Rising Stars

Firms To Watch: Capital markets

The renowned Diogo Leónidas Rocha, former head of the capital markets practice at Garrigues Portugal, joined J+Legal in January 2024, reinforcing the firm’s capabilities in complex equity deals and debt offerings.

Capital markets in Portugal


Linklaters‘ ‘incomparable’ team draws considerable praise for its ‘excellent technical knowledge’ in complex debt and equity transactions, acting both for domestic and international clients. The firm is sought out by some of the world’s leading companies, thanks to its expertise in providing assistance on derivatives and structured finance mandates, as well as issues pertaining to public takeovers, private and public offers of securities, and regulatory filings. Co-head António Soares holds an excellent market reputation for his proficiency in equity and debt deals, financial regulatory issues and privatisations. Vera Ferreira de Lima, who oversees the firm’s financial regulation group,  handles the gamut of capital markets transactions, having participated in the structuring of various public and private securities offerings. Associate Válter Gouveia is highlighted for his ‘creativity and pragmatism in searching for the best solutions for the client’.

Practice head(s):

António Soares; Vera Ferreira de Lima

Other key lawyers:

Válter Gouveia; Rodrigo Moreira


‘The team stands out for its exhaustive and highly detailed knowledge, both theoretical and practical, as well as its unsurpassed availability.’

‘I would particularly recommend the partners and associates who interacted with us most closely, namely Rodrigo Moreira.’

‘The Linklaters capital markets team has incomparable experience in certain matters which is unique in the national market. I highlight Vera Ferreira Lima and Válter Gouveia, as key members of the team, demonstrating above average technical competence and soft skills.’

‘The team has knowledge of the market/regulators and excellent technical knowledge.’

‘I recommend Válter Gouveia, not only because he is technically an exceptional lawyer, but mainly because of his creativity and pragmatism in searching for the best solutions for the client and for always having a friendly and available attitude.’

Key clients

Caixa Central – Caixa Central de Crédito Agrícola Mútuo, C.R.L.

Floene Energias

Novo Banco

Luz Saúde (Fosun Group)


Morgan Stanley Infrastructure

Union Investment

REN – Redes Energéticas Nacionais

Promontoria MA CC 1×1 Socimi


Copenhagen Infrastructure Partners and GIC

Work highlights

  • Advising Floene Energias on its overall refinancing through a backstop facility of €600m in September 2022, intended to refinance its €600m notes maturing on 19 September 2023, part of its then existing EMTN programme; an LME exercise aimed at those outstanding notes, including the tender for their purchase, and the associated financing through a €300m note facility in February 2022; and its €1bn EMTN programme update and €420m notes listed on Euronext Dublin issue in July 2023.
  • Advising Caixa Central de Crédito Agrícola Mútuo (Grupo Crédito Agrícola) on its recent issue of €200m 8.375% Fixed/Floating Rate Callable Senior Preferred MREL-eligible Notes linked to social sustainability, as well as on the subsequent €50m tap issue.
  • Advised on the corporate reorganisation of the top companies of the Semapa Group, one of Portugal’s largest industrial groups, which involved the acquisition by the three heirs of the late Mr. Pedro Queiroz Pereira of indirect exclusive control of Semapa and The Navigator Company, both listed on Euronext Lisbon.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Well-regarded for its ability to marry a ‘deep understanding of the dynamics of the financial market’ with a ‘multidisciplinary approach’, the capital markets team at Morais Leitão, Galvão Teles, Soares da Silva & Associados is the trusted adviser to Portuguese listed companies, investment banks and issuers. The team consistently handles complex and innovative capital market transactions, boasting an impressive track record in dealing with debt, hybrid instruments and other securities. The practice is jointly led by Tomás Vaz Pinto and Eduardo Paulino: Pinto is noted for his expertise in M&A matters, and specialises in privatisation cases, while ECM and DCM expert Paulino is lauded for his ‘proactivity and innovation in approaching the questions asked by clients’. Also part of the core capital markets team, Ricardo Andrade Amaro heads up the firm's M&A practice and is recommended for his experience in IPOs. Maria Soares Do Lago  is a name to note for debt and hybrid issuances, securitisations and derivatives.

