanding partner and principal associate are Marco Alarcón and Luis Ernesto Marin respectively.

Strong points are their knowledge of: i) specific regulation of the financial sector and industry to which the debtor belongs; ii) financial and banking legal aspects; iii) knowledge of the product used (i.e. syndicated credit, bonds, etc.). They compare favourably with other firms.’

The trust and closeness they generate in operations should be highlighted. The Partner in charge is available when needed and provides the necessary support and peace of mind.’

What makes Estudio Echecopar unique is its transactional support. It is a firm that, while defending the position of its client, helps to position work and move it forward. This is achieved by understanding the risks or things that motivate requests for change in the counterparties of the contract.’

I would highlight Alonso Miranda and Luis Ernesto Marin.’

Key clients

Banco BBVA Perú

DNB Bank

Credicorp Capital Servicios Financieros

Banco Santander Perú

Itaú Corpbanca

Coöperatieve Rabobank

Banco Internacional del Perú

Tienda Pago Holdings

Credit Suisse

MUFG Bank

Work highlights

  • Advised Lima Expresa (concessionaire of a 25km urban toll road connecting the centre of Lima city to the international airport and Peru’s most important highways) in debt restructuring and extension of a P$1.195bn subordinated loan with BBVA Peru.
  • Represented BBVA, Interbank and Scotiabank in connection with P$1,168bn medium-term loan, structured as a club deal, granted to cement company Unión Andina de Cementos.
  • Advised Deutsche Bank, as administrative agent, in connection with a $285m unsecured credit-facility provided by the Fondo para la Internacionalización de la Empresa (FIEM), formed by the government of Spain, to Petroperú, for the financing of certain elements of the Talara refinery project, supplied under an EPC contract.

Garrigues

Garrigues has positioned itself as a specialist in high-end local and cross-border finance transactions on behalf of domestic and global financial houses, including JPMorgan Chase, Credit Suisse, BBVA and Scotiabank. The calibre of instructions handled is highlighted by the team's work for the lenders in the landmark $4bn financing provided to China Yangtze Power International for its acquisition of Luz del Sur from Sempra Energy. Without doubt, the firm's success in the finance arena is the result of a savvy, focused and well-trained team, comprising five expert partners and a large pool of 17 associates led by much-praised Oscar Arrús, noted for his corporate, structured and project financing capability in particular. Transactional specialists Sergio Amiel and Thomas Thorndike are central figures, leading on numerous pivotal matters, as are José Francisco Meier and Diego Harman, both noted for their project finance capability within a broader finance skillset. In support, a number of senior associates are gaining prominence, including Jorge Fuentes, who acts for premium clients of the practice, while Jorge Calle and Miluska Gutierrez Vega have been in demand on client teams during the past year. Indicative of work volume, the team expanded with two hires at junior associate level.

Practice head(s):

Oscar Arrús

Testimonials

Thomas Thorndike is always available and ready to help.’

Their best features are availability, experience and prestige.’

‘The firm has integrity, experience and constant customer support. Diego Harman, Jorge Calle and Andrea Paiba stand out.’

Key clients

BBVA

Santander

JP Morgan

Scotiabank

Bank of America

Credit Suisse

IDB Invest

Itau BBA

BTG Pactual

Sumitomo Mitsui Banking Corporation (SMBC)

Work highlights

  • Advised KfW, The Bank of Nova Scotia, SMBC and BBVA, as lenders, in a $450m financing for the airside expansion of Lima’s International Airport, a concession held by Lima Airport Partners (LAP), an SPV owned by Fraport and IFC.
  • Advised ICBC, Bank of China, Banco Santander and MUFG Bank, as lenders, in a cross-border $4bn financing granted to China Yangtze Power International for the acquisition of Luz del Sur from Sempra Energy.
  • Represented Calidda, as borrower, in a $100m financing granted by IDB Invest for the expansion of its natural gas distribution network in urban areas of the department of Lima and the province of Callao.

Miranda & Amado

Miranda & Amado stands out for its dual strengths in both sophisticated transactions and banking regulatory work, attracting a strong following among international investments banks and Peru's largest domestic banks as a result. The firm has been particularly busy this year in high-end debt financing for the mining and infrastructure industries; it acted for Citibank as trustee and onshore security agent in the $229m loan granted by Santander, BBVA Perú and Itaú Corpbanca (New York Branch) to Salaverry Terminal Internacional, a deal led by practice head José Miguel Puiggros. On the banking regulatory side, the firm has historically advised on the establishment of a number of banks in the country and boasts one of the market's leading practitioners in this sphere in Rafael Corzo. Other star names within the 16-strong team include Juan Luis Avendaño Cisneros, widely admired and a regular lead adviser in headline transactions, and junior partner Gabriela Dañino, who also takes the lead on heavyweight deals; together they led advice to Scotiabank on its $250m loan to Peruvian mining company Compañia Minera Antamina. The ten-strong associate bench includes senior Álvaro Del Valle, noted for his international experience and involvement in key matters.

Practice head(s):

José Miguel Puiggros

Testimonials

Miranda & Amado, and particularly Jose Miguel Puiggros, are excellent lawyers in relation to document drafting, legal and technical matters. What truly sets Puiggros and the firm apart is his abilities to serve his clients as a brilliant tactician and strategist in getting deals finished.’

