Although the origins of many Latin America practices amongst international firms stem from capital markets work, the area has delivered a slower pipeline of high-value deals in recent years. Although initial public offerings (IPOs) and high value debt offerings have been noticeably scarce, Latin American issuers have continued to seek finance and deal with their capital structures, including through liability management and bond restructuring exercises. Sovereigns and quasi-sovereigns have also looked to the capital markets on a regular basis, while Latin American issuers in general have a greater appreciation of ESG and sustainability-linked offerings. In the legal market, Baker McKenzie LLP made a splash with the hire of Michael Fitzgerald and a senior team from Paul Hastings LLP. A&O Shearman has also become a major force in the market through the merger of Allen & Overy and Shearman & Sterling.

Cleary Gottlieb Steen & Hamilton is a titan of the Latin American market with an exceptional record in capital markets offerings, including those by sovereigns, state-owned enterprises and large corporates. Team members are praised by clients for their experience, accessibility and involvement in deals. The firm is a dominant force in Mexico and has a substantial market share of Brazil transactions. It remains active in liability management deals and issuances in local currencies. In the sovereign debt segment, the pratice has executed deals for the United Mexican States (Mexico), Dominican Republic, Republic of Uruguay and Republic of Chile as issuer or underwriter’s counsel, and it remains prominent in ESG and sustainability-linked offerings; it advised América Móvil on its inaugural sustainable bond offering in the international capital markets. Jorge Juantorena is a leading name in Mexico offerings and issuances by sovereign governments. Licensed to practice in Mexico and New York, Manuel Silva has a growing reputation in Mexico, Brazil and in sovereign offerings. Top practitioner Juan Giráldez is a key name in Sao Paulo, where the highly-rated Jonathan Mendes de Oliveira was elected to the partnership in 2024. Former partner Nicolas Grabar is now senior counsel. All named individuals are based in New York unless stated otherwise. Emilio Minvielle has left the firm.

Davis Polk & Wardwell LLP has consistently dominated the international capital markets arena in Latin America over the last decade. It has successfully targeted the prime jurisdictions of Brazil and Mexico, while building a presence in other larger markets. It has led the field in US registered and Rule 144A/Reg S IPOs by Latin American issuers and advised Corporación Inmobiliaria Vesta on its headline $445.6m SEC-registered IPO in 2023. It also advised on the first technology SPAC IPO in the region and continues to grow its presence in sustainability-linked offerings. It benefits from a stable team of Latin America specialists across the seniority range, including longstanding partners in Sao Paulo and New York. Manuel Garciadiaz leads the Latin America practice and has an outstanding record in landmark and high-value equity and debt offerings in the region, including high-yield debt offerings, IPOs and exchange offers; he has an especially strong reputation for deals originating in Brazil and Mexico. Maurice Blanco is co-head of the global capital markets department and is a key member of the Latin America team, having worked on over 250 transactions involving Latin American issuers over the past decade. Both Garciadiaz and Blanco split their time between New York and Sao Paulo. In New York, Pedro Bermeo has emerged as key member of the team, frequently advising Banco Santander and its subsidiaries in Mexico and Chile. Elected to the partnership in 2023, Hillary Coleman is another capital markets specialist with experience of Latin America transactions. Native Spanish speaking counsel Katia Brener provides further senior level expertise. Named individuals are based in New York or divide their time between New York and Sao Paulo.

Simpson Thacher & Bartlett LLP remains at the forefront of international capital markets offerings in Latin America. With an impressive team spread across its New York and Sao Paulo offices, it routinely lands many of the region’s top engagements. Despite a slowdown in equity offerings out of Latin America, the firm has advised on a high proportion of the market’s follow-on offerings. The Latin America department also remains active in the small number of SEC-registered offerings originating from the region. In 2023, the team worked on two SEC-registered IPOs out of Mexico, including representing the underwriters in Corporación Inmobiliaria Vesta’s IPO on NYSE, the largest Mexico IPO in the US in over a decade. The team has experienced further growth in investment grade debt offerings by repeat issuers. Brazil and Mexico are the team’s primary markets, followed by Chile. Todd Crider heads the Latin America practice, splitting his time between New York and Sao Paulo, and often working on headline capital markets offerings. Head of the Sao Paulo office Grenfel Calheiros has an outstanding record in Brazil offerings and is supported by emerging partner Paulo Fernando de Menezes Cardoso; it is one of few leading international firms to have two Brazilian native partners in Sao Paulo. In New York, Juan Francisco Méndez has worked on many of the biggest deals in the region over recent years, while Juan Naveira and senior counsel Kirsten Davis are also highly-regarded capital markets experts.

