Next Generation Partners

Firms To Watch: Capital markets

Led by Maria Del Pilar Sabogal and Mercedes Fernández, EY Law’s capital markets practice handles corporate matters, financings and regulatory issues and acts for multinational companies and banks; the team was bolstered in May 2022 with the arrival of senior manager Janett Burga from Rubio Leguía Normand.

Capital markets in Peru

Estudio Echecopar member firm of Baker McKenzie International

The capital markets team at Estudio Echecopar member firm of Baker McKenzie International has broad expertise, encompassing private and public offerings of senior notes and securitised bonds, bond issuances, and the structuring of shares in investment funds. It has recently acted for high-profile international and domestic banks, issuers, broker dealers and investment funds, as well as other market participants, in a range of complex deals, showcasing experience in the energy, engineering, construction and real estate sectors. Pablo Berckholtz heads the banking and finance practice and is chair of the Latin America capital markets steering committee; he advises both issuers and investment banks on corporate finance and derivatives, initial public offerings (IPOs), high-yield debt and project bonds. Alonso Miranda is a key member of the team, who handles domestic and international deals, with a focus on liability management transactions, securitisations and real estate deals, while associate Adrian Tovar offers considerable knowledge of securities market regulations and financing deals.

Practice head(s):

Pablo Berckholtz


‘The capital markets team stands out for its solid knowledge of both the regulatory and transactional aspects of the stock market.’

‘Few legal firms have the knowledge and specialisation required for the projects that we have brought to the practice. One of those firms is Echecopar, and it was what made us hire them.’

‘They always have a good disposition for last-minute meetings.’

Key clients

Santander Investment Securities Inc.

Banco BTG Pactual

Citigroup Global Markets

HSBC Securities (USA)

JP Morgan Chase

International Swaps and Derivatives Association – ISDA

Larrain Vial

Credicorp Capital Servicios Financieros

Banco Internacional del Perú – Interbank



Bank of America

Work highlights

  • Advised Consorcio Transmantaro, as issuer, in connection with an international securities offering of its 5.2% senior notes due 2038 for an aggregate principal amount of $500m pursuant to Rule 144A and Regulation S of the US Securities Act, as amended.
  • Advised Administradora Andina, a Chilean entity, in connection with the acquisition of a 100% equity interest of EFIC SAF, a fund manager in Peru.
  • Advised Banco Santander Perú as special Peruvian counsel, in connection with the offer made by Volcan Compañía Minera, to purchase up to $110m aggregate principal amount of its outstanding 4.375% senior notes due 2026.


Garrigues fields a sizeable capital markets team, which includes five partners, and advises on both debt and equity capital markets deals. Its broad expertise covers investment-grade bonds, project bonds, private placements, liability management, securitisation processes and sovereign debt offerings, as well as IPOs, and the team handles both domestic and cross-border deals. Oscar Arrús heads the team with over 30 years’ experience and is a key name for local securities regulation and domestic debt transactions, acting for issuers, agents and underwriters. Sergio Amiel focuses on equity deals and has a strong track record in IPOs for Peruvian companies, while Thomas Thorndike is a name to note for liability management and international debt offerings by Peruvian issuers under Rule 144A and Regulation S of the US Securities Act. José Francisco Meier handles regulatory issues and Diego Harman is experienced in both US and Latin American deals. Other key practitioners in the team include principal associates Miluska Gutierrez Vega and Jorge Fuentes, noted for cross-border debt transactions, and Monica Yrrarazabal, who re-joined the firm as senior associate in October 2022 after a stint at Simpson Thacher & Bartlett LLP in New York.

Practice head(s):

Oscar Arrús


‘The team knows how to help the client on local and foreign capital market issues, especially the 144A/RegS rule in the US.’

‘Thomas Thorndike and Miluska Gutierrez Vega have a lot of experience in 144A/RegS transactions, and they manage to carry out the deals without a hitch.’

‘They are very fast and effective in the deliverables of the transactions.’

‘What stands out is their deep knowledge in the areas where they provide us with services, as well as their ability to propose solutions. I highlight the knowledge and effectiveness of Thomas Thorndike and Jorge Fuentes.’

