A popular choice to handle both domestic and cross-border mandates, Brigard Urrutia ‘knows capital market issues’, according to satisfied clients. The team’s diverse client roster demonstrates strong links with issuers from across a wide range of industry sectors, while it additionally maintains close relationships with Colombian and global underwriters. Equally adept in both debt and equity offerings, the group has been particularly active in the former sphere of late, in line with current market conditions. Managing partner Carlos Fradique-Méndez, who is qualified in both Colombia and New York, brings to bear extensive international expertise. Fradique-Méndez recently teamed up with fellow practice head Luis Gabriel Morcillo and the banking and finance practice to act as special Colombian counsel to the underwriters (BBVA Securities, Citigroup Global Markets and HSBC Securities USA) on the Republic of Colombia’s landmark international social bond offering. The group also impresses at associate level, with senior Viviana Araújo standing out for her growing expertise in the capital markets and private equity fields. Also noted are senior associate Nicolás Arocha Roldán, whose practice spans capital markets, finance and corporate law; and mid-level associate Diana Useche, who is held up for her ‘practical knowledge of the market’.

Gómez-Pinzón Abogados (GPA)’s full-spectrum capital markets practice forms a key part of its overarching banking, finance and capital markets offering. With the ability to draw on one of the deepest benches in the market, the group stands out for its comprehensive market coverage that spans debt and equity matters for an array of domestic and multinational issuers and underwriters. Ricardo Fandiño heads the department and is highly regarded for his experience in advising international banks on cross-border issuances and derivatives transactions. In one of the marquee matters of 2023, Fandiño acted as Colombian counsel to the underwriters (Citigroup Global Markets, JP Morgan Securities, Santander Investment Securities and Scotia Capital USA) on Ecopetrol’s $2bn notes issuance. The team also benefits from the experience of: Daniel Londoño, who handles a mix of transactional and regulatory capital markets work; Medellín office head Adriana Moreno; and high-profile senior partner José Luis Suárez. An additional deep pool of senior associates includes Daniel Flórez Linero, who provides support on a mix of banking and capital markets deals; Jimena González Alarcón, whose practice spans capital markets, finance and infrastructure; and Catalina Prieto Núñez, who is well versed in capital markets, corporate finance and structured finance-related issues.

During 2023/24, the capital markets team at Baker McKenzie S.A.S. kept busy advising on matters concerning private equity funds, which are notably subject to capital markets regulation in Colombia. Historically, the group is also recognised for its activity on the debt capital markets front, where it benefits from its ability to leverage the wider firm’s extensive international platform to support clients on multi-jurisdictional offerings and regulatory issues. Next-generation partner Ricardo Trejos is a key contact for structured finance, debt capital markets and private equity funds; he recently advised Transportadora de Gas Internacional on a $547.6m derivative transaction. Rounding out the key partners are private equity and M&A head Andrés Crump; and Natalia Ponce de León, who was promoted to partner in January 2024 and specialises in private equity, M&A and corporate law. Corporate and commercial-focused senior associate Juliana Gómez is also noted.

Garrigues strikes the right note with clients for the ‘service attitude embodied by the firm's lawyers’. Impressing with its ability to link up with its network offices across the Americas, Europe, Africa and Asia to resource major multinational mandates, the group handled the Colombian aspects of several major cross-border debt offerings during 2023/24. Most notably, banking, finance and capital markets head Roberto Borrás teamed up with lawyers in Mexico and Spain to advise Spanish gaming company, Cirsa, on a two-tranche issuance of €700m worth of notes under the USA’s Rule 144A/Reg. S. The group additionally draws praise for the work of talented principal associate Lissa Parra Alarcón, who specialises in finance and capital markets-related matters and is ‘very attentive to resolving concerns and following up on issues’. In July 2023, principal associate Paula Ospina Correa left to join Banco Santander.

Demonstrating ‘extensive knowledge of the capital markets’, Holland & Knight continues to cement its position as a popular choice to advise on complex regulatory matters, including cryptocurrency-related issues. The team also handles public and private debt and equity offerings and related structured-finance deals. Next-generation partner Camilo Gantiva fronts the group and is ‘very assertive, precise and knowledgeable about financial law’. Gantiva is equipped to advise on a broad scope of capital markets work, including IPOs, debt offerings, innovative fintech products and regulatory matters; he recently advised Colombia-based fintech, Littio, on the structuring of new products involving digital asset investments. Also recommended is senior associate Juan Felipe Fontecha, who is a former attorney at the Financial Superintendence of Colombia and brings to bear significant regulatory expertise.

