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Capital markets in Portugal


Linklaters advises domestic and international clients on the gamut of capital markets transactions, from debt and equity-linked issues through to derivatives and structured finance. On the transactional front, the team is equipped to assist with financial intermediation issues, public and private offers of securities, IPOs and public takeovers. This is coupled with its strong track record in regulatory matters and cross-border mandates. Of particular note is the group’s experience in assisting UK banks and other entities providing regulated financial services in Portugal in the aftermath of Brexit, and advising on new frameworks in place for cross-border activities linked to the UK. António Soares enjoys a strong reputation in the market, especially for work developed with listed companies, investment banks and foreign investors in high-profile capital markets transactions. Vera Ferreira De Lima is particularly focused on securities law, corporate governance and financial regulations.

Practice head(s):

António Soares

Other key lawyers:

Vera Ferreira de Lima; Rodrigo Moreira; Válter Gouveia


‘Linklaters is a top choice in Portugal for all things related to capital markets. Its role has included participation in key deals for more than 20 years where it has excelled in its professionalism, proactivity, responsiveness and maturity. Besides deals themselves, the firm has been a strong advocate on capital markets and actively participated in recent legal developments such as public consultations on upcoming laws, including collaboration with our team whenever appropriate.’

‘We interact mostly with António Soares and Vera Ferreira de Lima; besides being top notch, they are very experienced and proactive professionals, their sympathy and accessibility stands out. This creates a sense of trust and enhances relationship.’

‘Knowledge; availability; client focus.’

‘António Soares and Vera Ferreira de Lima are great.’

‘Linklaters Portugal has a Capital Markets team composed of highly experienced and competent members, which make it one of the best firms in Portugal in this area.’

‘I would recommend António Soares, as he is one of the most experienced and knowledgeable partners in this area in Portugal. I would also recommend Vera Ferreira Lima, who also has significant experience and competence in this area of expertise.’

‘I would like to highlight the quality of service provided by the Linklaters Lisbon capital markets team, which, due to the scope of their work, is perfectly supported by the teams from the Linklaters network (in particular, from London and, more casually, from Luxembourg). The team led by Vera Lima, stands out for its availability, experience and technical rigor. The highlights of the team are Vera Lima and Válter Gouveia.’

Key clients

China Three Gorges Europe, S.A.

Novo Banco, S.A.

Semapa – Sociedade de Investimento e Gestão, SGPS, S.A.

REN – Redes Energéticas Nacionais, SGPS, S.A.

Fosun International Limited

Luz Saúde, S.A.

Morgan Stanley

BNP Paribas Personal Finance

Oitante, S.A.

Sonae Indústria, SGPS, S.A.

Credit Suisse

Merrill Lynch International

OQ S.A.O.C. (formerly Oman Oil)

Work highlights

  • Advised Sodim on launching a takeover for the acquisition of Semapa – Sociedade de Investimento e Gestão.
  • Advised Novo Banco in a tender offer and consent solicitation in the amount of €387,535m.
  • Assisted Morgan Stanley Infrastructure in the combined financing of a €600m bond issuance placed with financial institutions and €550m intra-group bond issuances, to finance the acquisition of a 49.99% stake in Fastfiber – Infraestruturas de Comunicações.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

The market-leading capital markets practice at Morais Leitão, Galvão Teles, Soares da Silva & Associados is highly sought after for advice on complex debt and equity transactions. The team acts for an impressive client roster, comprising investment banks, listed companies, issuers and offerors of securities admitted to trading. Recent headline engagements include innovative takeover bids, public offers with a significant impact on the Portuguese industrial sector, as well as several issuances and conversions. In addition, the practice took on leading roles on the listing of the first REIT and in the first STS (simple, transparent and standardised) transaction in the country. Tomás Vaz Pinto jointly heads the team with Eduardo Paulino, who is highly regarded in the market for his experience in equity and debt public and private offers in the banking, telecoms, construction and media sectors. Other standout practitioners include Carlos Osório de Castro and Ricardo Andrade Amaro, the latter of whom maintains a broad practice in securities law, capital markets and M&A. Maria Soares do Lago is a promising talent in the team; she is particularly active in debt capital markets, securitisation and derivatives matters.

