The private equity desk at this domestic major straddles the firm's banking and finance division and its corporate M&A and securities market department. It strength lies in the fact that the group is a market leader for corporate finance, and the private equity team is best recognised for its M&A work. It also provides regulatory and consultancy advice while two recent work highlights have come in fund formation. The team assisted the ECS in establishing the FCR II (Fundo Recuperação II, the second in the recovery funds series), and advised Group EVP Finance (Ridge Solutions) on setting up the Emerging Angola Fund, a platform for investment in Angola.

The project finance team at this Portuguese powerhouse is part of the wider corporate department and stands out for its exceptional full-service offering. The team particularly focuses on the renewable energy sector, notably wind farms and photovoltaic projects. The group also regularly handles PPP projects for road concessions and hospitals. Large banks and financial institutions are the bulk of the team's clientele, and it recently advised Banco Espírito Santo on the financing of the construction, installation and operation of a wind farm located in Cinfães. Sources say: "The team is proactive and has a deep bench of talents in all areas. Definitely one of the best project groups in Portugal."

The two-partner team at this award-winning Portuguese player provides counsel on all aspects of banking and finance. The group is especially active on acquisition finance, international lending, restructuring and real estate finance mandates for a client base including domestic and international banks and companies. It recently advised a syndicate of Portuguese banks on a corporate credit facility and security agreement entered into with Sport TV Portugal.

"Undoubtedly a top-tier practice", Morais Leitão, Galvão Teles, Soares da Silva & Associados has a very strong banking and finance team, and recent experience of large financing deals. In early 2010, the team advised a syndicate of lenders, including Banco Espírito Santo and Caixa Geral de Depósitos, on financing for Sport TV Portugal. It also advised on the debt restructuring of Controlinveste Group through a €224m secured bond issuance guaranteed by Banco Comercial Português. EDP is also a key client. Practice head Luís Branco is ‘excellent’ and Filipe Lowndes Marques is also highly regarded.

Morais Leitão, Galvão Teles, Soares da Silva & Associados is a ‘top name’ in project finance, with practice head Luís Branco enjoying a superb reputation as regular adviser to major Portuguese banks. The ‘excellent’ energy expert Filipe Lowndes Marques advised Banco Espírito Santo on the €30.25m construction, installation and operation of a wind farm in Cinfães. Marques also assisted EIB Facilities on financing for a portfolio of 23 wind farms. Banco Santander Investment, BPI and Caixa – Banco de Investimento are also clients.

Morais Leitão, Galvão Teles, Soares da Silva & Associados is another ‘major player’ in the TMT arena and has substantial experience advising on commercial matters, advertising and regulatory disputes. Helena Tapp Barroso regularly represents SIBS Processos. Tomás Vaz Pinto advises beverage distributor Pernod Ricard Portugal on all media and advertising matters. Other clients include Impresa and Sonaecom. Oporto-based António Lobo Xavier heads the practice.

