Capital markets in Peru

Estudio Echecopar member firm of Baker McKenzie International

A pacesetter in the market, Estudio Echecopar member firm of Baker McKenzie International is sought out by global elite financial institutions, Peru's leading companies and the State government for domestic and international transactions of the highest calibre. The expert, nine-lawyer team, led by internationally-recognised capital markets lawyer Pablo Berckholtz, again represented the Republic of Peru in its latest bond offering, namely a $4bn sovereign bond issuance to finance the country's battle against Covid-19. The strong partner team also includes Alonso Miranda, who co-led on the deal, and Rafael Picasso, who acted for Telefonica del Peru in a milestone $1.05bn inter-company transaction through the Lima Stock Exchange. Junior team members making their mark include associates Janett Burga and Renzo Luna, both regulars on client teams for key matters.

Practice head(s):

Pablo Berckholtz

Key clients

República del Perú

Banco Internacional del Peru

Consorcio Transmantaro

Nessus Hoteles Peru

Magna Asesores Financieros

BBVA Securities

Santander Investment Securities

Scotia Capital (USA)

UBS Securities

Telefónica del Perú

Grupo Energía de Bogotá

HSBC Securities (USA)

J.P. Morgan Securities

Atria Energía

Bolsa de Valores de Lima

CAVALI ICLV

Work highlights

  • Advised the Republic of Peru on an aggregate principal amount of $4bn sovereign bond issuance, which includes a 100-year tranche, to be used to contain the Covid-19 virus and finance part of public spending.  Also advised the client, as issuer, on the issuance and offering of global bonds for an aggregate of $3bn.
  • Acted for Telefonica del Peru in an intercompany transaction by which Latin American Cellular Holdings acquired from Telefónica Latinamerican Holdings of Telefonica del Peru’s class “B” shares for an amount equal to $1.05bn through the Lima Stock Exchange.
  • Represented HSBC Securities (USA) and JP Morgan Securities as dealer managers, in connection with the tender offer for cash launched by HSBC Securities (USA) to purchase an aggregate amount of the outstanding 4.750% notes due 2022 issued by COFIDE (for an aggregate outstanding principal amount not to exceed $400m) and 4.750% notes due 2025 issued by COFIDE for an aggregate purchase price to be paid by the purchaser for the tendered notes not to exceed $600m.

Garrigues

A strong following among tier one investment banks ensures Garrigues a role in multiple landmark capital markets transactions, particularly of an international nature. It notably acted for Citigroup, Goldman Sachs, Santander Investment and Scotia Capital as joint book runners and initial purchasers in the global capital markets debut of Auna, the Peruvian health centre network, which issued $300m in senior notes due 2025. It also advised IDB Invest on its investment in Caja Arequipa's issue of social (gender) bonds, aimed at micro-entrepreneurial women. Deep expertise within the team is led by much-respected finance lawyer Oscar Arrús and includes: Sergio Amiel and Thomas Thorndike, who together led advice on the Auna deal; José Francisco Meier, whose clients include Deutsche Bank Securities and JP Morgan Securities; and the more junior partner, Diego Harman.

Practice head(s):

Oscar Arrús

Testimonials

Thomas Thorndike is outstanding in capital markets and is a great deal-maker. He knows how to manage the times and demands of transactions well and anticipate and mitigate risks in a timely and adequate manner. He also has very good interpersonal management with counterparts and colleagues.

Key clients

Citibank

Bank of America

Citigroup

Goldman Sachs

Carlyle

JPMorgan Chase

IDB Invest

BBVA

Scotiabank

Santander Investment Securities

Work highlights

  • Advised Citigroup, Goldman Sachs, Santander Investment and Scotia Capital as joint book runners and initial purchasers in Auna’s debut/inaugural $300m aggregate principal amount of 6.500% senior notes due 2025.
  • Advised IDB Invest on the structuring and investment in unique Tier 2 capital-subordinated bonds that also qualify as social (gender) bonds, issued by Caja Arequipa, a leading microfinance institution: this is the first issuance of a social-financial inclusion bond aimed at micro-entrepreneurial women, value P$57.64m
  • Advised BBVA on the structuring of a pioneering securitisation trust for the purchase of accounts receivable and cash flows from utility companies to issue short-term debt instruments in the Peruvian capital markets, the first securitisation structure of its type structured in Peru.