Practice head(s):

Tomás Vaz Pinto; Eduardo Paulino

Other key lawyers:

Ricardo Andrade Amaro; Maria Soares do Lago; Marisa Larguinho; Isabel Carneiro Khalen; Pedro Capitão Barbosa; Maria Cortes Martins


‘The high quality of the service provided combined with permanent availability, accessibility and the high personal qualities of the team members make Morais Leitão stand out in the sector.’

‘Eduardo Paulino and Maria Cortes Martins are professionals with high knowledge, behaviour and ethics well above average.’

‘Morais Leitão excels in the field of capital markets.’

‘The team is composed of highly qualified, experienced and dedicated professionals, who have a deep understanding of the dynamics of the financial market and the legal complexities involved in capital market deals.’

‘The excellence in the service provided by the team is reflected, from the outset, in the personalised and strategic approach adopted for each client. The team is known for its technical rigour, innovation and ability to anticipate and resolve complex legal issues.’

‘They are up to date with the latest trends, practices and developments in this field, allowing them to offer informed and strategic advice to clients.’

‘The team has a multidisciplinary approach, collaborating closely with other departments within the firm, such as M&A, corporate law, tax, and others, ensuring a holistic and comprehensive view of capital market transactions.’

‘Eduardo Paulino, partner at Morais Leitão and responsible for the capital markets area, combines expertise in the area with a long professional experience, always guided by great openness, proactivity and innovation in approaching the questions asked by clients.’


Highlighted for its ability to provide a ‘high quality service’, the ‘experienced and specialised’ capital markets team at PLMJ is well versed in the full spectrum of transactional and corporate governance matters. Counting Portuguese banks, international financial institutions and listed companies among its key roster of clients, the practice enjoys a strong market reputation for its work on IPOs, rights issues and takeovers, debt issues and securitisations. With an impressive track record in complex ECM and DCM transactions on the primary and secondary markets, practice head André Figueiredo regularly acts on big-ticket capital markets deals. Bruno Ferreira is skilled at assisting companies and financial institutions with large-cap deals and complex regulatory matters, while the ‘technically impeccable’ Raquel Azevedo focuses on corporate governance issues concerning listed companies. Gonçalo dos Reis Martins is another key name to note, recommended for his involvement in the an array of capital markets transactions at the national and cross-border levels.

Practice head(s):

André Figueiredo

Other key lawyers:

Gonçalo dos Reis Martins; Bruno Ferreira; Raquel Azevedo; João Dias Lopes; Luis Miguel Vasconcelos


‘Raquel Azevedo is recommended for her solution driven and extremely collaborative approach.’

‘PLMJ offers a high quality service, with an experienced and specialised team, and is always ahead of the market in terms of innovation.’

‘The team is made up of lawyers with extensive experience in various areas of law, who are always ready to go the extra mile to meet the needs of their clients.’

‘PLMJ is constantly investing in new solutions to improve clients’ experience, and is committed to providing a high quality, personalised service adapted to the specific needs of each client.’

‘The law firm has a team of experienced and qualified lawyers, who stand out in the national market for their legal competence, dedication, problem-solving ability and client orientation. I particularly recommend André Figueiredo.’

‘Raquel Azevedo is technically impeccable, very efficient and has excellent client care skills.’  

‘Raquel Azevedo provides an extremely client-focused service, with close monitoring and high levels of response. She has the ability to anticipate needs, address requests in a constructive, efficient way and informed by a high level of experience.’

‘André Figueiredo and Bruno Ferreira – what distinguishes them is their responsiveness, close monitoring of matters, and ability to deal with cutting-edge topics.’

Key clients

JP Morgan Securities

European Investment Bank

DK Partners

Deutsche Bank AG

Lloyds Bank


Pioneer Point Partners

US Bank

Gulbenkian Foundation








FCE Bank


ING Bank

Haitong Bank

Work highlights

  • Acting as legal counsel to REN in its capacity as issuer and keep well provider under the €5bn Euro Medium Term Note Programme.
  • Advised DBRS on the credit rating of a facilities agreement entered into between Finerge Europe Holding, S.À.R.L, National Westminster Bank PLC and a group of other financial institutions, in the context of the debt restructuring of Finerge Group.
  • Advising ING Bank on the subscription of €150m unsecured floating rate notes issued by Galp Energia.