Key clients

Percent Technologies

Credicorp Capital Servicios Financieros

GM Operaciones

Banco BBVA

Citibank del Perú

Monachil Capital Partners

Bank of America


AI Inversiones Palo Alto I

Intercorp Financial Services

Work highlights

  • Advised a private credit investor on a $15m off-balance sheet/structured financing for LimaBikes (as originator), a start-up providing leases of motorcycles in Peru since 2019.
  • Advised Credicorp Capital, as arranger, on the first public issuance of short-term debt by Luz del Sur, a power distribution utility.
  • Advised institutional investors Prudential, Metlife and Cigna (as bondholders) on the $115m financing through an A/B bond issued in a private placement format for Salaverry Terminal Internacional, to refinance the modernisation and expansion of the Salaverry Multipurpose Port Terminal.

Miranda & Amado

Miranda & Amado’s capital markets practice advises on both equity and debt transactions and has a strong track record in international debt offerings and offerings by Peruvian banks under Rule 144A/Reg S. It acts for a roster of prominent international banks and financial institutions, as well as large domestic and regional banks and corporate clients. The team, which is led by Gabriela Dañino, stands out for its experience in international deals and its ability to provide tax structuring advice on complex capital markets transactions. Dañino offers expertise in domestic and cross-border deals and project finance, while veteran practitioner Juan Luis Avendaño, who has 20 years of experience in the market, stands out for his work on international offerings of debt instruments, hybrids and securitisations. José Miguel Puiggros is another experienced practitioner, who heads the firm’s banking and finance practice and handles financing transactions and bonds work, while Alvaro Del Valle is active in funds-related work and high-value transactions.

Practice head(s):

Gabriela Dañino


‘A go-to capital markets team in Peru.’

‘Juan Luis Avendaño is excellent and particularly experienced in the banking sector.’

‘I have worked especially with José Miguel Puigross and Juan Luis Avendaño and what stands out in all of them is their availability, what I look for is to have lawyers who are always available to solve/absolve doubts, and in the Miranda & Amado team, I have found people who go at my pace.’

‘Sometimes I make requests or ask questions outside working hours, and they are always available to answer. I really appreciate their commitment.’

‘It is a fairly solid team, both in terms of knowledge and teamwork.’

‘I have worked with them and there have been times in which the main associate of the transaction has had to be out of the office, and this did not result in any delay to the processes since the person who covered it was very aware of the operation.’

Key clients

Bank of America

JP Morgan Chase Bank

Terranum Capital Latin America Real Estate Fund I, LP

Credicorp Capital Servicios Financieros

Complejo Agroindustrial Beta

Banco Internacional del Peru – Interbank

Work highlights

  • Advised BofA Securities, Citigroup Global Markets and JP Morgan Securities, as initial purchasers, with respect to the issuance of 4.6% notes due 2027 by Fondo Mivivienda under Rule 144A and Regulation S of the US Securities Act of 1933, for up to $600m.
  • Advising JP Morgan Securities and BofA Securities, as joint bookrunners and joint lead managers, on the international offering of senior notes of Consorcio Transmantaro, for the aggregate amount of $500m.
  • Advising Centro Empresarial Juan de Arona, owned by Terranum Capital Latin America Real Estate Fund I, with regard to the structuring, negotiation and incorporation of a securitisation trust, the issuance agreement and the offering memorandum for a securitisation bonds issuance by means of public offer.

Payet, Rey, Cauvi, Pérez Abogados

José Antonio Payet and Eduardo Vega head the capital markets offering at Payet, Rey, Cauvi, Pérez Abogados and act as lead counsel on some of the largest deals in the Peruvian market, advising a strong roster of high-profile financial institutions. Payet is recognised in the market for both corporate and financial matters, and in the capital markets space, handles securities offerings and securitisations; Vega, meanwhile, is recommended for the structuring and issuance of debt and equity transactions, and investment funds. José Cúneo is another key member of the team, with considerable experience in transactions in the mining industry; Alan García Nores brings considerable international experience to the team; and principal associate Rocio Gordillo is active in transactional matters, including securitisations and mutual funds.