Miranda & Amado

Miranda & Amado excels in this arena, demonstrating strength across the board in both domestic and international capital markets transactions, attracting a stellar client list of global investment management companies and banks. Juan Luis Avendaño Cisneros is rivalled by few in the market for his expertise and has enjoyed another successful year, despite the backdrop of Covid, leading advice on multiple high-value mandates. They include Banco de Crédito del Perú (BCP)’s $1.6bn debt offering and two tender offers, representing BofA Securities, Citigroup Global Markets, Credicorp Capital Sociedad Agente de Bolsa and JP Morgan Securities as underwriters. Other key members of the team are practice head José Miguel Puiggros, who equals Juan Luis Avendaño Cisneros in length of experience at 20 years; and senior associate Álvaro Del Valle, who has been integral on client teams again this year.

Practice head(s):

José Miguel Puiggros

Testimonials

Excellent experience of working with Alvaro del Valle, always pro-deal and with great ability to find solutions to difficulties that may arise in the transaction.’

The practice is comprised of highly skilled individuals offering exemplary service in multiple fields. The team works efficiently and provides great communication. They are prompt and dedicated to their craft.’

The individuals we have worked with from the firm have all been the utmost professionals. Their specific knowledge and know-how is leading their field.’

Key clients

HSBC

JPMorgan Chase

Bank of America

Citigroup

Banco Santander

Scotiabank

Credit Suisse

BBVA

Banco de la Nación

Interbank

BTG Pactual

Caja Arequipa

Grupo Crédito (Credicorp Capital, BCP et al)

Grupo Romero (Primax, Alicorp et al)

LXG Capital

Atlantica Yield

Work highlights

  • Advised BofA Securities, Citigroup Global Markets, Credicorp Capital Sociedad Agente de Bolsa and JP Morgan Securities, as underwriters, on Banco de Crédito del Perú (BCP)’s debt offering and two tender offers worth nearly $1.6bn in total.
  • Advised BofA Securities, JP Morgan Securities and Goldman Sachs as initial purchasers in connection with the $500m offering by Credicorp of 2.750% senior notes due 2029.
  • Acted for JP Morgan Securities and Bank of America as underwriters in connection with the offering by Interbank for a total amount of $300m.

Payet, Rey, Cauvi, Pérez Abogados

Payet, Rey, Cauvi, Pérez Abogados earns top ranking due to its consistent performance in headline transactions: it acted for the underwriters, including Goldman Sachs, Morgan Stanley, BBVA Securities, in the $4bn sovereign bond issuance by the Republic of Peru, the first 100-year bond in Peruvian history; it also represented the underwriters - Citigroup Global Markets, Goldman Sachs, HSBC Securities (USA) and Santander Investment Securities - in the Republic of Peru's earlier $3bn sovereign bond issuance. Co-head of the practice José Cúneo led the advice on both deals. Fellow head of the practice Eduardo Vega is widely respected and enjoys a strong following among Peru's banking elite and is regularly sought after for complex and high-value capital markets deals, while principal associate Alan García Nores continues to be praised by clients.

Practice head(s):

Eduardo Vega; José Cúneo

Testimonials

The partners and lawyers are among the best in the market, their extensive knowledge and experience provide a high quality of advice. It widely compares favourably with teams from other firms in the same practice areas, a lot of solidity and experience.

Eduardo Vega is the partner with whom we interact, they have vast knowledge and experience in the capital markets, so his advice has been essential to obtain very favourable negotiations and agreements.