Other key lawyers:

Ricardo Andrade Amaro; Carlos Osório de Castro; Maria Soares do Lago; Diana Ribeiro Duarte; Marisa Larguinho; Marta Pereira Rosa


‘Extensive legal and market knowledge essential for the success of the operation.’

‘ML’s team has been involved in a large number if not the majority of all key ECM deals and several DCM deals in Portugal for decades. They know extensively the process from within, all the key stakeholders, the applicable laws and regulations and its interpretations. Its team has also proactively promoted changes on behalf of its clients such as proposed law changes.’

‘We interact with several partners and senior associates from Morais Leitão and it may be unfair to leave some of them unmentioned since the overall quality is excellent. I would highlight the dream team that includes Carlos Osório de Castro, Diana Ribeiro Duarte, Eduardo Paulino, Maria do Lago, Marisa Larguinho, Ricardo Amaro, and Tomás Vaz Pinto. Several things distinguish ML’s team from the competition: a wide and flexible choice of practitioners; a mix of innovative young persons with an established group of experienced persons; sympathy and accessibility.’

‘Response readiness, constant availability, competence and rigour.’

‘Team with excellent knowledge, a lot of experience, great availability and excellent contacts with relevant entities.’

‘Carlos Osório de Castro has the ability to find solutions that meet the client’s needs; Eduardo Paulino stands out for his level of knowledge, experience and availability.’

Ricardo Andrade Amaro is recommended.’


One of the top destinations for debt and equity capital markets advice, PLMJ advises on the full scope of matters, including IPOs, rights issues and takeovers, securitisations and derivatives. The firm has strong relationships with the market’s major banks and investors, international financial institutions and listed companies, assisting them with complex and high-value transactions. Recent mandates saw the team advise on the first securitisation of a portfolio comprising credit card receivables in Portugal and on REN’s first issue of green bonds. Practice head André Figueiredo ‘stands out for his impressive technical skills‘ both in the equity and debt segments; he is particularly active in securitisation transactions involving alternative asset classes. Raquel Azevedo is counsel of choice for numerous listed companies in Portugal seeking advice on corporate governance and regulatory issues. Bruno Ferreira and Gonçalo Dos Reis Martins are other names to note at the partner level, providing legal support in the context of securitisations and debt capital markets.

Practice head(s):

André Figueiredo

Other key lawyers:

Hugo Rosa Ferreira; Gonçalo dos Reis Martins; Bruno Ferreira; Raquel Azevedo


‘Multidisciplinary knowledge. Innovation. Ability to negotiate with the counterparty, anticipating tactics.’

‘The experience was very positive, with the team having to come up with a very innovative structure. PLMJ was very good in thinking of alternatives for every situation that required it.’

‘This firm provides excellent and timely service accross a diverse service offering.’

‘Raquel Azevedo, André Figueiredo and Hugo Ferreira are all excellent. Each of them is fully committed to each transaction, responds quickly and provides solid and helpful advice accross a range of matters.’

‘PLMJ capital markets team is extremely knowledgeable and experienced. They combine great technical skills with strong pragmatism and flexibility.’

‘André Figueiredo stands out for his impressive technical skills, deep knowledge of the legal framework and business-oriented mindset. He approaches problems with calm and great communication skills. He points out the risks clearly and his approach is always based on in-depth analysis, without losing sight of the parties’ goals, which brings confidence to the ultimate solutions proposed.’

‘Distinctive factors: focus on customised client service; solution-oriented, making all interactions efficient and productive; innovation, making all processes fast and with information and content clearly available; focus on impact and sustainability. I have never known a law firm as focused on sustainability as PLMJ. It’s a theme that breathes through all the PLMJ teams I’ve dealt with.’

‘Bruno Ferreira and André Figueiredo stand out for their ability to anticipate our needs as a client, for their ability to read our vision and goals, which brings a very rare alignment when it is necessary to reach solutions in terms of legal advice.’

Key clients

JP Morgan

European Investment Bank

DK Partners

Deutsche Bank AG

Lloyds Bank


Pioneer Point Partners

US Bank

Gulbenkian Foundation

Wells Fargo










Haitong Bank

Work highlights

  • Advised EuroBic on a securitisation transaction of a residential mortgage loan portfolio originated in Portugal by EuroBic up to the amount of €1.25bn.
  • Advised REN on its first issue of green bonds with a value of €300m.
  • Advised WiZink Bank, StormHarbour and Elavon Financial Services DAC on the first ever securitisation of a portfolio comprising credit card receivables in Portugal.


