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

	Morais Leitão Galvão Teles Soares da Silva & Associados Vieira de Almeida & Associados
	Linklaters Uría Menéndez - Proença de Carvalho
	Cuatrecasas Gonçalves Pereira PLMJ
	Abreu Advogados António Frutuoso de Melo e Associados Campos Ferreira Sá Carneiro & Associados Garrigues Macedo Vitorino & Associados Sociedade Rebelo de Sousa & Advogados Associados
	Abreu & Marques e Associados Albuquerque & Associados Barrocas Rui Pena Arnaut
	Teixeira de Freitas Rodrigues e Associados

	Linklaters Morais Leitão Galvão Teles Soares da Silva & Associados
	Garrigues Uría Menéndez - Proença de Carvalho Vieira de Almeida & Associados
	António Frutuoso de Melo e Associados Cuatrecasas Gonçalves Pereira PLMJ Rui Pena Arnaut
	Abreu Advogados Albuquerque & Associados Barrocas Campos Ferreira Sá Carneiro & Associados Cardigos Macedo Vitorino & Associados Sociedade Rebelo de Sousa & Advogados Associados

Portugal has had to deal with well-publicised problems in the last few years. Alongside Greece and Ireland it has been beaten down by economic woes, rating agency downgrades and weak forecasts, all of which have led to a situation where banks are not lending and the capital markets lie dormant.

"The market has declined sharply, affected by the financial crisis. The transactions have been declining sharply. In terms of capital markets and banking transactions it has been decreasing," says one partner.

In terms of new lending, liquidity comes at a premium and a number of Portuguese banks have only been extending their capital to the best projects. "Lending is very very difficult now, banks have a huge problem with money, they have no money to lend to the economy," says one partner and another agrees: "They [the banks] try to avoid entering into new credit transactions, they will only do this if the risk is very good."

Although practitioners have been kept active in terms of giving more general advice transactions are few and far between. "Banking again, you have day to day advice on banking issues, you don't find a lot of transactions," says one partner. Capital raisings have led to a few mandates as banks try to comply with Basel III. "There are a few in the sense that the banks want to comply with the ratios and therefore they need to improve their balance sheet," says one partner.

In addition, Portuguese banks are also expected to comply with the Memorandum of Understanding on Specific Economic Policy Condition (MoU), a set of rules issued on May 17 2011 by the Portuguese State, in conjunction with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). Essentially the agreement is a pre-condition for Portugal to receive the rescue package from the other eurozone member states.

The MoU requires Portuguese banks to increase their core Tier I capital ratio up to 10% by 2012. "The Memorandum has higher capital requirements than those results from the Basel III framework," says one banking partner. "Basel III only imposes certain requirements by 2019, and Portuguese banks are being required to have 10% core Tier I by 2012, so this is the big difference."

The need for banks to consolidate their reserve capital has also led to a dearth of activity in the capital markets. "There is a difficulty of having access to funding and really companies see that this is not the good time to go to market," explains one partner.

Equity is the area hardest hit, with IPOs being absent since the notable listing of Cimpor last year. "The market has been mostly stopped, no IPOs, no public offers, there was one takeover last year on Cimpor," says one capital markets partner. "Basically what we have seen is that banks are very worried about liquidity, that is the main issue, the Portuguese banks have had a difficult time in financing in the capital markets," says another practitioner.

The debt and securitisation markets have not fared much better, although some work has been seen in regard to bond issuance mainly, once again, due to the lack of other available sources of capital. "Local companies have been issuing bonds to place them with private investors through private placements in order to overcome the difficulties of financing them with the local banks," says one partner.

Work related to asset-backed securities (ABS) has still been seen, though not at the levels seen in the last few years. "ABS is still available, and we see transactions coming out and banks are issuing some ABS, but ABS is no longer eligible for ECB." explains one partner. However, it is still possible for Portugal to issue single A-rated covered bonds to access ECB funding, which will lead to some mandates.

One intriguing new development has been the entry of Angolan institutions into the market. While sporadic activity from investors and corporates had been seen in the past, but financing has until now not been an area of activity. "Banks from Angola are growing in Portugal, and also their share in Portugal," says one partner. "You do not have new European or US banks. One of the new trends has seen banks from Angola have more activity."

The banking team at Abreu has a solid reputation in the market and has a good string of mandates from both the bank and company sides.

In an example of the former, the team acted for Banco Espirito Santo Angola on the structuring of a number of mortgage backed loans.... [more]

The banking team at Abreu has a solid reputation in the market and has a good string of mandates from both the bank and company sides.

In an example of the former, the team acted for Banco Espirito Santo Angola on the structuring of a number of mortgage backed loans. Coming in at a combined value of $500 million, the deal saw the team act with local law firm FBL Advogados.

On the capital markets side, the wider Banco Espirito Santo Group (BES Group) also called in the team to advise on various derivatives transactions and finance linked swaps for the likes of Galp and RAVE TGV.