Key clients

Credicorp Capital Servicios Financieros

Banco de Crédito del Perú

Credicorp

Banco BBVA Perú

Prima AFP

AC Capitales SAFI

Sura Investment Management

Compass Group Sociedad Administradora de Fondos de Inversión

Sigma Sociedad Administradora de Fondos de Inversión

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

Work highlights

  • Advised BBVA Securities, Citigroup Global Markets, Goldman Sachs, Itau BBA USA Securities and Morgan Stanley as underwriters on a historic $4bn sovereign bond issuance by the Republic of Peru, including the first century bond in Peruvian history.
  • Advised Citigroup Global Markets, Goldman Sachs, HSBC Securities (USA) and Santander Investment Securities as underwriters on a  $3bn sovereign bond issuance by the Republic of Peru.
  • Acted for Banco de Crédito del Perú on the issuance of $850m new subordinated US dollar-denominated 3.125% subordinated fixed-to-fixed rate notes, due 2030.

Rebaza, Alcázar & De Las Casas

Demonstrating extensive capabiity in both international and national transactions, Rebaza, Alcázar & De Las Casas attracts big-league clients and instructions. In a case in point, the team acted for the underwriters - Goldman Sachs, Morgan Stanley, Banco Bradesco BBI, BB Securities, Santander Investment Securities and Scotia Capital (USA) - in Nexa Resources $500m offering of 6.500% senior unsecured notes due 2028. The team is also an attractive choice for regulatory work, and acts for an extensive array of regulated and non-regulated investment funds. Head of the practice Rafael Alcázar is highly rated for a range of securities work. He has strong support in partners Luis Miguel Elías and Daniel Gonzáles.

Practice head(s):

Rafael Alcázar

Testimonials

It is the best team in the field. Accuracy in its analysis and structuring of operations.’

Rafael Alcázar is the most competent lawyer in the matter and his recommendations allow us to make timely and adequate decisions. He knows the market perfectly and acts very quickly.’

Excellent teams for each area, they work as a team. They do compare very favourably with other firms.’

Outstanding in every respect: Rafael Alcazar, Fiorela Ccahua, Victor Valdez.’

Key clients

Nexa Resources Perú

Scotiabank Perú

Hudbay Minerals, Hudbay Peru, Hudbay Marketing & Sales, and Hudbay Peru

Administradora Jockey Plaza Shopping Center

HMC Asset Management Sociedad Administradora de Fondos de Inversión

Blanco Sociedad Administradora de Fondos de Inversión

Sigma Sociedad Administradora de Fondos de Inversión

Goldman Sachs, Morgan Stanley, Banco Bradesco BBI, BB Securities, Santander Investment Securities and Scotia Capital (USA)

W Capital Sociedad Administradora de Fondos de Inversión

Lexington

Morgan Stanley UK

Work highlights

  • Acted for Scotiabank Peru as arranger on the issuance of debt securities through a securities programme for up to $150m and a first issuance of up to $100m by Banco Ripley Perú.
  • Advising investment fund manager Sigma Sociedad Administradora de Fondos de Inversión (Sigma SAFI) with respect to Peruvian capital markets regulation on the placement of investment funds under its administration and for the fulfillment of its obligations before the SMV as a regulated company.
  • Advised Goldman Sachs, Morgan Stanley, Banco Bradesco BBI, BB Securities, Santander Investment Securities and Scotia Capital (USA) as initial purchasers in the $500m offering made by parent company Nexa Resources of its 6.500% senior unsecured notes due 2028.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados undertakes capital markets work within its market-leading banking and finance practice with ambitions to grow market share. Its deal record for the past year demonstrates valuable capability, for example acting for healthcare network Auna on its international capital markets debut, issuing $300m of 6.500% senior notes, due 2025. The 'very solid and high-level' team is steered by Jean Paul Chabaneix with specialist securities expertise provided by Nydia Guevara and counsel Paul Castritius. They are supported by corporate and finance partner Jorge Trelles, who led the Auna deal alongside Chabaniex.

Practice head(s):

Jean Paul Chabaneix

Key clients

Auna

The Central American Bottling Corporation/CBC Peruana

BBVA Peru

CVC Capital Partners

Credit Andorra/CA Perú Sociedad Agente de Bolsa

The Goodyear Tire and Rubber Company/Compañía Goodyear del Perú

Southern Copper Corporation

Fábrica de Hilados y Tejidos San Miguel

Work highlights

  • Acted as Peruvian counsel to healthcare group Auna on its international capital markets debut with a $300m offering of 6.500% senior notes due 2025.
  • Advised The Central American Bottling Corporation, as issuer, and its Peruvian subsidiary CBC Peruana, as guarantor, on the consent solicitation and a $200m offering through a reopening of its 2017 $500m notes issue, which were issued with a coupon of 5.75% and a maturity date of 2027.
  • Represented BBVA Peru as arranger of a $50m note offering programme and the first offering of $12m under said programme for local real estate company Desarrolladora del Pacífico.

