Firms To Watch: Capital markets

While not generally a firm associated with this area, Benites, Vargas & Ugaz's March 2022 hire of Jeanette Aliaga puts it firmly on the map in terms of capital markets' work - as well as for financings more generally, including bank finance.

Capital markets in Peru

Estudio Echecopar member firm of Baker McKenzie International

Estudio Echecopar member firm of Baker McKenzie International fields a deep bench of experienced practitioners who advise on bond issuances, private and public offerings of senior notes and securitised bonds, and also the structuring of shares in investment funds. Pablo Berckholtz heads the practice and counts major international banks among his clientele; he also acts for the International Swaps and Derivatives Association (ISDA). Lauded by clients Alonso Miranda (‘a reference in the industry‘; ‘a 24/7 lawyer‘) handles capital markets and liability management transactions, securitisation and real estate investments, with experience both domestically and internationally. Another name to note is senior associate Adrian Tovar, who has experience advising on structuring matters, as well as acting for agents, lenders, borrowers and issuers; he is also well versed in regulatory matters. However, principal associates Janett Burga and Renzo Luna left in September 2021 and February 2020 for Rubio Leguía Normand and Credicorp Capital, respectively.

Practice head(s):

Pablo Berckholtz


‘An excpetion team; they are among the most recognised in Peru and their trajectory endorses them’.

‘Alonso Miranda is the partner with whom we always work; he is currently advising us on a confidential issue and his knowledge of the issues is impressive’.

‘Alonso Miranda has a natural ability to explain the complex in a simple way and always has support to reinforce his opinions’.

Without a doubt, Alonso Miranda is a reference in the industry’.

‘Experience in similar transactions and a good track record makes transcations run smoothly’.

‘Alonso Miranda is a 24/7 lawyer, who is always available to answer any questions or queries, and proposes creative solutions to problems’.

Key clients

Santander Investment Securities Inc

Banco BTG Pactual (Cayman Branch)

Citigroup Global Markets Inc

HSBC Securities (USA) Inc

JP Morgan Securities

International Swaps and Derivatives Association (ISDA)

Larrain Vial

Credicorp Capital Servicios Financieros

Banco Internacional del Perú (Interbank)

Scotiabank Perú

Work highlights

  • Advised HSBC Securities (USA), J.P. Morgan Securities and Santander Investment Securities, as initial purchasers and joint bookrunners, on Petróleos del Perú’s issuance and sale of its 5.625% notes (due 2047) for a principal amount of $1bn under Rule 144A/Reg.S of the Securities Act of 1933.
  • Advised Banco BTG Pactual (Cayman branch), Citigroup Global Markets and Santander Investment Securities, as initial purchasers and joint bookrunners, in connection with Volcan Compañía Minera’s issuance and sale of its 4.375% senior notes (due 2026).
  • Advised Fondo Larraín Vial Renta Fija Latinoamericana FI, a Peruvian fund, in connection with its acquisition by Chilean fund Moneda Deuda Latinoamericano Fondo de Inversión.


The capital markets team at Garrigues is experienced in a wide range of equity and debt capital markets transactions, including investment-grade bonds, project bonds, private placements, liability management and sovereign debt offerings. The team is led by Oscar Arrús who has over 30 years’ experience in the field; he is well versed in both cross-border and domestic deals. Sergio Amiel and José Francisco Meier act for both issuers and underwriters, with Amiel -in particular- having handled a sizeable number of Peruvian IPOs. Diego Harman is the name to note for asset-backed securities, structured capital markets work and high-yield debt issuances, and is experienced in the US, Latin American and Peruvian markets. Maria Grazia Vallejos joined as associate from Rodrigo, Elías & Medrano – Abogados in early 2021 and joins an associate team that includes principal associate Jorge Fuentes (complex liability management matters and debt capital markets transactions) and Miluska Gutierrez Vega, a senior who specializes in capital markets regulatory matters and cross-border debt and equity transactions.

Practice head(s):

Oscar Arrús


‘Sergio Amiel stands out for business acumen, proactiveness, and highly efficient management of complex transactions’.

‘Good knowledge, disposition, and they manage a good team’.

‘The firm’s work was spectacular’.

‘They managed to help us negotiate anoperation that was challenging from several angles’.

‘The advice was always precise and correct’.

‘The team is highly competent, they deliver what they promise and do it on time’.

