Capital markets in Portugal


Analytical depth’ and its ‘direct approach that greatly benefits discussions’ sets Linklaters' team apart. It is assisting China Three Gorges in its takeover bids for EDP and EDP Renováveis and regularly handles matters jointly with the firm's international offices. ‘Outstanding’ and ‘bullet-proof’ practice head António Soares ‘has capital markets in his DNA’. Managing associates Vera Ferreira de Lima and Mariana Serra Baptista are also recommended.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Morais Leitão, Galvão Teles, Soares da Silva & Associados is noted for its ‘timely delivery’. It mostly acts for high-profile domestic clients, among them EDP, BCP, Vista Alegre Atlantis and Galp, in equity, debt and securities matters. Eduardo Paulino and Carlos Osório de Castro stand out for their ‘know-how’ and ‘ability to use the firm’s network to find the best solutions’.


PLMJ' team ‘sets a fast pace’ and is led by practice head André Figueiredo, whose ‘remarkable technical knowledge’ and ‘capacity to adapt to different contexts’ and ‘see the bigger picture’ set him apart. He advised the Portuguese Sovereign Debt Agency (IGCP) on the €4bn issuance of sovereign notes by the Republic of Portugal. ‘Solution-driven’ and ‘experiencedBruno Ferreira assisted MFS Investment Management, as target minority shareholder, in the takeover of EDP Renováveis by EDP. Gonçalo dos Reis Martins and senior associate Alexandre Norinho de Oliveira are also recommended.

Uría Menéndez – Proença Carvalho

Uría Menéndez – Proença Carvalho combines ‘global quality standards and know-how’ with ‘exceptional local insight and connectivity with different players in the market’. Of counsel Ana Sá Couto and senior associate Miguel Stokes assisted key client Banco Santander with the issuance of contingent redeemable subordinated bonds to retail clients affected by the resolution on Banco Popular; jointly with practice co-head Carlos Costa Andrade, Stokes advised Altice and Meo on the takeover offer by the latter for Media Capital. Jorge Brito Pereira left the firm in 2020.


VDA advised JP Morgan Securities as arranger and placement agent and Hefesto STC as issuer on the Portuguese law aspects of the €580m securitisation of an NPL portfolio held by Caixa Económica Montepio Geral. Paula Gomes Freire led the case, with support from Hugo Moredo Santos and recommended managing associate Orlando Vogler GuinéPedro Cassiano Santos and José Pedro Fazenda Martins jointly lead the team.

Campos Ferreira, Sá Carneiro & Associados

Campos Ferreira, Sá Carneiro & Associados focuses primarily on equity capital markets work but recently attracted several debt matters. It often acts for domestic banks or advises international clients on the Portuguese aspects of deals. Fernando Campos Ferreira, Francisco Sá Carneiro, the ‘excellentMaria Castelos, and António Rocha Alves are the names to note.


CMS covers a wide range of capital markets work, with a particular focus on debt. In a recent highlight the team advised Principal on the financial implications of the sale of its stake in Unidas, given that the shares were pledged in favour of a bank syndicate. The team regularly acts as local counsel in cross-border matters. Francisco Xavier de Almeida leads the team.


Cuatrecasas covers the entire gamut of capital markets work. It provided Portuguese law advice to Morgan Stanley on structuring and implementing of a deposit repackaging for Novo Banco's bondholders affected by the liability management exercise imposed on the Portuguese lender by the European Commission. The ‘very diligentManuel Requicha Ferreira led on the matter. Managing partner Maria João Ricou heads the department.


At Garrigues, Diogo Leónidas Rocha and Marta Graça Rodrigues handle all aspects of capital markets work, including regulatory and corporate governance matters. It advised JP Morgan Securities and Morgan Stanley as deal managers on a tender and exchange offer regarding €3.5bn notes issued by Novo Banco. Associate Carolina Barrueca is also recommended.

SRS Advogados

SRS Advogados' lawyers are ‘innovative problem solvers, who are able to grasp the fundamentals of even complex issues’. Focused on securitisation work, the team assisted Citicorp Trustee Company with the €175m securitisation of NPLs originated by Caixa Económica Montepio Geral. Practice co-head Alexandra Valente ‘goes far beyond the expected in terms of availability, eagerness to get the job done and client relationship management’. The other practice co-heads are Pedro Rebelo de Sousa, William Smithson and Gustavo Ordonhas Oliveira.


CARDIGOS predominantly advises on derivatives and also covers related disputes and regulatory and compliance matters. Clients include JP Morgan Chase and The Navigator Group. Pedro Cardigos is the name to note.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo advises on both equity and debt capital markets issues as well as on regulatory matters. Miguel Castro Pereira assisted Prisa with the attempted sale of its stake in Media Capital to Altice; managing partner Mafalda Barreto advised several international hedge funds on EDP's attempted takeover of EDP Renováveis.

Macedo Vitorino & Associados

Macedo Vitorino & Associados advised Dexia Crédit Local on the issuance of fixed-rate bonds by the Autonomous Region of the Azores. The team's efforts are focused on debt capital markets work, but it also handles related contentious matters. António de Macedo Vitorino heads the practice.

Raposo Bernardo

Raposo Bernardo assists clients such as Banco Santander and Investec Bank with the full range of capital markets matters. The ‘sharpNelson Raposo Bernardo heads the practice.

Sérvulo & Associados

Sérvulo & Associados provides regulatory advice to clients including EDP, Novo Banco, Edmond de Rothschild Europe and Banco BIC. Practice co-heads Paulo Câmara and Manuel Magalhães are the names to note.