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Chambers Europe

Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of one peer who recently acted opposite the team: “Its performance was faultless and the lawyers showed great professionalism all the way through - they perfectly understand the market and know how to react in each situation.” Clients share this view and add that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: Lawyers assisted EDP - Energias de Portugal on the USD2 billion issuance of medium term notes listed on the LSE. The team advised Inapa on a EUR122 million rights issue on several operations in European countries within the paper and paper pulp markets. Other notable clients include Millennium BCP; REN; Mota-Engil and Banco Santander.
A competitor describes the merger between MLGTS and CPPX as “the perfect match; Osório de Castro brought his outstanding capital markets expertise to a firm more specialised in banking and finance, but with superior resources and structure.” Commentators are in no doubt that the combined force is a top-tier player, with several singling it out as “the best firm in Portugal for capital markets.” The team handles the gamut of work in the area, with representation of the bidders in the PT and BPI takeovers taking up considerable time of late. Ongoing advice to key clients such as EDP, and a series of securitisations also kept the firm busy. Clients/Work Highlights: The team advised Investifino on the acquisition of the total share capital of Grupo Soares da Costa, one of Portugal’s largest construction companies. Other highlights include assisting 093X - Telecomunicações Celulares with the EUR350 million roll-up into Sonaecom, involving a share capital increase in Sonaecom to be subscribed in kind by 093X with a 25.72% shareholding in Optimus. In the securitisations field, the firm advised Millennium bcp as originator on the sale and securitisation of a EUR1.5 billion portfolio of mortgage-backed receivables. It also assisted the European Investment Fund as guarantor in the sale and securitisation of a EUR500 million portfolio of SME loan receivables by BES, and Société Générale in the LG Electronics trans-European securitisation programme of trade receivables.
This firm has long been active in capital markets and “has gained critical know-how by assisting key clients such as BCP and EDP,” both of which the team advises on transactional and day-to-day capital markets matters. Recent highlights include representing EDP - Energias de Portugal in the IPO for its renewable energy assets (EDP Renováveis) in Portugal and abroad, and advising BCP on its EUR1.3 billion offering of new ordinary shares with preferential rights to shareholders; other key clients include REN, Martifer and Morgan Stanley. The group is particularly robust on the equity side, and is also said to be gaining momentum on the debt side.
This firm maintains a high profile in the energy sector, in part due to its relationships with prominent clients EDP - Energias de Portugal and REN. Recently, the team advised EDP on an IPO of approximately 25% of EDP’s share capital. The team is also informed from an international perspective: it advised EDP on the negotiation of a strategic partnership with Sonatrach, an Algerian gas supply company. Sources note that this team is “co-operative and productive – the lawyers are excellent at finding solutions to problems.” The team’s “deep knowledge of its clients’ businesses” also wins praise.
The biggest office in Porto in terms of lawyer numbers, this full-service outfit has strong tax and corporate departments and provides first-class advice on employment, TMT, capital markets, dispute resolution and competition. Its clientele speaks for itself, with Sonae, Mota-Engil and Banco Comercial Português all part of the portfolio.
“An extremely strong player in TMT,” this firm acts for numerous major clients, including Sonaecom, Impresa and Media Capital. With wide-ranging expertise and excellent resources, it is able to handle the most challenging work in the telecoms, media and IT sectors. Clients also appreciate the full and integrated service on offer here.
This firm is widely considered one of the best in the capital markets arena. The team comprises 11 partners, three senior associates and 34 associates. The group's size enables it to take part in most prominent Portuguese transactions, always maintaining an excellent service. In spite of a slow equity market, the team's recent highlights include advising Banco Comercial Português (Millennium bcp) on its EUR1.3 billion offering of new ordinary shares with preferential rights to shareholders of the bank. Sources Say: “Sensational – experience and service are way above average. It's a very reliable firm, whose lawyers are always available.” “It has the resources and the experience to find simple solutions to complicated matters.”
Much of the momentum behind the strong TMT practice at this Portuguese giant comes from having major telecoms player Sonaecom as one of its principal clients. It also gives ongoing support to Portuguese media group Impresa, which counts television channel SIC amongst its interests. The team is able to provide full-service counsel, being comprised of lawyers from various different legal areas.
This Portuguese heavyweight is undoubtedly one of the top-choice destinations for capital markets advice. The 12-strong group is active on debt and equity capital markets mandates, and also advises on securitisation. The bulk of the team's clientele is made up of major Portuguese banks and listed companies. Lawyers recently assisted EDP - Energias de Portugal with the issue of EUR1 billion 3.25% notes, and represented Redes Energéticas Nacionais in the start-up of its MTB programme. Sources say: "Has in-depth knowledge of IPOs and finds creative and innovative solutions."
This large Portuguese firm remains a number-one choice for energy work. The strong group comprises eight fee earners working from within the corporate department, combining commercial expertise and regulatory advice. In addition, the firm has an autonomous environmental team housed within the public law practice. The firm strikes a good balance between national and international clients, with major energy companies at the core of its clientele. In a recent highlight, the team advised EDP - Energias de Portugal and Hidroeléctrica del Cantábrico on the acquisition of Ente Vasco de Energia's 29.3% share in Naturgas. The practice handles a large number of international cases and cross-border transactions and is key to the global expansion of its clients. Sources say: "It is a hard-working, knowledgeable team with excellent links to different law firms around the globe. It can comfortably handle multi-jurisdictional transactions."
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."
This colossus of the Portuguese legal scene remains a choice for capital markets work. Its 16-strong multidisciplinary team advises on debt and capital issues, hybrid instruments, IPOs and takeovers, and recently represented EDP in its EUR250 million public offering. Other highlights include assisting Banco Comercial Português with the repurchase of EUR918.6 million of bonds issued under its EUR10 billion covered bonds programme. Major clients include Redes Energéticas Nacionais, Morgan Stanley, UBS, and Barclays Capital.
What the team is known for: A market leader assisting government-owned and private companies with floating-rate and hybrid instrument issuances, securitisations and Euro commercial paper programmes. Through MLGTS Legal Circle, the firm offers first-class advice across lusophone Africa. Strengths (Quotes mainly from clients): "Great availability, including from partners. The junior team is very good and its work is supervised, ensuring high-quality results." Work highlights: Advised Millennium bcp on a EUR3 billion government-subscribed hybrid instrument issue. Assisted Parpública with the EUR360 million accelerated bookbuilding of a 4.14% stake in EDP - Energias de Portugal.
Well-established firm which frequently advises state-owned institutions and banks. Offers experience across the full scope of capital markets with a focus on debt, public offerings and hybrids and other securities. Regularly advises on mandates with a cross-border element in Angola, Mozambique and other lusophone African countries. "By far the best lawyers in Portugal for capital markets. They present the most innovative solutions and have the best capacity to adapt to new and challenging operations."
Full service firm with an outstanding reputation in the capital markets sphere. Highly experienced transactional practice that covers capital, debt and hybrid matters as well as handling the full scope of regulatory issues. "The team has a lot of experience in complex capital markets operations, shows a lot of knowledge in the matters it deals with for us and explains legal issues very clearly." "High-quality work combining rigorous legal knowledge, understanding of the clients' needs and availability."
Full service firm with an outstanding reputation in the capital markets sphere, particularly noted for its leading debt capital markets practice. Highly experienced transactional practice with additional coverage of capital and hybrid matters as well as handling the full scope of regulatory issues. Noted for its capabilities in domestic and international matters. The team is praised by sources for its responsiveness and commitment to clients: "My team of choice; they are knowledgeable, supportive and understand urgency. They provide useful legal insight." One client considers them: "One of the best. They have a lot of experience in capital markets and give good advice."
What the team is known for : Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced transactional practice with additional coverage of hybrid matters as well as handling the full scope of regulatory issues. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions.  Strengths : Clients are impressed by the high quality of the service provided, reporting: "It is a focused team which is capable of advising clients on the best solutions." Further sources note team members' "high technical quality" at all levels of seniority.

