Capital markets in Peru

Estudio Echecopar member firm of Baker McKenzie International

Estudio Echecopar member firm of Baker McKenzie International has played a pioneering role in Peru's capital markets transactions and is 'considered tier one to work withby international and domestic banks and major corporates. Indicative of his expertise, Pablo Berckholtz leads the global firm's capital markets practice worldwide and is the State government's lawyer of choice for its successive sovereign bond issues, the latest in April 2020 valued at $3bn issued in response to the Covid-19 pandemic. 'Extensive know-how’ and 'considerable expertise’ is also delivered by fellow partners Alonso Miranda Vargas, who led on the majority of this year's highlights; Rafael Picasso Salinas, head of banking and finance at the firm; and Rafael Berckholtz Velarde. Recuited from Rebaza, Alcázar & De Las Casas in April 2019, principal associate Janett Burga is a consistent member of client teams.

Practice head(s):

Pablo Berckholtz

Testimonials

They are lawyers with considerable experience in capital markets. It shows in their transactions that they know about the market and the regulatory aspects, which facilitates the structuring (eg documents/due diligence) of the transactions. It is a competitive team, considered tier one to work with from our perspective.’

Their expertise and willingness to help the customer stand out, as well as availability of senior partners for meetings and key discussions for the transaction. Extensive know-how allows them to always search for the best solution for the client. The key partner we work with is Alonso Miranda Vargas.’

 

Key clients

Republic of Peru

Fondos Sura

Banco Internacional del Peru (Interbank)

Consorcio Transmantaro

Credicorp Capital Servicios Financieros

Credicorp Capital Sociedad Agente de Bolsa

Nessus Hoteles Peru

Scotiabank Peru

Scotia Sociedad Agente de Bolsa

Magna Asesores Financieros

Work highlights

  • Acted as Peruvian law adviser to the Republic of Peru on two recent sovereign bond offerings: (i) a Sol-denominated sovereign bond offering for an aggregate principle amount of S/10.1bn ($3bn) in 2019; (ii) a subsequent $3bn global bond offering on the international markets issued in April 2020 in response to the economic impact of COVID-19
  • Advised Fondos Sura SAF on the creation of its $1bn FIBRE real estate fund.
  • Advised Banco Internacional del Peru (Interbank) on a $400m bond offering (3.250% Senior Notes Due 2026) and additional $386m tender offer for cash to purchase all its outstanding 5.750% Senior Notes due 2020.
  • Acted for energy company Consorcio Transmantaro on the offering of its 4.700% Senior Notes due 2034 for an aggregate principal amount of $400m
  • Represented Credicorp Capital Servicios Financiero, as arranger, and Credicorp Capital Sociedad Agente de Bolsa, as placement agent, in the registration before the SMV of the fifth issuance under Calidda’s first corporate bond programme – up to $400m –  and its public offering directed exclusively at institutional investors.

Garrigues

Garrigues is hard to beat for complex debt and equity work, earning an impressive market share of headline transactions and favoured by domestic and international banks. Most notably, it acted for the underwriters of the Republic of Peru's $3bn sovereign bond issue, and for Intercorp on its IPO on the New York Stock Exchange, the first Peruvian company listing to do so in six years - advice led by José Francisco Meier and Sergio Amiel respectively. The 'extremely dedicated’ team also includes 'excellent lawyer' Thomas Thorndike, practice head Oscar Arrús and Diego Harman, promoted to partner in January 2019. A bank of capable associates includes Monica Yrrarazabal, a regular on key deal teams; and Miluska Gutierrez Vega, who joined in October 2019 following a year at Simpson Thacher & Bartlett LLP.

Practice head(s):

Oscar Arrús

Testimonials

We usually choose Garrigues due to their high professional quality and sophistication in the provision of their service, which is why we are happy with it and we try to involve them recurrently. As well as being quite sophisticated and knowledgeable, they are usually extremely dedicated, have excellent response times and provide solutions that move operations forward. Everything is done in a constructive and positive environment, which we greatly appreciate.’

Thomas Thorndike and Sergio Amiel  are the partners with whom we usually work. Both are excellent lawyers and advisers (I would think that they are the best in the market for financial matters). They have valuable international experience, which is evident in the way they work and in the final product of their services. Sergio is very meticulous and always provides constructive, valuable suggestions. Thomas is extremely dedicated and analytical, and has a commercial approach that we really like.’

