IFLR 1000
The Guide to the World's Leading Financial Law Firms

Argentina has been haunted by inflation since it defaulted on its external debt at the beginning of 2002. This year was no different. "I would argue that the banking market is very depressed," says one attorney, noting that the banking industry in Argentina "has changed dramatically" since the crisis. Additionally, in 2008, President Cristina Fernandez de Kirchner nationalised the country's pension funds, which at the time, were the largest institutional investors in Argentina. The move still contributes to a sluggish investment environment according to the legal market.

"I am not really happy with what's been going on since 2008," says one attorney, but adds: "I am optimistic". The Argentine government restructured some defaulted debt, an action one partner in the market calls "the main event" of 2010. "Argentine issuers can now access the market," he says. Furthermore, high commodity prices and increased export opportunities, gained from the low value of Argentina's currency, helped to deliver robust GDP growth rates last year. GDP is forecasted to grow by nearly 6-8% this year.

"The local companies are really doing great," says one attorney, noting that the Argentine stock market has had a strong year. "The conditions are right . . . with foreign investment this would explode." Overseas investment in South America's second-largest economy remains lower than it is in Brazil, Chile, Peru, and Colombia, according to the UN Economic Commission for Latin America. "Argentina is a rollercoaster, we've been at the very top and the very bottom," says one attorney.

However, Argentina continues to flirt with inflationary pressures. The government raised a few eyebrows when it fined private economic consultants who had published contradicting inflation data. Private analysts claimed Argentine inflation through 2010 was between 25 and 30%, nearly 20 percentage points higher than the government's rate of 10%. The official estimate was still amongst the highest in the region.

President Kirchner's stewardship of the economy has not garnered fans in legal circles. "Banking and financial regulations change all the time in Argentina," says one attorney, adding that it creates uncertainty. "We are pretty confident that with a little switch in the politics better things are to come," says another.

As the country gears up for elections in October, most attorneys are confident that the President will win a second term. "Many people say it is highly likely the current administration will stay," says a partner. It seems likely that the current administration will continue its pro-growth, high inflationary policies if re-elected in October, a path that some in the legal community question. "As a result of the inflation, businesses are selling more," says one attorney. "The question is whether it is artificial or real growth. It is unsustainable in the long term."

Competitors agree that Bruchou Fernández Madero & Lombardi is a first-tier firm in banking and finance. The firm's partners were described as "flexible and easy-to-work-with" by one peer, who says: "They are very active, very outgoing. I recommend them very highly." The market recognises the firm's strong ties to Argentina's banking sector. In comparison to others, one rival notes that: "they have a lot of experience and quicker delivery."

In July 2010, the firm participated in a local $1.5 billion offering by NASA trust, an entity owned by Nucleoeléctrica Argentina. The firm advised Banco Macro, the deal's arranger and Marco Securities, who placed the public offering. The transaction was notable due to its complexity. Receivables were securitised under a power purchase agreement and the proceeds were used to finance the construction and operation of the Atucha II nuclear power central station. The firm also participated in a similar offering for another $400 million in May 2011.

Bruchou also advised a handful of banks on sizable bond issuances, including well-known names such as Credit Suisse, Deutsche Bank Securities, and Morgan Stanley.

In March 2011, the firm also represented several banks in connection with a $1.07 billion secondary offering of American Depository Shares by Repsol, to diminish the company's stake in its Argentine unit. In May, well-respected partner Roberto Lizondo led a team in advising multiple banks with Pan American Energy's $500 million bond issuance – one of the first issuances by an Argentine corporate in the international markets since 2007. "Not everyone can produce the same quality of service," says one peer.

Local practitioners noted that Marval O'Farrell & Mairal is one of Argentina's largest firms and is highly respected in the banking and finance sector. The firm has a "very good reputation", says one competitor, who adds: "we get along very well with them and think they are very good lawyers." Another peer compliments the firm for going the extra mile when advising its clients: "I think Marval is deeper in the analysis."