Rubio Leguía Normand

Rubio Leguía Normand is anticipating a significant rise in instructions from investment fund managers in Peru and is well placed to handle it, due to the combination of experience and energy of practice heads Andrés Kuan-Veng and Carlos Arata. In the meantime, the team is handling demanding debt transactions, mainly on the issuer side, such as Petroperu's $1bn note offering for the financing of the Talara Refinery Project and other corporate purposes. Bank clients include Citibank, Deutsche Bank and BBVA Banco Continental, while Banco Santander, BD Capital and Petroperu are recent client gains. Securities specialist Jeanette Aliaga departed the firm in November 2021.

Practice head(s):

Andrés Kuan-Veng; Carlos Arata

Testimonials

Efficient, fast and timely service.’

They have the knowledge and ability to guide the client in an unknown and new market. Would recommend Carlos Arata and Shirley Cardenas.

High points are their availability and agility in responses; easy access and fluid communication; possibility of giving advice in various areas of practice; good coordination between the different areas of the firm for advice provided to the client, which is comprehensive.’

Andrés Kuan-Veng has great knowledge of the industry and the actors that comprise it. Always up to date with the practices and needs of the sector. Very good relationship with the regulator and other key players. His extensive experience allows him to not only give accurate advice on the issues under his expertise, but also to be a general counsel on various other matters.’

Great experience of partner Andrés Kuan-Veng in capital markets issues, both local and international.’

Key clients

Banco Santander

Citibank

Credicorp Capital

Electrodunas

BD Capital SAFI

Natixis

Fondo Macro Infraestructura

Acres Sociedad Titulizadora

Petroperu

Avla Perú Compañía de Seguros

Ardian Group

Core Capital

Van Eck

Deutsche Bank

China Yangtze Power

Union por la Infraestructura-UPI (investment fund formed by Sura and Credicorp)

BBVA Banco Continental

Cardano Development Fund

Universidad de Piura

Work highlights

  • Acted for Petróleos del Perú – Petroperú on its $1bn note offering for the financing of those elements of the Talara Refinery Project supplied under an engineering and procuring contract entered into with Cobra-SCL UA&TC Consortium, and other corporate purposes.
  • Advised Electrodunas, as issuer, on a $300m corporate bonds programme, the first bond issued by a public company (listed on the Lima Stock Exchange) under the regulation for public offers addressed to institutional investors.
  • Advised the purchasers on Atlantica Yield’s issuance and sale of €290m of 1.96% senior notes ,due June 20 2026, one of the few green bonds issued with a Peruvian participation.

DLA Piper Perú

A small but very capable team at DLA Piper Perú punches above its weight significantly and is capable of handling transactions and regulatory issues of the highest complexity. Sergio Barboza is the sole partner of the practice but is highly respected by clients and competitors for his work representing issuers and underwriters in public equity and debt capital transactions. Clients include Banco Santander, Credicorp Capital and International Finance Corporation. Barboza is assisted by multidisciplinary capability across the firm where needed, although specialist capital markets know-how, both transactional and regulatory, is provided by senior associate Nelly Espinoza, a regular on significant mandates at the firm.

Practice head(s):

Sergio Barboza

Testimonials

Sergio Barboza stands out, as does the team’s experience in transactions of the same type, people skills, closeness to the client, teamwork, very good rates and they are practical and speedy.’

Very dynamic and fast response team, capable, friendly and quick to respond. I worked with Nelly Espinoza and we are very satisfied with her work, always very quick to respond, attentive and very precise in her comments.’