 

Key clients

Citigroup Global Markets

JP Morgan Securities

Credit Suisse Securities

Intercorp Financial Services

Gas Natural de Lima y Callao

Intercorp Peru

Bank of America

Santander Investment Securities

Credicorp Capital

Scotiabank

Morgan Stanley

Metro de Lima Linea 2

Work highlights

  • Acted for Bank of America, Citigroup, HSBC and JP Morgan Securities ,as underwriters, on the Republic of Peru’s $3bn sovereign bond issue
  • Advised Citigroup, Bank of America and Scotia Capital as initial purchasers in Alicorp’s issuance of S/1.64bn aggregate principal amount of 6.875% Senior Notes, due 2027.    
  • Advised Intercorp Financial Services on its IPO on the New York Stock Exchange, comprising 9 million common shares, raising $414m.
  • Acted for Credicorp Capital as arranger in Cementos Pacasmayo’s first and second issuance under the second programme of corporate bonds, addressed only to institutional investors, up to S/1 billion.
  • Advised Credicorp Capital as arranger in the structuring and registration of the fourth programme of corporate bonds of electricity distributor Luz del Sur, value up to $500m.

Miranda & Amado

Miranda & Amado is 'one of the elite firms in Lima’, landing mulitple landmark deals during the year: it acted for the underwriters in Intercorp Financial Services' IPO on the New York Stock Exchange, the first after a lapse of some six years; and advised JP Morgan Securities and Merrill Lynch as the initial purchasers of $400m green bonds issued by Corporacion Transmantaro, itself the first green bonds issuance by a Peruvian company. A 'top notch service’ is provided by practice head José Miguel Puiggros, 'leading lightJuan Luis Avendaño Cisneros and stand out associate Álvaro Del Valle, although capital markets specialist Nydia Guevara   moved to Rodrigo, Elías & Medrano – Abogados in January 2020. Gabriela Dañino was promoted to partner in December 2019.  

Practice head(s):

José Miguel Puiggros

Testimonials

We work extensively with Miranda & Amado on a variety of M&A and financing projects. These matters can be extremely complex and one-of-a-kind, including the first Pan-American FIBRA IPO. Miranda & Amado is recognised as one of the elite firms in Lima and the service and advice we get is always top notch. I cannot think of any way that this firm could improve its service on the transactions where we have been involved. We have done M&A and financing matters with them that require expertise in local laws as well as an appreciation for New York law-governed documents. The firm has exceeded our expectations in all of these international matters. I have worked with substantially all of the firms in Peru and I believe that Miranda & Amado is the best. In addition, they are a leading participant in the Affinitas Network that has as its members almost uniformly the best firms in Latin America. This is additional evidence of the firm’s excellence.’

There is a large group of lawyers at the firm that I have worked with and they all evidence the highest quality legal expertise and work ethic that one could hope for. The firm’s partners are extremely responsive and knowledgeable and have deep industry expertise in a variety of areas including energy and natural resources. The lawyers at Miranda & Amado that I have the most contact with include Juan Luis Avendaño Cisneros and Guillermo Bracamonte. Juan Luis is a leading light at the firm and is among the senior lawyers there. Guillermo is somewhat younger and a real specialist in the natural resources area.’

They are lawyers with considerable experience in capital markets. It shows in their transactions that they know about the market and regulatory aspects, which facilitates the structuring of the transaction. It is a competitive team, considered tier one to work with on our side.’

We highlight their expertise and willingness to help the client and availability of senior lawyers (Álvaro Del Valle) for meetings and key discussions of the transaction. Their extensive know-how allows us to always search for the best solution. The key partners with whom we work are Juan Luis Avendaño CisnerosJosé Miguel Puiggros and Álvaro Del Valle.’

Key clients

Bank of America

BBVA

Citigroup

Credit Suisse

Grupo Crédito (Credicorp Capital, BCP et al)

Grupo Romero (Primax, Alicorp et al)

HSBC

JP Morgan Securities

Banco de la Nación

Interbank

Kallpa Generación

Scotiabank

Work highlights

  • Acted for JP Morgan Securities, Bank of America and Itaú BBA, as underwriters, on Intercorp Financial Services’ $414m IPO on the New York Stock Exchange and a further $54m equity offering in Lima.
  • Advised BofA Securities, JP Morgan Securities and Credicorp Capital in the issuance by Banco de Credito del Peru of 4.650% notes, due 2024, for S/2.5bn; and the issuance of 2.700% notes, due 2025, for $700m.
  • Represented JP Morgan Securities and Merrill Lynch as the initial purchasers of green bonds issued by Peruvian power transmission company Corporacion Transmantaro, value $400m – the first such issuance by a Peruvian company.    
  • Advised Promigas and Gases del Pacifico as co-issuers of a $400m international bond.
  • Acted for JP Morgan Securities and Citibank as placement agents of the $400m international bond offering by Interbank to finance the buyback of bonds maturing in 2020, and for the issuance of bonds for S/312m.

