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Chambers Europe

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."

Chambers Global

Band 1

Capital Markets

2012

Legal 500

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.

IFLR 1000

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.

Advogados

Chambers Europe

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.

Chambers Global

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.

IFLR 1000

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