We really like the breadth of knowledge of DLA Piper’s lawyers, which allows us to work with them on the different projects we undertake, regardless of whether they are fund and trust structuring, private equity operations, traditional assets, local and foreign tax issues, etc. Likewise, they have an excellent work ethic and availability to support us at any time that is required. In my experience, they compare very favourably with any top law firm in the country.’

The level of preparation and experience of the DLA Piper team is excellent. They have extensive and in-depth knowledge of different types of asset classes, investment and investment structures in multiple jurisdictions. Sergio Barboza is one of the greatest experts in capital markets and financial regulation in the country, so his advice is very valuable to us in all types of operations and businesses that we carry out in the capital market. Farah Torres has an excellent knowledge of regulatory issues in capital markets, as well as experience in structuring different types of investment vehicles or guarantees, such as investment funds, bank trusts and securitization trusts, among others.’

 

Key clients

International Finance Corporation (IFC)

Banco Santander

EDPYME Santander Consumo

Credicorp Capital

Campbell Global

Uno Capital

Conexa Wealth Management

Inteligo Perú Holdings

Compass Group

Acres Sociedad Titulizadora

BTG Pactual SAB / BTG Pactual SAF

Fondos Sura

Work highlights

  • Advised IFC, an entity of the World Bank Group, on the investment of up to $21m (to be made gradually) in the fund Compass Fondo de Inversión Adelanto de Efectivo, managed by Compass Group.
  • Acted for Banco Santander, as issuer and structurer of the first corporate bond programme, in the registration of the second issuance under the programme for a maximum amount of P$75m.
  • Advised EDPYME Santander Consumo on the registration of the fifth issuance of its first short-term instruments programme, which has a maximum outstanding amount of P$200m and on the first, second, third and fourth issuance of such programme.

Hernández & Cía. Abogados

A dominant adviser on the issuing company-side of transactions, Hernández & Cía. Abogados acts for a number of Peru's largest companies and conglomerates. Most recently the team, led by highly-respected Juan Luis Hernandez Gazzo, acted for Grupo Falabella on the listing on the Lima Stock Exchange of newly-formed entities Inverfal Perú and Inmobiliaria SIC, value $1.3bn. The team also handles securities regulatory work for Aenza (formerly Graña y Montero), ABInBev group and BBVA Banco Continental, among others. Diego Carrión and senior associates Erick Calla and Gloria Zubizarreta are integral to the practice and handling of key mandates.

Practice head(s):

Juan Luis Hernández Gazzo

Testimonials

They support us in a lot in matters of business and regulatory law regarding the stock market and are always attentive to the requirements, advising with confidence, speed and ability. Juan Luis Hernández, Diego Carrión, Sandro Cogorno, Erick Calla, Verónica Balta are recommended.’

The capital markets team at Hernández & Cía is highly competent, has extensive knowledge in the matters that advises us and is extremely committed to operations and its clients. They are always one step ahead of everything that can be presented.’

The plus of the lawyers of the capital markets team is their experience and knowledge in the matters on which they advise us. Specifically, in terms of investment funds, they have given us a very valuable contribution to our business. I must also highlight the commitment to the client and the anticipation of their needs from Juan Luis Hernández, Gloria Zubizarreta and Andrea Limón. We are very happy to have been able to work with them.’

We have worked in some cases with the Hernández team and we have had a good experience.’

High professional level, knowledge of the subject, empathy with clients.’

It is above the level of other firms. Diego Carrión and María Fe Alvarez Calderón have extensive proven experience, which makes them the best professionals in their expertise in the local market.’

Quick response to emails and questions. Hassle-free costs and fees. Personalised attention.’

Key clients

Unión de Cervecerías Peruanas Backus y Johnston (ABInBev Group)

Aenza (formerly Graña y Montero)

The Carlyle Group

Interseguro Compañía de Seguros

Capia Sociedad Administradora de Fondos de Inversión

Azzaro Trading

Grupo Falabella (Falabella Perú, Saga Falabella, among others)