White & Case LLP has a diverse practice across jurisdictions and transaction types. It consistently operates at the top of the market, particularly in Brazil, where it is long-established and has one of the leading São Paulo teams. It has advised on a series of recent equity offerings in Brazil, including a sizeable market share of secondary and follow-on offerings, and has experienced further growth in liability management engagements. It remains active in M&A-driven transactions and restructuring-related matters; the firm is debtor counsel to a large number of Brazilian corporates. Donald Baker is the market leader in São Paulo amongst international firms, having opened the office there in 1997 and developed outstanding links to Brazilian corporates and financial institutions. John Vetterli is global head of capital markets and has a long track record in Latin America offerings, having been located in Sao Paulo earlier in his career. John Guzman is another prominent figure in São Paulo, having led teams on a multitude of headline deals, while Rafael Roberti is an up-and-coming name and 'a leader in transactions', along with Bibiana Jaimes. In Miami, Karen Katri was elected to the partnership in 2023; and in Sao Paulo Beatriz Barros is an up-and-coming associate of note. All named individuals are based in New York unless stated otherwise.

A&O Shearman, following the merger of Allen & Overy and Shearman & Sterling, has a tremendous history in Latin America capital markets offerings, having been at the forefront of international issuances since the early 1990s. The amalgamated team has a background in representing sovereign and corporate issuers, along with a range of banks, and it continues to advise a number of sovereign governments and large state-owned enterprises. In recent years, the firm has moved from designated underwriters’ counsel to issuer’s counsel for clients such as the Republic of Chile. Active in Latin America capital markets offerings since the early 1990s and the ‘most seasoned capital markets lawyer on Wall Street‘, Antonia Stolper is now of counsel, but remains hugely active within the practice and has a wealth of client relationships. Alejandro Gordano re-joined the firm as a partner in August 2023 to reinforce the practice and add particular expertise in ESG-related offerings, including sustainability-linked bonds. Roberta Cherman heads the Sao Paulo office and is pivotal to the firm’s work on Brazil transactions, including equity and debt offerings, and SPAC transactions. Manuel Orillac, also a key practitioner, was appointed as one of the firm’s Latin America practice co-directors in August 2024. Grissel Mercado left the firm in March 2023; as did Brazil specialist David Flechner, in July 2024. All named individuals are based in New York unless stated otherwise.

Baker McKenzie LLP established a formidable Latin America capital markets team in 2023 with the hire of Michael Fitzgerald, a doyen in the sector, and a senior team from Paul Hastings LLP. The group has maintained its legacy status with a series of major engagements in Mexico, including two headline IPOs. The team’s activity levels have been buoyed by Mexico’s FIBRA sector (Mexico’s version of a REIT) and the nation’s burgeoning nearshoring industry; it advised the underwriters on Fibra Uno’s split off of its logistics operations to form Fibra Next, involving a $1bn IPO, the largest out of Mexico in ten years. Moreover, it has expanded its presence in sustainability-linked and green bond offerings, a speciality for Joy Gallup, who is also active in de-SPAC transactions. The New York-based group is working with the firm’s multiple offices around the region to target a greater swathe of issuers outside of Mexico. Arturo Carrillo is another key partner, along with Pedro Reyes and Brazil specialist Steven Sandretto, who joined from Greenberg Traurig LLP in 2023. All named individuals are based in New York.

Clifford Chance has established Latin America-focused capital markets teams in New York and Sao Paulo. Responding to difficult market conditions, the firm has managed to achieve growth in both equity and debt engagements, including follow-on offerings, sovereign and quasi-sovereign issuances, securitisations and structured debt. It has continued to make an impression in sustainability-linked offerings. With its experienced capital markets group in Sao Paulo, it has sustained a solid deal flow, including offerings by financial institutions. Peru, Colombia and Panama are also key markets, while the firm has an impressive track record in Mexico deals. The team features a raft of native Spanish and Portuguese-speaking lawyers with New York, English and Spanish law qualifications. Jonathan Zonis is co-head of the Latin America practice and an experienced figure in capital markets offerings, including sovereign transactions. Hugo Triaca is another experienced partner with a primary focus on Latin America. Sao Paulo managing partner Anthony Oldfield and fellow Sao Paulo partner Patrick Jackson, along with counsel Anja Pfleger Andrade, provide specialist expertise and experience in Brazil equity and debt offerings. Mariana Estévez continues to make an impression having been made partner in 2023. Named individuals are based in New York unless stated otherwise.