VdA maintains a dominant position in the debt capital markets scene. The expansive group - which shares close ties with the firm's banking and finance practice - focuses on the national and international placement of both debt and equity securities, and often handles large-cap rights issuances, IPOs, privatisations, listings, private and public offerings. Premier banks and other financial institutions also engage the team on underwriting mandates. Pedro Cassiano Santos is a leading figure in the market, advising on all debt and regulatory issues. He chairs the team, which also provides assistance in the field of collective investment schemes, including matters involving mutual and real estate funds, private equity structures, venture capital funds and NPL transactions. Hugo Moredo Santos is singled out for his experience in retail bond issuances, while José Pedro Fazenda Martins is a key contact for equity transactions, securitisations and takeover bids. Tiago Correia Moreira, who was recently welcomed to partnership, is frequently engaged in NPL deals and in the creation of special vehicles to acquire and hold assets.

Practice head(s):

Pedro Cassiano Santos

Other key lawyers:

Hugo Moredo Santos; José Pedro Fazenda Martins; Tiago Correia Moreira; Benedita Aires; Orlando Vogler Guiné


‘Excellent quality of services and communication. We have had a long working relationship with the team at VDA.’

‘Above-average legal technical capacity and client follow-up and a highly credible and trustworthy relationship with the market regulator.’

‘Hugo Moredo Santos is recommended.’

‘I think VdA had a very good performance due to its agility but mainly due to its in-depth knowledge of these complex matters in the capital market, namely investment funds.’

Key clients

Altamira Asset Management Portugal, Unipessoal, Lda.

Apollo Management International LLP

Arrow Global Limited

Banco Credibom S.A.

Caixa Geral de Depósitos, S.A.

China Communications Construction Company, Ltd. (“CCCC”)

Christofferson, Robb & Company

Crédit Agrícole Corporate and Investment Bank

Deutsche Bank Aktiengesellschaft

Greenvolt – Energias Renováveis, S.A.

Haitong Bank, S.A.

J.P. Morgan Securities plc

Morgan Stanley & Co. International plc

J.P. Morgan Securities plc

Banco Comercial Português, S.A.

Mota-Engil SGPS, S.A.

Futebol Clube do Porto, SAD

Plenium Partners Asset Management, SGEIC, S.A.

Bankinter, S.A.– Sucursal em Portugal

Santander Consumer

SIC – Sociedade Independente de Comunicação, S.A.

Sport Lisboa e Benfica – Futebol, SAD

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

UniCredit Bank AG

Unión de Créditos Inmobiliarios Establecimiento Financiero de Crédito (UCI) – Sucursal em Portugal

Work highlights

  • Assisted Greenvolt in its initial private placement and admission to trading of all shares representing Greenvolt’s share capital and voting rights on Euronext Lisbon.
  • Acted for the coordinators and the syndicate of dealers involved in the Public Subscription Offer of 309,143,297 shares, with a nominal value of €1.00 each, representing approximately 8.45% of the share capital of EDP.
  • Assisted Mota-Engil in the context of the public subscription offer and admission to trading on Euronext Lisbon of up to 100,000,000 new ordinary nominative book-entry shares, representing approximately 29.63% of its share capital.


Covering advice on debt and equity capital markets, derivatives and securitisation, Cuatrecasas is regularly retained by a mix of banks, financial institutions, investment funds and issuers in a range of sectors. The team is well placed to handle cross-border transactions, benefiting from the firm’s network of offices in key European jurisdictions. On the equity side, the practice was involved in the few transactions, particularly rights offerings, taking place in the market, while on the debt front it advised on a variety of mandates, including consent solicitation processes and restructurings. Maria João Ricou leads the practice, which also includes Manuel Requicha Ferreira, a key contact for takeovers, structured finance and securitisations; and Paulo Costa Martins, who focuses on regulatory issues.

Practice head(s):

Maria João Ricou

Other key lawyers:

Manuel Requicha Ferreira; Paulo Costa Martins; Margarida Leal Oliveira


‘Reliability and speed of response in the execution of the entrusted mission; client proximity; client-oriented, seeking to accommodate all our expectations and interests in the final result.’