Philippi Prietocarrizosa Ferrero DU & Uría’s capital markets practice straddles both its banking and finance, and its corporate and M&A offerings. Contributing experience in debt and equity issuances, regulatory and compliance work, and structured finance matters, the group posted strong recent showings in tender offers and share exchange transactions. High-profile corporate and capital markets expert Claudia Barrero ‘gets personally involved in all matters and takes charge of the work’. Barrero led the Colombian corporate and finance aspects of the firm’s cross-office advice to the Colombian Stock Exchange, the Santiago Stock Exchange and Grupo BVL (the Lima Stock Exchange) on the integration of the three entities. Rounding out the partner-level team are Hernando Padilla, who is noted for equity capital markets work; and Juan Fernando Gaviria, who specialises in corporate and project financing. The team additionally includes associate co-ordinator Daniela Mejía, who ‘stands out for her knowledge of the capital markets in Colombia’; and junior associate Daniel Vargas. Senior associate Ana María Ramirez joined IDB Invest in March 2024.

Posse Herrera Ruiz’s capital markets practice is closely aligned with its banking and finance offering and the team is particularly active in debt offerings, refinancings, and related work. On the equity front, the group has recently been involved in share repurchase transactions and tender offers, among other issues. Banking and financial services veteran Mariana Posse co-heads the department and is well versed in both debt and equity matters; she recently advised Valores Industriales on a $10.7m share repurchase offer. Fellow co-head Natalia Escobar is recommended for her strong regulatory background, which draws on experience from previous roles at the Bank for International Settlements and the Financial Superintendence. The group further includes Jesús Albarrán, who has a focus on financial law and capital markets; senior associate Isabella Del Río, who handles finance, securities and capital markets; and director Juan José Huertas, who specialises in corporate and finance transactions.

Acclaimed as being ‘at the forefront of key trends and developments’, Ustáriz & Abogados Estudio Jurídico’s capital markets group is highly regarded for its niche focus on regulatory and compliance matters. Routinely engaged by an array of brokerage entities, banks and trust companies, the team’s consultancy experience spans audits, financial products and day-to-day operational matters. Luis Humberto Ustáriz is a go-to specialist on regulation concerning the capital markets, including fintech-related issues; he has recently provided compliance advice to BBVA Valores and Itaú Comisionista de Bolsa Colombia, among others. Jose Federico Ustáriz co-heads the department and is also noted for regulatory and compliance work. The team additionally draws on a deep pool of experienced non-partners, including seasoned counsel Pablo Valencia, who specialises in corporate and public contracts; Manuel Antonio García, who is associate director of the risk practice; and senior counsels Calixto Anaya (who joined in April 2023 from Fiduciaria Scotiabank Colpatria) and Mario Fajardo (who arrived in November 2023 from Fiduciaria Popular). Senior associate Andrés Pineda left for Fondo Nacional de Garantías in November 2023.

Esguerra JHR maintains a robust record in capital markets transactions, where it contributes experience in representing both issuers and underwriters on debt and equity offerings. It also fields a solid regulatory offering, which was very much to the fore of its practice during 2023/24. A former executive vice president at the Bogotá Stock Exchange, Juan Pablo Gonzalez enjoys a strong market profile for regulatory work. Corporate, finance and M&A partner Veronica Arango Lux is also noted for capital markets' matters.

Martínez Quintero Mendoza González Laguado & de la Rosa’s capital markets practice is oriented towards cross-border transactions, where it can utilise its strong international experience. As a case in point, dual-qualified (Colombia and New York) managing partner Camilo Martínez acted as Colombian counsel to Banco de Bogotá on the $230m issuance and private placement of floating-rate subordinated sustainable bonds under New York law. Other key contacts include Juan Camilo Varón, who is associate director of the capital markets group; and Sebastián Pomárico, who was promoted to senior associate in January 2024.