Operating at the forefront of the sector, Ferrere advises a stellar list of international banks, local corporations and multilateral organisations. The team is active in the fintech space, assisting with the development and launch of fintech products. As well as its strong transactional capabilities, the practice has a successful track record in obtaining banking licenses on behalf of financial institutions and has played a key role in the drafting of anti-money laundering legislation. Carlos Codas leads the team and his broad practice spans all financial products, financings and transactions, including structured, syndicated, bilateral and multilateral transactions. Carlos Vasconsellos advises financial institutions on corporate and structured finance transactions, as well as boasting a strong project and infrastructure financing practice. Néstor Loizaga remains a go-to advisor for foreign banks and multilateral organisations, while Verónica Franco heads the firm’s international capital markets team, covering significant bond programs and the issuance of sustainable bonds. At the senior associate level, Claudia Arietti is active in fintech matters, and her expertise encompasses e-money, payment services and crypto assets, while Maurizio De Oliveira brings extensive public-sector experience to the team. Beatriz Recalde joined the team from Greenberg Traurig LLP in April 2023, with a focus on bilateral and syndicated lending, secured and unsecured. Pamela Lezcano left the firm in May 2023.

BKM | Berkemeyer‘s banking, finance and capital markets practice is comprised of three teams. Martín Carlevaro leads the firm’s dedicated project finance team, which advises on PPP projects in the infrastructure and energy sectors. Associate Vivian Maldonado brings public sector experience to the group, having advised on the first PPP project in Paraguay. Manuel Arias is head of the banking and capital markets teams. The practice’s diverse roster of clients includes both national and foreign banks, key players in the stock exchange sector and clients in the aviation industry. The group fields niche experience advising on the sale and leasing of aircraft. It regularly handles cross-border finance transactions, including loan agreements and debt recovery. At the associate level, Milena Sljivich excels in capital markets matters and stands out for her ‘extensive know-how’. Alvaro Rojas and Andrés Nasser are also key names to note within the practice. Adriana Ocampos left the team in July 2023.

Active in cross-border transactions, Estudio Jurídico Gross Brown advises on the issuance of sovereign bonds and financings in the international market. The team is well-versed in banking regulations and assists clients with the obtention of licenses from the Central Bank of Paraguay. It advises some of the key financial institutions in the country, as well as internationally, including the Paraguayan Bank Association, Sudameris Bank and Banco Itaú. Practice head Jorge Rafael Gross Brown boasts a stellar list of both local and foreign banks and corporations and has been involved in the drafting of legislation in the sector. He leads the team alongside Sigfrido Gross Brown, who is active in project financings, advising national and international financial institutions as lenders and security agents in facility agreements. At the associate level, Pablo Debuchy brings experience in cross-border transactions to the team, with a focus on syndicated loans. Camila Basili fields in-depth knowledge of securitisations, while Kamila Gimenez advises on banking regulations.

Major lenders continue to turn to Moreno Ruffinelli & Asociados, and the team counts significant banks in Paraguay, such as Sudameris, Bancop and AFD, among its clients. Its clientele of local lenders represents a significant proportion of credit granted in the sector. The practice also excels in the drafting of agreements and documentation, including trade credit facility agreements and trade-related loan agreements and memorandums of understanding. Practice head José Moreno Ruffinelli leads the team in significant mandates, advising AFD on the negotiation process of an uncommitted and non-revolving line of credit. Maria Esmeralda Moreno takes a lead role in the firm’s key banking and financing matters, including complex loan agreements and operations. Counsel Mercedes Gimenez is also a key member of the team and Isabel Godoy receives high praise from clients. Roberto Moreno has now left the firm.

With an impressive client roster of national banks, such as Banco Continental and Banco Regional, Olmedo Abogados advises on the structuring and closing of complex transactions, from the implementation of guarantee trust agreements to the financial aspects of large-scale mergers and acquisitions. The team also counts financial companies among its clientele, which it advises on a daily basis, as well as handling loan and credit assignment agreements, syndicated project financing and secured or unsecured credit facilities. The group has experience before the Paraguayan Central Bank, representing companies in approval processes for the development of financial products. Enrique Zacarías leads the team alongside three other partners: Gustavo Olmedo, an expert in foreign investment and public bidding; Graciela Royg, who focuses on corporate finance and is also a leading figure in trusts matters; and Ana Peña, who plays a key role in the group’s due diligence work. Associate Carolina Lebrón is another active member of the team.