Universidad San Ignacio de Loyola

Checor Ingeniería y Construcción

BBVA Banco Continental

Work highlights

  • Advised The Carlyle Group in Peru on the design and execution of a secondary public offering of shares owned in Azzaro Trading (which operates under the brand Liderman) publicly directed to a group of certain executives and key employees of Azzaro and its subsidiaries in Peru, Chile, and Ecuador.
  • Represented Falabella Group in the listing of the newly-formed entities Inverfal Perú and Inmobiliaria SIC before the Peruvian capital markets regulator and the Lima Stock Exchange, legal entities that resulted from a corporate reorganisation of the real estate, retail, financial and insurance brokerage businesses of Falabella group in Peru; deal value, $1.3bn.
  • Advised Capia Sociedad Administradora de Fondos de Inversión on the structuring of the investment fund Capia Radix Fondo de Inversión under a simplified regime, registered before the Peruvian securities market regulator, and aimed at making investments in real estate project.

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

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados has valuable expertise in this area, as evidenced by some high-value transactions, including a $500m offering on behalf of Peru's state-owned development bank COFIDE. The team also has regulatory capability, with mandates received from domestic and international banks. In a revolving doors scenario, however, key capital markets partner Mercedes Fernández departed the firm in March 2021, following the arrival of securities specialist Jeanette Aliaga, the previous month, from Rubio Leguía Normand. Head of banking and finance at the firm, Sergio Oquendo continues to oversee the practice.

Practice head(s):

Sergio Oquendo

Key clients

China Three Gorges/China Yangtze Power

Arca Continental

Banco BBVA Perú

Citibank

JPMorgan Chase

Credit Suisse

Inversiones Nacionales de Turismo (INTURSA)

Engie Energía Perú

Morgan Stanley

Goldman Sachs

COFIDE

Avla

Oficina de Normalización Previsional (ONP)

LarraÍn Vial Sociedad Agente de Bolsa

Ferreycorp

Enel Distribución Perú

Work highlights

  • Advised CYPC on the mandatory ex-post tender offer carried out as a consequence of the acquisition of Sempra’s stake in Sempra America Bermudas and Peruvian Opportunity Company (both holders of the majority of the shares of Luz del Sur) with common shares listed on the Lima Stock Exchange, value $560.8m
  • Represented COFIDE on the offering of its 2.400% notes due 2027 for an aggregate principal amount of $500m, as we as representing the client in the settlement and liquidation of the concurrent cash tender offer launched by HSBC Securities (USA) for an aggregate purchase price of up to $600m for COFIDE’s outstanding (i) 4.750% notes due 2022 and (ii) 4.750% notes due 2025 directed to holders of the aforementioned existing notes.
  • Counsel to Ferreycorp and its subsidiaries on the issuance of notes for $90m in favour of The Prudential Insurance Company of America, through its PGIM division.

BBGS ABOGADOS

Capital markets is a key area of focus at BBGS Abogados, part of a Latin American network which facilitates cross-border transactions. It is typically instructured on small to mid-sized matters, but attracts instructions from a significant client base comprising banks, insurance companies and well-known domestic companies. Partners Carlos Saco-Vertiz and Gerardo Guzmán take the lead on the majority of deal highlights, although third partner of the practice, Eduardo Landerer also advises in this sphere. Credicorp Capital and Banco de Crédito del Perú are among key clients who instruct the team.

Practice head(s):

Carlos Saco-Vertiz; Eduardo Landerer; Gerardo Guzmán

Key clients

Credicorp Capital/Banco de Crédito del Perú

Interseguro Compañía de Seguros

Cineplex (Cineplanet)

Nexus Group (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 Colegios Peruanos in a complex liability management and second issuance of securitisation bonds totalling P$61.8m.
  • Acted for Cineplex (Cineplanet) on the private restructuring process of its first and second corporate bonds programmes; value in excess of $80m
  • Advised Banco de Crédito del Perú in its role representating bondholders, on the refinancing of the fourth corporate bond programme of Banco Ripley Peru, whereby Banco Ripley carried out an issuance of $14.5m in corporate bonds (fifth programme); with the funds obtained, Banco Ripley refinanced its fourth programme of corporate bonds.