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados is traditionally a leader in domestic transactions but is equally at home on the international stage. For example, it acted for the underwriters - Citigroup Global Markets, Goldman Sachs, HSBC Securities and Santander Investment Securities - in the Repubic of Peru's $3bn global bond issue, conducted in April 2020 in response to the economic impact of COVID-19. Advice was led by verstatile lawyer José Cúneo, who together with market-leading capital markets lawyer Eduardo Vega  and transactional heavyweight José Payet make a formidable team. A large pool of associates includes the very capable Alan García Nores.

Practice head(s):

José Antonio Payet;

Testimonials

Compared to other practices, the team at Payet, Rey, Cauvi, Pérez Abogados  obtained a completely favourable result. The strong points are professionalism, compliance and absolute knowledge of the subject for which they were hired.’

Despite being a firm with infinite cases, they were always ready to help and support, both at a distance and personally, at any step. We were personally attended by Eduardo Vega and Renato Velásquez. Both are excellent and the difference with other firms is the consistency in the follow-up of the deal.’

As well as knowing the rules, the experience of having dealt with regulatory bodies and market promoters is a plus point. They know how to anticipate them, which approaches would be well received and which ones would not.’

Eduardo Vega is recommended. He knows the norm and the people; he has worked with his counterparts for years and he has credibility; what his signature carries will normally be a welcome approach.’

In this area, cross-sectional knowledge of the regulations issued by the two capital market regulators and an understanding of the needs and motivations of the business are required. In this sense, the team at Payet, Rey, Cauvi, Pérez Abogados has these attributes fully.’

The firm’s ability to provide fast and well-structured solutions to the client is a highlight. The work of Eduardo Vega and Camila Mariátegui is outstanding, they always exceed expectations.’

Payet, Rey, Cauvi, Pérez Abogados is highly reliable and highly specialised in the practice of capital markets. They are also familiar with the sectoral regulation applicable to investments and investment risks of private pension funds. We prefer to work with them for the quality of their advice, speed and availability to serve the client.’

Eduardo Vega is a highly-effective and reliable lawyer in his interpretation of the regulation of the capital markets and of the regulation of the companies of insurance and private pension funds. He dominates sophisticated aspects of the instruments and has a good connection with market regulators.’

Key clients

Credicorp Capital Servicios Financieros

Banco de Crédito del Perú

AC Capitales Sociedad Administradora de Fondos de Inversión

Scotiabank Perú

Prima AFP

Banco BBVA Continental

Desarrolladora del Pacifico

Bolsa de Valores de Lima

Sigma Sociedad Administradora de Fondos de Inversión

Inretail Pharma.

Administradora Prime

Inmobiliaria JyD

Work highlights

  • Advised Citigroup Global Markets, Goldman Sachs, HSBC Securities and Santander Investment Securities, as underwriters, on the April 2020, $3bn global bond issuance in the international markets by the Republic of Peru in response to the economic impact of COVID-19.
  • Acted for Administradora Prime in FIBRA Prime (the first FIBRA in Peru)’s $26.5m second public offering under the first Real Estate Investment Trust programme in Peru.
  • Advised Banco de Crédito del Perú, as issuer, on its $70m bond offering exclusive to Japanese investors, the first offering by a Peruvian issuer in the Japanese capital market.
  • Advised Inmobiliaria JyD on its $65m private placement on the international capital markets under Rule 144A / Reg S of the US Securities Act.
  • Represented Banco de Crédito del Perú, as issuer, in the structuring of its $6bn Medium-Term Notes Programme.