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and hybrid mandates in addition to structured finance. Particularly active within the energy arena. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions. Sources confirm the team's respected position in the market. One interviewee expands on the department's "capabilities and experience in executing capital markets transactions, in both equity and debt" as well as its "knowledge of different legal frameworks of different jurisdictions."

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and equity mandates in addition to structured finance. Additionally handles securitisation mandates. Particularly active within the energy arena. Adept at handling both domestic and international matters, the team advises a prominent list of major Portuguese public companies, banks and multinational financial institutions.

Full-service firm with an outstanding reputation in the capital markets sphere. Highly experienced in debt and equity mandates in addition to structured finance. Additionally handles bookbuilding offer mandates. Particularly active within the energy arena. Strong network of international and domestic clients, with experience advising on cross-border matters.  "They are well-prepared lawyers that know all the regulatory and legal frameworks related to this area," underlines a client who adds: "They are well aware of any developments in the market."

Chambers Global

Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
Peers unanimously identify this group as one of the leading forces in the Portuguese securities market, covering the whole spectrum of capital markets matters, including securitisation. In the words of a rival who recently acted opposite the team: “Its performance was faultless and lawyers showed great professionalism all the way through - they understand the market perfectly and know just how to react in each situation.” Clients agree, adding that the group possesses “astonishing levels of resources and know-how.” These were recently put to use when advising on takeover bids for PT and BPI. Clients/Work Highlights: The group advised Portucel on the Secondary Public Offering of the 25.7% stake held in the company by Parpública SGPS. Sonaecom instructed the group to advise on the preparation and submission of a takeover bid for the acquisition of the share capital of PT - Multimédia. The group represented Millennium bcp in the EUR28.4 million acquisition of 100% of the share capital of bcpBank Canada by BMO Financial Group. Other notable clients of the group include EDP; REN; Mota-Engil; Banco Santander and Inapa.
This firm has long been active in capital markets and “has gained critical know-how by assisting key clients such as BCP and EDP,” both of which the team advises on transactional and day-to-day capital markets matters. Recent highlights include representing EDP - Energias de Portugal on the IPO for its renewable energy assets (EDP Renováveis) in Portugal and abroad, and advising BCP on its EUR1.3 billion offering of new ordinary shares with preferential right to shareholders; other key clients include REN, Martifer and Morgan Stanley. The group is particularly robust on the equity side, and is also said to be gaining momentum on the debt side. It houses some of the country’s top capital markets lawyers, namely Carlos Osório de Castro and João Soares da Silva.
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Capital Markets

2011
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Corporate / M&A

2011
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2012
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2013
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2014
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Corporate / M&A

2014
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2015
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2017
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2018
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2019
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2020
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2021

Legal 500

Morais Leitão, Galvão Teles, Soares da Silva & Associados’ expertise in equity capital markets is simply outstanding. Fielding two of the finest capital markets partners in Portugal, João Soares da Silva and Carlos Osório de Castro, its track record is unmatched. The firm was involved in several of Portugal’s highest-profile transactions last year, including Sonaecom’s failed attempt to take over PT. Millenium BCP also instructed the firm on its unsuccessful €4.3bn bid for Banco BPI, and on its negotiation and launch of a $1.5bn extendible floating rate notes issued by BCP Finance Bank.
Tier 1