One highlight saw Gabriel G Matarasso advise Banco Itaú, Rabobank, Export Development Canada, The Bank of Nova Scotia, Israel Discount Bank of New York, Banco do Brasil, HSBC and others in a loan to MASISA, a forestry and lumber company headquartered in Chile. The transaction was worth $150 million.

The firm advised Adecoagro during its IPO on the NYSE and TGLT's IPO on the Buenos Aires Stock Exchange. Additionally, Santiago Carregal led a team that advised Banco Hipotecario as underwriter and BACS Banco de Crédito y Securitización as arranger, underwriter, trustee and issuer in an issuance of trust securities under the global program "Fideicomisos Financieros BACS".

"I am very please about working with Marval," says one client, citing Roberto Silva as a leading lawyer. "It is a firm I'd recommend anyone to work with."

Despite being smaller than other top-tier firms, Errecondo Salaverri Dellatorre González & Burgio maintains a reputable banking and finance practice based on strong service. "Excellent lawyers and very good at what they do," says one competitor, who also identifies Javier Errecondo and Diego Martín Salaverri as two "top-notch" attorneys at the firm.

In September 2010, the firm advised Credit Suisse in a complex cross-border financing secured by a mortgage and pledges over a glyphosate production plant and export receivables. Additionally, the firm helped Banco Supervielle, Cablevisión, and Mercedes-Benz Compañía Financiera issue notes over the past year.

The firm also counselled Central Térmica Guemes in one of the year's largest syndicated loans, a $100 million Argentine denominated product arranged by Standard Bank and Banco Hipotecario.

Clients value the firm's accessibility, responsiveness, and attentive style. "I can hire any of these guys on the cell phone whenever," says one client. "They will be super-hands on and always working on the trade."

With a strong presence in the market and a stable of recognised clients, Pérez Alati Grondona Benites Arntsen & Martínez de Hoz Jr is a solid presence in the banking and finance market. "We've worked on the other side of the table," says one peer. "They did a very good job. It's a sound firm to work with."

Competitors also noted the strength of the firm's partners, Mariano Grondona, Jorge Pérez Alati, and the "very well-known" Diego Serrano Redonnet. Of leading lawyer Jorge Luis Pérez Alati, one competitor notes, "I had a chance to work with him and I think he's a very good lawyer."

In September 2010, Serrano advised issuer Industrias Metalúrgicas Pescarmona (IMPSA) on a bond issuance and a simultaneous tender offer for outstanding notes. Valued at $300 million, the transaction also involved IMPSA's Dutch subsidiary, WPE International.

In November, he also advised Banco Santander both as an issuer of a local bond offering and in a separate matter, as arranger and placement agent in two groups of bond issuances by credit card company Tarjeta Naranja. The firm also handled a $250 million unsecured loan from Corporación Andina de Fomento to YPF, for working capital purposes.

Cabanellas Etchebarne Kelly & Dell'Oro Maini gains the attention of peers with its active practice in sovereign debt restructuring. However, sources noted that the firm has expanded its banking and finance practice into other areas. "They have many more deals than you'd expect," notes one practitioner.

The firm was busy last year counselling Barclays as the global coordinator of an $18.7 billion sovereign debt restructuring for the Republic of Argentina. Cabanellas played an important role in designing the transaction (planning for the deal started back in 2008). Additionally, the firm acted as the lead negotiator of the deal with the Argentine government. Partner Marcelo Etchebarne spearheaded the transaction.

The firm also acted as counsel to the Province of Buenos Aires as it offered $550 million-worth of notes due in 2015, reopened $250 million worth of notes due in 2015, and offered $750 million worth of notes due in 2021.

"Well-known with an old name" was how one competitor describes Estudio Beccar Varela. Market feedback identified the firm as a strong presence in local deals and active in banking and finance. "They always had a good finance practice," says another attorney, likening the firm's management to "a car that runs right".

The firm also saw banking and corporate specialist Roberto Fortunati rejoin his old firm, as Beccar Verala merged with Fortunati & Asociados. Fortunati has experience as the general counsel of Citibank Argentina.