The team at VdA, noted for its ‘cordiality, competence and availability’, enjoys an excellent market reputation for its involvement in consequential capital market transactions, including the national and international placement of both debt and equity. Covering the entire scope of capital markets matters, the practice effectively taps into the firm’s banking and finance expertise to provide comprehensive guidance to a diverse client base, composed of financial institutions and corporations across various sectors. At the helm sits Pedro Cassiano Santos, who is actively engaged in the structuring of several transactions involving debt, equity and hybrid instruments; he also boasts in-depth knowledge of securitisations and structured finance. With a strong track record in both domestic and cross-border deals,  Hugo Moredo Santos advises on public offerings and private placements of equity, debt and hybrid securities, covered bonds and asset-backed transactions. Clients across financial and non-financial sectors seek Orlando Vogler Guiné's expertise in a variety of capital markets mandates, including derivatives and securities issues.

Practice head(s):

Pedro Cassiano Santos

Other key lawyers:

Hugo Moredo Santos; José Pedro Fazenda Martins; Benedita Aires; Orlando Vogler Guiné; Carlos Filipe Couto


‘VdA stands out to us for its availability to the client, its excellent communication, high level of specialisation, its proactivity, and decisive and effective approach to matters.’

‘Carlos Couto stands out as great expert in this field. He is efficient and very dedicated.’

‘The team stands out for its cordiality, competence and availability.’

‘Availability, proximity, professionalism, and problem-solving ability.’

Key clients

GreenVolt – Energias Renováveis, S.A.

Mota-Engil SGPS, S.A.

CTT, S.A.; Banco CTT, S.A.

Banco Santander Totta, S.A.

Gamma – Sociedade de Titularização de Créditos, S.A.

Unión Créditos Inmobiliarios, S.A., Establecimiento Financiero de Crédito

Sata Air Açores – Sociedade de Transportes Aéreos, S.A.

Banco Bilbao Vizcaya Argentaria, S.A., Banco Invest, S.A., Bankinter, S.A. and Deutsche Bank Aktiengesellschaft

Arrow Global Limited; Whitestar Asset Solutions, S.A.; Hefesto STC, S.A.

Banco BPI, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Banco Comercial Português, S.A., Caixa Geral de Depósitos, S.A. (and Caixa Banco de Investimento, S.A., as na affiliate of CGD) and Banco de Sabadell, S.A. – Sucursal em Portugal

Fortitude Capital

Work highlights

  • Acted as legal counsel to GreenVolt in the issuance of 17,792,576 new ordinary, book-entry and nominative shares.
  • Advising Greenvolt – Energias Renováveis, S.A. and coordinating parties involved in the public subscription offering and admission to trading on Euronext Lisbon of the bond issue denominated “Obrigações Verdes Greenvolt 2022-2027”.
  • Assisted Mota-Engil SGPS, S.A. as transaction counsel, coordinating all parties involved in the public subscription offering launched by Mota-Engil representative of the bond issue denominated “Obrigações Ligadas a Sustentabilidade Mota-Engil 2022-2027”.


Variously praised as ‘experienced, pragmatic and knowledgable’, the capital markets team at Cuatrecasas is well positioned to advise clients on a range of matters, including debt and equity transactions, derivatives, structured finance and securitisations. Counting issuers, banks, institutional shareholders, securitisation vehicles, funds and investors among its roster of clients, the practice excels in cross-border mandates – made possible by seamless collaboration with the firm’s other offices across Europe. The team is jointly led by Paulo Costa Martins and Manuel Requicha Ferreira. Martins, lauded for his ‘rigour and extensive experience’, regularly advises banks and investment firms on public offers, private placements, takeovers, and fund formation, while Ferreira is recommended for his ability to handle structured finance and securitisations. Margarida Leal De Oliveira is a strong performer in DCM deals.

Practice head(s):

Paulo Costa Martins; Manuel Requicha Ferreira

Other key lawyers:

Margarida Leal De Oliveira; Francisco Soares Machado


‘The team is experienced, pragmatic and knowledgable.’