Capital Markets

2007
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a universally acknowledge as being at the top of the capital markets tree. Boasting some of the most highly experienced partners is the field such as name partner João Soares da Silva and Nuno Galvão Teles, the firm was most notably involved in advising Millennium BCP in the €1.5 m securitisation of a mortgage backed credit portfolio. Following the firm’s merger with Osório de Castro, Verde Pinho, Vieira Peres, Lobo Xavier e Associados, the arrival of expert partners Carlos Osório de Castro is one of the most notable ones to Morais Leitão, Galvão Teles, Soares da Silva & Associados’ capital markets team.
Following its recent merger, Morais Leitão, Galvão Teles, Soares Da Silva & Associados now houses one of the strongest teams in the market, thanks to the leading reputation of name partner Joao Soares da Silva. Nuno Galvao Teles is also an expert in the field.
Hailed as ‘one of the most brilliant capital markets teams in Portugal’, Morais Leitão, Galvão Teles, Soares da Silva & Associados possesses tremendous expertise in this area. Opposite Linklaters LLP, the firm advised EDP on the restructuring of its renewable assets under EDP Renováveis in preparation for an IPO that proved to be one of Europe’s largest, and subsequent listing on Euronext Lisbon. On the debt capital markets side, the team advised Banco Comercial Português (as issuer), Deutsche Bank (as arranger for Banco Espírito Santo) and Morgan Stanley (as arranger for Banco Santander Totta) on the establishment of three of four Portuguese covered bond programmes. This 10-partner department is fielded by João Soares da Silva who, along with Carlos Osório de Castro, is praised as a ‘ pre-eminent capital markets practitioner’, with the team displaying ‘ more knowledge and more commitment to clients’ than others.
‘Absolutely gold standard’, Morais Leitão, Galvão Teles, Soares da Silva & Associados is best known for its work for longstanding client EDP, which it represents across a range of transactions. Name partner Nuno Galvão Teles has ‘an incomparable understanding of the energy sector’, and recently led a team which advised EDP on the €330m acquisition of gas assets from Gas Natural. Along with the ‘resourceful and talented’ Rui de Oliveira Neves, the nine-strong team has acted on a swathe of finance, M&A and public law mandates. On environment matters, a group of 12 lawyers, including the ‘reliable’ and ‘pragmatic’ João Pereira Reis, advise clients on a spread of licensing work and administrative offences.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ cross-practice TMT group advises several leading industry clients, including Impresa and Sonaecom. The team of ‘creative, forward-thinking lawyers’ is headed by António Lobo Xavier, and offers wide-ranging regulatory, transactional and commercial expertise. Tomás Vaz Pinto worked with Impresa on a content supply partnership with PT Group, including the creation of a new TV channel. The group is known for its ‘deep resources and diversity of talent’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has, largely thanks to the close relationship its team has with an array of domestic issuers and arrangers, been among the most active practices in this difficult market. ‘By comparison with the competitors, the lawyers here are miles ahead’, and name partners João Soares da Silva and Nuno Galvão Teles are ‘without question two of the most experienced and knowledgeable lawyers available’. On the debt side, the group has handled a range of work for Energias de Portugal, including advising on its €1bn notes issuance. Luísa Soares da Silva, Carlos Osório de Castro and Rui de Oliveira Neves are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ capital markets practice is very highly rated by clients, with the ‘very bright’ Oporto-based Carlos Osório de Castro consistently praised as ‘a leading lawyer’ in the field. This ‘excellent’ team also includes João Soares da Silva and Nuno Galvão Teles. The practice is well known for its work for Banco Comercial Português, recently assisting the bank with its €15bn commercial paper programme and on various floating-rate bond issuances. The practice has an exceptionally strong reputation for both issuer and borrower representations. On the equity side, it is advising Douro Azul on plans for an IPO on Euronext Lisbon. Luísa Soares da Silva and Rui de Oliveira Neves are also recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is widely regarded as the ‘best law firm in Portugal’, and it has a ‘fantastic’ corporate practice. The group advised Cinveste on the €155m sale of its stake in Cimpor to Votorantim and, similarly, Teixeira Duarte on selling its Cimpor stake to Camargo Corrêa for €970m. The group provides ‘very good quality service and advice’ and is extremely active, acting for many companies and banks. Nuno Galvão Teles advised EDP on its €330m acquisition of gas distribution and supply assets from Gas Natural, while Tomás Vaz Pinto has been assisting Pfizer on absorbing the Portuguese subsidiaries of Wyeth. Practice head João Soares da Silva is recommended, along with Carlos Osório de Castro, Oporto-based Bernardo Lobo Xavier, Luísa Soares da Silva, Segismundo Pinto Basto and Rui de Oliveira Neves.
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.
Another leading player in the project finance sphere, Morais Leitão, Galvão Teles, Soares da Silva & Associados has renowned experience, particularly in renewable energy. Luís Branco advised EBRD on financing a Romanian wind farm, and represented Águas de Cascais in financing a wastewater treatment concession. Filipe Lowndes Marques advised BCP on the financing of a wind farm in Vila Real, and advised a syndicate of 11 banks on upgrading Iberwind’s Lagoa Funda wind farm. Senior associate Pedro Gorjão Henriques is also recommended.
‘One of the pre-eminent firms in Portugal’, Morais Leitão, Galvão Teles, Soares da Silva & Associados provides ‘prompt and focused advice’, and is particularly praised for its ‘extremely deep knowledge of the energy sector, its regulation and applicable laws’. João Soares da Silva ‘excels in M&A’ and has ‘an elegant manner’, and Nuno Galvão Teles has ‘superior analytical skills and client orientation’. ‘Excellent lawyer’ Tomás Vaz Pinto advised Tardes Solarengas as part of GlobalWatt, a joint venture between ES Capital and Salvador Caetano, on its €4.2m acquisition of PV Loiral. Oporto-based Carlos Osório de Castro, who is ‘brilliant’ and has ‘notable expertise in negotiations’, advised Sonae on a partnership agreement with Condis to launch a chain of Continente hypermarkets in Angola. Rui de Oliveira Neves has ‘in-depth energy knowledge’, and this ‘pragmatic’ and ‘top-of-class’ team also includes Luísa Soares da Silva, Segismundo Pinto Basto, and João Alfredo Afonso.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘very good, creative and reliable’ team produces ‘first-class work’ in equity and debt transactions. It is counsel to BCP, which it advised on a €1.75bn state-guaranteed floating rate notes issue in 2011. It advised EDP on updating its €12.5bn debt issuance programme, as well as on a €300m credit facility agreement. In the equity arena, the team is representing the banks in Efacec Capital’s planned IPO, and advising BCP on share capital increases. Oporto-based Carlos Osório de Castro and Lisbon-based João Soares da Silva are ‘among the best lawyers in Portugal’. Luísa Soares da Silva is ‘excellent’, Nuno Galvão Teles ‘understands clients’ needs very well’, and Rui de Oliveira Neves is also recommended.
Best in class’, Morais Leitão, Galvão Teles, Soares da Silva & Associados’ ‘excellent’ securities team includes João Soares da Silva in Lisbon and Oporto-based Carlos Osório de Castro, who are both praised for their ‘all-round effectiveness and highly relevant knowledge’. A ‘clear problem-solver’, Castro has ‘vast experience’. Rui de Oliveira Neves provides ‘innovative solutions’, and recently advised INAPA on a share capital increase through an issue of preferential shares. Luísa Soares da Silva advised EDP on a €1bn facility agreement with China Development Bank Corporation and on a €250m offering of debt instruments; and also advised three Portuguese banks as joint lead managers on Brisa – Concessão Rodovíaria’s €150m notes issuance under its EMTN programme. Nuno Galvão Teles is ‘very technical and well informed’, and senior associate Ricardo Andrade Amaro is ‘focused on clients’ needs’. The team is also noted for its ‘extremely fast response times’ and its ‘knowledge of different legal jurisdictions in Europe’.
Morais Leitão, Galvão Teles, Soares da Silva & Associados is a leading player in both equity and debt capital markets. João Soares da Silva, Carlos Osório de Castro and Luísa Soares da Silva advised Millennium bcp on its recapitalisation programme, and Nuno Galvão Teles advised the Portuguese Republic and Parpública on the accelerated bookbuilding process relating to EDP’s share issuance. The firm has also been advising in relation to REN’s second reprivatisation phase.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has traditionally had a strong focus on debt matters, but has bolstered its equity practice through its involvement in privatisations. Luísa Soares da Silva advised Caixa – Banco de Investimento and Bank of America Merrill Lynch, as the joint global co-ordinators, on the second phase of the reprivatisation of Redes Energéticas Nacionais (REN). Carlos Osório de Castro and Luísa Soares da Silva are recommended.
Morais Leitão, Galvão Teles, Soares da Silva & Associados has an excellent track record in capital markets work. On the debt side, the team acts for Barclays, Energias de Portugal (EDP) and Morgan Stanley. Practice head João Soares da Silva, Luísa Soares da Silva and Carlos Osório de Castro are key names to note. Ricardo Andrade Amaro and Eduardo Paulino were made up to partners in 2015.
Morais Leitão, Galvão Teles, Soares da Silva & Associados’ team has "strong technical and negotiation skills". Practice head João Soares da Silva led advice to Banco Comercial Português on its capital increase by means of an exchange public offer for the acquisition of several hybrid and subordinated debt securities against the issuance of its shares. Carlos Osório de Castro and Eduardo Paulino are also recommended.
Portuguese powerhouse Morais Leitão, Galvão Teles, Soares da Silva & Associados advised Millennium BCP on a €175m investment by Fosun in a qualified shareholding in the bank’s share capital. Other highlights include assisting Energias de Portugal (EDP) with the public tender offer for shares of EDP Renováveis. Practice head João Soares da Silva, Carlos Osório de Castro and Eduardo Paulino are recommended. Luísa Soares da Silva left to become a member of Novo Banco’s board of directors.