Vouga Abogados is active in key deals in the Paraguayan market, including first-in-kind project financing transactions and significant acquisitions. The team advises a stellar clientele on multilateral and syndicated loans, securities structuring and regulatory matters within the sector. It fields a strong cross-border offering, advising on the structure and implementation of loan schemes. The firm boasts a venture capital department, dedicated to handling the collateral of financing transactions. Cynthia Fatecha is an established figure in the stock markets space, specialising in trusts, securities markets and mutual funds, and heads the team alongside Carlos Vouga, who advises leading financial institutions, such as Banco Santander, Itau BBA and JP Morgan Securities. Rodolfo Vouga advises on export finance, facility agreements, and secured and unsecured loans and Rodolfo Guillermo Vouga boasts a diverse clientele of borrowers, lenders, sponsors, issuers and underwriters, focusing on project and infrastructure financings. Senior associate Andrés Vera strengthens the practice’s tax capabilities, while Cecilia Vera plays a key role in the group’s financing and debt structuring work. Belén Rodriguez is an active associate in the team, with experience in stock market and fintech matters. Georg Birbaumer left the firm for an in-house position in October 2023.

Real estate finance is one of Altra Legal‘s particular areas of expertise; the team advises on trust structuring for investments and guarantee trusts for lenders, and acquisition and project finance within the sector. Also prominent in the fintech space, the group advises fintech companies on regulatory matters. It is active in the arrangement of syndicated and corporate loans and advises on the issuance of debt securities, as well as on debt compensation. Practice head José Antonio Moreno Rodríguez specialises in banking law, foreign investment and capital markets. Counsel Adriana Sánchez Mussi co-heads the team and, with a strong background in project finance, specialises in fiduciary matters related to project development. As head of the litigation team, counsel Esteban Acha regularly represents clients in financial matters before Paraguayan courts. At the junior level, Gabriela Melgarejo Allen‘s diverse roster of clients includes national and international corporations and financial institutions, as well as companies and start-ups in the fintech sector.

Colab continues to establish itself in the market, since its foundation in 2021. The team is involved in significant project financings across the transportation, construction, and energy sectors, advising major players such as IDB Invest, as well as handling loan restructuring, syndicated financing and loan facilities. The group boasts strong cross-border transactional capabilities and advises on pre-export finance matters, acquisition financings, distress financing and leveraged buyouts. It also has an active capital markets practice, advising on sovereign bond issuances and the structuring of securities. Practice head Jorge Gross Brown continues to enjoy a reputation as an active figure in the sector. Mauricio Salgueiro ‘stands out’, taking a lead role in project financings and bringing a background in technology matters to the team.

Prominent in the capital markets sector, Mersán Abogados regularly acts as bondholder representatives in bond issuances. The team advises a growing list of national and international banks and financial institutions, taking on a number of new clients in the past year. It is also adept at handling the financial aspects of M&A. Pablo Cheng Lu leads the team, with a strong background in the Paraguayan securities market and specialised knowledge in money laundering prevention. Oscar Mersán Galli is another name to note, and his diverse clientele includes foreign embassies, banks and multinational corporations. Associate Romina Cardozo León specialises in banking and finance law and is an active member of the team.

Palacios, Prono & Talavera’s banking and finance practice is comprised of experts in the sector, who boast experience as in-house counsel at major Paraguayan banks. The group is adept at the structuring of loan facilities and bond issuances, as well as handling credit facilities. Bringing both public and private-sector experience to the team, practice co-head Carlos Palacios advises on incorporations and the winding up of financial institutions. He leads the team alongside Raúl Prono, who specialises in banking and finance matters, with a particular focus on the agriculture sector. Associate Adelaida Agüero is also a name to note.

Parquet & Asociados has carved out a niche in the market advising financial institutions linked to the Paraguayan government. The team has provided ongoing advice to the Republic of Paraguay on bond issuance and counts both sovereign and non-sovereign issuers and underwriters among its clients. Practice head Javier Parquet Villagra represents the Ministry of Finance and the National Development Bank, as well as other state institutions, in finance and capital markets transactions. Senior associate Daniel Artaza Villagra is an expert in banking regulation, with a particular focus on banking trusts and fintech matters, while Lucas Corrales Fernandez represents clients before public financial institutions, including in debt collection by public entities. David Dominguez Villalba is an active associate in the firm’s money laundering team.

Peroni Sosa Tellechea Burt & Narvaja advises foreign financial institutions and multilaterals, including investment banks and credit institutions, on establishment in Paraguay and transactions, such as syndicated loan transactions. The team specialises in insurance matters, advising on authorisations, compliance and potential disputes in the sector. Recently, the team has seen an influx of new clients, such as Banco Itau Unipersonal. Practice head José Luis Vega Meza focuses on the insurance sector, advising both local and foreign insurance and reinsurance brokers and providing representation in insurance litigation. Graciela Narvaja provides regulatory and financial advice to an impressive list of multilateral financial institutions, private equity firms and local and international corporate clients.