‘They have tons of experience with complex transactions and know the relevant issues well’.

‘They have excellent up-to-date market intelligence’.

Key clients

Andean Telecom Partners

Credit Suisse Securities (USA) and Santander Investment Securities

BBVA Sociedad Titulizadora

World Bank

IDB Invest


CCLA Group

Bank of America


Work highlights

  • Advised ATP Tower Holdings, ATP Colombia, ATP Chile, ATP Peru Co-guarantors: ATP Fiber Colombia, ATP Fiber Chile and Redes de Fibra del Peru (co-issuers and co-guarantors) on the issuance of 4.05% senior secured notes (due 2026), for an amount of $375m, pursuant to Rule 144A/Reg.S of the US Securities Act of 1933, with Goldman Sachs, JP Morgan Securities, Deutsche Bank Securities, and Scotia Capital (USA) as initial purchasers.
  • Assisted Credit Suisse and Santander Investment as deal mangers on two tender offers by Orazul Energy for its 5.625% senior notes (due 2027); the offers were valued at up to $150.4m and $41.8m, respectively.
  • Advised IDB Invest on the design and investment in tier 2 capital-subordinated bonds that also qualify as social (gender) bonds, for P$57,640,000 (equivalent to $16m), issued by Caja Municipal de Ahorro y Crédito de Arequipa (Caja Arequipa).

Miranda & Amado

The capital markets team at Miranda & Amado is no stranger to international equity and debt offerings and has considerable experience in Rule144A/Reg.S transactions. It acts for a range of large international banks and financial institutions, and alongside large international law firms. The team is now led by Gabriela Dañino, who is well known in the market for his cross-border deals expertise; she also provides advice on project finance and fintech matters. Juan Luis Avendaño has over 20 years’ experience in the sector and a renowned figure with extensive knowledge as regards high-value transactions. also an experienced figure José Miguel Puiggros handles a range of domestic and international transactions; while Álvaro Del Valle, who was promoted to the partnership in January 2022,  is active across the financing and capital markets sectors, including fund-related work.

Practice head(s):

Gabriela Dañino


‘They are a very serious firm and they care a lot about having the issues ready and very well detailed, as well as anticipating the client with issues that could impact the transaction’.

‘They are very detailed and organised’.

Key clients


JP Morgan

Bank of America


Banco Santander


Credit Suisse


Banco de la Nación


BTG Pactual

Caja Arequipa

Grupo Crédito (Credicorp Capital, BCP et al)

(Peru’s largest financial conglomerate)

Grupo Romero (Primax, Alicorp et al)

LXG Capital

Atlantica Yield

IG4 Capital

Work highlights

  • Advised BBVA Securities, BofA Securities, Banco BTG Pactual (Cayman branch), Credicorp Capital Sociedad Agente de Bolsa, Itau BBA USA Securities and Santander Investment Securities, as initial purchasers on the issuance of $550m in 5.500% senior notes (due 2026) of Compañía de Minas Buenaventura under Rule 144A/Reg.S of the Securities Act of 1933 of the United States of America.
  • Advising Goldman Sachs, Deutsche Bank Securities, J.P. Morgan and Scotiabank as global co-ordinators and joint bookrunners in the $375m international debt offering by ATP Tower Holdings, Andean Tower Partners Colombia, Andean Telecom Partners Peru and Andean Telecom Partners Chile.
  • Advising Credicorp Capital and Interbank, as structuring agents, on the issue by Peruvian education group Innova Schools of social bonds worth P$61m ($15m), which it used to redeem existing debt.

Payet, Rey, Cauvi, Pérez Abogados

Under the leadership of José Antonio Payet and Eduardo Vega, Payet, Rey, Cauvi, Pérez Abogados continues to handle some of the largest deals in the market, acting for financial institutions on a range of matters, including the structuring of public offerings, take-over bids, exchange offers and the delisting of securities. It has recently been working with the Lima Stock Exchange in relation to various regulatory proposals to boost local capital markets deals and increase the liquidity of the Lima Stock Exchange. Key practitioner José Cúneo advises domestic and international clients on a range of transactional matters and has particular experience of the mining industry. Vega is a name to note for the structuring and issuance of debt and equity transactions, while Alan García Nores , who was promoted to the partnership in December 2021, acts for banks and financial institutions on domestic and cross-border transactions and financial products. Principal associate Rocio Gordillo has extensive experience in structuring and issuance of debt and equity transactions, financing, investment funds, securitization and mutual funds.