Morais Leitão, Galvão Teles, Soares da Silva & Associado 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’.

IFLR 1000

At the beginning of 2007, Morais Leitão Galvão Teles Soares da Silva & Associados established a strategic partnership agreement with Brazilian firm Mattos Filho Veiga Filho Marrey JR e Quiroga. Commentators believe the agreement will enhance firm’s representation in the Portuguese-speaking country, especially in the capital markets and M&A sectors. The firm is regarded as the one to beat by market rivals, who also praise the firm’s capital markets team for its efficiency and quality of work. “They are at the top of the market” says one rival. It is a very good firm with good loyal clients such as CVP, which generates them a lot of work.” In November 2007, the firm advised EDP Energias de Portugal in its €2 billion issued of fixed-rate 144A note issues under its MTN programme. The firm also advised Millennium BCP on its €25 billion MTN programme. Morais Leitão also acted as counsel on the establishment covered-bond programmes totalling €10 billion, and advised on several issues regarding the programmes’ implementation. In the securitisation market, the firm advised Banco Millennium Investimento in a € 700 million securitisation of a portfolio of consumer loans originated by Millennium BCP. In 2008’s only IPO so far, the firm advised Energias de Portugal in the restructuring of its renewable-energy assets in preparation for the € 1.8 billion listing EDP Renováveis, for which it was retained as lead counsel. In addition, the firm advised Millennium BCP on a € 1.3 billion share offering of preferential rights to the bank’s shareholders. Luís Branco and Filipe Lowndes Marques are particularly popular among clients. “Both Branco and Lowndes are amazing Lawyers – everything seems to go smoothly while I am working with them.”
Morais Leitão has a strong equity capital markets practice which has proved its pre-eminence over the last year. It has done a variety of significant deals with high-profile clients, which have afforded it a place in tier one of the capital markets rankings. One international bank commented that Morais Leitao has been its firm of choice in Portugal for a long time: "We have always been very satisfied with the work." The client added: "João Soares da Silva, Nuno Galvão Teles and Carlos Osório de Castro make an outstanding team with a long tradition in banking and capital market transactions." In January 2007, a team led by partners João Soares da Silva and Luísa Soares da Silva assisted Investifino Investimentos e Participações in a €131 million transaction. This advice related to the process of an acquisition of shares corresponding to 26.46% of the total share capital of Grupo Soares da Costa (one of Portugal's largest construction companies), and the subsequent submission of a public tender offer for the acquisition of all ordinary shares and preference shares of the group. The deal was highly innovative, as it was the first use in Portugal of a mechanism allowing for the suspension of the duty to launch an offer immediately after the mandatory bid thresholds were crossed. In one of the biggest deals in Portugal last year, worth approximately €1.2 billion, Morais Leitão advised Sonaecom in the structuring and submission of a bid for the acquisition of the shares representing the share capital of Portugal Telecom (PT) Multimédia, by means of a public takeover. The tender offer was announced in February 2006, and approved by the competition authority in December of the same year. But on March 2, PT's shareholders rejected the removal of the limitation voting rights contained in the company's bylaws, the approval of which was also a condition of the takeover offer. This transaction, along with the unsuccessful takeover offer by Sonaecom of Portugal Telecom (worth €13 billion, and by far the biggest deal in Portugal) caused a considerable impact on the Portuguese media and information technology market. The firm also advised Millennium BCP in May 2007 on a €5.3 billion transaction. The team, which also comprised finance and competition expertise, assisted in the structuring and submission of a public bid to acquire of the shares of Banco BPI, the third-largest bank in Portugal. In June 2006 Banco de Portugal announced its non-opposition to the takeover and the insurance regulator, Instituto de Seguros de Portugal, followed suit shortly after. Following a lengthy process, the Portuguese competition authority finally decided in favour of the deal, but imposed several conditions that were in the end not met. The firm also worked on rights issues and the negotiation of an underwriting agreement with leading international banks.
Morais Leitão Galvão Teles Soares da Silva & Associados is strongest in equity, however the firm has accumulated enough of Portugal's most experienced and skilled capital markets practitioners to make it a superb all-rounder, say rivals. "They have been our lawyers in terms of Portuguese law for quite a few years and we believe that they have been providing us with good advice, both in terms of the technical aspects and also their capacity to overcome the problems that always seem to come up when you are working for a company that tries to be at the forefront of the market," says one international corporate. The firm's securitisation and structured finance work is overseen by Luís Branco, while João Soares da Silva is responsible for the equity and debt capital markets teams. Soares da Silva is particularly well regarded by clients, who praise the partner for his efficiency and experience - particularly on debt transactions. But Luísa Soares da Silva has been the most active partner on the debt side this year. She has been advising Banco Comercial Português, one of the firm's longstanding clients, throughout 2008 and 2009 on its €25 billion Euro note programme, which included a €1.25 billion issuance of floating rate notes and a €1 billion issue of fixed rate notes in May 2008 and April 2009 respectively.
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.
Morais Leitão's capital markets practice is traditionally very strong and is unrivalled in terms of Portuguese domestics. This status is backed by a number of clients and peers. "Morais Leitão has a very strong capital markets practice," says one peer. "If I am to distinguish someone that would be higher than others, then I would say that should be Morais Leitão. " While a client says: "I've worked with Morais Leitão, they're good in their own way." However some mention that the departure of Maria Antonia Cardoso de Menezes in 2009 has affected the firm to some extent. On the equity side, Carlos Osório de Castro, António Lobo Xavier, and Jorge Simões Cortez advised Vallis Capital Partners on the set up of private equity fund Vallis Sustainable Investments I. Another mandate saw Nuno Galvão Teles and Rui de Oliveira Neves advising a syndicate of banks, including Caixa BI and Morgan Stanley, on the preparation of Efacec Capital's IPO listing. "De Castro is a notable lawyer in capital markets, he's the best capital markets lawyer in Portugal," says one peer. "He's very good and very aggressive; you will find him on all these capital markets transactions." In the debt capital markets, one of the firm's