Practice head(s):

José Antonio Payet; Eduardo Vega


‘Eduardo Vega is very experienced.’

‘Rocío Gordillo stands out for the quality of deliverables.’

‘The firm differs from the others for its great expertise. Its lawyers are always available regardless of the time or day of the week. Commercial thinking – they understand /apply legal knowledge to the business.’

‘Its experience, anticipating different issues, looking for optimal solutions for the deal. In particular, Eduardo Vega and Rocio Gordillo are lawyers with whom I always feel comfortable carrying out a transaction or even asking questions about complex transactions or innovative schemes.’

Hernández & Cía

Under the leadership of well-known practitioner Juan Luis Hernández Gazzo, Hernández & Cía is active in equity and debt transactions, regulatory mandates and investment funds work. The team is no stranger to cross-border transactions and the issuance of bonds, and also handles interactions with regulators, including the Securities and Exchange Commission (SEC). Hernández acts for high-profile banks and has previously acted for the Republic of Peru; his areas of expertise include transactions, restructurings, reorganisations and regulatory work. José Manuel Abastos  is a corporate practitioner with experience in bond issuances and sovereign financing, while at the senior associate level, Erick Calla offers expertise in stock market regulation and Gloria Zubizarreta is experienced in sovereign offerings and compliance matters. Diego Carrión left the firm in July 2022. Since publication, Calla and Zubizarreta have been promoted to principal associate – effective as of February 2024.

Practice head(s):

Juan Luis Hernández Gazzo


‘They offer good technical knowledge of stock market regulation.’

‘Juan Luis Hernández has knowledge of the regulations and the strategies to deal with compliance.’

‘Strong team.’

‘Juan Luis Hernández is a very experienced advisor.’

Key clients

AB InBev Group


Aenza (Ex Graña y Montero)




Scotia Fondos (Grupo Scotiabank)

Mipyme ICLV

The Carlyle Group

Universidad San Ignacio de Loyola


Andino Investment Holding

Interseguro Compañía de Seguros

Banco Pichincha

Telefónica Factoring

Ernst & Young Peru

Work highlights

  • Providing advice to Aenza on the multi-jurisdictional capital markets coordination and disclosure of information pertaining to the plea agreement between the company and the Peruvian Public Ad-Hoc Prosecutor.
  • Providing advisory services to AB InBev / Backus on a daily basis on all aspects related to stock market regulation, including administrative proceedings before the Peruvian SEC and reporting obligations to the same entity.
  • Advised Faro Capital on the structuring, launching and private placement of its fourth real estate investment fund, Faro Capital Fondo Inmobiliario IV.

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas’ capital markets practice offers advice on regulatory and transactional matters, with a focus on public and private securities offerings, investment funds and securitisations, and also provides ancillary advice on capital markets-related tax matters. It is active in a broad range of sectors, including financial services, real estate, retail, mining and technology, and acts for high-profile corporations as well as banks. Rafael Alcázar heads the team and is well versed in cross-border transactions; he has established a name for banking regulation, financing and issues pertaining to the securities market and also sits as a head professor of the securities market course at the University of Lima. Daniel Gonzáles is a key contact for financing and restructuring matters in Peru and across Latin America, while Luis Miguel Elias acts for national and international clients and has considerable experience in deals in the mining sector. Senior associate Fiorela Ccahua is active in the department and focuses on regulatory and financing matters, including the issuance of financial instruments, the structuring of investment funds and the securitisation of assets, while associate Valeria Sánchez handles the structuring of financings for businesses and family estates.

Practice head(s):

Rafael Alcázar


‘A specialised team that offers efficient legal collaboration.’

‘They offer a personalised service.’

‘They provide timely legal advice with specific knowledge of our business.’