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas has sharpened its focus in capital markets work, attracting local and international financings such as advising Camposol on its $350m bond issuance with Santander Investment Securities, BofA Securities, Scotia Capital (USA), UBS Securities and BBVA Securitie as initial purchasers. Niche strengths include regulatory issues, including FIBRAS, and Alternative Securities' Markets. Mandates are led by the practice co-heads Rafael Alcázar and Daniel Gonzáles, both strong transactional lawyers. Capable senior associate Janett Burga moved to Estudio Echecopar member firm of Baker McKenzie International in July 2019; however, the firm moved rapidly, hiring Fiorela Ccahua from Arbe Abogados the following month.

Testimonials

Very good capabilities in their fields, excellent team work.’

Professional and personal positive attitudes in everything.’

Great knowledge of the local environment, of its most relevant stakeholders and extensive experience in the sector in which our company operates.’

The correct understanding of the reality of our business makes them stand out; they advise with efficiency and creativity in the design of the operations to be carried out.’

Key clients

Camposol

Scotiabank

BTG Pactual

GyM

HMC SAFM

Blanco SAFI

Sigma SAFI

Work highlights

  • Advised Camposol on a $350m issuance of senior notes, due 2027, with Santander Investment Securities, BofA Securities, Scotia Capital (USA), UBS Securities and BBVA Securitie as initial purchasers.
  • Acted for Scotiabank Peru, as arranger, on the $150m issuance of debt securities through a securities programme made by Banco Ripley Perú.
  • Acted for Fondo Mivivienda in the sixth issuance of notes in the framework of its first programme of debt securities for an amount up to $80m.
  • Advised GyM on the structuring and placement of a debt securities programme for up to $21m for the issuance of notes with an eight-year term.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados has valuable capital markets capability within its market-leading finance and M&A practices. The firm's focus is set to grow further with the key hire of securities specialist Nydia Guevara  from top-tier firm Miranda & Amado. She joins experienced counsel Paul Castritius, formerly of the Peruvian Securities and Exchange Commission, and leading finance lawyers Jean Paul Chabaneix, head of the practice, and Jorge Trelles. Augusto Cáceres was promoted to partner in January 2020.

Practice head(s):

Jean Paul Chabaneix

Key clients

Graña y Montero

Mizuho Securities USA

Goldman Sachs

JP Morgan Securities

Santander Investment Securities

The Goodyear Tire and Rubber Company / Compañía Goodyear del Perú.

CVC Capital Partners

Southern Copper Corporation

Moody´s Investors Services / Moody´s Local PE Clasificadora de Riesgo.

Atacocha

Credit Andorra / CA Perú Sociedad Agente de Bolsa

Aris Industrial

Work highlights

  • Advised Goldman Sachs, JP Morgan Securities and Santander Investment Securities on the $563m bond offering by the construction consortium building the Metro de Lima Línea 2.
  • Acted for Graña y Montero on its $130m private offering of shares and pre-emptive rights distribution.
  • Acted as local counsel to Mizuho Securities USA in the $273m bond issued by GyM Ferrovias to finance the expansion of Metro Line 1.
  • Advised Compañía Goodyear del Perú in its successful delisting of investment shares and subsequent public offering for the acquisition of investment shares, which were listed on the Lima Stock Exchange, value $23m.

DLA Piper Perú

Sergio Barboza at DLA Piper Perú is an experienced professional in both transactional and regulatory capital markets works, attracting a number of high-value and cross-border mandates to the firm. They include acting for Banco Santander Perú as issuer and underwriter of its first programme of corporate bonds (raising $100m), and Banco Interamericano de Finanzas (BanBif)'s second issue, value $200m, acting for underwriter Credicorp Capital Servicios Financieros. Senior associate Nelly Espinoza is a key member of the team.

Practice head(s):

Sergio Barboza

Testimonials

Their distinguishing feature is their delivery – the Peruvian legal market is highly competitive but DLA Piper Perú‘s capital markets team works closely with us, is creative, experienced and committed. They have supported us since our arrival in Peru in 2013.’

There are other very good firms in Lima with which we have worked, but with DLA Piper Perú we have felt more comfortable. They also have a business approach in their DNA. I highlight Sergio Barboza who leads the practice and attends to us 24/7; and Nelly Espinoza, who is highly experienced in securities market regulation.’

We have worked on international or cross-border issues involving structures with Chile, Colombia and Brazil, and we have centralised it with DLA Piper Perú.

We rate the personalised attention and absolute availability of the team.’

The firm provides quick attention, concise and clear advice. I highlight Sergio Barboza.