‘The team are quite simply top class. What sets them apart from other law practices in this field is their in-depth knowledge of the business and strong technical competence. Their attitude to their clients is remarkably positive, they care passionately about developing relationships, and they are always on hand to solve problematic issues with practical solutions. They are extremely commercial in their approach and you can have complete confidence in their advice. In my view they are some of the best in the market currently.’

‘We emphasise the quality and efficiency of the services provided, the deep theoretical and practical knowledge and the involvement and availability of lawyers in the client’s matters.’

‘In this case, we highlight the team we work with, Manuel Requicha Ferreira and Margarida Leal Oliveira, whose professional experience, technical competence, availability and involvement in the processes, deserves the greatest appreciation and trust.’

‘Highly responsive, strong knowledge on the sector and great at making creative suggestions to different difficulties / challenges faced.’

‘Collaboration, ethical principles, work capacity, technical competence and experience.’

Key clients

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

BigCity Holdco LLP

Bank of America Merrill Lynch (BAML)


Groupement Les Mousquetaires

Grupo Pestana


Novo Banco



Portuguese Public Debt Agency


Work highlights

  • Advising Movhera – Hidroelétricas do Norte on Portuguese law relating to a bond issuance of €610m notably regarding the registration of the bonds with Interbolsa.
  • Provided legal advice to Iberwind Group within the structuring and negotiation of the terms of refinancing the group’s debt through the issuance of notes subscribed by a large number of lenders.
  • Advised Groupement Les Mousquetaires on multiple alternative structures involving regulated and non-regulated vehicles that would be suited to the client’s intention in restructuring the real estate portfolio held in Portugal.

Uría Menéndez – Proença Carvalho

Uría Menéndez – Proença Carvalho‘s capital markets team brings a strong mix of transactional and regulatory expertise to the table, providing support on the whole spectrum of matters. It is a popular choice among international investors, companies and financial institutions. Typical mandates range from takeovers, securities and structured bonds to privatisations and acquisitions of shareholdings in public listed companies. Head of department Carlos Costa Andrade is seasoned in the full array of capital markets transactions, securities law and corporate governance. He receives support from Miguel Stokes, who is skilled at handling initial and secondary equity and debt offerings.

Practice head(s):

Carlos Costa Andrade

Other key lawyers:

Miguel Stokes


‘Multidisciplinary, client-oriented team with extensive knowledge of the subjects we work on.’

‘Miguel Stokes reveals a solid base of knowledge, an unwavering availability and cultivates a very close relationship with the client.’

‘Miguel Stokes was particularly reachable upon short notice and provided clear and efficient advice and aid among tight negotiations.’

‘In my opinion, the quality and structure of work is unmatched in the Portuguese market.’

‘I recommend Miguel Stokes for the availability and quality of the work presented.’

‘In all areas, an excellent service is always provided, with rigour, professionalism, discretion and compliance. Uría Menéndez – Proença de Carvalho excels in choosing premium professionals in a wide area of law. Uría Menéndez – Proença de Carvalho is distinguished by the fact that it is always one step ahead in the legal market, for more and better client satisfaction, having therefore been distinguished with several awards in the legal field both nationally and internationally.’

‘Carlos Costa Andrade is distinguished by his transparency and professionalism in all services provided.’

Key clients

Morgan Stanley



IIBG Holdings, B.S.C.

Commerzbank Aktiengesellschaft

Société Générale


JC Flowers & Co

BC Partners


Atitlan Grupo Empresarial


Azul Linhas Aéreas, S.A.

JB Capital Markets, S.V.

Rivercrown Group


A diverse roster of investors, investment banks and financial institutions engages CMS’s capital markets group on the breadth of equity and debt matters. Its service offering also covers securitisations and regulatory matters. Francisco Xavier de Almeida spearheads the capital markets team; he is regularly sought after by key Portuguese and international clients in matters pertaining to debt and equity instruments, privatisations and M&A.


‘I recommend Francisco Xavier de Almeida for his 100% availability, ability to resolve issues/problems and knowledge of the capital market products. I strongly recommend them!’

‘The quality and service is very good, as well as the collaborative relationship. They demonstrate agility, competence and adaptability to the requirements of the Capital Market.’

‘The team is highly professional and efficient. Extremely methodical and well organised when dealing with complex transactions involving several parties.’