Key clients

Fondo Mivivienda

Inmobiliaria Terrano y Operadora Portuaria

Leasy Peru

Andino Capital Holding Sociedad Gestora de Fondos de Inversión

Core Capital Sociedad Administradora de Fondos de Inversión – Core Capital

Prestamype Gestora de Fondos

Internacional de Títulos Sociedad Titulizadora – Intertitulos St.

Sigma Sociedad Administradora de Fondos de Inversión

Stonepeak Infrastructure Partners

Patagonia Holdco

Enel group


Banco BCI

Work highlights

  • Advised Fondo MiVivienda on the issuance of $600m bonds due 2027 in the international market, and the repurchase of the 3.5% notes due 2021 for an amount of $477m (73.4% of the nominal value of the outstanding 2023 bonds).
  • Advised Magna Asesores Financieros on the structuring and implementation of the issuance of securitised bonds up to $100m from Operadora Portuaria and Inmobiliaria Terrano.
  • Assisted Sigma Safi on the liquidation process of its first investment fund.

Rodrigo, Elías & Medrano Abogados

The capital markets practice at Rodrigo, Elías & Medrano Abogados sits within the firm’s wider finance and M&A practice group and is led by Jean Paul Chabaneix, with Nydia Guevara and Jorge Trelles providing key support. The department acts for high-profile domestic financial institutions and large international commercial banks, and stands out for its focus on high-end, out-of-the-ordinary transactions. Guevara is a key practitioner, leading on many of the teams’ deals, focusing on domestic and international structured finance and equity transactions; other significant specialisms include project finance deals, securitisations, and private pension and investment fund investments. Trelles has established a name for Rule 144A / Reg S deals and has over 18 years’ experience in the capital markets arena.

Practice head(s):

Jean Paul Chabaneix


‘The Estudio Rodrigo team is very solid in this practice; they have a lot of expertise.’

‘They are lawyers with a lot of expertise and technical knowledge of the matters.’

Key clients

Centenario Renta Inmobiliaria

The Central American Bottling Corporation

CBC Peruana

Salaverry Terminal Internacional

JP Morgan Securities

Goldman Sachs

BofA Securities

Citigroup Global Markets

Natixis Securities Americas

Deutsche Bank Securities

Scotia Capital (USA)

Credicorp Capital Sociedad Administradora de Fondos

Credicorp Capital Servicios Financieros

Work highlights

  • Advised Centenario Renta Inmobiliaria, a real estate company, on setting up a $300m notes programme and on making its inaugural debt offer.
  • Advised The Central America Bottling Corporation and its Peruvian subsidiary on a $1.1bn sustainability-linked issuance and concurrent tender offer.
  • Advised Salaverry Terminal Internacional alongside White & Case’s New York office on a $115m A/B bond in Peru.

Rubio Leguía Normand

Rubio Leguía Normand fields a three-partner capital markets team under the leadership of Andrés Kuan-Veng; it was bolstered by the arrival of Gerardo Guzmán from BBGS ABOGADOS in February 2023 and also includes Carlos Arata. 2023 saw the firm take on several new capital markets clients, and it continues to handle an array of high-profile, cross-border ECM and DCM deals. Kuan-Veng is a key player in the market and brings 25 years of experience to both finance and capital markets transactions; he acts for investment and commercial banks, as well as blue-chip corporations. Arata is a key contact for corporate and finance transactions, including project finance and acquisition finance, and also handles the issuance of securities in capital market deals. At the associate level, Germán Gómez and Sheerley Cardenas are both recommended for corporate and financing work. Principal associate Janett Burga left the practice in April 2022.

Practice head(s):

Andrés Kuan-Veng

Key clients

Credicorp Capital

Arca Continental Lindley

JP Morgan Chase

HSBC Securities


Banco de Credito del Peru

Kallpa Securities

Protecta Compañia de Seguros


Fondo de Inversión Credicorp Deuda Soles

Work highlights

  • Assisted Credicorp Capital in the $300m secured corporate inaugural bond programme of Centenario Renta Inmobiliaria.
  • Advised Credicorp and Banco de Credito del Peru on a securitisation of up to $256m.
  • Advised Corporacion Lindley (a subsidiary of Arca Continental) on the acquisition of investment shares of Corporacion Lindley, by means of a mandatory public tender offer through the Lima Stock Exchange.