I have had excellent communication with the DLA Piper Perú team of lawyers. Their response time is fast and for the company I represent, response times are very important. I have been working with them since December 2019 and have had no problems with the financial instrument programmes that we issue.’

They understand the capital market issues in Peru, they know how to answer exactly the specific questions that I have sent so far.

Key clients

Credicorp Capital Servicios Financieros

BTG Pactual

Banco Santander Perú

Giddings Fruit

COFIDE

SRM SAFI

Work highlights

  • Advising Credicorp Capital Servicios Financieros, as underwriter, on the structure and registration of the first programme of corporate bonds by vehicle financing company EDPYME Santander Consumo, value S/400m.
  • Acted for Banco Santander Perú as issuer and underwriter of its first programme of corporate bonds and the first issuance under such programme, value $100m.
  • Acted for Credicorp Capital Servicios Financieros, as underwriter, on the fourth programme of depositary certificates by Banco Interamericano de Finanzas (BanBif), and the second issuance under such programme, value $200m.

Hernández & Cía. Abogados

Hernández & Cía. Abogados has capability across all areas of securities regulatory, transactional and investment fund work. Clients are typically on the corporate side, comprising some of the largest conpanies in the country such as Grupo Falabella, Graña y Montero and AB InBev. Juan Luis Hernández heads the practice and is a leading transactional lawyer in Peru. He is supported by partners from across the firm, in particular Diego Carrión, who leads on many of the firm's stands-out capital markets matters.  

Practice head(s):

Juan Luis Hernández

Testimonials

The service provided by Hernández & Cía. Abogados was satisfactory. We had to carry out operations in a limited time, therefore despite the time pressure, they were always available to advise us.’

‘The firm was immersed from the beginning of the transaction, involved in the issues of the operation and the negotiation process with the counterparty, with excellent time management skills.

Key clients

Unión de Cervecerías Peruanas Backus y Johnston (AB InBev)

Graña y Montero

The Carlyle Group

Interseguro Compañía de Seguros

Faro Capital

W Capital

Grupo Falabella

Inca Rail

Expertia Travel

Liderman

Work highlights

  • Acted for The Carlyle Group on its $400m sale, through tender offer, of its controlling stake in Hermes Transportes Blindados in favour of CVC Capital Partners Fund VII.
  • Advised The Carlyle Group on its secondary public offering (OPV) of shares owned in Hermes Transportes Blindados, value $250m.
  • Acted for Faro Capital SAF in the structuring and placement through private offer of: (i) the Faro Fondo de Inversion Inmobiliario II fund, value $8m; (ii) the Faro Fondo de Inversion Inmobiliario III fund, value $4m.

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

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados fields a knowledgeable capital markets team spearheaded by Mercedes Fernández and senior associate Rocío Izquierdo, both formerly of the Peruvian Superintendence of Capital Markets, who advise on securities regulation and litigation. On the transactional side, experienced banking and finance partners Guillermo Flores and Sergio Oquendo are recommended. Oquendo rejoined the firm in March 2020 from CMS Grau as head of banking and finance, to replace the high-profile Andrés Kuan-Veng who moved to Rubio Leguía Normand.

Practice head(s):

Sergio Oquendo

Key clients

Citibank

Credit Suisse

Arca Continental

JPMorgan Chase

BBVA Banco Continental

Inversiones Nacionales del Turismo (Intursa)

Engie Energia Peru

Morgan Stanley

Goldman Sachs

Larrain Vial Sociedad Agente de Bolsa

COFIDE

AVLA Perú Compañía de Seguro

Oficina de Normalización Previsional – ONP

Work highlights

  • Advised the Peruvian department of social security on the incorporation and structuring, including the fund-raising transaction, of BlackRock Direct Lending IX, a $6bn global private debt fund in which the Peruvian government invested up to $120m.
  • Acted for BBVA Sociedad Titulizadora, as trustee, in the constitution and administration of a FIBRA Trust – the first such instrument to be registered before the Superintendence of Capital Markets (SMV) in Peru.
  • Acted for BBVA Perú on the liability management of Transportadora de Gas del Perú (TGP) for the repurchase and delisting of TGP’s previously issued bonds, value $37m.  

Rubio Leguía Normand

Rubio Leguía Normand acts for a healthy mix of banks and companies on a variety of transactions and regulatory matters, including Bank of China, Deutsche Bank and Citigroup Global Markets. Practice co-head Jeanette Aliaga brings eight years' in-house exeprience at Peru's Securities and Exchange Commission to the practice, while fellow co-head Carlos Arata   specialises in securities transactions. They were joined by new co-lead of the team Andrés Kuan-Veng in March 2020, who was formerly head of the banking practice at Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados.  