key clients,EDP Energias de Portugal , called in a team led by partner Luísa Soares da Silva to advise on its issue of €750 million 5.875% notes, which is part of a €12.5 billion programme for the issuance of debt instruments. Again Da Silva was involved when BCP called in the team to work on the update of its €15 billion commercial paper programme on the Luxembourg Stock Exchange. Elsewhere the firm also advised BCP on a €1 billion issue floating rate covered bonds under a €10 billion covered bonds programme. On the securitisation market, Filipe Lowndes Marques again advised BCP on a €2.7 billion securitisation portfolio of receivables, arising mainly from small-and-medium-sized enterprise loans, which aims to assist banking activities of the originator. It was the first securitisation transaction involving only overdraft facilities in the Portuguese market. Morais Leitão also has an extremely good banking reputation and the firm has caught clients' eyes due to its established banking practice. "We work with Morais Leitão mostly on corporate governance and basically this firm is the principle firm of the banks, with whom the banks are working with on corporate governance," says one lawyer. "We've worked with several lawyers from the firm, João Soares da Silva is possibly the best lawyer there and we're quite happy with their firm." In banking, a team led by Luís Branco and Pedro Gorjão Henriques advised a syndicate of banks, including BCP, Banco Santander Totta, and Barclays alike, in relation to the corporate reorganisation of the Brisa Group. The transaction involved the transfer of the existing debt to the new concessionaire and the establishment of an MTN Programme for Brisa – Concessão Rodoviária. In terms of banking work, Branco is seen by peers as the firm's key figure. "Luís Branco is a leading lawyer in banking and project finance," says one rival. Another notable banking deal saw Branco involved again advising Caixa Geral de Depósitos and Caixa – Banco de Investimentos in regard to a €56 million investment in the infrastructure and equipment of Miff toll collection systems.
One of the few firms to take a top ranking across all three practice areas, Morais Leitão is simply put one of the premier financing firms in Portugal. With Luís Branco at the helm of the banking and project finance teams and João Soares da Silva guiding the capital markets team, the firm has two premier operators. Elsewhere in the financing department, Filipe Lowndes Marques is another active and highly regarded name spanning both bank and projects work. "Morais Leitão is by far the best firm. They have continued to approach us. They spend a lot of time with us, they make sure we are good," says one client. While the practice is fairly broad, the team is most often active on the bank side. Deals: On the bank side Luis Branco and Filipe Lowndes Marques acted for Banco Comercial Portugues, Banco Espírito Santo and Caixa Geral de Depósitos on the €3 billion financing of the public offer for Brisa Auto-Estrada de Portugal by Tagus Holdings. Branco also assisted China Development Bank on a $70 million loan granted to Angolan company Unitel for the payment of equipment. In the capital markets space, the firm has been involved in various matters related to bank recapitilisations, advising the likes of Banco Comercial Portugues. Luísa Soares da Silva also advised the bank on updates to its €25 billion EMTN programme and its €12.5 billion covered bonds programme. Soares da Silva also advised Deutsche Bank as the dealers on a similar deal for Banco Espírito Santo. The team has also advised EDP on various debt issuances. On the equity side Nuno Galvão Teles has advised the banks on the preparation of IPOs for the likes of Efacec Capital and TIM.
Morais Leitão's top tier ranking in Portuguese M&A is well earned. While the market's have not been 'on fire' the firm has still picked up notable mandates. Clients commend the team's general and international offering: "We have both International M&A work and privatisation, then we also have internal domestic transactions. They get on very well with other firms. They don't have an office in all the countries but they have offices in Angola, Mozambique, and [their] best friends. It works really well for us," says one client. Peers also praise the firm for its size and its good client base, making it therefore able to handle two of the largest privatisations from the Portuguese government. "Surely tier one," says a partner. "They are one of the three largest M&A firms in Portugal," agrees another. The team is also praised for its energy sector knowledge, Nuno Galvão Teles in particular: "Without doubt he is the number one lawyer in Portugal in the energy field. He has an excellent knowledge, the best lawyer," says one. "Excellent team, we tend to work a lot with Morais Leitão in the energy sector." Deals: One of the firm's largest deals last year saw Nuno Galvão Teles act for EDP on its $3.4 billion re-privatisation which saw the Portuguese state sell its holding in the energy company back to EDP. The team also advised the state on REN's re-privatisation. In the banking sector Teles acted for Crossborder Investment on its bid for Banco Efisa. The team also advised the Portuguese state on the acquisition of Banco Bic Português by Banco Português de Negócios valued at €40 million. Teles also acted on the $900 million sale by Overview Sárl of ESCOM – a construction and mining holding company – to Newbrook. Other work included João Soares da Silva and Liliana Malheiro Tomás' advice to Sonangol Holdings of its acquisition of two Portuguese companies and the Angolan Atlântida – Viagens e Turismo for a combined total of €38.5 million.
João Soares da Silva and Luísa Soares da Silva lead on the majority of equity and debt capital markets transactions, respectively, with key partners including Carlos Osório de Castro and Rui de Oliveira Neves, who are both highly praised by clients in finance and corporate mandates. "Neves is very pragmatic," says one, "he works hard and always tries to find solutions". Castro for his part is highly rated for his service and legal expertise. "We see Osório de Castro and his team as a [true] partner. He is not only able to propose the best legal solutions [and] alternatives, but he also understands our business in depth and he is always reachable".
The firm was very active on the debt capital markets side and in some representative deals it advised Banco Santander Totta on the issue of €1 billion 1.5% covered bonds due 2017 within its covered bonds programme, Brisa Concessao Rodoviaria on its €350 million issue of 3.875% fixed rate notes under its EMTN programme and Energías de Portugal (EDP) on its €200 million floating rate instruments due December 2014. One notable mandate saw the firm advise JPMorgan Securities and other dealers in the structuring and implementation of Galp Energia €5 billion EMTN programme.
The debt market in Portugal has come to a halt recently, and as a result the capital market team has been far more active on the equity side. Despite this the firm was active in a couple of transactions, for instance Luísa Soares da Silva advised Energias de Portugal (EDP) with the issue of €1 billion of notes due 2022, under its €12.5 billion programme.
Tier 1