‘I recommend the work of Paulo Costa Martins, for his rigour and extensive experience in setting up venture capital funds.’

‘Great expertise and efficiency.’

‘Manuel Requicha Ferreira – availability and expertise.’

‘What makes Cuatrecasas unique is its team, which is competent and highly qualified across the board. It  approaches clients with humility, availability, and support outside of what is common for large law firms.’

‘The law firm as a whole is able to provide us with solutions in different areas, which is a great advantage, because the interaction is carried out in a dynamic and fluid way. The teams we have relationships with are always made up of senior people and associates. This gives us confidence and agility in carrying out work. ’

‘We deal with Paulo Costa Martins – he is very competent and always available to help us with day-to-day or specific topics, as the need arises. Mastery of topics is something that stands out.’

‘The team is multidisciplinary and in my opinion they stand out for the practical perspective they can bring to solving problems. Their vision is broad and they focus on the client’s objectives.’

Key clients

Shevel Family Office

Azora European Hotel & Lodging, F.C.R.

Bison Bank

BigCity Holdco LLP




Grupo Pestana


Portuguese Public Debt Agency


Goldman Sachs Bank

BNP Paribas

Groupement Les Mosquetaires

Lighhthouse Capital

Bank of America Merrill Lynch

Cooperatieve Rabobank

Work highlights

  • Advising Shevel family office on the launch of a luxury care home resort in Portugal through the incorporation and listing of a Portuguese REIT.
  • Advising BNP Paribas and Banco Santander as the joint arrangers in relation to the securitisation of a portfolio of residential mortgage loans originated by Unión de Créditos Inmobiliarios in Portugal and the issue and admission to trading on Euronext Lisbon of €295.5m residential mortgage-backed loans.
  • Advising Bison Bank, S.A., as sole coordinator and bookrunner of the mandatory takeover bid launched by Jogo Bonito Group, s.à.r.l. over the shares of Boavista Futebol Clube, Futebol SAD, S.A.

Uría Menéndez – Proença Carvalho

Uría Menéndez – Proença Carvalho‘s capital market practice is routinely instructed by listed companies, financial institutions and international investors in the Ibero-American market in a host of transactional mandates. The practice is highly regarded for its strong regulatory capabilities and relationships with regulators, most notably the Portuguese Securities Markets Commission (CMVM). Steering the practice is Carlos Costa Andrade, who covers a range of capital markets transactions from takeovers and IPOs, to structured bonds and other complex securities. A litany of public listed companies turn to Miguel Stokes for his experience in privatisations, structured finance, debt and equity offerings.

Practice head(s):

Carlos Costa Andrade

Other key lawyers:

Miguel Stokes; Duarte Martins

Key clients


Morgan Stanley

J.P. Morgan

Goldman Sachs

BNP Paribas


Commerzbank Aktiengesellschaft

Société Générale


JB Capital Markets

Azul Linhas Aéreas, S.A.

Work highlights

  • Advising Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, J.P. Morgan SE and Morgan Stanley Europe SE, as managers, on the capital increase of EDP – Renováveis, S.A. through an issue of 50,968,400 new shares and admission of the same to trading on Euronext Lisbon, in a total deal value of approximately €1bn.
  • Advising BNP PARIBAS, Citigroup Global Markets Europe AG and Morgan Stanley Europe SE, as managers, on the capital increase of EDP – Energias de Portugal, S.A. through an issue of 218,340,612 new shares and admission of the same to trading on Euronext Lisbon, in a total deal value of approximately €1bn.
  • Advising Groupe Bruxelles Lambert on its acquisition of a majority stake in Affidea for approximately €1bn.

Garrigues Portugal

Garrigues Portugal is home to a capable capital markets group that possesses wide-ranging capabilities to advise on big-ticket capital markets transactions and regulatory matters for clients spanning the telecoms, postal services, media and technology sectors. Under leadership of Marta Graça Rodrigues, the team regularly acts for some of the largest listed companies in Portugal. With over two decades' experience in the market, Rodrigues brings together expertise in M&A, corporate governance and securities law. Former co-head Diogo Leónidas Rocha left the firm in November 2023.