Jose Miguel Puiggros is not only a great lawyer but an amazing professional. He is available 24/7 and provides an invaluable service that goes well beyond legal advice. He understands various industries, has experience with most financial counterparties and is willing to leverage his wide array of contacts and relationships to help his clients. In the heat of a deal he is in the ‘trenches’ with his clients, working by their side with top notch advice and strategy. He truly cares. His associate Pablo Cassinelli has a similar style and his skills when it comes to drafting are that of a very seasoned lawyer.’

Excellent quality of service and very dedicated work. Communication with the M&A team is always fluid and time expectations are always met.’

I particularly highlight the work of Gabriela Dañino and Daniela Higueras. Both stand out for their proactivity, attention to detail and ability to work under pressure with excellent results.

Key clients

HSBC

JPMorgan Chase

Bank of America

Citibank

Banco Santander

Banco de Crédito del Perú

Scotiabank

BBVA Continental

Grupo Crédito

Credicorp Capital

IFC

CAF

Work highlights

  • Advising Scotiabank on a $250m loan to Peruvian mining company Compañia Minera Antamina.
  • Advising Citibank Del Perú in its capacity as trustee and onshore security agent, on the $229m loan granted by Santander, BBVA Perú and Itaú Corpbanca (New York Branch) to Salaverry Terminal Internacional
  • Acting for the lenders and Scotiabank Perú, as local collateral agent, in the financing of up to $170m provided to Andean Tower Partners, specifically, with respect to the Peruvian tranche granted to Torres Unidas Perú.

Payet, Rey, Cauvi, Pérez Abogados

Fielding one of the largest finance teams in Lima with 35 lawyers, Payet, Rey, Cauvi, Pérez Abogados excels across a broad spectrum of finance work for the country's leading domestic banks and finance companies. Unlike some of the lender-focused law firms, this practice also acts for borrowers, typically some of the largest companies in the country, as well as local and international sponsors and funds. At the helm, José Antonio Payet and José Cúneo are a formidable duo: Payet for his reputation in the field built off a track record of sophisticated transactions, and Cúneo for his dominant role within the team, leading on the majority of current key deals. They include acting for Banco BBVA, Credicorp Capital Servicios Financieros and Itaú as lead arrangers in the refinancing of a $275m loan facility granted to Compañía de Minas Buenaventura, the country's largest mining company. Eduardo Vega is another lead member of the team and widely respected by peers for his capability, particularly capital markets and structured finance. The practice benefits from a large bench of experienced associates, of which principal Alan García Nores is noted for his ability in complex domestic and cross-border transactions and financial products.

Practice head(s):

José Antonio Payet; José Cúneo

Testimonials

The team led by José Cúneo is always available to assist us and resolve all our concerns and requirements. Also, Alejandro Fuller stands out for his proactivity and always giving the extra mile to meet deadlines.’

Committed and responsible, they propose alternatives and provide experience and knowledge on relevant issues.

We have a long-standing business relationship and the consultancies are carried out in an environment of mutual trust. Alan García Nores shows great ability to analyse problems and propose solutions; he has a lot of knowledge and knows how to plan to anticipate the response of the counterpart in order to propose solutions and shorten transaction times.

Key clients

Banco BBVA

Banco de Crédito del Perú

Algeciras Inversiones

Credicorp Capital Servicios Financieros

Itaú

Gold Fields La Cima

Copen Inversiones II and its affiliates

Scotiabank Perú

InRetail Peru Corp

Banco Internacional del Perú

Coöperatieve Rabobank

Work highlights

  • Advised the lead arrangers Banco BBVA, Credicorp Capital Servicios Financieros and Itaú in connection with the refinancing of a 2016 $275m loan facility granted to Compañía de Minas Buenaventura.
  • Advised a syndicate of lenders on entering into a temporary agreement for the issuance of guarantee letters (cartas fianza) in favour of the Peruvian Tax Administration (SUNAT) and for the benefit of Buenaventura.
  • Advised InRetail Peru Corp on the financing for the acquisition of Makro Supermayorista.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados handles some of the most sophisticated finance transactions the market, attracting a broad client base of domestic banks, global investment institutions and leading local companies. It is also the preferred choice for numerous international law firms seeking Peruvian counsel. Jean Paul Chabaneix is widely admired and a good choice, say clients, for more complex or novel matters including banking regulatory work. Demonstrating his broad practice on behalf of both borrowers and lenders, Chabaneix recently acted for Compañía Minera Antamina on its $250m loan from The Bank of Nova Scotia, and advised Standard Chartered on its $150m financing to Compañía Minera Chinalco. The 26-lawyer team also includes: leading project finance specialist Fernando Molina; Juan Diego De Vinatea, who led advice to Minera Las Bambas in its mighty $800m financing provided by Bank of China, Commercial Bank of China and The Export-Import Bank of China; Luis Enrique Palacios and Jorge Trelles, who are both regular lead advisers on key finance transactions; and the experienced Eduardo LópezNicolás Cornejo was deservedly made partner in January 2021 and is focused on corporate and project finance, as well as capital markets.

