Capital Markets: Portugal
- Star IndividualsCarlos Osório de Castro (Morais Leitão, Galvão Teles, Soares da Silva & Associados)António Soares (Linklaters)
- Band 1Pedro Cassiano Santos (Vieira de Almeida & Associados)Carlos Costa Andrade (Uría Menéndez - Proença de Carvalho)Jorge de Brito Pereira (PLMJ - A.M. Pereira, S. Leal, O. Martins, Júdice & Associados)Diogo Leónidas Rocha (Garrigues)João Soares da Silva (Morais Leitão, Galvão Teles, Soares da Silva & Associados)
- Band 2Paulo Câmara (Sérvulo & Associados)Francisco Xavier de Almeida (CMS )Maria João Ricou (Cuatrecasas Gonçalves Pereira)William Smithson (SRS Advogados)
- Band 3João Caiado Guerreiro (Caiado Guerreiro)Pedro Cardigos (CARDIGOS)Miguel Castro Pereira (Abreu Advogados)Paula Gomes Freire (Vieira de Almeida & Associados)André Luiz Gomes (Cuatrecasas Gonçalves Pereira)Alexandra Maia de Loureiro (SRS Advogados)Marta Graça Rodrigues (Garrigues)Sónia Teixeira da Mota (Independent)
- Band 4Fernando Campos Ferreira (Campos Ferreira, Sá Carneiro & Associados)Pedro Ferreira Malaquias (Uría Menéndez - Proença de Carvalho)António Frutuoso de Melo (António Frutuoso de Melo & Associados Sociedade De Advogados, RL)Filipe Lowndes Marques (Morais Leitão, Galvão Teles, Soares da Silva & Associados)António Mouteira Guerreiro (MGRA & Associados)Ana Sá Couto (Uría Menéndez - Proença de Carvalho)Ana Sofia Silva (Cuatrecasas Gonçalves Pereira)Luisa Soares da Silva (Morais Leitão, Galvão Teles, Soares da Silva & Associados)
- Up and ComingAntónio Rocha Alves (Campos Ferreira, Sá Carneiro & Associados)
- Associates to watchDiogo Coutinho de Gouveia (Gómez-Acebo & Pombo)Laura Cravo (CMS )Hugo Moredo Santos (Vieira de Almeida & Associados)Gustavo Ordonhas Oliveira (SRS Advogados)Florbela Pires (Cuatrecasas Gonçalves Pereira)Gonçalo Reis Martins (SRS Advogados)Magda Viçoso (PLMJ - A.M. Pereira, S. Leal, O. Martins, Júdice & Associados)Orlando Vogler Guiné (Vieira de Almeida & Associados)
Capital Markets: Portugal
THE FIRM Linklaters remains at the top of the rankings and offers fantastic expertise in all kinds of finance work. The capital markets team is part of the firm's corporate/finance group, and it advises on a mixture of debt and equity matters. The firm's prestigious international network is definitely a key feature for both global and national clients. Notable mandates include advising Deutsche Bank, JPMorgan, Morgan Stanley and Credit Suisse on a share capital increase for BCP, and assisting Finibanco and selling shareholders with the takeover bid launched by Caixa Económica Montepio Geral.
Sources say: "The team has ample knowledge of the legislation, superb international standards, and the creativity to find new solutions."
KEY INDIVIDUALS António Soares is undoubtedly the star of this team and is held in high esteem by all market sources.
THE FIRM This domestic giant is an undoubted leader for capital markets work, and handles a huge range of high-yield transactions. The well-resourced team's impressive size enables it to advise long-standing clients on a constant stream of transactions. Although the Portuguese market has suffered due to the economic crisis, the firm advised EDP - Energias de Portugal on the issue of EUR750 million in notes due in 2016 under the programme for the issue of debt instruments. On the equity side, the team is assisting Banco Comercial Português with a complex and innovative programme of share capital increases.
Sources say: "It is a highly competent team, attentive to the client's needs and with full capacity in every practice area."
KEY INDIVIDUALS Carlos Osório de Castro works out of the Porto office and is considered to be a heavyweight in capital markets. João Soares da Silva leads the department, and headed the team that assisted Banco Comercial Português with its high-profile share capital increase. Filipe Lowndes Marques is the group's securitisation expert, and also handles banking and finance mandates. Luisa Soares da Silva is another valuable member of the team and the main partner leading transactions undertaken for EDP - Energias de Portugal.
THE FIRM This large domestic firm provides clients with debt and equity advice, even in the face of difficult economic conditions. The large team is comprised of specialists from the corporate and banking and finance departments, adding broader expertise to the firm's transactional work. Vieira de Almeida has an impressive track record, with recent mandates including advising Morgan Stanley as arrangers of the issue of sovereign debt by the Portuguese Republic under its EMTN programme.