Capital Markets

2017
Tier 1

Capital Markets

2020

Advogados

Chambers Europe

Carlos Osório de Castro receives recognition for his experience in the area. He is instructed by both national and international clients, and sources describe him as a "very bright, knowledgeable lawyer."
João Soares da Silva has a strong reputation in capital markets. His broad practice includes advice on regulatory issues and capital increases. Clients highlight his "high degree of knowledge, availability and initiative."
Ricardo Andrade Amaro is a key member of the team, noted for his activity in the energy sector: "He is very good in the assistance of capital markets work where it meets the energy framework as he has good expertise in the energy market." He has recently assisted with securities issues.
Star individual Carlos Osório de Castro is recognised as "one of the best capital markets lawyers in Portugal," noted for his "experience and knowledge." He assists domestic and international clients, active in the area of capital markets and M&A.
Eduardo Paulino is active in public offerings, project finance and privatisations, in addition to M&A transactions. A client comments: "I really enjoyed working with him; he took the lead, was very strong, hands-on and with a quick turnaround." Another source appreciated that "his dedication and personal treatment of the project was 100%."
Head of the corporate department João Soares da Silva remains a visible practitioner in the capital markets arena. He is particularly noted for his expertise in equity matters.
Head of M&A and capital markets Luísa Soares da Silva offers experience in privatisations, share capital increases, public offerings and takeovers. She is well-regarded in debt transactions and frequently advises financial institutions. She is praised by sources for her "helpful, innovative and reliable" approach. Another source appreciates her "great expertise in capital markets as well as loan markets - both national and international. She is hands-on and gets personally involved."