Benites, Vargas & Ugaz

Benites, Vargas & Ugaz kickstarted its capital markets offering in March 2022 with the hire of Jeanette Aliaga from Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados. Key areas of focus for the practice include incorporations, corporate reorganisations, M&A and regulatory matters. Aliaga has over 20 years of experience in corporate and capital markets deals and acts for foreign and domestic banks and corporations in corporate, syndicated, structured and project finance, as well as initial and secondary securities offerings. The team was further strengthened in June 2022 with the arrival of senior associate Luis Hoyos from Petra Legal; he brings considerable experience in regulatory and compliance matters to the team.

Practice head(s):

Jeanette Aliaga


‘The strength of the team is in the partner who is in charge, Jeanette Aliaga; she is a professional who doesn’t necessarily tell you what you want to hear. She advises by analysing the risks to which the decision adopted may be exposed.’

‘Jeanette Aliaga has vast technical knowledge on the subject and, above all, I value her honesty and courage in saying what is appropriate.’

‘I believe that with the incorporation of Jeanette Aliaga, as a partner of Estudio Benites, Vargas & Ugaz Abogados, the Capital Markets area of said firm has been significantly strengthened. Jeanette stands out for her in-depth knowledge of the capital market, her precise legal advice, as well as her ease in dealing.’

Key clients

Apoyo Clasificadora de Riesgos

Core Capital SAFI

Popular – Sociedad Administradora de Fondos de Inversión

Prival Bank

Enabling Qapital



Banco Santander

Cooperativa de Ahorro y Crédito San Francisco

Linklaters Paris

Work highlights

  • Advising Edpyme Mi Casita (junior trustee) on the structuring, review and modification of an administration trust and flow trust for the development of a real estate project developed by Inmobiliaria COHABITAT (trustor).
  • Advising Cooperativa de Ahorro y Crédito San Francisco Nº 289 (Cooperative of Savings and Credits) on the drafting, negotiation and closing of a credit transfer agreement (as seller) within the framework of a real estate trust for a project valued at more than $11m.
  • Advising several capital markets agents, providing permanent legal counselling and regulatory advice on capital markets and banking regulation.

CMS Grau

CMS Grau’s capital markets practice is on an upward trajectory and was significantly bolstered in 2022 with the arrival of Juan José Hopkins from SUMARA Hub Legal in September, and the hire of senior associates Cinthia Canepa in June and Andrea Paiba in December of the same year, from EY Law and Garrigues, respectively. The department acts for domestic and foreign financial institutions and companies in public and private securities offerings, structured products, placement processes and auctions. Hopkins now heads the team alongside Miguel Viale, Diego Peschiera and Juan Carlos Escudero; Viale maintains an active practice covering bank lending, trusts and securitisations; Peschiera is well versed in foreign and domestic issuances and subordinated debt matters; and Escudero brings experience in corporate transactions both in Peru and further afield.

Practice head(s):

Juan Carlos Escudero; Miguel Viale; Diego Peschiera; Juan José Hopkins


‘We work very well with Estudio CMS Grau, especially with Diego Peschiera, who is the lawyer who helps us the most and advises us on financial legal issues. He and his team are always attentive to our queries, and we work very well as a team.’

‘Diego Peschiera is a serious and honest lawyer. Always willing to help and contribute to the exchange of ideas. He has a good perspective of our business and knows how to explain the legal aspects that relate to us. Diego is a lawyer who explains things very well and his recommendations are always well received.’

Key clients

Credicorp Capital Servicios Financieros

Banchile Administradora General de Fondos





Kallpa Securities

PDC Capital

Pareto Securities

Banco Internacional del Perú


Nexa Resources

Banco Falabella

Work highlights

  • Advised Migrante on the creation of a trust with Grupo Coril for the securitisation of its loan portfolio, which will enable it to issue securitised bonds for up to $25m.
  • Advised Credicorp Capital on the registration of a subordinated bond issuance programme for Pacifico Seguros for the amount of $150m.
  • Advising Caja Municipal de Ahorro y Credito de Huancayo on the update of the documentation for the second negotiable certificates of deposit programme of CMAC Huancayo for the placement of its first issue for an amount of S/50m.