Practice head(s):

Jean Paul Chabaneix

Testimonials

Their strong points are their response speed, 24/7 availability and excellent quality of service. The finance team is highly qualified and capable of performing efficiently on complex transactions.

I especially highlight the work of Nicolás Cornejo who is our main point of contact in the organisation. He is a professional with considerable experience in transactional work, always available and involved in the details of each project and always ready to offer practical solutions.’

REM are extremely efficient and pragmatic in their management of funding matters.’

Juan Diego De Vinatea and Jean Paul Chabinex are extremely commercial, practical and trusted advisers.

Jean Paul Chabaneix, Jorge Trelles, Cecilia Canepa and Bruno Baigorria make up a very solid and high-level team. Their attention to detail and thoroughness are highly appreciated. The Rodrigo law firm has been a fundamental ally for the company throughout 2020.’

Rodrigo provides a comprehensive legal service that stands out from the legal services provided by other law firms. In general, you can find in the different areas of the firm a high-quality service with an effective response in terms of knowledge and opportunity.’

Fernando Molina is a very intelligent partner, who understands the needs of the client and the transaction and has a lot of experience in financing. His level of service is outstanding and is distinguished from the service provided by other lawyers who develop the same matter. Another partner who is also very good is Juan Diego de Vinatea, who stands out for his intelligence and sharpness in reviewing contracts, as well as the comfort that a client receives from knowing that he handles transactions and negotiations in a solid way.

Key clients

Credicorp Capital

Banco de Crédito del Perú

BBVA Peru

Scotiabank Peru

HSBC Perú

Banco Sandander

Natixis

Minera Las Bambas

DNB Bank

The Bank of Nova Scotia

Work highlights

  • Acted as Peruvian counsel to Société Générale Hong Kong branch on a $100m international financing granted to Minera Chinalco Peru.
  • Represented Minera Las Bambas on its $800m international financing granted by Bank of China, (Sydney industrial branch), Commercial Bank of China, (Macau branch) and The Export-Import Bank of China.
  • Acted as Peruvian counsel to Latin American power group Inkia Energy on its $220m international financing granted by Credit Suisse, JPMorgan Chase, The Bank of Nova Scotia, Banco Santander, BTG Pactual and SMBC.

DLA Piper Perú

Showcasing its standout banking regulatory expertise, DLA Piper Perú acted for Bank of China on establishing its operations in Peru, following a decade-long hiatus in new bank incorporations in the country. The work was led by practice co-head, transactional and regulatory specialist, Sergio Barboza, who receives great praise from clients for his hands-on approach and legal ability. Fellow co-head Ricardo Escobar has valuable experience across a range of transactions and projects on behalf of both lenders and borrowers, and notably led advice to Oaktree Captial Management as a lender of the $2.45bn debtor-in-possession loan granted to LATAM Airlines. Credicorp/Banco de Crédito del Peru was a client gain during the year.

Practice head(s):

Sergio Barboza; Ricardo Escobar

Testimonials

Sergio Barboza, Melissa Padillo and Ricardo Mercado are very informative and pro-active. We are an international organisation without an office in Peru (or anywhere else in Latin-America) so it was nice they took the time to explain local practices clearly. They were also very patient, as we hit some internal stumbling blocks on the way, resulting in a much longer process.’

In Peru you may find excellent law firms for financings transactions and regulatory matters, but it is hard to find a law firm that combines both practices with a proactive and strongly business-oriented focus. There are probably less than five law firms with such characteristics and DLA are certainly one of them. I recommend DLA Piper since they operate like in-house lawyers covering all aspects of what we need. They are usually one step ahead their competitors.’

Sergio Barboza is a market leader handling banking transactions, banking regulatory matters and M&As. Senior associate Nelly Espinoza has very good knowledge and ability to analyse the law and is very practical and effective in her work. Senior associate Farah Torres is very hard-working and always available. I want to emphasise that she works 24/7.’

Best features are their experience and speed of response.’

Recommend Sergio Barboza for his availability and quick attention.’

Key clients

Bank of China

IDB Invest

IDB

Credicorp/Banco de Crédito del Perú

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

US International Development Finance Corporation (DFC)

Banco Santander

BlueOrchard

Common Fund for Commodities

Japan International Cooperation Agency (JICA)

Itaú Corpbanca

Oaktree Capital Management

Quálitas Controladora

Prosegur

Work highlights

  • Advised Bank of China (Peru) on obtaining its authorisation to operate as a banking company.
  • Acted for IDB Invest in the granting of a subordinated,Nuevos Sol-denominated loan to Caja Municipal de Ahorro y Crédito de Huancayo (CMAC Huancayo), for an amount equivalent to $16m.
  • Advised Itaú Corpbanca New York branch on the granting of a $18m financing in favour of Alupar Inversiones Perú, for the cancellation of several liabilities.