Private placements were also on the team's agenda and Miguel de Avillez Pereira acted for various US institutional investors on the private placement of shares in Cimpor.
[hide]

The market suggests that Albuquerque & Associados' banking practice has not been very present in the market, due to "the departure of a number of partners over the last couple of years".The firm was involved in a number of banking mandates.... [more]

The market suggests that Albuquerque & Associados' banking practice has not been very present in the market, due to "the departure of a number of partners over the last couple of years".

The firm was involved in a number of banking mandates. One example saw the team acting for a consortium formed by ETE, TCGL, Edifer and SICAR, in the context of the concession for the right of construction, management and commercial exploitation. The team was involved providing assistance on all aspects of the respective financing.

[hide]

Barrocas Advogados has managed to act on a number of notable banking mandates last year despite the departure of banking partner Jorge Santiago Neves as well as Albano Sarmento.One highlight saw Alexandre Mendes and João Nuno Barrocas advise Nasdaq on securing all the regulatory approvals in relation to the change of control of Euronext Lisbon and Interbolsa in Portugal.... [more]

Barrocas Advogados has managed to act on a number of notable banking mandates last year despite the departure of banking partner Jorge Santiago Neves as well as Albano Sarmento.

One highlight saw Alexandre Mendes and João Nuno Barrocas advise Nasdaq on securing all the regulatory approvals in relation to the change of control of Euronext Lisbon and Interbolsa in Portugal. The mandate was valued at $11.3 billion.

[hide]

Campos Ferreira Sá Carneiro & Associados enters the capital markets ranking table in Portugal for the first time due to strong recommendations from the market after the firm's founding by former PLMJ and Uría Menéndez partners.... [more]

Campos Ferreira Sá Carneiro & Associados enters the capital markets ranking table in Portugal for the first time due to strong recommendations from the market after the firm's founding by former PLMJ and Uría Menéndez partners.

[hide]

Cardigos has maintained its capital markets ranking this year by advising on a number of notable transactions. Goldman Sachs called in the team led by Pedro Cardigos and Inês Festas to advise on financing transactions guaranteed by entrepreneurial public entities.... [more]

Cardigos has maintained its capital markets ranking this year by advising on a number of notable transactions. Goldman Sachs called in the team led by Pedro Cardigos and Inês Festas to advise on financing transactions guaranteed by entrepreneurial public entities.

On the banking side, Cardigos, Festas and Gonçalo Capela Godinho advised JPMorgan on €400 million facility entered into with Caixa Geral de Depósitos.

[hide]

Cuatrecasas Gonçalves Pereira lost a team of six finance lawyers to Sérvulo & Associados in June 2010 and the market is waiting to see what impact this will have. "They've lost a team of six lawyers from their banking and capital markets team, so I mean again it'll have a little bit of the same effect as it had on PLMJ and Uría Menéndez," says one partner.... [more]

Cuatrecasas Gonçalves Pereira lost a team of six finance lawyers to Sérvulo & Associados in June 2010 and the market is waiting to see what impact this will have. "They've lost a team of six lawyers from their banking and capital markets team, so I mean again it'll have a little bit of the same effect as it had on PLMJ and Uría Menéndez," says one partner. "I mean it's a small market, six-lawyers is a meaningful move in Portugal in all areas, particularly in finance."

That aside, the firm is still highly regarded. Partner Maria João Ricou and associate Filipe Santos Barata came in for personal praise. "They're very good, because we had a complex transaction involved in many jurisdictions, it involved Portugal, Spain, Brazil and Mexico and so they were able to understand the whole picture and they're also very available and quick," says one client.

In banking, the firm advised on a large number of mandates. Lead partners João Ricou and Duarte Abecasis acted for BPN in relation to the government's decision to nationalise the bank in the context of the current financial crisis, in order to avoid a systemic risk.

Another highlight saw Manuel Magalhães advise Caixa Geral de Depósitos on its incorporation with the largest state owned company in Angola and the team assisted on all the matters related to the banking activities. The mandate, worth €500 million, is expected to have a significant impact in Angola's economy promoting Portuguese investments in Angola and a deeper cooperation between both economies.

One client commented on his relationship with the firm by saying: "I think it was very good. They're very professional, but at the same time friendly, and it was not very tense, so they made everything smooth."

When it comes to the debt capital markets, João Ricou led the team advised IGCP – Instituto de Gestão da Tesouraria e do Crédito Público on the issue of $1.25 billion 3.5% notes due 25 March 2015 under the first EMTN programme of the Portuguese state, and partially placed in the US market under Rule 144a/ Reg S. The issue was syndicated and the notes were listed on the LSE.

On the equity side, André Luiz Gomes advised on a share capital increase mandate when Rentipar Financeira raised its capital from €45 million to €135 million through a private placement issuing 18 million new ordinary shares with the nominal amount of €5 each. Elsewhere he also acted for Banif on its share capital increase amounting to €80 million through a public offer.