The capital markets and corporate offering at Morais Leitão was slightly reduced last year as Maria Antonia Cardoso de Menezes left in May 2009. The firm has a strong reputation in capital markets and is seen by the market as a major player. "Our closest competitor is Morais," says one peer. This reputation is played out by the firm's deal list. On the debt side, one of the firm's biggest clients is Banco Comercial Português (BCP) and in August 2009 the team acted on its €7.5 billion debt issuance programme. Specifically the team advised on the issue of a series of deeply subordinated notes with a combined value of €900 million. The bank also called in the team to act on its €25 billion EMTN programme including the issuance of floating and fixed rate notes. EDP also called in the firm to act on a substantial debt issuance programme. Led by Luisa Soares da Silva the team acted on various aspects of a €12.5 billion programme, including floating and fixed rate issues and a US offering under the 144A/Reg S rule. Soares da Silva was also active for another energy company Redes Energéticas Nacionais (REN) on its ¥1 billion (€8.8 billion) issue of 2.71% notes as part of the company's €5 billion EMTN programme. On the structured finance side the firm received further work from BCP advising on its €10 billion covered bonds programme including issuance and an update in March 2010. Similar work came from Morgan Stanley who called on the team to advise over Banco Santander Totta's €5 billion covered bonds programme. In equity, although IPO's have generally been low on the ground in Portugal recently the team did act for Douro Azul on the preparation work for its offering on the Euronext Lisbon. Led by partner Carlos Osório de Castro, the deal is expected to be the first tourism IPO on the Euronext in Lisbon. Osório de Castro was also involved as the firm advised Papeles y Cartones De Europa on its delisting from the Euronext Lisbon. In the securitisation area the team acted for EDP subsidiary EDP - Serviço Universal (EDP SU). The deal saw EDP SU sell the rights to the capital produced by the positive adjustment to the electricity tariff estimated to be worth €447 million, to Tagus - Sociedade de Titularização de Créditos (Tagus). On the banking side, Morais Leitão's reputation is also well established. "Morais is counsel to BCP, the biggest bank in Portugal they also have a few international banks, certainly they deserve the tier one ranking," says one rival. When it comes to finance matters at the firm, peers and clients alike specifically highlight Luis Branco: "He's very knowledgeable, quite straightforward and he listens to the concerns that you have and doesn't rush to the banks immediately, he tries to find a way out for everyone involved," says one client. Branco led the team last year when the firm advised MSF in connection with a €55 million facility agreement for the acquisition of stakes in various infrastructure companies. Branco was also called in by Caixa Geral de Depósitos in its acquisition of credits, valued at €23 million, owed to several companies of the Portugal Telecom Group. One of the firm's largest transactions last year involved Filipe Lowndes Marques acting for the lenders, including Banco Espírito Santo and Banco Comercial Português on a €155 million corporate credit facility and security agreement for Sport TV Portugal.

"They are very close to certain companies who are active in this market so in that context it's common to see them in this area" is one peer's view of the project finance team at Morais Leitão Galvão Teles Soares da Silva & Associados. With the renewable sector still thriving, it is perhaps unsurprising to find that one of Morais Leitão's largest projects last year saw them work on the financing for the construction of 23 wind farms with a combined capacity of 480MW. The team advised the European Investment Bank (EIB), who is partly financing the deal, with facilities valued at €498 million. Another substantial energy deal saw a team led by Luis Branco and Filipe Lowndes Marques advising a consortium of banks over the refinancing of 30 existing wind farms and the construction of four new ones. The total value of the facilities was over €1 billion. Photovoltaic is one of the biggest areas of renewable energy activity and last year the team had a hand in a €37 million financing of a plant in Ferreira do Alentejo, again advising a consortium of banks as the lenders. Outside of energy, the firm also acted for the banks on a €82 million PPP (public-private partnership) for the construction of a new hospital building in the Lourdes area.

"Excellent" partner Luís Branco is undoubtedly the team's star attraction, with clients lauding his "in-depth knowledge and business acumen."

Partner Filipe Lowndes Marques is also highly praised, receiving particular mention for his exceptional English skills and renewable energy knowledge.

Tomás Vaz Pinto typifies the practice with his all-round M&A and corporate finance expertise. "Besides strong legal skills, he's very easy to deal with, always available and constantly involved supervising his team and revising its work," enthuse clients.

Filipe Lowndes Marques is another well-regarded member of the team and he recently advised the European Investment Bank on the financing of the construction and development of a portfolio of 23 wind farms by ENEOP.

Luís Branco heads the firm's banking and finance team. Sources appreciate his innovative ideas and execution and champion him as "the best lawyer for project finance in Portugal." He recently advised Eurohypo AG regarding credit facility agreements for three commercial properties.

Filipe Lowndes Marques is strong in both project finance and capital markets. He has close links to the UK as an Oxford graduate and director of the British Portuguese Chamber of Commerce.