Practice head(s):

Marta Graça Rodrigues


‘They pay attention to client needs and search for solutions; excellent technical knowledge. They have great business and economic understanding. Marta Graça Rodrigues is recommended.’

Sérvulo & Associados

Well versed in a wide range of capital markets mandates, the ‘very professional, accessible, friendly and diligent’ team at Sérvulo & Associados is increasingly engaged in high-end transactional mandates, especially equity deals. The practice boasts a strong financial services regulatory offering, standing out for its expertise in fintech-related matters. Noted for his 'high technical knowledge', Paulo Câmara is singled out for his proficiency in regulatory matters. He jointly heads up the team with Manuel Magalhães, who boasts wide-ranging experience in banking, insurance, real estate, restructuring and insolvency work. Verónica Fernández is a reference for investment fund managers and financial intermediaries seeking assistance with the structuring of securities issuing programmes and placing of debt instruments.

Practice head(s):

Paulo Câmara; Manuel Magalhães

Other key lawyers:

Verónica Fernández; Francisco Barona; Francisco Boavida Salavessa; Patrícia Costa Gomes; José Guilherme Gomes


‘The team provides high quality advice. Paulo Câmara is attentive and diligent in providing required assistance.’

‘We highlight Paulo Câmara’s availability, communication skills and willingness to transmit knowledge.’

‘High proximity to the client, always combined with treatment of high technical quality and pragmatism.’

‘Very professional, accessible, friendly and diligent team.’

‘Verónica Fernandez and Paulo Câmara stand out for their professionalism, friendliness and accessibility.’

‘The lawyers who provide us with services, essentially Paulo Câmara, demonstrate a lot of availability, technical knowledge and provide a lot of security in their opinions and analyses.’

‘Paulo Câmara – availability, high technical knowledge, in-depth knowledge of the client.’

‘José Guilherme Gomes – great availability and technical knowledge.’

Key clients

Flexdeal Simfe

Banco de Cabo Verde / AGMVM

Crest Capital Partners

Fidelidade – Sociedade Gestora de Organismos de Investimento Imobiliário

EDP – Energias de Portugal


Eaglestone Capital Partners

HCapital Partners

Plural Markets SCR


Work highlights

  • Advising EDP on regulatory duties, strategic board meetings, ESG and corporate governance.
  • Assisting HCapital Partners with the preparation of a vendor’s due diligence procedure for the potential sale of the client’s participation in Solzaima, a producer of pellet heating stoves, and in the negotiation of such sale to Nibe Industrier AB.
  • Advising the Cape Verde capital markets regulator on the revision of the Securities Code, including preparation of draft law, support to the public consultation and advice to the regulator (AGMVM).

SRS Legal

Retained by a multitude of international financial institutions, banks and issuers, the team at SRS Legal is well placed to advise on securitisation transactions, bond issuances and fund-related matters. The team is led by Alexandra Valente, a key port of call for Portuguese and international financial institutions and private equity funds. A name to note for derivatives products, Gustavo Ordonhas Oliveira has over two decades' experience advising clients on domestic and cross-border matters, including structured finance deals and financial services regulatory issues. João Santos Carvalho is also recommended for his expertise in capital markets transactions and regulatory matters.

Practice head(s):

Alexandra Valente

Other key lawyers:

Gustavo Ordonhas Oliveira; João Santos Carvalho

Key clients

Oxy Capital


Sagres STC, SA

Rabobank plc

Sagres STC, SA

Carregosa, SGOIC




Power Parity


Hewlett Packard UK


Abreu Advogados

Investment banks, real estate investment funds, venture capitalists, credit management clients and regulatory bodies frequently turn to Abreu Advogados for its ‘strong finance skills’. The practice adeptly assists clients with securitisation transactions, debt issuances, fund-related matters, OTC derivatives and regulatory issues. The 'responsive' Rodrigo Formigal and Diogo Pereira Duarte, the latter of whom is noted for his financial services regulatory expertise, jointly lead the practice. André Modesto Pinheiro offers support in capital increases and public tender offers.