Practice head(s):

José Antonio Payet; Eduardo Vega

Key clients

Credicorp Capital Servicios Financieros

Banco de Crédito del Perú


Banco BBVA Perú

Prima AFP

AC Capitales

Sura Investment Management

Compass Group Sociedad Administradorade Fondos de Inversión

Sigma Sociedad Administradora de Fondos de Inversión

Citigroup Global Markets, Goldman Sachs, HSBC Securities (USA) and Santander Investment Securities

Work highlights

  • Acting as underwriters’ counsel for a $5bn global bond issuance on the international markets by the Republic of Peru.
  • Acting as underwriters’ counsel on the structuring of the sovereign bonds of the Republic of Peru in three US-dollar denominated tranches for an aggregate amount of $4bn.
  • Acted as initial purchaser’s counsel on a $380m international bond issuance by San Miguel Industrias PET and NG R&P Latin America as co-issuers.

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas is well known in the market for handling high-profile and high-value national and international securities transactions and counts the Republic of Peru as a client, as well as companies in the telecoms and mining sectors. The team is headed by Rafael Alcázar and its broad expertise includes capital markets regulation, investment fund matters and securitisations. Alcázar acts for domestic and foreign banks, and a wide range of companies in relation to regulatory and financing matters. Additional partner-level engagement comes from Luis Miguel Elías – the name to note for corporate finance and cross-border deals; while Daniel Gonzáles La Rosa is recommended for distressed financings and is particularly experienced in the agriculture and education sectors. Key associate support is provided by seniors, Pedro Díaz (securities market regulation, corporate law, corporate crises and M&A), and Fiorela Ccahua (corporate financing, investment funds, securitisation, and securities market regulation).

Practice head(s):

Rafael Alcázar


‘Very well complemented team, a lot of knowledge of capital markets in all its aspects’.

‘Rafael Alcázar knows all aspects of capital markets very well’.

‘Very good seniority of the partners and very good contacts in the industry’.

‘People of very high social and technical level’.

‘The collaboration and assistance provided by Estudio Rebaza is constant, efficient and without time restrictions’.

‘Compared to other firms, they are very efficient and committed to their assignments’.

‘Proposes strategies in case of events that could not be warned of in a timely manner’.

Key clients

República del Perú

Hudbay Minerals Inc. and Hudbay Peru

Entel / Entel Perú

Sociedad Administradora de Fondos de Inversión – Sigma

Core Capital SAFI

Blanco Sociedad Administradora de Fondos de Inversión

Acres Sociedad Titulizadora / Acres Sociedad Administradora de Fondos de Inversión

Lexington Partners


Work highlights

  • Advised the Republic of Peru, as issuer, on a debt issuance of global sustainable bonds amounting to $4bn, due in 2034, 2051 and 2072.
  • Advised Hudbay Minerals and its subsidiary Hudbay Peru on the evaluation, structuring and implementation of an offering of $600m in new senior notes.
  • Advised Acres Sociedad Titulizadora and Acres SAFI on the structuring and formation of the investment fund “Perú Energía Social Sostenible – Fondo de Inversión Privado”.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados acts for high-profile domestic banks and large international players and takes prides in advising on high-end and out-of-the-ordinary transactions. With a strong banking and finance practice, the firm is well placed to handle capital markets work and its expertise includes bank finance, debt capital markets, equity capital markets, project and structured finance transactions, and regulatory issues. Moreover, with a well regarded tax practice, the team can also assist with all relevant structuring matters. Key practitioners in a team of some 20 lawyers inclue practice head Jean Paul Chabaneix ('highly responsive, knowledgeable, and business-oriented') who leads on many of the team’s high-value deals; the increasingly active Nydia Guevara ('knowledge, speed and the ability to resolve complex situations'), who focuses on structured finance and equity transactions; and counsel Paul Castritius, a Peruvian Securities and Exchange Commission (CONASEV) alumnus who is recommended for regulatory matters.

Practice head(s):

Jean Paul Chabaneix


‘Rodrigo is a powerhouse. Jean Paul Chabaneix is highly responsive, knowledgeable, and business-oriented‘.

‘Compares favorably with other firms’.

