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White & Case LLP

Taisa Markus

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White & Case

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Capital Markets




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Latin America: International firms

Banking and finance

Within: Banking and finance

Paul Hastings LLP is recommended for project finance and syndicated bank lending. The firm is also making an impression in project bonds and hybrid financings involving capital markets issuances alongside bank debt. Clients include Goldman Sachs, JP Morgan, HSBC, Banco Itaú, Morgan Stanley, Citibank, Credit Suisse and a range of corporate borrower clients. The firm advised Gruma on a $400m term and revolving credit facility provided by a syndicate of banks with Banco Nacional de Mexico, Bank of America, The Bank of Tokyo-Mitsubishi UFJ, Cooperatieve Rabobank, JP Morgan Chase Bank and the Bank of Nova Scotia as joint lead arrangers. It has also experienced an uptick in financings from debt funds. Global head of project finance, Robert Kartheiser is a giant of the Latin America market and is feted for both his ubiquity across the region and his ability to transact in Portuguese and Spanish. Head of the Latin America practice Michael Fitzgerald is best known for his predominant status in Mexican capital markets issuances, although he also has a fine record in Latin American syndicated loans. Other key figures include Joy Gallup, who has an established record in debt restructuring, syndicated loans, corporate finance and structured finance; head of the São Paulo office Roberta Bassegio, who is noted for energy-sector finance and debt fund financings; and Cathleen McLaughlin who is particularly noted for her work on hybrid financings involving a capital markets component. Up and coming name Elicia Ling was promoted to partner in February 2018, but Taisa Markus left for White & Case LLP.

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Capital markets

Within: Capital markets

Paul Hastings LLP is the market leader in Mexico, where it dominates corporate issuer transactions and has been at the forefront of FIBRA (Mexican REIT) deals. It has an outstanding record in representing debut issuers in Mexico, thanks in part to its prominent reputation, key investment bank relationships and the status of Michael Fitzgerald, the leader of the Latin America practice, who is ‘an institution’ and provides ‘priceless input and guidance’ to clients. The firm is also expanding its sphere of influence across Latin America, especially in project bonds and hybrid financings involving a capital markets component. Clients include Grupo Industrial Alfa, Nemak, Companhia Energética de Minas Gerais – CEMIG, Grupo Traxión, Sigma Alimentos, Axtel, Grupo Kaltex, and Grupo Televisa, along with Citigroup, Credit Suisse, Morgan Stanley and JP Morgan. Among a number of landmark deals, the Latin America team advised Citigroup, HSBC and JP Morgan, as global coordinators and initial purchasers, on the $4bn debt offering by Mexico City Airport Trust – the largest green bond issuance in Latin America to date and the largest bond offering by a private company in the region during 2017. Showcasing the team’s growing standing outside of Mexico, it advised Brazilian power group Companhia Energética de Minas Gerais – CEMIG, on the inaugural $1bn international bond offering by its subsidiary CEMIG Geração e Transmissão; and in Colombia, represented leading non-bank consumer loans provider, Credivalores-Crediservicios, on its inaugural $250m bond offering. The ‘top team’ is commended for its expertise in Rule 144A/Reg S international notes offerings and structured finance deals, with one client highlighting the group’s ‘amazing job’ on a transaction that had an especially tight schedule. Clients also praise its ‘great expertise in Latin America capital markets’, ‘knowledge of the market’, ‘very solid technical knowledge’, ability to compromise and ‘work ethic’. Cathleen McLaughlin is noted for her capital markets, structured finance and securitisation expertise which is especially evident in project bonds and infrastructure-related financings. Arturo Carrillo is another key team member on Mexico issuances, including in the REIT space. Joy Gallup is highly regarded for structured-debt deals, high-yield bonds and liability management, while Steven Sandretto is the key figure in São Paulo. Former senior name Taisa Markus has joined White & Case LLP. All partners are New York-based unless stated otherwise.

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United States: Finance

Capital markets: equity offerings

Within: Capital markets: equity offerings

White & Case LLP handles a broad spread of equity matters for both issuers and underwriters, with notable expertise in technology, life sciences, infrastructure and cross-border - particularly Latin America-related - offerings. In a strong example of its multijurisdictional prowess New York-based John Vetterli, who is regional head of the Americas capital markets group, acted alongside the firm’s Sao Paulo office to assist Loma Negra Compañía Industrial Argentina Sociedad Anónima with its IPO and listing of American depositary shares on the NYSE, totaling $1.1bn. On the underwriter side, the ‘technically excellentColin Diamond - also based in New York - advised the underwriters on three offerings by IQVIA Holdings worth a combined $2.7bn. The firm has also recently undertaken work for Kornit Digital, NeuroDerm and Roivant Sciences. In 2018, global capital markets specialist Taisa Markus joined from Paul Hastings LLP.

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Capital markets: global offerings

Within: Capital markets: global offerings

White & Case LLP’s practice, which is steered from New York by Americas capital markets head John Donovan, is a strong performer in Latin American, European, Middle Eastern and Asian markets. Highlights included ‘very strong’ regional group lead John Vetterli working hand-in-hand with the Sao Paulo office to advise Argentina’s Loma Negra Holding on its $1.1bn IPO. New York-based Colin Diamond is also a high-profile figure in the team and acted alongside New York’s Holt Goddard, and the Hong Kong and Singapore offices, to asssist the underwriters with a $1.1bn sale of ordinary shares and American depositary shares of Melco Resorts & Entertainment. Among its recent debt work, the firm advised the joint book-runners and the co-manager on Peruvian state-owned Petróleos del Perú’s $2bn bond offering. In 2018, capital markets specialist Taisa Markus joined from Paul Hastings LLP.

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