Key clients

Aquila Capital

J. Stern & Co

Davidson Kempner European Partners, LLP

Commerzbank Aktiengesellschaft

Goldman Sachs

Standard Life Aberdeen plc

Caixa – Banco de Investimento, S.A.

FCE bank plc

Barclays Bank Plc

Galp Energia, SGPS, S.A.


Garrigues offers assistance to a number of banks and listed companies operating in a range of industries, including IT, telecoms, media and postal services. The team is especially experienced on the equity capital markets side, regularly advising on dual listings, consent solicitations, public tender offers and rights issuances. Regulatory matters are also an area of focus for the department, which is under the joint leadership of Diogo Leónidas Rocha and Marta Graça Rodrigues. Leónidas Rocha brings together expertise in capital markets, banking and corporate finance, while fellow co-head Graça Rodrigues stands out for her wealth of experience in corporate governance and high-value capital markets transactions.

Practice head(s):

Diogo Leónidas Rocha; Marta Graça Rodrigues

Other key lawyers:

Carolina Barrueca

Key clients

Merlin Properties SOCIMI, S.A.

Henderson Park

CTT – Correios de Portugal, S.A.

Novo Banco, S.A.

Banco Finantia, S.A.

JP Morgan Securities plc

DBRS Ratings Limited

BNP Paribas Securities Services

Novabase SGPS, S.A.

Haitong Bank

Work highlights

  • Advised CTT – the major postal services listed company in Portugal – in the structuring and launch of its share buy-back programme.
  • Assisted CIN – Corporação Industrial do Norte in the purchase of a stake of 11,20% in the share capital of Grupo Media Capital.
  • Advised Henderson Park on all regulatory matters in the process before the CMVM for the conversion of Lagoas Park into one of the major Portuguese SICAFI (a real estate investment fund in corporate form).

SRS Advogados

Practice co-heads Alexandra Valente and William Smithson take the lead on debt and equity capital markets transactions at SRS Advogados. Its client roster of multinational financial institutions and issuers from across a range of industries regularly turn to the team for assistance with listings, bond issues, securitisation transactions and regulatory matters. João Santos Carvalho is also active in the group, advising on structured finance, capital markets deals and financial regulations.

Practice head(s):

William Smithson; Alexandra Valente

Other key lawyers:

João Santos Carvalho; Gabriela Rodrigues Martins


‘Enormous technical experience of the team led by Alexandra Valente.’

‘Alexandra Valente leads a top team with enormous proficiency. João Santos Carvalho is extremely competent.’

‘Personable, honest and upfront. Deeply knowledgeable across various markets and commercial and practical experience.’

‘Takes time to understand the business and the overall issues and gives targeted advice.’

Key clients

JP Morgan

Barclays Bank

Deutsche Bank

Rabobank plc

Sagres STC, SA

Carregosa, SGOIC


Work highlights

  • Advising JP Morgan, as the initial purchasers, in relation to the refinancing of Empark made by a bond issuance.
  • Advising Rabobank, as subscriber, on the amendment of a Bond issue by BA Glass Portugal to meet sustainability/environmental criteria to qualify as green bonds.
  • Advising the Global Coordinators on the IPO of 7.5% of the Cahora Bassa hydro plant in Mozambique.

Sérvulo & Associados

Sérvulo & Associados' capital markets group, which comes under the banner of its finance and governance practice, brings together practitioners with expertise across private equity, investment funds, fintech, capital markets transactions and financial services regulation. The team, which is highly regarded for its regulatory and governance knowledge, is well positioned to assist with cross-border mandates involving Portuguese-speaking African jurisdictions, proven by the recent launch of its international network of law firms SÉRVULO LATITUDE⦵. Co-head Paulo Câmara is recognised for his comprehensive capital markets practice, and is particularly singled out for his regulatory expertise in the fields of securities law, corporate governance and ESG. Câmara co-leads the practice with Manuel Magalhães.

Practice head(s):

Paulo Câmara; Manuel Magalhães

Other key lawyers:

Verónica Fernández; Francisco Barona; Maria Gabriela Teixeira Duarte; José Guilherme Gomes


The characteristic that most distinguishes the law firm is its ability to establish a true partnership with the client and provide an ever-present support.’

Excellent highly qualified and dedicated professionals.’

‘Paulo Câmara – easy dialogue and close relationship with the Client. Professional with lots of sharing writings. Person always available regardless of the means used, telephone for example.’