‘Remarkable work by Nydia Guevara, who offers knowledge, speed and the ability to resolve complex situations’.

‘It is a team with a lot of  talent, specialised in capital markets, with a very good track record of financing transactions in different forms, which complement each other very well and can meet the required deadlines even when the deadlines are short due to the urgency of the request’.

‘They not only focus on the transaction in general, but also on the details and on identifying possible contingencies and proposing ways to mitigate them’.

‘Nydia Guevara provides a high degree of knowledge of capital markets legislation, as well as experience in financings of various kinds’.

‘Always available to attend to requests that arise in transactions, Nydia Guevara is also very detailed in her work and easily manages to identify possible contingencies for her clients, proposing practical solutions.

‘Nydia Guevara is a friendly person and very easy to deal with’.

Key clients

The Central American Bottling Corporation and its Peruvian subsidiary CBC Peruana

Scotiabank Peru


Orazul Energy Peru



Luz del Sur

Nexa Resources Peru

Acres Sociedad Administradora de Fondos de Inversión

Work highlights

  • Acted as Peruvian counsel to CBC Peruana on the redemption of its 8.00% senior guaranteed notes (due 2029) issued under Rule 144A/Reg.S of the US Securities Act of 1933.
  • Advised Scotiabank del Peru as sole arranger and placement agent of a P$300m (approximately $70m) securitised notes offering program and the first offering under said program for Multimercados Zonales (Minka), a local mall operator, in its capital markets debut.
  • Advised Orazul Energy Peru on a tender offer to purchase its outstanding 5.625% senior notes (due 2027) issued under Rule 144A/Reg.S of the US Securities Act of 1933.

Rubio Leguía Normand

Under the leadership of Andrés Kuan-Veng, Rubio Leguía Normand continues to handle an array of debt and equity capital markets deals, and it also undertakes related contentious matters, such as securities litigation. It has recently handled several deals involving environmental, social, and governance (ESG) aspects, and Kuan-Veng -a natural rainmaker for the team- continues to bring in new clients. Fellow partner Carlos Arata is another key practitioner and focuses on finance and corporate transactions, both cross border and domestic. Principal associate Janett Burga joined from Estudio Echecopar member firm of Baker McKenzie International in October 2021 and brings considerable banking and finance, as well as fintech expertise to the team. Dual-qualified (Peru / UK) transactional senior Wilfredo Cáceres also handles capital markets matters as required.

Practice head(s):

Andrés Kuan-Veng


‘Team with solid knowledge of the debt market aimed at institutional investors‘.

‘We carried out two debt operations in parallel and managed to work hand in hand in a short time‘.

‘I would highlight the knowledge of the debt market and the speed of work‘.

‘The experience and knowledge of Carlos Arata is invaluable’.

‘Carlos Arata knows a lot about many topics and I feel calm when I receive his advice‘.

Key clients

Arca Continental

Banco Santander

Credicorp Capital

LW Securities

BCP Securities



China Yangtze Power Co

Barclays Capital

BTG Pactual

Work highlights

  • Advised Banco Santander, LW Securities and BCP Securities on a $100m inaugural note offering by San Martin Contratistas Generales, under Rule 144 A/Reg.S of teh US Securities Act (1933).
  • Advised Barclays during the negotiation and constitution of a securitisation trust representing debt transactions originated by Uno Capital Peru.
  • Advising AC Bebidas (a subsidiary of Arca Continental) in the acquisition of investment shares (equity non voting listed securities) of Corporacion Lindley, by means of a public tender offer through the Lima Stock Exchange.

DLA Piper Perú

DLA Piper Perú‘s team act for issuers and underwriters on matters such as IPOs, certificates of deposit issuances, listings in LatAm markets and offerings of high-yield bonds, combined with advice on compliance with regulatory obligations. ‘A reference in the market‘, Sergio Barboza heads the practice; his recent mandates include leading advise to Santander Consumo on its public offerings. He was aided by senior associate Nelly Espinoza who ‘knows the details of the rules, the risks, the market trends, but above all brings creativity and constructive energy to transactions‘; she focuses on compliance and authorisation and sanctioning procedures. As well as domestic work, the team also handles cross-border matter, recently assisting with an early redemption of bonds involving bondholders domiciled both in Peru and internationally.