Sources say: "The lawyers are deal makers who give you solutions instead of problems. The team is technically impeccable, with ample experience in global transactions."
KEY INDIVIDUALS Pedro Cassiano Santos is celebrated for his expertise in structured finance, and sources admire his "pragmatic global vision and unquestionable commitment to the client." Paula Gomes Freire works side by side with Cassiano, and interviewees are impressed by her proactive attitude and problem-solving skills. Managing associate Hugo Moredo Santos is another valuable member of the team, and had an active role on the Morgan Stanley transaction. Orlando Vogler Guiné is a prominent talent for the future and earns praise for his confidence and efficiency.
THE FIRM The capital markets department at this major Iberian firm has a strong offering in all areas of the practice, but recent mandates have focused on debt emissions and capital increases. The team includes two partners and six associates, who are able to handle complex multi-jurisdictional transactions as well as mid-cap domestic work. The group represented Telefónica in the acquisition of PT's 50% stake in Brasilcel – one of the biggest recent deals in the Portuguese market. In addition to large corporations, the group also advises state companies such as Metropolitano de Lisboa and the Instituto de Gestão da Tesouraria e do Crédito Público.
Sources say: "An efficient team, with good technical quality, providing advice on all areas of the law."
KEY INDIVIDUALS Maria João Ricou leads the financial department and has an impressive track record in capital markets, acting as the lead partner on the Telefónica transaction. André Luiz Gomes assisted Banif on the increase of its share capital through a public offer, and its admission to trading on Euronext Lisbon. Peers admire Ana Sofia Silva for her debt practice. She was part of the team that represented Metropolitano de Lisboa in the private placement of EUR85 million and EUR25 million in notes guaranteed by the Portuguese government. Florbela Pires is another talented practitioner.
THE FIRM This ten-strong group has been assisting some of the market's largest listed companies, from sectors such as telecoms, media, IT and banking, on deals involving the Portuguese securities commission and Euronext Lisbon. The team handles high-yield transactions and advised Portugal Telecom on the sale of its 50% share in Brasilcel, followed by the company's acquisition of a stake in the Brazilian company Oi.
Sources say: "The firm proved to be highly efficient, with in-depth knowledge of capital markets not only in Portugal, but also throughout Europe."
KEY INDIVIDUALS Diogo Leónidas Rocha is a well-recognised figure in the Portuguese financial market. Clients are impressed by his "proactive attitude and attention to detail." Marta Graça Rodrigues is Rocha's right-hand woman, according to market sources, who describe her as "a true capital markets specialist."
THE FIRM This large domestic outfit is well equipped to handle all kinds of capital markets transactions, including debt and equity, securities regulations, takeover bids, national and international offerings, regulatory compliance and corporate governance. Two partners and nine associates represent large national and global corporations, and sources highlight the team's lengthy experience in the area. A recent example of the team's performance is its advice to REN on a EUR5 billion EMTM programme.
Sources say: "The team does not play around. It has impressive knowledge of the law and, above all, is attentive to the client's needs."
KEY INDIVIDUALS Top-ranked partner Jorge de Brito Pereira is undoubtedly one of the most in-demand transactional lawyers in the country. Sónia Teixeira da Mota is another distinguished member of the team, and has useful experience of working with the regulatory authorities. Clients praise Magda Viçoso for "her total round-the-clock dedication."
Since publication, Sónia Teixeira da Mota has left this practice.
THE FIRM Uría's practice has had a strong year, and its six-strong group has been particularly focused on the structuring and execution of equity transactions, such as takeover offers and share listings. On the debt side, the team concentrated on the introduction of new products into the market, and the execution of debt restructuring deals. The firm regularly features on headline transactions, and represented Telefónica in a huge multi-jurisdictional transaction involving Brazilian telecom company Vivo.
KEY INDIVIDUALS Carlos Costa Andrade is a renowned specialist in this practice area. Pedro Ferreira Malaquias has a broad transactional practice and is highlighted for his banking expertise. Ana Sá Couto is another valuable member of the team and part of the group that advised Commerzbank on the issue of factor certificates and its admission to trading on Easynext.
THE FIRM This traditional Portuguese firm has been particularly involved in derivatives transactions over the past twelve months, and assisted BES Group on derivative transactions and finance-linked swaps. Its practice is broad, covering the full range of capital markets issues.
KEY INDIVIDUALS Miguel Castro Pereira co-heads the department and is praised for his multidisciplinary expertise.
THE FIRM This highly specialised firm offers sophisticated advice on all transactional matters, and its team covers all areas of capital markets. The firm is a recent addition to the Portuguese market and its compact group of well-known players makes it an intelligent one-stop shop for commercial and financial advice.