One competitor notes that Nicholson & Cano has been "very successful in local security transactions", while others commended the firm's active trust and debt restructuring practices. "They are always there," says one peer. "They are like a 'usual suspect'."

Allende & Brea was described by sources as a "very traditional law firm" that is "quite strong" in banking and finance. Although removed from its market dominance in the 1980s, one competitor notes that the firm has enjoyed an upswing in recent years, regaining some market share. Partner Claudio Cesario recently became the president of the Argentine Banking Association.

Last year the firm advised Banco Industrial in a $34 million syndicated loan agreement granted by Tarjetas Cuyanas. The firm also helped Banco Latinoamericano de Comercio Exterior with a $25 million medium term pre-export facility agreement for LD Finance, a transaction guaranteed by a collateral assignment of export proceeds. Other clients include Banco Santander, Société Générale, UniCredit Bank, Banco Itaú Argentina, and RBC Advisors.

Many practitioners pointed to the expertise of Alejandro Anderlic, "a well-known capital markets partner", when speaking about Estudio O'Farrell's banking and finance practice. The firm counts Deutsche Bank and Wells Fargo amongst its clients and has been providing the International Swaps and Derivatives Association (ISDA) with advice.

Last year the firm advised HSBC as arranger and placement agent, as Banco Comafi completed the issuance of Argentine Peso denominated notes. Additionally, Estudio O'Farrell advised Gas Natural BAN as it sought a ARP$130 million ($31 million) syndicated credit facility from Banco Santander Río, BBVA Banco Francés, and HSBC Bank Argentina.

One competitor says that Hope Duggan & Silva is "a law firm we really like," adding that the firm was built with "very good, very professional lawyers". The firm's banking and finance practice is lead by Juan P Duggan, an attorney praised for his experience. "Undoubtedly, he's one of the key practitioners in the area," says a competitor.

The firm acted as counsel to Export Development Canada, the official export credit agency of the Canadian government, in a loan agreement entered into with borrower Industrias Metalúrgicas Pescarmona. Hope Duggan has also worked with Rombo Compañia Financiera and the International Finance Corporation (IFC) in the past.

"We respect them so much", says one competitor, adding that that they often referred Hope Duggan & Silva clients when conflicts arise.

Market participants said M&M Bomchil is known more for its M&A practice but the firm counsels many on both sides of the table in banking and finance transactions. One competitor notes that the firm is stocked with "excellent lawyers", citing Néstor José Belgrano as one of its finest.

Bomchil advised Aeropuertos Argentina 2000, the main Argentine airport operator, on the issuance of its fixed-rate dollar-denominated notes, due in 2020. Valued at $300 million, the proceeds will be used to finance construction at Ezeiza airport, the major international airport in Argentina. The firm also advised Hidroeléctrica el Chocón, the concession holder for the exploitation of a hydroelectric power plant in Argentina, on restructuring a syndicated loan with Santander and, in a separate matter, the restructuring of a floating rate note.

Last year Mitrani Caballero Rosso Alba Francia Ojam & Ruiz Moreno advised Ternium Mexico in a partial refinancing of a $3.5 billion syndicated loan facility, allowing the Mexican steel manufacturer access to free cash for other purposes. Mitrani also counselled the Netherlands Development Finance Company as it granted a secured credit facility to Banco De Galicia, enabling the private financial institution to provide long-term financing to Argentine borrowers. Moreover, the firm also helped Siderca, an Argentine steel tube manufacturer, with a $65 million export financing facility from BBVA Banco, Banco Santander Río, and HSBC Bank Argentina.

A new addition to our rankings this year, Zang Bergel & Viñes Abogados is a well-known real estate firm which has leveraged that experience to broaden its banking and finance practice. "These guys are extremely good," says one competitor, who remarked that Carolina Zang was amongst the firm's finest. Zang served as advisor to Tarshop in its issuance of Class I and Class II notes under the company's global note program.