Practice head(s):

Sergio Barboza


‘DLA has a solid capital markets team, not only on the transactional side, but also on the regulatory side’.

‘DLA has built an important brand in Peru to advise mainly banking entities, so we regularly turn to them for these matters’.

‘Knowledge of capital markets, creativity in the design of structures, and permanent availability’.

‘Nelly Espinoza knows the details of the rules, the risks, the market trends, but above all brings creativity and constructive energy to transactions’.

‘Sergio Barboza is a reference in the market and his contribution is more focused on the strategic issues of our transactions and our business’.

‘Proven experience in the field’.

‘Speed and diligence in the queries made’. 

‘Nelly Espinoza is very diligent and attentive on queries’.

Key clients

Credicorp Capital Servicios Financieros

EDPYME Santander Consumo Perú

Agrícola y Ganadera Chavín de Huántar

Macrocapitales S.A. Sociedad Administradora de Fondos de Inversión

Banco Santander Perú

Compass Group

IDB Invest

Rimac Compañía de Seguros

Banco Ripley Perú

Corporación Financiera de Desarrollo (COFIDE)

Work highlights

  • Advised Credicorp Capital, in its role as arranger, on the placement of the negotiable certificates of deposit corresponding to Series D and E of the second issue of the fourth Certificates of Deposit programme of the Banco Interamericano de Finanzas (BanBif), the fifth largest Peruvian bank.
  • Advised Santander Consumo on the drafting, negotiation, and registration of the sixth issuance of its first Short-Term Instruments Programme, which has a maximum outstanding amount of P$200m and in the issuance of P$50m in Series A notes.
  • Drafted agreements and regulatory compliances for Agrícola y Ganadera Chavín de Huántar to implement the early redemption of the bonds issued under the first Chavin Corporate Bond Programme registered in the Public Registry of the SMV.

Hernández & Cía

Headline mandates for Hernández & Cía include advising the Republic of Peru on its $5bn, 2021 sovereign bond issue in both the US and European markets, which was led by corporate transactional specialist José Manuel Abastos with assistance from senior associate Erick Calla, whose expertise includes particular knowledge of stock market regulatory matters. Practice head Juan Luis Hernández handles matters involving complex regulatory issues; these have included the reorganisation of a share structure which involved a reverse merger and a multi-jurisdictional tender offer for a target company with no controlling shareholder. Senior associate Gloria Zubizarreta aided on the latter, working on an issuance of convertible bonds for the same client. The practice also provides day-to-day advice regarding securities regulations. However, active capital markets participant Diego Carrión left for Cuatrecasas in July 2022.

Practice head(s):

Juan Luis Hernández


‘They are very well formed teams, usually with more than one partner in charge’.

‘The team is very close to the client, they are always available, at all levels’.

‘They convey a lot of confidence in their recommendations’.

‘They are very didactic when it comes to explaining and it is easy to understand what they explain even when touching on complex issues’.

‘They always go one step further than is required to have a comprehensive vision of the issues’.

‘They are always available’.

‘The strong point of this team is the clarity to communicate the issues to be addressed, and it is also what differentiates them from other offices’.

‘The capital markets team communicates in simple and straightforward language, which makes it easy for recipients to understand, who are not necessarily lawyers’.

Key clients

Republic of Peru

Fondo Mivivienda

AB InBev Group / Backus

Aenza (formerly Graña y Montero)

Universidad San Ignacio de Loyola

The Carlyle Group


Grupo Falabella


W Capital SAFI

Faro SAF

Scotia Fondos S.A. (Grupo Scotiabank)

Cronox Capital S.A.


Founding partners Carlos Saco-Vertiz and Eduardo Landerer , in conjunction with fellow partner Gerardo Guzman co-head the practice at BBGS Abogados, whose recent work included acting for the co-issuers – a plastics company and private equity fund – of Peru’s first international sustainability-linked bond. Banco de Crédito del Perú is also a frequent client, which the firm regularly advises in its role as bondholders’ representative, a case in point being the issuance of bonds by a collective funds company and a connected trust agreement. The practice advises financial institutions, securitisation trusts, investment funds, private equity sponsors and corporates on a full range of financing transactions, including acquisition finance, bridge loans, asset-based facilities, trade finance, margin loans, sovereign loans and structured finance transactions. Moreover, as part of a firm with offices in Mexico, Colombia and Chile, as well as Peru, the office is well-positioned to handle a range of cross border matters.