Carlos Osório de Castro

Star Individuals Capital Markets
2016

João Soares da Silva

Band 1 Capital Markets
2016

Luísa Soares da Silva

Band 2 Capital Markets
2016

Ricardo Andrade Amaro

Up & Coming Capital Markets
2016

Eduardo Paulino

Up & Coming Capital Markets
2016
Carlos Osório de Castro is highly praised for his capital markets practice. Clients say: "He is very knowledgeable of the various structures that can serve the client's needs," and that he "finds solutions in tight deadlines."
Peers highlight partner João Soares da Silva for the quality of his work, describing him as "a great and highly active lawyer."
Market observers regard Luisa Soares da Silva as an exceptionally active member of the team.
Eduardo Paulino is regarded by market commentators as a promising associate and is praised by clients for his "peerless" work.
Peers unanimously agree that Carlos Osório de Castro is a reference in the Portuguese capital markets arena.
Clients point to João Soares da Silva as their first choice for the more complex matters, and peers admire his expertise in equity capital markets and M&A.
Banking and finance and capital markets expert Filipe Lowndes Marques is a favourite for securitisations.
Luisa Soares da Silva earns praise for her prowess in debt capital markets.
Young associate Eduardo Paulino enters the rankings on the back of warm client feedback. "He is very knowledgeable and a highlight in the team," remarks an interviewee.
Clients hail Carlos Osório de Castro as "one of the best lawyers in Portugal." His expertise extends to M&A, joint ventures and capital markets.
Practice head João Soares da Silva leads the team and is acknowledged by peers as an authority in this area.
Filipe Lowndes Marques "is commercial and proactive, and likes to get things done," say clients. In addition to capital markets, he handles project finance and PPP matters.
Luisa Soares da Silva wins peer recognition for the high standard of her work.
Corporate law and capital markets expert Carlos Osório de Castro is unanimously considered a star individual: "He is one of the best lawyers in the country: extremely bright, flexible and results-oriented," say sources.
Filipe Lowndes Marques is the group's securitisation expert, and also handles banking and finance mandates.
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.
Luisa Soares da Silva is another valuable member of the team and the main partner leading transactions undertaken for EDP - Energias de Portugal.
Clients see department head João Soares da Silva as a first-class adviser. He represents Banco Comercial Português on a regular basis.
Standout lawyer Carlos Osório de Castro has a stellar reputation for his specialism in the field and prestigious academic background.
Sources confirm that Filipe Lowndes Marques has a solid presence in the capital markets sphere, as well as being a financing practitioner
Partner Luisa Soares da Silva impresses with her experience and thorough knowledge of the area.
Senior partner Nuno Galvão Teles heads the department and is universally recognised by the market as a true energy expert. Interviewees praise his "extensive network, ample sector understanding and ability to put a strong team together to assist his clients."
Luís Branco is a towering figure in project finance and plays a key role in energy transactions
An undisputed market leader, Carlos Osório de Castro is consistently praised by peers and clients for his deep market and legal knowledge. He is described as a “fantastic lawyer – one of the best in capital markets,” and is also highly regarded in corporate and TMT.
João Soares da Silva is one of the department’s well-known names. Clients recommend him as an expert in this area and highlight his competence and charisma.
Filipe Lowndes Marques is well regarded for his expertise in securitisations. He is also highly rated in banking and finance and projects.
Luisa Soares da Silva is lauded for her efficiency and quick service, and was one of the partners involved in the rights issues of Millennium bcp, together with Osório de Castro and João Soares da Silva.
“One of the best lawyers in Portugal” according to an interviewee, Porto-based Carlos Osório de Castro is primarily a renowned corporate practitioner, but is also noted for his telecoms-related activity.
Public law specialist Nuno Peres Alves “has deep knowledge of telecoms regulation, and has also played an important role in some of the sector’s most crucial legal battles,” researchers were told.
Corporate lawyer Nuno Galvão Teles co-ordinates the practice and is recognised for his considerable expertise in the electricity industry, mostly through advising EDP. He builds strong relationships with his "great dedication to clients, unparalleled technical knowledge, negotiating skills and good honest advice on problem resolution."
“Excellent” project finance practitioner Luís Branco is recognised as a player in the energy sector, where he has mainly acted on the side of banks in energy projects.
Segismundo Pinto Basto and Tomás Vaz Pinto are also well respected market players
João Soares da Silva is a noteworthy individual considered “one of the leaders of the market” by both peers and clients.
The “truly amazing” Carlos Osório de Castro impresses interviewees with his extraordinary corporate expertise
Miguel Galvão Teles is highly recommended for corporate/M&A and dispute resolution matters
Nuno Galvão Teles stands out as a safe pair of hands for corporate and capital market issues
It houses some of the country’s top capital markets lawyers, namely Carlos Osório de Castro and João Soares da Silva. Osório de Castro is highlighted as an excellent lawyer with a wealth of experience in the field.
It houses some of the country’s top capital markets lawyers, namely Carlos Osório de Castro and João Soares da Silva. Soares da Silva is described as “a confident and methodical lawyer who always comes up with creative ideas.”
Filipe Lowndes Marques is also noted as an excellent resource for securitisations work.
Sources speak of Nuno Galvão Teles in glowing terms. “Phenomenally skilled,” he wins particular praise for his expert knowledge of the electricity sector.
Luís Branco is heralded as “an excellent lawyer with great problem-solving capabilities.”
Carlos Osório de Castro received enthusiastic praise from his peers for being “one of the brightest minds in the country.” He also impresses with his “tough but fair approach and genuine efforts to understand his clients’ business.”
Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.
João Soares da Silva’s “precise and effective advice, as well as his professionalism and dedication” are major draws for clients, who also enjoy his ability to deal with “extremely complex corporate and capital market issues.
Hugely respected in the capital markets field, the “superb” Carlos Osório de Castro is “one of the most creative minds in the Portuguese legal market,” observers concur. Clients admire his “well-prepared, quiet and calm approach,” pointing out that “however complex the issue, he always manages to give an imaginative and fully justified answer.”

Filipe Lowndes Marques

Band 2 Capital Markets: Securitisation
2007

Chambers Global

Carlos Osório de Castro stands out for his longstanding experience in the market, with one source stating: "He is a great lawyer and a reference in the market." His expertise covers public offerings and takeover bids.

Eduardo Paulino

Band 4 Capital Markets
2020

Carlos Osório de Castro

Band 1 Capital Markets
2020

Eduardo Paulino

Band 4 Capital Markets
2019

Carlos Osório de Castro

Band 1 Capital Markets
2019

João Soares da Silva

Band 1 Capital Markets
2018

Ricardo Andrade Amaro

Up & Coming Capital Markets
2017

Carlos Osório de Castro

Star Individuals Capital Markets
2017

Eduardo Paulino

Up & Coming Capital Markets
2017

João Soares da Silva

Band 1 Capital Markets
2017

Carlos Osório de Castro

Band 1 Capital Markets
2017
Clients say: "He is very knowledgeable of the various structures that can serve the client's needs," and that he "finds solutions in tight deadlines."
Market observers regard Luísa Soares da Silva as an exceptionally active member of the team.
Peers unanimously agree that Carlos Osório de Castro is a reference in the Portuguese capital markets arena.
Clients point to João Soares da Silva as their first choice for the more complex matters, and peers admire his expertise in equity capital markets and M&A.
Banking and finance and capital markets expert Filipe Lowndes Marques is a favourite for securitisations.
Luisa Soares da Silva earns praise for her prowess in debt capital markets.
Young associate Eduardo Paulino enters the rankings on the back of warm client feedback. "He is very knowledgeable and a highlight in the team," remarks an interviewee.
Clients hail Carlos Osório de Castro as "one of the best lawyers in Portugal." His expertise extends to M&A, joint ventures, and capital markets.
Practice head João Soares da Silva leads the team and is acknowledged by peers as an authority in this area.
Filipe Lowndes Marques "is commercial and proactive, and likes to get things done," say clients. In addition to capital markets, he handles project finance and PPP matters.
Luisa Soares da Silva wins peer recognition for the high standard of her work.
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.
Sources praise Carlos Osório de Castro for his ability to balance his profound legal knowledge with a deep understanding of market realities and his clients' underlying objectives.
João Soares da Silva heads the department and wins praise for his extensive work across the sector, helping to develop the significant standing of the firm in the wider market. He has recently been advising Banco Comercial Português on a range of capital markets activities.
Filipe Lowndes Marques is recognised for his securitisation prowess and as a corporate finance all-rounder, strong in banking, capital markets and project finance.
João Soares da Silva receives praise from clients for being “very efficient in structuring solutions to complex legal matters.” He advised Banco Comercial Português on the sale of its stake in Millennium Bank in Turkey.
Carlos Osório de Castro also stands as a leading figure in the sector thanks to his ability to rapidly "analyse complex legal matters and provide creative solutions.”
Having led on some of the key deals in the market, Miguel Galvão Teles has attained a status as one of the key names in the Portuguese legal environment.
Luisa Soares da Silva is lauded for her efficiency and quick service, and was one of the partners involved in the rights issues of Millennium bcp, together with Osório de Castro and João Soares da Silva.
Filipe Lowndes Marques is well regarded for his expertise in securitisations. He is also highly rated in banking and finance and projects.
João Soares da Silva is another of the department’s well-known names. Clients recommend him as an expert in this area and highlight his competence and charisma.
An undisputed market leader, Carlos Osório de Castro is consistently praised by peers and clients for his deep market and legal knowledge. He is described as a “fantastic lawyer – one of the best in capital markets.” He is also highly regarded in corporate and TMT.
Osório de Castro is highlighted as an excellent lawyer with a wealth of experience in the field.
Soares da Silva is described as “a confident and methodical lawyer who always comes up with creative ideas.”
Filipe Lowndes Marques is also noted as an excellent resource for securitisations work.
Carlos Osório de Castro received enthusiastic praise from peers, with one declaring: “He is one of the brightest minds in the country.”
João Soares da Silva’s “precise and effective advice, coupled with professionalism and dedication” are major draws for clients.
Market sources identify Filipe Lowndes Marques as the “best asset” of the firm’s securitisation practice.