De Bracamonte - Haaker - Castellares

The capital markets team at De Bracamonte - Haaker - Castellares is well versed in real estate financing, regulatory matters, the issuance and placement of debt securities, and securitisation trust structures. The team is jointly led by Ricardo Manuel Haaker Yori and Christian Castellares Alfaro, with Haaker handling domestic and international deals, including syndicated loans, project bonds, trusts and secured transactions; he has recently handled a number of matters for Activa Private Debt Perú. Meanwhile, Castellares acts for issuers, sponsors and underwriters on project bond financings, and public and private issuances of asset-backed securities.

Practice head(s):

Ricardo Manuel Haaker Yori; Christian Castellares Alfaro

Key clients

Inmobiliaria Basilea

Autoplan Empresa Administradora de Fondos Colectivos

Activa Private Debt Perú

Banco Internacional de Costa Rica (BICSA)

Tribeca Holding

Southern Bridge Capital (Perú)

Operadores Concentrados Peruanos

Work highlights

  • Advised Autoplan Empresa Administradora de Fondos Colectivos on its role as issuer on the structuring of its second and third public offerings of its first bond issue programme, aimed at institutional investors.
  • Acted as the legal advisor of Activa Private Debt on the structuring of several securitisation trusts to issue private bonds in order to finance several real estate projects.
  • Advised Inmobiliaria Basilea on the structuring of a securitisation trust to issue private bonds in order to finance the execution of a real estate project.

DLA Piper Perú

DLA Piper Perú stands out for its experience handling cross-border deals for domestic and multinational companies, where it leverages its global office network. The team acts for issuers and underwriters in public equity and debt capital transactions, such as IPOs, follow-on offerings and listings in international markets, and is also known for the offering of investment-grade and high-yield bonds, including Rule 144A and Regulation S transactions. Sergio Barboza heads the firm’s banking and finance and capital markets offerings with over 20 years of experience, while senior associate Nelly Espinoza, a key member of the team who leads on high-profile deals, is recommended for compliance, day-to-day operations and sanctioning proceedings. Farah Torres is another key senior associate, who focuses on regulatory advice, financing and debt issues.

Practice head(s):

Sergio Barboza


‘The speed of responses is very important these days, and DLA Piper offers this characteristic in its service.’

They are quick to respond, but also very clear and straight to the point.’

‘Good professionalism and speed in giving answers.’

‘High level of knowledge and experience in practice.’

‘Their attention is excellent, they always answer on time, with the required detail and efficiency.’

‘One of the innovations in the firm’s service is the integration between knowledge of the stock market, financial system regulations and fintech issues.’

‘Normally, my inquiries are directed to Farah Torres, who stands out with distinction when clearing up our doubts.’

‘The biggest difference is the understanding and response that is provided, since it solves the specific query, avoiding general formulas or ambivalent responses. Their answers are precise and efficient.’

Key clients

Credicorp Capital Servicios Financieros

Santander Consumo Perú

Agrícola y Ganadera Chavín de Huántar

Macrocapitales Sociedad Administradora de Fondos de Inversión Inteligo

BTG Pactual SAB

BTG Pactual

Conexa Asset Management

Rimac Compañía de Seguros

Financiera Oh

BD Capital

Work highlights

  • Advised Inteligo on the issuing of second short-term instruments from the programme of Santander Consumo Perú.
  • Advised Credicorp Capital Servicios Financieros on the placement of negotiable certificates of deposit.

Lazo Abogados

Lazo Abogados has an impressive track record in transactional, regulatory and contentious matters and represents clients before the Central Bank (BCRP) and the banking and capital markets regulators. On the transactional side, it is well versed in cross-border deals, such as syndicated loans, securitisations, subordinated credits and financings. The team is led by Jorge Lazo, Fátima De Romaña, Daniel Lovon and Freddy Escobar, with Lazo bringing 20 years’ experience to the team in acting for high-profile banking clients; De Romaña handles cross-border financings and bank lending matters; Escobar is experienced in both equity and debt offerings; and Lovón is recommended for corporate and compliance matters. Claudia Tavara left for an in-house role at Sodimac in March 2022.