Testimonials

The service of Rubio Leguía Normand is excellent. We have worked several years with them and they have always shown high professionalism in carrying out their work. The queries are resolved in a timely manner, always seeking to provide an answer as complete as possible and to suit our needs. On one occasion when we had an urgent consultation, they immediately put their offices and staff at our disposal to help us solve the problem.’

We have worked with Carlos Arata   for several years with considerable satisfaction. It is easy to explain our needs to him. He understands the details of our company, so his suggestions go hand-in-hand with our needs.

Jeanette Aliaga   stands out for her personalised advice on financing and stock market issues.’

 

Key clients

Apoyo y Asociados Internacionales

Credicorp Capital

Banco Pichincha

Banco GNB Perú

Core Capital

Petroperu

Oficina de Normalización Previsional (ONP)

Deutsche Bank

AMM Invest

Bank of China

W Capital

Citigroup Global Markets

Itaú BBA USA Securities

Work highlights

  • Acted for Banco GNB Peru on its first issue of negotiable depositary certificates, via public offering, for up to $100m.    
  • Advised Deutsche Bank Trust Company Americas (DBTCA) as collateral agent, and AMM Invest as arranger, on the $75m bond offer by Inmobiliaria JYD.
  • Acted for Grupo Energía Bogotá on the securities regulatory aspects of its $270m acquistion of Group Electro Dunas, comprising six listed companies

BBGS ABOGADOS

BBGS ABOGADOS has a substantial capital markets deal list, advising banks and issuers, as well as investment funds and securitisation trusts. Carlos Saco-Vertiz brings many years' domestic and international experience to the practice and led advice to Colegios Peruanos (Innova Schools) in its first programme of securitisation bonds for up to S/230m, marking the first Peruvian company to issue public bonds for social benefit. The recently made-up Gerardo Guzmán Espino also advises on capital markets matters.

Key clients

Credicorp Capital/Banco de Crédito del Perú

Interseguro Compañía de Seguros

Cineplex

Nexus Group

Morgan Stanley

Nessus Hoteles Perú

Banco de Comercio

San Miguel Industrias PET

Colegios Peruano (Innova Schools)

Financiera OH!

Work highlights

  • Acted for Colegios Peruanos (Innova Schools) on its first programme of securitization bonds for up to S/230m.
  • Advised Credicorp Capital Servicios Financieros as structuring agent on Rhino Investment Holdings’ S/3.8m sales public offering (OPV under Peruvian legislation) of its shares in Hermes Transportes Blindados.

CMS Grau

CMS Grau advises on a variety of transactions including securitisations, bond issues and private placements. Diego Peschiera, in particular, has established expertise in securities matters and leads on the majority of key mandates, such as acting for Scotiabank and Scotia Titulizadora in a $50m private securitised bond issue for Casa Andina hotels. Indeed, real estate finance is a niche strength of the practice. Miguel Viale is another lead adviser, but finance partner Sergio Oquendo returned to his former firm, Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados in March 2020, to head the practice there.

Key clients

Scotiabank

VolcomCapital

Credicorp Capital

Meridian Group Associated Corp

Falabella Perú

Banco Internacional del Perú

Work highlights

  • Acted for Scotiabank and Scotia Titulizadora in $50m private securitised bond issue for Casa Andina, which securitised VISA payments from 25 Casa Andina hotels.
  • Advised Credicorp Capital and Scotiabank in the registration with the SMV of the Lindley Corporation corporate bond programme for up to S/1.2bn.

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares' strong focus in banking and finance transactions extends to capital markets, where it has expertise in both domestic and international securities. Clients highight the hands-on service provided by team co-heads Christian Castellares Alfaro and Ricardo Manuel Haaker Yori, who lead on the majority of matters. Support is provided by a large and 'very solid team' of associates, which include Luis Fernando Edwards and Juan Manuel Robles Montoya.

Testimonials

It is a very solid team and above all transactional, very focused on closing transactions. There is relevant expertise. I have worked with other firms  and De Bracamonte – Haaker – Castellares is a firm that stands out for its transactional profile.’