Latham & Watkins LLP is building its presence in Latin America capital markets transactions. Much of its practice has centred on bond offerings, structured debt, hybrid securities, and project and infrastructure bond offerings. The firm’s global standing in equity offerings and high-yield debt makes it especially credible for Latin America offerings. Moreover, its national office team in Washington DC, featuring an array of former members of the Securities and Exchange Commission (SEC), makes it even more attractive to Latin American issuers and their underwriters. The Latin America team has gained further prominence in social bonds, green bonds and sustainability-linked bonds. CAF – Banco de Desarrollo de América Latina has provided a series of capital markets engagements to the international firm, including a multitude of offerings under its medium term note (MTN) programme. A native of Mexico City, Roderick Branch is a capital markets specialist with a significant focus on Latin America, including deals for CAF. Argentine-born Guido Liniado is noted for project and structured bonds, while native Spanish speaker John Slater, a newly promoted capital markets partner in 2023, provides further senior-level expertise on Latin America deals. All named individuals are based in New York, though Branch splits his time between Chicago and New York.

Milbank has maintained its elevated status in capital markets offerings in Latin America, particularly in the energy and infrastructure sectors. It 'continues to get stronger and stronger' with its 'savvy and reliable partners'. The Latin America practice has an established record in IPOs and follow-on equity offerings, high-yield and investment grade debt, project bonds, corporate bonds and liability management transactions; it houses a sizeable number of fluent or native Spanish and Portuguese speakers across its New York and Sao Paulo offices that focus on the Latin America region. The firm represents many of the leading underwriters for Latin America capital markets offerings and is further noted for issuances by Latin American financial institutions.Marcelo Mottesi leads the global capital markets group and is co-head of the Latin America practice, having built an outstanding record in the region. In Sao Paulo, Tobias Stirnberg and Fabiana Sakai are two of the longest serving international capital markets specialists in the jurisdiction. Carlos Albarracin is another key figure in energy and infrastructure-related offerings, including sustainability-linked financings. Associate Gonzalo Guitart also impresses clients. Named individuals are based in New York unless stated otherwise.

Skadden, Arps, Slate, Meagher & Flom LLP has a long track record in Latin America capital markets transactions, stretching back more than 30 years. It has extensive geographic coverage from Mexico to Argentina and has a sizeable market share of Brazil deals through its established Sao Paulo office. It has continued to advise on a multitude of notes offerings by Mexican issuers thanks to the presence of New York partner Alejandro González Lazzeri, who has a background in both bank debt and bond offerings; he has also worked on a series of recent deals in Argentina, Peru and Colombia. In Brazil, Filipe Areno and Mathias von Bernuth are also senior practitioners with extensive records in capital markets and M&A transactions, including IPOs, debt offerings and de-SPAC transactions.

Arnold & Porter is a leader in sovereign offerings. It represents a large number of sovereign states across Latin America, enabling it to advise on a significant proportion of all bond deals in the region during 2023. This emphasis on sovereign-issuer relationships has brought the firm to the forefront of ESG and sustainability-linked offerings. It advised the Republic of Colombia on its inaugural issuance of social bonds in the international market and the Federative Republic of Brazil on its first ever issuance of sustainable bonds. The firm often represents sovereigns as states or through the ministry of finance and central bank, along with state-owned companies and municipalities; it also counts private sector corporates and financial institutions among its client base. Moreover, it is further noted for SPAC-related deals, derivatives, structured finance and securitisation transactions, including future-flow diversified payment rights (DPR) transactions. Gregory Harrington has immense experience in sovereign offerings, with a focus on Brazil, Colombia and Peru. Whitney Debevoise is another seasoned Latin America specialist having represented Brazil on every sovereign bond issued from 1988 to 2016 and again from 2023. Panamanian Raul Herrera provides further senior expertise on sovereign offerings, along with counsels Carlos Pelaez and Arturo Caraballo. All named individuals are based in Washington DC.

