Most Highly Regarded Firms: Argentina 2008 - Capital Markets
Last year was the best for Argentina's capital markets since the years before the 2002 crash, according to sources, but 2008 has proved to be slower.
Debt capital markets work has seen an uptick owing to the lack of liquidity in the equity markets, but the overall picture remains gloomy. There has, however, been some stimulus to stock markets as the government progressively increases Argentine companies' access to the foreign exchange market as well as making investment easier for foreign investors.
Marval O'Farrell & Mairal remains one of the most active practices in the country, according to sources. Clients include ING, Banco Comafi and Banco de Servicios y Transacciones. Santiago Carregal is the most nominated lawyer at the firm. He is an "excellent lawyer able to adapt in line with the markets." Juan Antonio Gallo is also well thought of in the community - at least one source considers him "number one" in the area. Gallo is praised for his regulatory and transactional expertise. Ricardo Beller is "talented and great for complex work," and Clara Vela is admired for her "combination of expertise in the Argentine markets and UK work style, which is valued by European clients with a presence in Argentina."
The team at Bruchou Fernández Madero & Lombardi are described by one source as "among the best capital markets lawyers in Buenos Aires due to their years of practice, experience and the volume of transactions they have dealt with". Clients include JP Morgan Securities, Citibank, Buenos Aires Branch and Banco Patagonia in securities transactions involving bonds, MTN programmes and US commercial paper. Enrique Bruchou is "a cut above", according to one contributor to our survey, and he received the most nominations of any practitioner featured in this chapter. In 1997 he participated in the largest IPO of an Argentine company for US$3 billion. The "very active" Roberto Lizondo's capital markets experience includes securitising financial assets such as credit card receivables and debt securities such as US commercial paper, Eurobonds, high-yield bonds and yankee bonds. Hugo Bruzone concentrates his practice on equity capital markets and his recent work includes transactions in the real estate and agribusiness sectors.
Errecondo Salaverri Dellatorre González & Burgio Abogados is home to two of the practice area's highest-nominated practitioners, considered "very active and very highly regarded" by contributors to the survey, who noted the firm's expertise in the capital markets arena. The firm represented Pampa Holding on its initial public offering shares in the Argentine and international (GDS) offerings, the largest public share offering on the Buenos Aires stock exchange in the past 10 years. Diego Salaverri and Javier Errecondo are both considered "true experts".
Cabanellas Etchebarne Kelly & Dell'Oro Maini has been involved in drafting proposed securities legislation for Argentina, resulting in the Public Offering of Securities Law, which created the securities and stock exchange regulatory body, the National Securities Commission. Clients of the firm include Banco Hipotecario, Banco de Crédito Argentino and Bank of America. The group was praised for being "reasonable and courteous to everyone on deals, something on which we place a premium" by one corporate counsel. Marcelo Etchebarne's primary focus is capital markets work, including equity, debt and hybrid offerings. He is considered the "most experienced lawyer in the country on sovereign debt offerings," by one source and has also proposed new legislation on perpetual bond offerings. Atilio Dell'Oro Maini has "a great track record for advising investment banks" on offerings - his clients include JP Morgan, whom he represented in the first sovereign bond offering made by the Republic of Argentina.
Pérez Alati Grondona Benites Arntsen & Martinez de Hoz (Jr)'s Diego Serrano Redonnet has a "business-orientated
mind and a sound knowledge of every aspect of the law." He is particularly recommended for his structuring of complex financial and derivative transactions. The "active and respected" Juan Duggan represents Hope Duggan & Silva. The firm's clients include Banco Hipotecario and Rombo Compañía. The "young, talented" Marcelo Villegas appears for Nicholson y Cano Abogados. Estudio O'Farrell provides the remaining lawyer for our list. The firm boasts Gas Natural BAN's placement through public offering of Argentine peso-denominated notes among its work in 2008, which, according to the firm was "the first of its kind after several quiet months." Sources have had an "excellent experience" working with Alejandro Anderlic, who is "well prepared and responsive to client needs."