Hernández & Cía. Abogados

A varied client base at Hernández & Cía. Abogados consists of major domestic banks, international investment banks, private investors, funds and insurance companies, including Goldman Sachs, Santander and Credicorp Capital. Deep capability is provided by practice heads Juan Luis Hernandez Gazzo, a leading figure in both the corporate and finance realms, and José Manuel Abastos, who brings valuable in-house experience to the team. They are supported at partner level by Alfredo Filomeno, who offers niche expertise in advising State-owned financial entities, and the leveraged financing and distressed debt focus of José Goyburu. Among instructions handled in the past year: advice to Banco BBVA Perú and Banco de Crédito del Perú in 50:50 syndicated mid-term financing provided to Terminales Portuarios Peruanos to the value of $16.8m, and representing Scotiabank in multiple, significant value transactions, including lease financing and debt restructuring.

Practice head(s):

Juan Luis Hernandez Gazzo; José Manuel Abastos

Testimonials

José Goyburu is very talented. He is a person who knows the handling of deals very well, has experience, is close with clients and in addition to exceptional legal handling, he is very quick to solve problems.’

José Goyburu is decisive in this area. He is the key person. Exceptional value for money.’

I must comment that the Hernandez team is totally involved in transactions, not only at the associate level, but at the partner level. This is not common in other firms with which I have worked, where participation is limited to associates/senior associates with the partner without major involvement. In addition to the involvement, the speed and efficiency to meet deadlines is something that clearly differentiates Hernandez from other firms. They can meet tight schedules impressively. Finally, the knowledge of complex subjects such as acquisition financing, energy financing, project financing is of the highest level.’

Jose Goyburu (partner) is a brilliant lawyer, with a lot of expertise in everything that is bank and corporate financing related. He differentiates himself due to his speed in solving complex problems, giving alternatives that are very accommodating for the parties. He also shows a willingness to converse with people from different hierarchies naturally and fluently, making it very pleasant to work with. Another aspect of Jose is the leadership with which he manages the meetings, often taking the reins of difficult negotiations and exposing the issues very clearly. Andrea Limon (associate) is an accurate attorney with great precision for details that others do not see. I really like working with her because she quickly finds solutions to the different issues that can be found in a transaction. She is very clear in her arguments, which is highly valued in the sector. ‘

Key clients

Scotiabank Perú

Banco BBVA Perú

Polaris Infrastructure

Banco de Crédito del Perú

Credicorp Capital Servicios Financieros

Perú Belmond Hoteles

BD Capital Sociedad Administradora de Fondos

Scotiabank Colpatria

Banco Santander Perú

Goldman Sachs

Work highlights

  • Advised Scotiabank Perú in the structuring and negotiation of a leasing agreement executed with Grupo Salud del Perú (AUNA) for the construction of the new AUNA Clinic in Chiclayo, value P$70m.
  • Represented Banco BBVA Perú and Banco de Crédito del Perú in a syndicated mid-term financing for up to $16.8m in favour of Terminales Portuarios Peruanos.
  • Acted as Peru counsel to Polaris Infrastructure (PII) and its subsidiaries in Peru and the British Virgin Islands regarding a $27m loan facility governed by the laws of Canada and the province of Ontario, granted by Brookfield Annuity Company to Andean Power Generation, a subsidiary of PII in the British Virgin Islands.

Philippi Prietocarrizosa Ferrero DU & Uria

Clients at Philippi Prietocarrizosa Ferrero DU & Uria benefit from the firm's offices in Chile and Colombia for seamless regional transactions and multijurisdictional regulatory advice. The firm shines in project finance in particular, advising on multibillion-dollar projects across a range of sectors, under the guidance of highly-experienced Ronald Fernández-Dávila. He leads the banking and finance practice overall and most recently, advised LATAM Airlines Group on its $2.45bn debtor-in-possession (DIP) financing, granted by Oaktree Capital Management and others, as part of the airline's restructuring proceedings. Ignacio López de Romaña typically advises on the lender side of transactions and is client partner to MetLife and some leading domestic banks, as does Rafael Puiggros, who has a strong track record acting for issuers and arrangers in cross-border deals. Capital markets specialist Antonio Guarniz completes the four-partner team that is supported by eight associates, including Fiorella Ruiz del Campo and Luciana Carpio-Rivera, who have played key roles during the past year; principal associate Gabriella Cuadros moved to Sumara Hub Legal as director in August 2020.

Practice head(s):

Ronald Fernandez Davila

Key clients

LATAM Airlines Group

The Bank Of Nova Scotia, HSBC Bank Canada, Société Générale, Bank Of Montreal, The Toronto-Dominion Bank, National Bank Of Canada and Ing Capital

Inversiones Educa, Instituciones Toulouse Lautrec de Educación Superior, Desarrollo Educativo

Universidad de Ciencias and Arte de América Latina

Monte Azul Sur

J.P. Morgan Securities and Citigroup Global Markets

Metropolitan Life Insurance Company (MetLife)

Citadel

Work highlights

  • Counsel to LATAM Airlines Group on a $2.45bn debtor-in-possession (DIP) financing.
  • Advised The Bank Of Nova Scotia, HSBC Bank Canada, Société Générale, Bank Of Montreal, The Toronto-Dominion Bank, National Bank Of Canada and Ing Capital in connection with the granting of a loan of up to $150m granted in favour of Trevali Mining Corporation.
  • Advised BBVA Banco Continental, Banco de Crédito del Perú, Scotiabank Peru, Banco Internacional del Perú – Interbank, Citibank del Perú and Citibank on the refinancing of a syndicated revolving working capital line and a non-revolving facility for up to $161m in favour of Graña y Montero.