CMS Grau

CMS Grau welcomed a number of new clients to the practice over the past year, including investment management company Banchile Administradora General de Fondos, Acres and Kallpa Securities, among others. Capital markets work at the firm is led by Diego Peschiera, who has experience of syndicated loan operations, debt issues on the local and international markets and international securitisations; while fellow practice co-head Miguel Viale has former in-house experience at an investment company and advises on debt transactions, trust structures and securitisations, among other matters.

Practice head(s):

Diego Peschiera; Miguel Viale

Testimonials

Strong points are their availability, practicality, diligence and getting the customer what he needs and what suits him best according to the transaction. CMS excels.’

Attention, technical capacity and diligence. Miguel Viale and Mateo Lanata stand out.’

They provide good recommendations for quick solutions.’

The CMS Grau team, especially Miguel Viale and associate Mateo Lanata, is excellent, not only in its quality of service, availability and attention, but also in proposing solutions and supporting us to close successful transactions. It is a real pleasure working with the firm.’

CMS Grau’s lawyers integrate perfectly with the client’s team. Miguel Viale and Mateo Lanata make our business in Peru multiply, with an excellent quality of service and attention.’

Key clients

Credicorp Capital Servicios Financieros

Banchile Administradora General de Fondos

Interbank

Acres

Kallpa Securities

PDC Capital

Pareto Securities

Banco Internacional del Perú (Interbank)

Work highlights

  • Advising Kallpa SAB in its capacity as structuring entity for a FIBRA bond issuance programme of up to $2bn.
  • Advising Pareto Securities, a Norwegian financial services company, in structuring an international bond issue for the Canadian petroleum company Petrotal Corp. whose principal activities are located at Block 95 in the Peruvian jungle and are carried out through its Peruvian subsidiary, Petrotal Peru.
  • Acted for Credicorp Capital Servicios Financieros on the public issuance of a subordinated bonds (tier II) issuance programme for Pacífico Compañía de Seguros y Reaseguros, up to an amount of $150m and the first issuance of such programme for up to $50m.

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares has a solid practice and deep expertise in team leaders Ricardo Manuel Haaker Yori and Christian Castellares Alfaro. With a large pool of associates, the team handles a range of matters, typically issuance and placement of debt securities, securitization trust structures, and capital markets regulatory work. Recent instructions include acting for Autoplan Empresa Administradora de Fondos Colectivos on its first bond issuance programme for up to $15m through a public offering for institutional investors.

Practice head(s):

Ricardo Manuel Haaker Yori; Christian Castellares Alfaro

Key clients

Autoplan Empresa Administradora de Fondos Colectivos

Caja Municipal de Ahorro y Crédito Cusco

Southern Bridge Capital (Perú)

Trust Sociedad Titulizadora

San Martín Contratistas Generales

Corporación Santa María and El Modelador

Grupo Coril Sociedad Titulizadora

Activa Private Debt Perú (Larrain Vial)

Compañía Inmobiliaria Paracas

Inversiones Acri

Monte Azul Centro

Work highlights

  • Acted for Autoplan Empresa Administradora de Fondos Colectivos in its role as an issuer, on the structuring of its first bond issuance programme for up to $15m through a public offering aimed at institutional investors.
  • Advised Activa Private Debt on the structuring of several securitisation trusts to issue private bonds in order to finance several real estate projects.
  • Acted for Caja Municipal de Ahorro y Crédito Cusco in its role as an issuer, on the structuring of their first public programme of negotiable certificates of deposit up to P$100m.

Lazo, De Romaña & Bravo Abogados

Boasting a strong track record in both regulatory and securities transactions, Lazo, De Romaña & Bravo Abogados has considerable expertise at partner level in joint-heads Jorge Lazo, Fátima De Romaña and Daniel Lovon. Lazo in particular is a recognised industry figure, and over the years has enjoyed a strong following among domestic banks. More recently, the team has been in demand among institutional investors such as La Positiva Seguros y Reaseguros, which it advised as acquiror of IEPSAC's $35m private offering of corporate bonds.

Practice head(s):

Jorge Lazo; Fatima De Romaña; Daniel Lovon

Testimonials

The team has a remarkable productivity and they understand the business dynamics of the parties involved; they always take care of their clients’ backs, seeing any transaction from a holistic point of view. The involvement of the partners in the negotiations and their prompt response are highly valued by us. A more dynamic approach is noted in the work with Lazo & De Romaña versus other firms that are somewhat more bureaucratic and with little senior involvement.’