Hogan Lovells US LLP's dedication to Latin America, which includes a capital markets team with wide ranging expertise, has delivered it an impressive client portfolio and a solid flow of deals. The firm is noted for structured finance transactions, including future-flow cross-border deals, project bonds and operating asset securitisations. It also has a presence in sovereign offerings, along with a mix of equity offerings and note programmes. The Latin America team advises a large number of underwriters, placement agents and issuers. A member of the Latin America steering group, Emil Arca specialises in debt offerings, structured finance and securitisation transactions and is considered a leader in financial future-flow securitisations and diversified payments rights (DPRs) securitisation programmes. Ben Garcia is another capital markets specialist with a major focus on Latin America, including investment grade and high-yield bonds, structured bonds, sovereign bond offerings and sustainability-linked bonds. Evan Koster provides further expertise in derivatives and structured products, while Sao Paulo office managing partner Isabel Costa Carvalho has a background in Brazil IPOs and follow-on offerings. The São Paulo capital markets team was further reinforced in February 2024 with the arrival of Jonathan Lewis from what is now A&O Shearman. All named individuals are based in New York unless stated otherwise.

Holland & Knight LLP has a diversified Latin America capital markets practice. With senior capital markets practitioners in New York, Miami, Mexico City and Bogota, it has carved out a significant market share of capital markets deals in the region, including in Mexico’s Fibra market, in project bonds, and in liability management transactions in Argentina. The team has also developed a strong record in ESG, notably green bonds and sustainability-linked bond offerings. It has close links to financial institutions and Latin American issuers. Stephen Double is an experienced practitioner with a major emphasis on bank lending, along with debt and equity offerings, project bonds, debt restructurings, exchange offers, structured finance and securitisation transactions; he has strong connections to international and Latin American financial institutions, along with a number of Latin American issuers. New York and Miami-based Norberto Quintana is another Latin America specialist with a fine record in project and infrastructure bonds. Associate Maria De Bedout is key team member on many of the team’s notable transactions. Named individuals are based in New York unless stated otherwise.

Linklaters LLP's Latin America practice has capital markets offerings at its core. The team has a major focus on Argentina, Chile and Brazil, along with Uruguay and Peru; it is now growing its presence in Paraguay. The team advises both underwriters and issuers, including sovereign and quasi-sovereign issuers, and large multilatinas in Argentina, Chile and Brazil. With a growing focus on sovereign issuances, it advised the Ministry of Finance of Chile on a series of headline transactions including a large SEC-registered notes offering pursuant to its sustainability-linked bond framework. It also advised the underwriters on the Republic of Uruguay’s $1.27bn SEC-registered notes offering. Senior team members are either fluent or native Spanish and Portuguese speakers. Co-head of the Latin America practice Conrado Tenaglia and new counsel Emilio Minvielle, recently hired from Cleary Gottlieb Steen & Hamilton, are both Argentine and are highly-rated for capital markets offerings. Matthew Poulter leads the firm’s São Paulo office, specialising in Brazil offerings and issuances from across the region. Juan Mata has made an impression as the lead associate on many of the team’s key deals. Former counsel Alejandro Gordano left the firm in August 2023. Named individuals are based in New York unless stated otherwise.

Mayer Brown's longstanding commitment to Latin America, including capital markets transactions, has paid considerable dividends. It continues to expand its presence in representing issuers, underwriters and placement agents in high-yield and investment grade bonds, medium and short-term notes, private placements and project bonds. The Latin America team has particularly solid connections to international and regional financial institutions that serve the Latin America market. It has increased its exposure to Brazil offerings through its partnership with Tauil & Chequer Advogados and has cemented its position in Mexico through its Mexico City office. Chicago partner Douglas Doetsch specialises in infrastructure financings and future cash flow securitisations; he continues to advise on numerous diversified payment rights transactions in the region. David Bakst is a key name for equity offerings, especially follow-on offerings in Brazil. Washington DC-based Gabriela Sakamoto is noted for project bonds, private placements and securitisations. Licensed to practice in Colombia, New York and Illinois, Juan Pablo Moreno is also active in diversified payment rights programmes across Latin America. Milena Muradian is a key capital markets associate, and is admitted to practice in Brazil and New York. Named individuals are based in New York unless stated otherwise.