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas is distinguished in the market for its expertise across both banking regulatory work and complex transactions, regularly attracting cross-border financings within a range of industries. Its broad client base comprises international and local banks and finance houses, including HSBC, Coöperatieve Rabobank, JP Morgan Banco de Inversión and Scotiabank, as well as home-grown companies, the firm reporting an uptick in work on the borrower-side during the past year. Notably, the practice is often instructed by global law firms requiring Peruvian advice, recently advising microfinance financial services company Edpyme Acceso Crediticio on a $210m debt restructuring alongside the New York office of a UK-based magic circle firm. Rafael Alcázar has a leading reputation in the market, and co-leads the practice alongside Alberto Rebaza, an M&A expert with valuable corporate finance capability. The well-structured team also includes partners Luis Miguel Elías, whose sector focus includes mining, and Daniel Gonzáles, an education and agricultural financing specialist; Ana María Sánchez is a stand-out senior associate.  

Practice head(s):

Rafael Alcázar; Alberto Rebaza

Testimonials

Great experience and commitment to meet the objectives and goals proposed by the client. They are above the legal teams of other firms.’

The knowledge of the banking and financial sector makes them a benchmark in the Peruvian legal market. Daniel Gonzalez stands out for his commitment and knowledge of the sector.’

The team has a strategic vision of the company’s needs and apply all their experience to suggest the best alternative to the different negotiation fronts that we face. The level of service is excellent, the best solutions focused on the need of the company, timely responses and the best disposition for the different meetings we had.’

Daniel Gonzales is very skilled in negotiations with banks and good experience in suggesting alternative solutions.’

Deep knowledge of the client’s business model that allows them to understand the impacts and needs during the pandemic. The comparison with other firms is very favourable.’

Outstanding level of knowledge of the regulatory framework, the needs of the company, involvement in the negotiation and ability to balance contingencies vs. business opportunities, especially Rafael Alcazar.’

The attention of this study has been very personalised, where the main partner has been on top of all the details and that ensures an optimal level of delivery. Regardless of that, the rest of the team has also done an excellent job, very neat and professional.

This firm, led by partner Rafael Alcazar, has personally cared about providing a service at the best level. His associate Ana Maria Sánchez stands out with the same characteristics, very precise with a good level of advice in the areas in which they have been assigned to advise us.

Key clients

Glencore Canada Corporation

Nexa Resources Peru

Pandion Mine Finance

RiverMet Resource Capital

Camposol

Ecopacking Cartones

D&C Inmobiliaria

Capital Center

Pesquera Hayduk

Coöperatieve Rabobank

Scotiabank Perú

Gramercy Funds Management

Banco de Crédito e Inversiones – BCI

JP Morgan Banco de Inversión

Banco Bilbao Viscaya Argentaria

HSBC

BD Capital SAF

For Innovation Technology Big Data

Banco Santander

Work highlights

  • Advised Edpyme Acceso Crediticio on the structuring and negotiation of a debt restructuring agreement with 19 international lenders, including banks and multilaterals, value $210m.
  • Advised Pesquera Hayduk on a $100m credit facility granted by DNB Bank and Coöperatieve Rabobank.
  • Acted for Pandion Mine Finance and RiverMet Resource Capital on a $150m Term Loan Credit Agreement, granted by BlackRock group.

Rubio Leguía Normand

Last year’s arrival of high-profile banking and finance lawyer Andrés Kuan-Veng to Rubio Leguía Normand is paying dividends and significantly boosted the profile and calibre of work at the practice. Recent mandates include multibillion-dollar matters, such as acting for Petroperu on the amendment of its $1.3bn credit facility provided by a syndicate of global investment and foreign banks. Demonstrating an ability to draw instructions on the lender side too, the firm advised ICBC Standard Bank in a $2.1bn interest rate swap with a major Chinese-owned company operating in Peru. Kuan-Veng heads the practice alongside transactional specialist Carlos Arata, who brings valuable international experience to the team. An experienced associate bench includes principal Eliana Pelaz, who re-joined after a period working at a US firm in Miami; and Germán Gómez, active on multiple key matters. Regulatory and capital markets partner and former co-head of the team, Jeanette Aliaga deaprted in November 2020 and has since joined Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados; the firm has since hired principal associate Janett Burga from Estudio Echecopar member firm of Baker McKenzie International, as of October 2021.

Practice head(s):

Andrés Kuan-Veng; Carlos Arata

Testimonials

It is a team with experience and good availability and responsiveness.’

What makes them unique is that they treat our queries with priority, they delve into the matter in such a way that they know the company, the product and the sector very well. They have a great predisposition and sense of urgency whenever I call. And they look for spaces to work with teams of specialists from the firm, when the consultation warrants it.’

German Gómez has a good spirit, commitment, availability, knowledge in the field and takes great responsibility. You can see that he seeks to go the extra mile. Andrés Kuan-Veng’s availability, predisposition and great knowledge of the matters stand out.’