The firm’s lawyers are very flexible and with a pro-business mindset, always reviewing any contingency that we may assume as clients and with a focus on efficiency and productivity. This makes the relationship with us, the investment decision makers, very efficient. The partners with whom we have interacted are Fatima de Romaña and Daniel Lovon, and in respect of associates, Francisco Montoya and Frida Requejo.’

I consider that the distinctive element is the closeness and involvement in the real needs of the company. Fatima de Romaña has close involvement and knowledge of the business and sector.

They are always there when you need them. They carry out troubleshooting before problems come to light. Compared to other firms, they are available on a daily basis as if they were part of the client’s in-house team, very proactive.’

Daniel Lovon and Fatima de Romaña are among the best lawyers I have worked with – very professional, prepared and with outstanding emotional intelligence.

It is a firm with solid knowledge and experience in capital markets. They have a clear vision of the regulation and complementary aspects such as understanding the client’s needs and the specific industry to which the client belongs.’

They are always available and easy to locate. They are committed to providing a personalised and excellent service. Fatima de Romaña is the partner we work with, a recognised lawyer and very solid in her technical opinion, with a high level of clarity that allows her to propose novel solutions within the margins of little regulation and is flexible.’

Key clients

Credicorp Capital Servicios Financieros

La Positiva Seguros y Reaseguros

Banco Internacional del Perú (Interbank)

Homecenters Peruanos (Promart)

Prima

Pacífico Compañía de Seguros y Reaseguros

Compass Group Sociedad Administradora de Fondos de Inversión

Asociación Peruana de Empresas de Seguros (APESEG)

Work highlights

  • Advised La Positiva, as acquirer, on the issuance of IEPSAC’s private offering of $35m in corporate bonds.
  • Advised Credicorp Capital Servicios Financieros (CCSF), as structuring entity, on the renewal of Banco Ripley’s fifth programme of short-term, public offering debt instruments, value P$200m.
  • Acted for Compass Group on the structuring of the ‘Fondo Adelanto de Efectivo Plus (FAE PLUS)’ investment fund, value P$30m.

Philippi Prietocarrizosa Ferrero DU & Uria

Antonio Guarniz is building a capable capital markets practice at Philippi Prietocarrizosa Ferrero DU & Uria, particularly on the regulatory side. He leads a small team of associates, including experienced securities senior Paulo Isla, on advice to issuers, investors and underwriters. Demonstrating international capability at the firm, it acted for JP Morgan and Citigroup as underwriters on the reopening of the 2019 bond issuance by Promigas and Gases del Pacífico (for a total amount of $120m), listed on the Singapore Securities Exchange Market.

Practice head(s):

Antonio Guarniz

Testimonials

‘PPU Peru has extensive experience in financial and capital markets, and its team stands out for its ability to work hands-on on complex issues.’

Their work is very much aimed at solving the client’s problems and ensuring that the operations they advise are carried out, thus contributing to their success. Antonio Guarniz stands out in the team, for his work capacity and great knowledge of the area.’

Antonio Guarniz is a young partner of the firm who has developed great expertise in stock market and M&A issues. Serious, professional and very diligent. He is good at listening to the needs of his customers and finding solutions.’

Key clients

Monte Azul Sur

JP Morgan Securities and Citigroup Global Markets

Acres Sociedad Titulizadora

Faro Capital Sociedad Administradora de Fondos

Capia Renta Fija

Inversiones Nacionales de Turismo

Work highlights

  • Advised Monte Azul Sur on the negotiation and placement of $12m corporate bonds placed through a private offering.
  • Acted for JP Morgan and Citigroup in  their role as underwriters in the reopening of the 2019 bond issuance of by Promigas and Gases del Pacífico (for a total amount of $120m) listed on the Singapore Exchange Securities Market.
  • Advising Acres Sociedad Titulizadora on an enforcement action brought by the Peruvian Securities Regulator (Superintendencia del Mercado de Valores) regarding several complex securitisation structures.