Sources say: "Besides its obvious expertise, this team is absolutely committed to its clients and available at all times."
KEY INDIVIDUALS Fernando Campos Ferreira is the main contact for capital markets work. Clients highlight his experience and knowledge. Newly made partner António Rocha Alves is a highly active member of the team. Clients appreciate that he is "technically very solid and has built an excellent working relationship with us."
THE FIRM On 1 January 2012, the firm formerly known as Rui Pena, Arnaut & Associados officially joined the CMS international network and became CMS Rui Pena & Arnaut. It has been developing its finance practice over the past couple of years, having added a number of high-profile finance practitioners to its team. The seven-strong group includes three partners advising on equity and debt, securitisation and regulatory mandates. The firm has been busy acting on state-guaranteed deals, including note issues by banks and state-owned companies. Equity highlights include the acquisition of qualified shareholdings in Portuguese listed companies, and advising international private equity firms buying distressed assets in Portugal.
Sources say: "The firm offers personalised advice with unique legal know-how and business management skills."
KEY INDIVIDUALS "Extraordinary lawyer and team guru" Francisco Xavier de Almeida impresses interviewees with his "impeccable technique and attention to detail." Clients highlight Laura Cravo for her fantastic responsiveness, as well as her "deep knowledge and forward thinking."
THE FIRM The capital markets department at SRS Advogados comprises six dedicated lawyers working on all aspects of the practice area. The team's ability to offer specialised advice on English law is a definite advantage for clients, who instruct the firm on a variety of cross-border transactions. The team advised Banco do Brasil on Galp's issue of EUR300 million floating rate notes.
Sources say: "The team provides prompt responses, attention to detail, and easy access to financial institutions and regulators."
KEY INDIVIDUALS Alexandra Maia de Loureiro impresses sources with "her keen understanding of business and her ability to offer tailored solutions." William Smithson is well regarded for his ample experience. Gonçalo dos Reis Martins is described by observers as "a solid lawyer for funds and a strategist for transactions." Gustavo Ordonhas Oliveira is a significant addition to the team: "He's well known within the financial sector and is extremely skilful for complex transactions," sources say.
THE FIRM This mid-sized Portuguese firm focuses primarily on advising its long-standing international clients on transactional issues. The firm assisted Goldman Sachs with several different matters, including private placement of funds, investment services, and the expansion of a pool of investment funds for distribution in Portugal.
Sources say: "The firm is managed very well, offering an exceptional work force and excellent value for money."
KEY INDIVIDUALS The firm is led by João Caiado Guerreiro, whom clients describe as "a supportive counsellor, almost a therapist." Clients highlight his strong ability to "put himself in the investor's shoes, rendering tailored solutions."
THE FIRM This compact transactional firm is particularly focused on derivative products, and its team advises a variety of clients, including sovereign entities, regional governments, national and international banks, and Portuguese institutions. In addition, the firm offers expertise in all types of securities transactions, regulatory compliance and corporate governance issues. It recently advised Deutsche Bank as arranger of the issue of EUR150 million notes by Estradas de Portugal.
KEY INDIVIDUALS Founding partner Pedro Cardigos is a respected capital markets specialist, recognised by market sources as "one of the country's best practitioners for derivatives transactions."
THE FIRM This Spanish firm is gaining ground in the Portuguese market and its small, strong team has a decent track record for capital markets. The group has advised on various equity mandates, assisting Compagnie de Saint-Gobain with the public offering of shares to the employees of its group companies in Portugal.
Sources say: "The team's advice was precise and straight to the point, with timely responses and clear explanation of all the issues involved."
KEY INDIVIDUALS Senior associate Diogo Coutinho Gouveia earns warm praise from market sources, who describe him as "objective, competent, available and attentive."
THE FIRM Sérvulo is the go-to firm for public law in Portugal, but its capital markets team also has a solid reputation. Due to the market slow-down, the group has been busy advising on regulatory matters, helping clients to understand and prepare for changes in the economic landscape. In addition, the firm provides high-quality advice on corporate governance. Its academic strength is another key feature, and the team is assisting Cape Verde's capital markets authority with the elaboration of its capital markets code.
Sources say: "The team is experienced and knowledgeable, marrying a valuable multidisciplinary approach with academic expertise."
KEY INDIVIDUALS Paulo Câmara is described by market sources as "a very special capital markets lawyer, who combines practical knowledge with academic skills and experience within the authority."
Market sources report that António Frutuoso de Melo
of António Frutuoso de Melo & Associados Sociedade De Advogados, RL has been less visible over the past year, but he is still regarded as a traditional and multi-talented finance lawyer, relatively active for capital markets work. António Mouteira Guerreiro
is the founder of MGRA & Associados and the main contact for finance, corporate and capital markets work.