Their fluent communication and advice on cases with a comprehensive approach is one of the strengths that I find in the team, and it is a factor that makes us continue with the service.’

Andres Kuan-Veng’s knowledge and experience in banking made us feel we are taking safe steps in the face of the actions to be taken and being in a segment (startup) where regulation is maturing and this is a very important factor.  We also appreciate German Gómez ‘s openness in giving us details of the process and ensuring that we understood it.

Fast and provide timely solutions.’

Hands-on partners, available for questions and quick to respond.’

Carlos Arata and Sheerley Cardenas are great to work with.’

Key clients

Citibank

Banco Santander

Petróleos del Peru-PetroPerú

Natixis

Bank of America

Bank of Tokyo

Avla Perú Compañía de Seguros

Securex

ICBC Perú Bank

Interbank

Work highlights

  • Advised Petroleos del Peru-Petroperu on the amendment to the terms and conditions to an Export Credit Line facility for an aggregate amount of up to $1.3bn to Petroperú for the financing of certain elements of the Talara Refinery Project
  • Acted for ICBC Standard Bank in a $2.1bn interest rate swap entered into by the client and one of the largest Chinese-owned companies operating in Peru; the transaction was executed through an ISDA Master Agreement.
  • Advised Citibank del Perú -as agent- in a $125m syndicated loan granted by Scotiabank Peru, Banco Santander Peru and Banco Santander in favour of Ajeper.

CMS Grau

A comprehensive offering at CMS Grau provides solid capability across all types of financing, with specialist expertise in mining projects, energy, infrastructure investments and concessions, real estate and retail financing. Managing partner Juan Carlos Escudero oversees the practice alongside Diego Peschiera, a banking and finance specialist with considerable expertise across a broad range of financial matters. Peschiera led advice to Chilean private fund Volcom Capital on $200m-worth of loans and refinancing on behalf of a portfolio of companies during the past year. The team also includes the talents of Miguel Viale, who takes the lead in multiple deal highlights at the firm.

Practice head(s):

Juan Carlos Escudero; Diego Peschiera

Testimonials

Diego Peschiera is one of the top lawyers in Peru in his field. I believe that the firm compares well above many other firms.’

Diego Peschiera is super smart, pays a lot of attention to detail and is always looking for creative solutions in order to close a deal.’

‘CMS Grau differs from other firms due to the willingness of its team to close contracts quickly, assess the problems of the parties and offer innovative solutions. At the same time, it is a firm that often presents observations to the situation that the other parties had not considered, thus achieving a more solid document. This particularly relates to Miguel Viale.’

We rate their legal documentation that supports the approved credit facilities, contracts, promissory notes and bonds for operations approved to clients in Peru. Excellent care compared to other firms.’

The attention that the law firm maintains with its counterparts is something to highlight. Diego Peschiera is the one who manages our relationship.’

Key clients

Towerbank International

BBVA

Banco Santander

Development Bank of Latin America (CAF)

Banco Internacional del Perú  – Interbank

Mizuho Bank (New York and UK)

Credicorp Capital

Scotiabank Peru

Grupo El Comercio

Transelec

Work highlights

  • Advised Chilean private fund Volcom Capital with respect to various loans and refinancings (totalling $200m), granted to a variety of Peruvian companies, including Arte Express (real estate), Oporsa (logistics), Llaxta (real estate), Esmetal (producer of structures for heavy industry) and Avla Seguros (insurance).
  • Advising CAF and DEG on the renegotiation of the terms and conditions of the La Virgen project financing.
  • Acted for Interbank on the due diligence and financing of Tambo, a 400-store convenience retail chain founded by the Great Retail Group (owned by the Lindley family).

Lazo, De Romaña & Bravo Abogados

A seasoned finance team at Lazo, De Romaña & Bravo Abogados comprises practice co-heads Jorge Lazo, Fátima De Romaña and Freddy Escobar, supported by fourth partner Daniel Lovon, all experienced across a range of complex financing structures, transactions and regulatory work. The practice continues to cultivate successful insurance and pension fund work streams, attracting some big-name clients in these sectors including Pacífico Compañía de Seguros y Reaseguros. Also of note is the firm's work for Credicorp Capital Servicios Financieros and Banco de Crédito del Perú in multiple secured loan arrangements with key companies, such as Cerámica Lima and Minera Aurífera Retamas.

Practice head(s):

Jorge Lazo; Fatima De Romaña; Freddy Escobar

Testimonials

They take orders in an integral way and handle requests in an integral way, complementing the professional and academic experiences of each lawyer who participates in the advice they provide.’

The quality of its professional services is excellent. It is an office that enhances the professional and personal relationship with the client. We consider it to be a ‘top-class’ firm that has a team of outstanding professionals who prove to have a great knowledge in the different areas of practice and are creative, flexible and proactive.’

Fátima De Romaña (partner of the firm) is a brilliant lawyer, and a key person for the office; she has long experience in both banking and commercial law which allows her to offer global advice to our business. She is a lawyer who has known us since for four years and understands our real needs and has an excellent reputation in the sector.

They have solid knowledge in regulatory matters.’