Practice head(s):

Rodrigo Formigal; Diogo Pereira Duarte

Other key lawyers:

Ana Sofia Batista; André Modesto Pinheiro; Isabel Pinheiro Torres


‘Quality and availability to respond in a short period of time’

‘Strong finance skills. Good connections with football clubs to assist with football finance work.’

‘Rodrigo Formigal is a safe pair of hands and is responsive.’

Key clients

Afifi Group

Banco de Investimento Global (BIG)

CA Indosuez Wealth (Europe)

Celulose Beira Industrial (CELBI)

Efacec Group



PRIO Group

Time Out Group

Work highlights

  • Advising Time Out Group on the issuance of corporate bonds and provision of security on assets in Portugal to refinance the group’s debt and provide additional working capital to support the group’s further growth.
  • Advising Osborne, a major Real Estate developer specialized in the office segment, in the context of the Campo Alegre building, former headquarters of the insurer Ageas in Porto.
  • Assisted Banco de Investimento Global (BIG), as co-placement agent in the offer, on the public subscription offer and public exchange offers in the context of the issue by Mota-Engil, SGPS, S.A. of up to EUR 140 million notes, due in 2024.


Covering both domestic and cross-border matters, CMS showcases particular strength in debt capital markets transactions, most notably sustainable bond issuances. A diverse client roster, comprised of asset managers, financial institutions and large issuers, regularly turn to the team for advice on large-cap deals and sophisticated regulatory issues. Practice head Francisco Xavier de Almeida, who brings together expertise in M&A, banking and finance, and capital markets, is active in bond issuances, public offerings, credit securitisation and structured products.

Practice head(s):

Francisco Xavier de Almeida

Other key lawyers:

António Payan Martins; Margarida Vila Franca

Key clients

Davidson Kempner Partners

Aquila Capital Group

Barclays Bank Plc

Caixa – Banco de Investimento (CaixaBI)


Equistone Partners Europe

Goldman Sachs

Société Générale

WElink Energy

Work highlights

  • Advising Aquila Capital groups’ issuers in connection with the issuance of bonds registered at Interbolsa (Portuguese clearing system) in book entry form.
  • Advising SWEN Capital Partners on a second investment round in Portugal, in the total amount of € 60m, subscribed by Fund SWIFT1 and Fund SWIFT 2, both managed by SWEN Capital Partners.
  • Advised Gemcorp on the binding offer phase of the tender acquisition process launched by BPI bank for the sale of its 49,5% equity stake in BFA (Banco de Fomento de Angola).

Gómez-Acebo & Pombo

The ‘very responsive and thorough’ capital markets team at Gómez-Acebo & Pombo is routinely instructed by issuers and banks on a range of transactional mandates. Typical engagements for the team include advising on the placement of debt and equity instruments, and filings before the CMVM. Co-head Mafalda Barreto is regularly involved in major banking and M&A deal. Of counsel Filipe Santos Barata is the name to note for complex insurance matters. Former co-head Miguel Castro Pereira is no longer at the firm.

Practice head(s):

Mafalda Barreto

Other key lawyers:

Filipe Santos Barata


‘Very responsive and thorough, with numerous resources.’

‘I reccomend Filipe Santos Barata.’


Under the leadership of founding partner António de Macedo Vitorino, the ‘very helpful’ team at MACEDO VITORINO is well versed in a range of capital markets matters, including debt transactions, derivatives and securitisations. Fellow co-head André Vasques Dias is regularly engaged by domestic and international banks and companies seeking assistance with financing, capital markets, M&A and tax matters.

Practice head(s):

António de Macedo Vitorino; André Vasques Dias


‘I recommend the team for its trust, knowledge, thoughtful judgment, availability, flexibility, resilience, and advice.’

‘Great attention to the detail.’

‘Very helpful and friendly.’

Key clients

Arjun Infrastructure Partners

Fábrica de Papel Tojal – Fapajal

Banco Montepio

Work highlights

  • Advising Arjun Infrastructures Partners in connection with a mezzanine financing for the refinancing of several solar parks.
  • Advised Fapajal in reviewing the bond issue agreement and taking all steps for the issuance and registration of the bonds.
  • Advising Banco Montepio in connection with a commercial paper programme