 

Paul Hastings LLP underwent a period of considerable change during 2023 with the arrival of Grissel Mercado and counsel Maria Larsen from A&O Shearman (now A&O Shearman), along with the departure of Michael Fitzgerald and a senior team. The promotion of Alex Herman to the partnership in 2024, gives the refreshed Latin America capital markets team an all female leadership rank. Much of the legacy practice had centred on Mexico, but now the new senior team has spread its emphasis to Peru, Chile, Colombia, Central America and the Caribbean. Now working with a number of sovereign issuers, the team collaborates closely with energy and infrastructure colleagues on financing projects through the bond market, especially in Colombia and Chile. It remains known for large-scale debt and high-yield debt offerings and has developed a significant record in ESG and sustainability-linked transactions; prior to joining the firm, Mercado and Larsen advised Central American Bank for Economic Integration (CABEI) on a number of blue bond and social bond offerings. The group also continues to work with a number of major oil companies on their capital markets fundraisings and remains well connected to financial institutions, including commercial banks and development banks. All named individuals are based in New York.

Winston & Strawn LLP has a rapidly expanding Latin America team and a fine record in capital markets offerings in the region. With close links to a number of major issuers, particularly in Chile, Colombia and Argentina, it has worked on a number of landmark deals over the years. Following the retirement of senior figure Allen Miller in January 2024, Latin America department head Talbert Navia and Sey-Hyo Lee have taken on his issuer clients and maintained their own. Both have forged the firm’s reputation in ESG and sustainability-linked offerings with Lee advising Sociedad Química y Minera de Chile (SQM) on its second green bond offering, and Navia representing Grupo Energía Bogotá (GEB) in its first sustainability bond offer. Rodrigo Carvalho leads the Sao Paulo office and has significantly augmented the firm’s standing in Brazil, having worked on a series of headline deals, including de-SPAC transactions, a forte for the firm. Named individuals are based in New York unless stated otherwise.

Akin specialises in representing insurance companies and other institutional investors in cross-border debt private placements and other debt financings. The practice covers the vast majority of Latin American jurisdictions, especially the larger economies. Much of the practice has recently centred on private placements by Mexican issuers, including Mexican subsidiaries of global businesses. London-based Thomas O’Connor has extensive experience in advising institutional investors in private placements, as does Washington DC's Margaret Parker-Yavuz; both also cover debt financing and direct lending. New York partner Sergio Urias provides further expertise in debt restructuring, including the restructuring of secured notes.

DLA Piper LLP (US) has made a series of lateral hires to its US-based Latin America practice, building on its solid presence in the region itself. The Latin America-focused capital markets group has a background in international debt capital markets, including high-yield bonds, medium-term notes, private placements, asset-backed securities and project/infrastructure bonds. It is also noted for structured finance and securitisation, along with debt restructurings and liability management transactions. New York partner Christopher Paci has extensive experience in international capital markets offerings, including those originating from Latin America. Joshua Kaufman joined the Miami office (as practice co-chair) from Cooley LLP in March 2024, reinforcing the firm’s international capital markets expertise. Senior capital markets specialist Marcelo Etchebarne now splits his time between New York and Buenos Aires.

Gibson, Dunn & Crutcher LLP's expansion of its Latin America team over the last few years has paid dividends in the capital markets area. Previously focused on energy and infrastructure offerings, including project bonds, it now targets a range of equity and debt financings, including IPOs, investment grade and high-yield debt offerings, and private placements. Recent mandates include advising the Central American Bank for Economic Integration (CABEI) on a $1.35bn global offering of 5.000% notes, due 2027. It has also worked on a series of follow-on offerings and other capital markets issuances in Brazil. Tomer Pinkusiewicz is co-chair of the Latin America department and has longstanding experience in project bonds and infrastructure financings. Boris Dolgonos is a capital markets specialist with a background in Latin America transactions. Both are based in New York.

Proskauer Rose LLP's Latin America-focused teams in New York and Sao Paulo have landed a substantial number of issuer and underwriter clients. Much of the practice centres on debt and equity issuances in Brazil, along with further offerings by issuers in other large Latin American economies. Moreover, the team has moved into the token offering space and continues to advise on private placements and liability management transactions. Antonio Piccirillo is head of the Sao Paulo office and a versatile practitioner with an established record in bank financings and capital markets offerings. Based in New York, Carlos Martinez is head of the Latin America practice and has long-focused on the region, including a range of debt and equity offerings for issuers and banks. David Fenwick and Fábio Yamada are also senior names. Individuals are based in Sao Paulo unless stated otherwise.