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."
Energy & Natural Resources
2011
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."
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.
Banking and Capital Markets
2011
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.