Practice head(s):

Carlos Saco-Vertiz; Eduardo Landerer; Gerardo Guzmán

Key clients

Banco de Credito del Peru (BCP)

Nexus Group (Private Equity of Intercorp Group)

Colegios Peruanos (Innova Schools / Intercorp Group)

Banco de Comercio

Credicorp Capital

Interseguro Compañía de Seguros

Cineplex (Cineplanet)

Morgan Stanley & Co

San Miguel Industrias PET (Intercorp Group)

Work highlights

  • Advised SMI and Nexus on the international issuance and placement of senior notes for up to $380m under r144A/Reg.S of the US Securities Exchange Commission (SEC).
  • Advised Colegios Peruanos on a liability management matter that involved the redemption and cancellation of all the securitisation bonds issued in 2017, through the simultaneous delivery of the same number of securitisation bonds, called ‘bono social’ for P$61.4m (approx $14.9m).
  • Advised BCP, in its role as bondholders’ representative, on the Sixth Program of Corporate Bonds of Corporación Financiera de Desarrollo (COFIDE), for a sum of P$500m (approx $125m).

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares‘ capital markets work has a strong focus on structuring securitisation trusts to issue private bonds to finance real estate projects; the practice has been particularly active with multiple matters on behalf of fund Activa Private Debt. Co-head of practice Ricardo Manuel Haaker Yori and senior associate Luis Fernando Edwards handle the majority of the firm’s mandates in this area, while fellow co-head Christian Castellares Alfaro leads work for collective funds company Autoplan on its public offerings.

Practice head(s):

Ricardo Manuel Haaker Yori; Christian Castellares Alfaro

Key clients

Activa Private Debt Perú (Larrain Vial)

Asociación de Comerciantes Esperanza al Progreso

Asociación de Comerciantes Esperanza de Ate

Autoplan Empresa Administradora de Fondos Colectivos

Pezet 195

Work highlights

  • Advised Autoplan Empresa Administradora de Fondos Colectivos regarding its role as an issuer, in the structuring of the company’s second and third public offerings of its first bond issue programme, aimed at institutional investors.
  • Advised Activa Private Debt – the external manager of a fund that acquired private bonds – on the structuring of several securitisation trusts to issue private bonds in order to finance several real estate projects.
  • Advised Pezet 195 on the structuring of: (i) a private investment fund to issue participation certificates for up to $30m, and; (ii) a securitisation trust to issue private bonds up to the amount of $40m, in order to finance the execution of a real estate project.

Lazo, De Romaña & CMB Abogados

Lazo, De Romaña & CMB Abogados‘ team has experience in both regulatory advisory matters and the representation of clients before regulators; one recent mandate saw managing partner Fátima De Romaña  obtain authorisation from the Superintendence of the Securities Market (SMV) for a client to register and manage investment funds. The practice handles both equity and debt work, and the experienced De Romaña, working n conjunction with Daniel Lovon , also acted for a Peruvian subsidiary of a Colombian bank on the latter’s issuance of subordinated notes; while the highly active Freddy Escobar  advised Credicorp Capital Servicios Financieros on Banco Ripley’s issuance of certificates of deposit and bond programmes. Founding partner Jorge Lazo  provides additional partner-level involvement and expertise, while Francisco Montoya  provides key associate support.

Practice head(s):

Jorge Lazo; Fatima De Romaña; Daniel Lovon


‘Good experience and relationships’.

‘The partners of the Lazo firm have extensive experience in capital markets, especially in matters related to investment funds‘.

‘Their rates are very competitive‘.

‘Fámita de Romaña is always attentive to the needs of her clients‘.

Key clients

Credicorp Capital Servicios Financieros

Banco GNB Sudameris

Pacífico Compañía de Seguros y Reaseguros

La Positiva Compañía de Seguros y Reaseguros

Vivir Seguros Compañía de Seguros de Vida

RSM Perú

Grupo Ormeño

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

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados operates a combined capital markets and banking practices under the overall leadership of  Sergio Oquendo and with the capital markets segment directed by Rocío Izquierdo, who has experience in securities regulation, litigation and transactions. The team counts Banco BBVA as a frequent client, recently advising it on a private offering of structured bonds and issuances of certificates of deposit and commercial papers. Senior associate Alfredo Lau-Tam focuses on local market structures, leading the practice group’s advice on a number of matters including the structuring and liquidation of investment funds. Banking partner Guillermo Flores frequently advises on international employee shares schemes, while senior associate Alesandra Azcárate provides support on matters such as share acquisition. However, securities specialist Jeanette Aliaga left the firm in December 2021 and has since moved to Benites, Vargas & Ugaz.