‘Paulo Câmara – Specialist in the financial market, namely in capital markets, banking and insurance. Very dedicated and knowledgeable, a leader in consultancy and advice. Verónica Fernández – An expert in the financial, banking, capital market and insurance sectors.’

‘The team is highly valued in the market, with a good quality/price balance. The team I work with is very available, very well qualified and very quick to respond. A team that is always up to date with the latest legislative changes and that gives well-founded and well-analysed answers.’

‘Paulo Câmara – a partner with a lot of experience and knowledge of the market and the law. Maria Gabriela Teixeira Duarte – an exceptional associate, with great availability and willingness to respond to the specific needs of clients, showing versatility in analysing the questions raised.’

‘Paulo Câmara is an excellent professional, extremely knowledgeable about the capital market and matters of corporate governance, who combines an extremely human posture close to the client with a professional aspect of excellence.’

‘Their competence, focus and transparency throughout the entire process is beyond reproach. Whenever we start a new project, we are provided with the necessary tools to manage expectations until the end without surprises.’

Key clients

Autonomous Region of Madeira


Novo Banco Group






GNB – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.







Work highlights

  • Advised the Regional Government of Madeira on the legal documentation underlying the issuance of the €458m fixed-rate notes intended to address the exceptional funding needs caused by the Covid-19 pandemic in the region.
  • Provided legal advisory to Flexdeal, which acts as a leading institution in SME investment, in the takeover bid launched by Flexdeal over 19% of Raize’s capital.
  • Provides legal advice to Edmond de Rothschild (Europe) on regulatory matters related to the bank’s activity, namely the centralisation of booking accounts to Luxembourg and the adaptation to MiFID II.


Abreu Advogados' client base of commercial and investment banks, hedge funds, venture capital companies and regulatory bodies regularly engages the capital markets practice on matters involving securities law, OTC derivatives and debt issuances. The team is made up of highly qualified lawyers, who have a solid background in the financial sector. Diogo Pereira Duarte is noted for his regulatory knowledge and experience in the fintech segment, while Rodrigo Formigal is well regarded for his track record in debt transactions and securitisation.

Practice head(s):

Diogo Pereira Duarte; Rodrigo Formigal

Other key lawyers:

Ana Sofia Batista


‘In addition to their expertise in the area in which they advise us, they are proactive, which allows us not only to resolve the issue addressed, but also to propose solutions that, in relation to it, minimise future risks.’

‘Ana Sofia Batista is recommended.’

Key clients

Banco de Investimento Global

Afifi Group

PRIO Group

Banco Português de Fomento

Efacec Group

Work highlights

  • Assisted Banco de Investimento Global, as co-placement agent, on the public subscription offer and public exchange offers in the context of the issue by Mota-Engil of up to  €140m notes, due in 2024.
  • Advised Afifi Group on the subscription of units in the AIF, Crest II.
  • Assisting Banco Português de Fomento in the investments performed by BPF through the Co-Investment Fund and the Social Innovation Fund.


Acting for a diverse client portfolio comprising issuers, underwriters, selling and controlling shareholders and other market participants, CARDIGOS excels in derivatives matters and securities offerings. Advice on transactional work, regulatory compliance and corporate governance is provided by the team, which is led by Pedro Cardigos and Maria Almeida Fernandes, both of whom have longstanding experience in cross-border mandates.

Practice head(s):

Pedro Cardigos; Maria Almeida Fernandes; Raquel Carlos; Carolina Soares de Sousa


‘Responsive, familiar with complex issues.’

‘Pedro Cardigos and Maria Almeida Fernandes are both very knowledgeable in securities financing and financial pledge structures.’

‘It has specialised knowledge in this area and a very high quality of work.’

‘The team stands out from the rest for the enormous proximity it maintains with its clients and their businesses.’

‘Maria Almeida Fernandes is technically brilliant, quick to find solutions, and very pragmatic.’

