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 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.

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.

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.”

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.”

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.