Claudia Tavara and Jorge Lazo always follow-up and give prompt attention and alternative solutions.

Key clients

Credicorp Capital Servicios Financieros

Banco de Crédito del Perú

Pacífico Compañía de Seguros y Reaseguros

Vida Cámara Compañía de Seguros

Edpyme GMG Servicios Perú

Cifi Latam

Edpyme Santander Consumo

Caja Municipal de Ahorro y Crédito Huancayo

Work highlights

  • Advised Caja Municipal de Ahorro y Crédito Huancayo on a $16m subordinated loan agreement with BID Invest.
  • Advised Credicorp Capital Servicios Financieros and Banco de Crédito del Perú on a $60m secured loan agreement granted to Cerámica Lima.
  • Advised Credicorp Capital Servicios Financieros and Banco de Crédito del Perú on a $60m secured loan agreement granted to Minera Aurífera Retamas

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados

Acting on both the lender and borrower side of sizable transactions, Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados acts for a range of domestic and international banks, as well as large local companies seeking finance. In a tumultuous couple of years for the practice, 2021 saw the departure of partner Mercedes Fernández, who traditionally led on multiple key matters at the firm, which followed on from the previous year's departure of former practice head Andrés Kuan-Veng. Current head Sergio Oquendo has broad finance and transactional expertise and is now flanked by February-22021 hire, Jeanette Aliaga , formerly of Rubio Leguía Normand (where Kuan-Veng now leads the practice) - although her practice is largely capital markets focused.

Practice head(s):

Sergio Oquendo

Key clients

China Yangtze Power Co/China Three Gorges Corporation

Acumen LatAm Impact Ventures

Volcom Capital

Santander Financiamientos

Citibank

BBVA Perú

Credit Suisse

Morgan Stanley

Goldman Sachs

ICBC Perú Bank

JPMorgan Chase

Petróleos del Peru-PetroPerú

Banco Internacional del Peru – Interbank

Banco Santander

Inversiones Nacionales de Turismo-INTURSA (Breca Group)

Work highlights

  • Advised Aquaventure Holdings Peru on a multijurisdictional $163m secured loan facility granted by Deutsche Bank Trust Company Americas as administrative agent, Deutsche Bank NewYork branch and Comvest Credit Partners V as arrangers, and Deutsche Bank New York as issuing bank and other lenders from time to time.
  • Acted for Arca Continental in obtaing a P$44m credit facility granted by Scotiabank Perú and Banco de Crédito del Perú to prepay international bonds issued by Arca.
  • Advised Banco BBVA Perú in a term-loan credit agreement of up to $50m granted by Mizuho Bank under NewYork law.

BBGS ABOGADOS

BBGS Abogados fields a modest team of six lawyers led by partners Carlos Saco-Vertiz and Eduardo Landerer, both with many years’ experience of local and international finance matters, and the more recently made-up Gerardo Guzmán. The firm’s network of regional offices makes it ideal for mid-market cross-border transactions on behalf of both lenders and borrowing companies. It recently acted for Peru’s largest domestic bank, Banco de Crédito del Perú (BCP), in its role as collateral agent on several high-value financings, including $360m acquisition finance provided to InRetail Peru for the purchase of Makro Supermayorista.

Practice head(s):

Carlos Saco-Vertiz; Eduardo Landerer; Gerardo Guzmán

Key clients

Credicorp Capital/Banco de Crédito del Perú (BCP)

Interseguro Compañía de Seguros

Cineplex (Cineplanet)

Nexus Group (Private Equity of Intercorp Group)

Morgan Stanley

Nessus Hoteles Perú (Casa Andina)

Banco de Comercio

San Miguel Industrias PET (Intercorp Group)

Colegios Peruanos (Innova Schools)

Financiera Oh!

Work highlights

  • Advised BCP, as collateral agent, on the credit agreement and local guarantees for the acquisition of Makro Supermayorista (SHV Interholding Group) by InRetail Peru (Intercorp Group), value $360m.
  • Advised BCP, as administrative and collateral agent, on an $85m loan provided by Santander, Scotiabank and Rabobank to Agrovision.
  • Advised BCP, as collateral agent, on a $43m loan granted by BBVA, Scotiabank and BCP to Faber Castell Peruana.

Cuatrecasas

The Lima office of Spanish-headquartered global firm Cuatrecasas is beginning to mark its territory and gain market share since opening in 2019. The experienced team of lateral hires from other leading Peruvian law firms is attracting high-end clients, such as Deutsche Bank, Corporación Andina de Fomento (CAF), and public entity Agencia de Promoción de la Inversión Privada (ProInversion). Aldo Reggiardo is particularly strong in project finance in the infrastructure and mining sectors, demonstrated by his work for ProInversion; he co-leads the team alongside Carlos Lasarte, client partner to Deutsche Bank and experienced across a range of restructuring, refinancing, acquisition financing and corporate financing. Both are co-managing partners of the office and are supported in the banking and finance practice by a bench of five associates.

