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.

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’.

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.

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.

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.