Christian Castellares Alfaro and Ricardo Manuel Haaker Yori are two partners who are always available and they personally participate in the deals. When I have called them to make enquiries, they are always aware of the status of the operations we have with them. Associate Luis Fernando Edwards also stands out.’

Key clients

TMF Peru

Activa Private Debt Perú (Larrain Vial)

Southern Bridge Capital (Perú)

Trust Sociedad Titulizadora

San Martín Contratistas Generales

Edpyme GMG Servicios Peru

Grupo Coril Sociedad Titulizadora

AVLA Perú Compañía de Seguros

Caja Municipal de Ahorro y Crédito Cusco

BNB Valores Sociedad Agente de Bolsa

Work highlights

  • Advised TMF Peru, as Peruvian collateral agent, on the structuring of a $33m note purchase agreement under the jurisdiction of New York, made by issuer Benito Roggio Construcciones y Concesiones (BRCC)
  • Acting for Inversiones Acri as issuer of $35m senior secured notes under the laws of the State of New York

Lazo, De Romaña Abogados

The 'dedicated' and service-driven team at Lazo, De Romaña Abogados has considerable capital markets expertise and their 'knowledge of the bond markets is invaluable'. More recently, the firm has focused on investment funds, providing regulatory and structuring advice to asset managers, for example. Jorge Lazo, Fátima De Romaña and Freddy Escobar are all experienced professionals and were joined by Daniel Lovon from Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados in February 2020.

Testimonials

Their knowledge of the bond markets is invaluable. Always attentive to our requirements and respond with creative ideas.

The partner Fátima De Romaña is exceptional, always ready to go the extra mile for the client. Every time we had to work with her, it was a pleasure to hear her ideas and solutions to our complex problems. We greatly appreciate their knowledge of the regulators which facilitated the resolution of many of our concerns. Francisco Montoya works with her and has very high potential and dealt with us with speed and quality.

They are a dedicated team and concerned about customer service. Francisco Montoya has been very helpful; Fátima De Romaña is directly in charge of operations and monitoring.’

I think these guys are excellent. Dealing with Fátima De Romaña was a great experience. They are fast, client-focused,  have quick decision making capabilities, look after the client and are open to working as a team for a solution. A refreshing experience and amazing service over all.

Fátima De Romaña is a top-notch lawyer – deep knowledge of the markets and a fast thinker, problem solver and great communicator.

I would highlight the availability of partners, expertise and market knowledge of my business.’

The team is always attentive and gives timely answers to our queries. The relationship between the lawyers of the firm and the legal and business area of ​​the company is close; they know our day-to-day business and they know the industry that we are in, and that puts them in a very good position to do their consulting, which is efficient.’

Key clients

Credicorp Capital Servicios Financieros

Enel Distribución

AC Capitales

Compass Group

Adcap Asset Management Perú

Inversiones Coril Sociedad Gestora de Fondos de Inversión

Larraín Vial

ASAFI (Asociación de Sociedades de Fondos de Inversión)

BD Capital

Work highlights

  • Acted for Credicorp Capital Servicios Financieros on the structuring and registration of the $600m fourth corporate bonds programme of Red de Energía del Peru (REP).
  • Advised Compass Group on the structuring and placement of the real estate investment fund Fondo de Inversión Inmobiliario CCLA Desarrollo y Rentas Urbanas, with authorised capital of $100m.

Philippi Prietocarrizosa Ferrero DU & Uria

Philippi Prietocarrizosa Ferrero DU & Uria provides advice on securities regulation and some transactional matters, primarily to issuers, brokers, securitisation firms and banks. It also has experience in investment-fund matters, acting for a string of fund managers. Antonio Guarniz is the key partner and practice head; heformerly worked in-house at the Peruvian Securities and Exchange Commission (CONASEV).  

Practice head(s):

Antonio Guarniz

Testimonials

Very professional team with a high level of support in all areas. The partners are willing to continuously monitor processes.’

They have excellent support and can comprehensively meet the requirements that arise.’

Key clients

JP Morgan Chase

Citibank

BBVA Banco Continental

Intradevco Industrial

Inversiones Centenario

Work highlights

  • Provided local law advice to JP Morgan Chase and Citibank, as underwriters, on the co-issuance of a $400m international bond offering by Promigas (Colombia) and Gases del Pacifico (Peru).
  • Advised Lima-listed Intradevco Industrial on the corporate and capital markets aspects of its $490m, 100% share acquisition by Alicorp.