Practice head(s):

Aldo Reggiardo; Carlos Lasarte

Key clients

Agencia de Promoción de la Inversión Privada -ProInversion

Corporación Andina de Fomento (CAF)

Deutsche Bank

Stracon

Cann Farm Holdings

Work highlights

  • Advised Proinversion on the accreditation procedure for the financial closing of stages 1 and 2 of the Salaverry Port $132m modernisation project.
  • Represented CAF in amendments to the 2019 loan agreement between Autopista del Norte (AUNOR) and a series of international and national institutions (including Banco de Crédito del Perú and Crédit Agricole) to finance works under the concession agreement for the Red Vial 4 (Pativilca -Santa -Trujillo and Salaverry – Emplame R01N) and the repayment process of the CAF tranche.
  • Advised Deutsche Bank on structuring the acquisition of non-performing loans (NPLs) from Banco de Crédito del Perú, including incorporating local vehicles to acquire the NPLs, and the negotiation and closing of documentation for the acquisition of said portfolio.

De Bracamonte - Haaker - Castellares

Partnership duo Ricardo Manuel Haaker Yori and Christian Castellares Alfaro at De Bracamonte - Haaker - Castellares provide a very credible offering for major international banks and financial companies as well as leading domestics seeking transactional representation. The firm's focus on banking and finance work ensures deep know-how and experience, as demonstrated by a caseload with various high-value deals on behalf both borrowers and lenders/collateral agents. Clients include Coöperatieve Rabobank, Banco Internacional de Costa Rica and Strategic Bank International Corporation. Among associates pushing through the ranks to key roles are Luis Fernando Edwards and Héctor Vargas Antonio.

Practice head(s):

Ricardo Manuel Haaker Yori; Christian Castellares Alfaro

Testimonials

I have worked with De Bracamonte, Haaker & Castellares in various operations and their agility and objectivity stand out. They are a very proactive team that knows the market and its standards. It stands out among the financing teams in Peru.

They are extremely proactive and know the teams that work in the main banks that makes the operation flow better and interests align faster. Christian Castellares, partner of the firm, is the partner with whom I have worked on financing my real estate projects with [domestic Peruvian banks].

Christian Castellares and Hector Vargas are very professional, attentive, agile and decisive. Others go around and do not generate much imagination to solve issues.’

Christian Castellares and Juan Manuel Robles are very good lawyers, fast, practical and with deep legal knowledge.’

They provide correct legal analysis, experience, speed, are always ready for the endless calls during big deals and are results oriented. Competitive price within the market.’

The firm has deep knowledge of this topic and have a closeness with the client.’

Recommend Gonzalo de Bracamonte and Claudia Oviedo.’

Key clients

Fiduperú Sociedad Fiduciaria (TMF Group)

Banco Internacional de Costa Rica

Corporación Agrolatina

Grupo Lar (Desarrollo Paseo de la República, Desarrollo Inmobiliario FG and Desarrollo Tanguis)

Strategic Bank International Corporation

Inmobiliaria Carlos Gonzales

San Martín Contratistas Generales

Banco Azteca del Perú

Towerbank International

Coöperatieve Rabobank

Work highlights

  • Acted for Fiduperú Sociedad Fiduciaria in its role as administrative and collateral agent regarding the medium-term syndicated loan agreement in which Banco Santander Perú and Scotiabank Perú granted a loan up to P$116m in favour of Copen Inversiones II (Coney Park Group).
  • Legal advisor to Coöperatieve Rabobank in the granting of long-term loans to several agriculture companies in the Republic of Peru.
  • Represented Towerbank International on its first loan granted in the Republic of Peru – to an agricultural company (Corporación Agrolatina).

García Sayán Abogados

García Sayán Abogados typically acts on the borrower side on some high-value syndicated loans and other financial transactions, including project finance, security and trust agreements and capital markets. Clients range from large, domestic industrial, manufacturing and mining companies, including key client of the firm Volcan Compañía Minera, to international development banks and the Investment Fund for Developing Countries (IFU). Transactional specialist Luis Gastañeta, particularly experienced in international investment into Peru, co-leads the practice alongside fellow partners Alfonso Tola and Mario Ferrari, who bring valuable investment regulation and banking law expertise -respectively- to the team.

Practice head(s):

Luis Gastañeta; Alfonso Tola; Mario Ferrari

Key clients

Compañía de Minas Buenaventura

Empresa de Generación Huanza

Compañía Minera Condestable

Proveedora de Productos Marinos (Produmar)

Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG)

The Investment Fund for Developing Countries (IFU)

Altamesa Energy Canada

Volcan Compañía Minera

Work highlights

  • Advised Buenaventura (BVN) on the financial operation ‘Sindicado de Carta Fianza Garantía de Pago’, with a syndicate of local and foreign financial entities for an amount up to $615m.
  • Advised Empresa de Generación Huanza on the refinancing of its financial obligations with Banco de Crédito del Perú and the execution of the amendments to a leasing agreement, as well as amendments to security trusts managed by La Fiduciaria; total value $113m.
  • Advised seafood production company Proveedora de Productos Marinos  – Produmar (part of Profand Group) on the syndicated sustainable facility and bilateral credit lines granted to Grupo Profand and its affiliated companies by CaixaBank, Banco Bilbao Vizcaya Argentaria, Banco Santander and other financial entities; value $250m.