Practice head(s):

Sergio Oquendo

Key clients

China Yangtze Power Co / China Three Gorges Corporation

Banco BBVA Perú

Arca Continental / Corporación Lindley

Banco de Crédito del Perú

Insigneo Securities

US Bank

Wilmington Trust

Volcom Capital


Marsh Rehder

Credit Suisse

Morgan Stanley

Goldman Sachs

ICBC Perú Bank

JP Morgan Chase

Petróleos del Peru (PetroPerú)

Banco Internacional del Perú (INTERBANK)

Banco Santander

Inversiones Nacionales de Turismo (INTURSA – Breca Group)

MAJ Invest

Sab Capital


Los Portales

Pesquera Exalmar


Financiera Confianza


Agroindustrias AIB


Work highlights

  • Advised Patrimonio en Fideicomiso – D. Leg No. 861, Título XI – Fideicomiso de Titulización para Inversión en Renta de Bienes Raíces – FIBRA Prime on the placement of its shares based on capital contributions.
  • Advised Mitsubishi Corporation and MCA Phosphates on the structuring, preparation and negotiation of contracts and their guarantees for the acquisition of 30% of the common shares owned by MCA Phosphates in Fosfatos del Pacífico by Mitsubishi Corporation in an over-the-counter operation.
  • Advised Industrias del Envase on the process of exclusion of its common shares and investment shares from the Public Registry of Capital Markets and the Registry of Securities of the Lima Stock Exchange, as well as on the Public Offer of Acquisition due to exclusion of its investment shares.

Philippi Prietocarrizosa Ferrero DU & Uria

Led by banking, finance and capital markets head Antonio Guarniz, the practice at Philippi Prietocarrizosa Ferrero DU & Uria primarily takes on matters  for funders. Recent matters have seen the team act for the underwriters on a placement of corporate/convertible bonds and commercial papers; as well as advising fund managers on a public offering investment funds and handling a trust agreement between its client bank and a real estate investor. Guarniz also worked on the Peruvian elements of the integration of the Lima, Santiago and Colombian Stock Exchanges into one entity, including obtaining the relevant regulatory approvals. Key associate support is provided by Victor Bravo G, but Claudia Wong moved to EY Legal in March 2022.

Practice head(s):

Antonio Guarniz


‘In-house attorneys are immediately available when urgent consultations are required‘.

‘It definitely compares favorably to the services of other firms‘.

‘The lawyers present a deep knowledge of capital markes, keeping themselves permanently updated‘.

Key clients

Grupo BVL, Bolsa de Comercio de Santiago and Bolsa de Valores de Colombia

Magna Asesores Financieros

Core Capital Sociedad Administradora de Fondos de Inversión

Popular Sociedad Administradora de Fondos de Inversión

Inversión y Desarrollo Sociedad Agente de Bolsa

Banco BBVA Perú

Macrocapitales Sociedad Administradora de Fondos de Inversión

Summa Finanzas

Work highlights

  • Advised Grupo BVL (the parent company of the Lima Stock Exchange), Bolsa de Comercio de Santiago (BCS – Chilean Stock Exchange) and Bolsa de Valores de Colombia (BVC – Colombian Stock Exchange) in a deal aimed to integrate the three markets both in ownership and operations, trading platforms, etc.

SUMARA Hub Legal

With a ‘very good multidisciplinary teamSUMARA Hub Legalknows a lot about the capital markets‘, according to clients – particularly in relation to funds, which is a key segment for the practice. Heading the six-strong team, Alvaro Castrohas extensive experience in the capital markets‘ and ‘his recommendations are always aimed at facilitating transactions‘. Castro’s past experience includes a stint at CAVALI (Peru’s clearing house for the settlement of securities), and clients note his particular knowledge of securities law. Fellow director Gabriella Cuadros also participates in the sector, with the pair strongly supported by practice coordinator Alma Jiménez and counsel Teresa Alayza. Jiménez -who is ‘always attentive to the needs of the clients and knows the sector in depth’- focuses on the structuring of debt issuances and investment funds (public and private); while the ‘proactive‘ Alayza ‘has great analytical skills and is very detailed‘, and centres her practice on financial regulation and capital markets transactions. Mariano Camere joined as a counsel in December 2021, but former co-director Juan Jose Hopkins left the firm in September 2022.