Key clients

IGCP (Portuguese Debt Agency)

JP Morgan Chase

The Navigator Company


Amorim Group

Work highlights

  • Assisted IGCP with the issue of treasury bonds for 2020 from signing to closing, including post-issue matters.
  • Provides ongoing assistance to companies of the Amorim group in the negotiation of derivative transactions in connection with ISDA Master Agreements.
  • Provides ongoing assistance to companies of the Navigator group (formerly, Portucel Soporcel group) in the negotiation of derivative transactions in connection with ISDA Master Agreements.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo's capital markets team assists both issuers and lenders with the breadth of equity and debt transactions. Mafalda Barreto, who is frequently instructed by major companies and investment funds, manages the banking and M&A groups in Lisbon and is skilled in cross-border deals. Co-head Miguel Castro Pereira has a strong background in regulatory and transactional work pertaining to the capital markets.

Practice head(s):

Mafalda Barreto; Miguel Castro Pereira

Other key lawyers:

Filipe Santos Barata


‘The Capital Markets team stands out for its knowledge in the sector. Their wide circle of contacts in the Portuguese market is also noteworthy.’

‘Filipe Santos Barata is undoubtedly one of the leading lawyers in the Portuguese market. Filipe has extensive knowledge of the subject and the market. In addition, his easy treatment and closeness to the client’s needs make him an outstanding lawyer.’

Key clients


Work highlights

  • Advised Prisa on the agreement reached to sell 64.47% of Media Capital.

Macedo Vitorino & Associados

António de Macedo Vitorino and André Vasques Dias lead on capital markets matters at MACEDO VITORINO, with an emphasis on debt transactions, structured finance and securities law. The firm is engaged by an array of clients, ranging from domestic banks to international investors, financial institutions and companies.

Practice head(s):

António de Macedo Vitorino; André Vasques Dias


‘Macedo Vitorino is a firm that offers excellent legal services in different areas of law. It is a cross-sectional office that is always available and quick to report. I highlight the availability and proximity of their lawyers advising on matters of banking, financial, capital markets and corporate law. They have a lot of self-initiative and they are a pleasure to work with.’

‘André Vasques Dias: Closeness, flexibility, availability, quick to solve problems during the course of a financing operation.’

Key clients

Bank of America

Solaria Energia

Work highlights

  • Advising Bank of America and its subsidiaries in connection with the offer of securities and financial instruments in Portugal.
  • Assisting Solaria Energia in connection with the financing of the construction of 4 PV solar projects of its subsidiary Prodigy Orbit.

Raposo Bernardo

At Raposo Bernardo, the capital markets team is adept at handling debt and equity issuances. The group predominantly acts for international banks and investment funds in both transactions and regulatory issues. Nelson Raposo Bernardo, whose areas of activity include asset financing, project finance and banking, oversees the practice.

Practice head(s):

Nelson Raposo Bernardo


‘The services provided by Raposo Bernardo fully correspond to our needs. This is due to the fact that the team of lawyers is able to understand our needs and know how to put themselves in our shoes to identify precisely what we expect. It is obvious that a service that presents itself in this way has the utmost credibility.’

‘Nelson Raposo Bernardo fully understands what we want and gets us the best results we could hope for. It is a privilege for us to be able to count on his constant support, experience, vision and wisdom.’

‘The skills of the Raposo Bernardo & Associados team that stand out the most are: work with superior quality; ability to present innovative solutions to new and complex problems; they are very supportive and close to the clients.’

‘Nelson Raposo Bernardo heads the Capital Markets and Banking and Finance department and is our main interlocutor. In terms of qualities/characteristics, the ones that impress me the most are his insight, ability to turn a problem into an opportunity, quick thinking and ability to command a negotiation in a very charismatic way.’

‘The quality of Raposo Bernardo’s services is impeccable and that’s why they are a unique law firm, but it differs from other competitors also for other reasons such as the focus on serving clients. In addition to their great focus on finding solutions, they do it with a lot of legal know-how and the result is visible in the serious work they produce. The team has another notable characteristic, which is the fact that although they are lawyers, they think like an investor, an operator and a regulator.’

‘I would like to highlight Nelson Raposo Bernardo who is an extraordinary lawyer.’

‘They have a great response capacity in time and in quality.’

‘We are very grateful to Raposo Bernardo for the excellent work, excellent lawyers and precious value that they add to our activity. Raposo Bernardo has a fantastic team of lawyers who deserve the highest praise! They always give us the best advice, whatever the legal field.’

Work highlights

  • Advising a client on acquisition finance through senior debt.
  • Provided legal advice to a client in relation to a capital markets deal in the real estate sector.
  • Advising a client on a transaction to raise €80m.