Practice head(s):

Jorge Lazo; Fatima De Romaña; Daniel Lovon; Freddy Escobar

Key clients

Pacifico Compañía de Seguros y Reaseguros

Rimac Compañía de Seguros y Reaseguros

La Positiva Seguros y Reaseguros

Credicorp Capital Servicios Financieros

AC Capitales SAFI

Blanco Sociedad Administradora de Fondos

W Capital Sociedad Administradora de Fondos de Inversión

Work highlights

  • Advised a private debt fund managed by the Credicorp financial group on the structuring and acquisition of private bonds issued by a transport and real estate conglomerate.
  • Advised Blanco Sociedad Administradora de Fondos, as a structuring entity, on the private issuance of BP7 Dólares and BP6 Soles’s first bond programme for a total value of $20m and S/20m, respectively.
  • Advised Credicorp Capital, which acted as structurer of Banco Ripley’s sixth programme of deposit certificates.

Philippi Prietocarrizosa Ferrero DU & Uria

Led by Antonio Guarniz, the capital markets practice at Philippi Prietocarrizosa Ferrero DU & Uria is well known in the market for its advice on securities regulations and transactional matters. It acts for issuers, brokerage firms, fund managers and banks in domestic bond issuances, securitisation structures, regulatory matters and fund formation, and also represents clients before enforcement authorities. Guarniz handles a broad range of financial transactions, such as issuance programmes of debt instruments, equity issues, syndicated loans and asset securitisations, as well as acquisitions and takeover bids. Victor Bravo provides support at the associate level and is a key contact for regulatory and compliance matters.

Practice head(s):

Antonio Guarniz


‘Antonio Guarniz has knowledge of the capital markets in Peru and, above all, knows the relevant precedents of jurisprudence. Likewise, having worked at the regulator, he has experience of the meaning of the regulations applicable to Peru.’

‘They have offices in Latin America, which allows them to offer comprehensive advice at an international level.’

‘They are a well-rounded team, and they work very well together.’

‘Antonio Guarniz provides very precise solutions to the issues that are consulted. He has a good team, including Víctor Bravo, who always answers calls and provides very good solutions.’

‘I think they have an excellent team.’

‘It is an agile office, which knows the market well.’

‘It is made up of a team of top-level professionals.’

‘Excellent professionals like Victor Bravo and Antonio Guarniz are a reference in the Peruvian market.’

Key clients

Grupo BVL

Bolsa de Comercio de Santiago

Bolsa de Valores de Colombia

Enfoca Sociedad Administradora de Fondos de Inversión

Centenario Desarrollo Urbano


Aeropuertos del Perú

Empresa Editora El Comercio

Protecta Compañía de Seguros

Popular SAFI

Banco de Crédito del Perú

Community Investment Management (CIM)

Inversión y Desarrollo Sociedad Agente de Bolsa

Inversiones Centenario

Faro Capital Sociedad Administradora de Fondos

Desarrollo Educativo

Diviso Grupo Financiero

Core Capital Sociedad Administradora de Fondos

Grupo Coril Sociedad Titulizadora

Enfoca Servicios Logísticos

Acres Sociedad Titulizadora

Agroindustrial Paramonga

Work highlights

  • Advising Grupo BVL (parent company of the Lima Stock Exchange, the Peruvian Stock Exchange), Bolsa de Comercio de Santiago and Bolsa de Valores de Colombia on a deal aimed to integrate the three markets both in ownership and operations, trading platforms, etc.
  • Advising Centenrio Desarrollo Urbano, as issuer, on the negotiation and public placement of a programme of commercial papers for the amount of S/300m.
  • Advising Aeropuertos del Perú, as originator of a securitisation trust, on the negotiation and private placement of a third bond issuance, under its first bond programme.