Practice head(s):

Álvaro Castro


Very good multidisciplinary team, technically very skilled, all of them young people, which shows that they all work very motivated.

What sets their practice apart is that they are not only highly knowledgeable about the industry, but maintain a close relationship with regulatory authorities and stay up to date with the applicable regulatory framework. In addition, they maintain a close relationship with their clients, and are willing to provide quick and creative solutions to complex problems in the shortest possible time. “The members of the SUMARA team that stand out are: Alvaro Castro (Partner) and Alma Jimenez (Associate).

The lawyers are always attentive to the needs of clients and constantly monitor the issues worked on. They have extensive experience in handling regulatory issues Álvaro Castro has extensive experience in the capital market and his recommendations are always aimed at facilitating transactions. Alma Jiménez is always attentive to the needs of the clients and knows the sector in depth.

I consider that they have a competitive advantage since Alvaro Castro has deep knowledge of the capital market due to previous experience in CAVALI (CSD of Peru). Likewise, he has knowledge of the Securities Law and, with this specific knowledge, he has helped us resolve several issues related to the promotion of business models with book-entry securities. Likewise, the multidisciplinary team helps to ground the issues, combining knowledge in law but also in technological issues or aspects.

Álvaro Castro: a lawyer with specialised knowledge in law and technology, which makes us trust him when we think about the development of business models that combine technological, legal, competition law and securities aspects.

The team is extremely committed to its clients. We have had a good experience both with the partners and with the other members of the team. Something that we have seen that they have done proactively is to create a team with greater gender diversity, which It is something that we value very much.

It is one of the most complete teams for the Venture Capital industry in Peru, where we operate. They understand both the perspective of funds and the perspective of entrepreneurs.

The team is very willing to help and solve problems quickly and efficiently. Alvaro Castro has been our lawyer since we started the fund, this more than 5 years ago. He helped us with the entire structuring process, and he has also supported us with modifications that we have had to make over time so that the regulations are better and better for the benefit of the fund’s investors. We have also seen his specialisation in the industry, and this has made the conversation between us much easier. Among the main differences with the competition, is the knowledge that he has in the sector, the willingness to collaborate with the VC ecosystem in creating new regulations and public policy, as well as the speed of response they have had to our queries.

Teresa Alaysa, we have worked with her hand-in-hand with Alvaro, also since we started the fund. She has great analytical skills and is very detailed. We have seen her proactivity in solving problems, and proposing different ideas to improve existing documents.

They know a lot about the capital markets with proven experience in different businesses that we have undertaken together.

In the same way, its strengths are the approach of innovative ideas seeking to move businesses forward. Unlike other firms where they are very conservative and prefer to say “you can’t” than to look for an alternative. Innovative ideas and the combination of modern experience (fintech and start-ups) with the traditional corporate and stock market world.

Strong points: capital markets for fintech, raising capital for start-ups, vesting schemes for Key Persons. Their knowledge is superior to other firms and there is a real understanding of the market and the business. Technical knowledge, knowledge of market practices, understanding of the business.

They are agile, practical and always available. They adapt their proposals to the needs of the client. The legal analysis is of quality. Faster times and 100% availability: Alvaro Castro and Alma Jimenez.

Sumara’s strong point is customer service. In all the jobs we have done they are always available and always supported at a competitive price. Its attorneys are always available to their clients, and always aware of the issues to be discussed. Theirs is a very human service and they take care of their customers.

The team is very professional. Always very timely and successful with his recommendations. They are always available to answer questions and queries. They are very fast and friendly.

Key clients

W Capital

BD Capital

Inka’s Berries


Grupo BVL


Work highlights

  • Advised BD Capital in the structuring of three public investment funds with an aggregate capital commitment of $1.5 bn.
  • Advised the Peruvian Association of Investment Fund Managers on draft regulation related to investment funds and capital markets.
  • Advised COFIDE on the first investment of the Peruvian Government’s Venture Capital Fund of Funds.