Legal 500

Carlos Osório de Castro

Leading Lawyer Capital Markets
2019

Eduardo Paulino

Next Generation Lawyer Capital Markets
2019

Carlos Osório de Castro

Leading Lawyer Capital Markets
2018

João Soares da Silva

Leading Lawyer Capital Markets
2018

Eduardo Paulino

Next Generation Lawyer Capital Markets
2018

Carlos Osório de Castro

Leading Lawyer Commercial, Corporate and M&A
2018

Carlos Osório de Castro

Leading Lawyer Capital Markets
2017

João Soares da Silva

Leading Lawyer Capital Markets
2017

Eduardo Paulino

Next Generation Lawyer Capital Markets
2017

Carlos Osório de Castro

Leading Lawyer Capital Markets
2016

João Soares da Silva

Leading Lawyer Capital Markets
2016

Luísa Soares da Silva

Leading Lawyer Capital Markets
2015

Carlos Osório de Castro

Leading Lawyer Capital Markets
2015

IFLR 1000

Tomás Vaz Pinto

Highly Regarded Capital Markets; M&A
2020

Ricardo Andrade Amaro

Notable Practitioner Capital markets: debt, Capital markets: Structured finance and securitisation
2020

Margarida Torres Gama

Rising Star Capital markets, Corporate and M&A
2020

Magda Viçoso

Notable Practitioner Capital Markets, M&A
2020

João Alfredo Afonso

Highly Regarded Capital Markets: Equity, Financial restructuring, M&A
2020

Eduardo Paulino

Highly Regarded Capital Markets: Equity, M&A
2020

Diana Ribeiro Duarte

Rising Star Capital Markets, M&A
2020

Carlos Osório de Castro

Highly Regarded Capital Markets: Equity, M&A
2020

João Alfredo Afonso

Highly Regarded Capital Markets: Equity
2018

Carlos Osório de Castro

Highly Regarded Capital Markets: Equity
2018

Eduardo Paulino

Highly Regarded Capital Markets: Equity
2018

João Soares da Silva

Highly Regarded Capital Markets: Equity
2018

João Soares da Silva

Leading Lawyer Capital Markets
2017

Carlos Osório de Castro

Leading Lawyer Mergers and Acquisitions
2017

João Soares da Silva

Leading Lawyer Capital Markets
2016

Carlos Osório de Castro

Leading Lawyer Capital Markets
2016

Luísa Soares da Silva

Leading Lawyer Capital Markets
2016

Carlos Osório de Castro

Leading Lawyer Capital Markets
2015

João Soares da Silva

Leading Lawyer Capital Markets
2015

Carlos Osório de Castro

Leading Lawyer Capital Markets
2014

João Soares da Silva

Leading Lawyer Capital Markets
2014

Luís Branco

Leading Lawyer Project Finance
2012

Luís Branco

Leading Lawyer Banking and Capital Markets
2012

João Soares da Silva

Leading Lawyer Banking and Capital Markets
2012

Carlos Osório de Castro

Leading Lawyer Banking and Capital Markets
2012

Luís Branco

Leading Lawyer Banking and Capital Markets
2011

Carlos Osório de Castro

Leading Lawyer Banking and Capital Markets
2011

João Soares da Silva

Leading Lawyer Banking and Capital Markets
2011

Carlos Osório de Castro

Leading Lawyer Capital Markets
2010

Luís Branco

Leading Lawyer Capital Markets
2010

João Soares da Silva

Leading Lawyer Capital Markets
2010

Luís Branco

Leading Lawyer Capital Markets
2009

Carlos Osório de Castro

Leading Lawyer Capital Markets
2009

João Soares da Silva

Leading Lawyer Capital Markets
2009

João Soares da Silva

Leading Lawyer Capital Markets
2008

Carlos Osório de Castro

Leading Lawyer Capital Markets
2008

Best Lawyers

Filipa Morais Alçada

Capital Markets; Project Finance and Development Practice
2017

João Soares da Silva

Capital Markets; Corporate; Mergers and Aquisitions
2017

Luísa Soares da Silva

Capital Markets; Mergers and Aquisitions
2017

Margarida Torres Gama

Capital Markets
2017

Nuno Galvão Teles

Capital Markets; Corporate; Energy; Mergers and Aquisitions; Natural Resources
2017

Margarida Torres Gama

Capital Markets
2016

Filipa Morais Alçada

Capital Markets
2015

Nuno Galvão Teles

Capital Markets
2015

Margarida Torres Gama

Capital Markets
2015

Filipe Lowndes Marques

Capital Markets
2015

Carlos Osório de Castro

Capital Markets
2015

Eduardo Paulino

Capital Markets
2015

João Soares da Silva

Capital Markets
2015

Luísa Soares da Silva

Capital Markets
2015

Filipa Morais Alçada

Capital Markets
2014

Nuno Galvão Teles

Capital Markets
2014

Carlos Osório de Castro

Capital Markets
2014

João Soares da Silva

Capital Markets
2014

Filipe Lowndes Marques

Capital Markets
2014

Nuno Galvão Teles

Capital Markets
2012

Carlos Osório de Castro

Capital Markets
2012

João Soares da Silva

Capital Markets
2012

Nuno Galvão Teles

Natural Resources
2012

Carlos Osório de Castro

Technology
2012

Carlos Osório de Castro

Telecommunications
2012

Nuno Galvão Teles

Capital Markets
2010

Carlos Osório de Castro

Capital Markets
2010

João Soares da Silva

Capital Markets
2010

Nuno Galvão Teles

Natural Resources
2010
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