[hide]

Though the market recognises Garrigues' strength in equity capital markets work. Peers suggest that the firm needs to improve its debt side practice in order to balance the capital markets offering.... [more]

Though the market recognises Garrigues' strength in equity capital markets work. Peers suggest that the firm needs to improve its debt side practice in order to balance the capital markets offering. "The firm's stronger on the equity side, that's where I recognise them," says one. "They're poor on the debt side, capital markets should capture both."

The firm was kept busy last year for one of its biggest clients Portugal Telecom (PT) in relation to the group's 22.38% acquisition of Oi, worth €3.7 billion. The transaction, headed by Diego Leonidas Rocha, Marta Graca Rodrigues, and Ana de Castro Domingos, involved rights issues executed within the Brazilian market.

The firm also acted for Portugal Telecom last year as Rocha, Rodrigues, Castro Domingos and Gonçalo Castro Ribeiro advised the telecom group on various capital markets issues, including compliance with disclosure obligations after its listing on Euronext Lisbon and the NYSE.

The key lawyer involved on the banking side is Bruno Ferreira who clients single out specifically. One highlight saw him act for Alliance & Leicester on the refinancing of the Pestana Chelsea Bridge Hotel. The cross-border mandate was valued at €22 million.

The largest banking deal completed by the firm last year saw Ferreira teaming up with André Marçalo to advise on Campofrio Foodgroup's €100 million acquisition financing of Cesare Fiorucci.

The team also advised Empark shareholders, on a €42 million additional Capex Facility, following the acquisition of 50% of Cintra Aparcamientos by Empark shareholders.

[hide]

Both peers and clients admit that Linklaters is an excellent capital markets law firm in Portugal and is fully deserving of its place in tier one. The firm has a balance of strength in both equity and debt and can draw upon expertise from across its network.... [more]

Both peers and clients admit that Linklaters is an excellent capital markets law firm in Portugal and is fully deserving of its place in tier one. The firm has a balance of strength in both equity and debt and can draw upon expertise from across its network. António Soares is a key figure and came in for personal praise. "António Soares is the one in the capital markets from Linklaters, he is always very good," says one peer. "He works on the stock exchange, and I always find him in the transactions."

One of the largest mandates undertaken by the firm last year saw a team of practitioners, including Pedro Siza Vieira Soares and Gonçalo Veiga de Macedo, advising Banco Santander Totta (BST) on a €300 million amendment and restatement of an existing facility agreement between BST, who acted as the bank, agent and arranger, and Cimpor Inversiones as the borrower.

Another highlight saw Vieira Soares involved again working alongside Francisco Ferraz de Carvalho and Nuno Faria to advise the Arcus group on the €27 million financing of the management buy-out of Babcock & Brown European Infrastructure Fund. Elsewhere a team also advised Linpac group holdings on its global financial restructuring.

An on-going mandate saw Francisco Ferraz de Carvalho and Nuno Faria lead the team advising ECS – Sociedade de Capital de Risco on the restructuring of Investvar group, Portugal's biggest footwear group.

[hide]

In banking, William Smithson and Gonçalo dos Reis Martins advised Hewlett Packard (HP) on the establishment of a programme for the sale to Wells Fargo amounting to €785 million. The transaction involved receivables originated in Portugal, Spain and France.... [more]

In banking, William Smithson and Gonçalo dos Reis Martins advised Hewlett Packard (HP) on the establishment of a programme for the sale to Wells Fargo amounting to €785 million. The transaction involved receivables originated in Portugal, Spain and France.

Another mandate saw the duo again involved advising Canadian Imperial Bank of Commerce (CIBC) on the €260 million financing of the Wireco Group, including a subsidiary in Portugal and the negotiation of a security package in respect of the Portuguese assets.

Elsewhere the duo also got their hands on several capital markets mandates. One saw the team advise Citibank London Branch on the securitisation of SME receivables through Sagres STC - Lusitano SME no. 2 transaction, worth approximately €2 billion.

[hide]

Morais Leitão's capital markets practice is traditionally very strong and is unrivalled in terms of Portuguese domestics. This status is backed by a number of clients and peers.... [more]

Morais Leitão's capital markets practice is traditionally very strong and is unrivalled in terms of Portuguese domestics. This status is backed by a number of clients and peers. "Morais Leitão has a very strong capital markets practice," says one peer. "If I am to distinguish someone that would be higher than others, then I would say that should be Morais Leitão." While a client says: "I've worked with Morais Leitão, they're good in their own way." However some mention that the departure of Maria Antonia Cardoso de Menezes in 2009 has affected the firm to some extent.

On the equity side, Carlos Osório de Castro, António Lobo Xavier, and Jorge Simões Cortez advised Vallis Capital Partners on the set up of private equity fund Vallis Sustainable Investments I. Another mandate saw Nuno Galvão Teles and Rui de Oliveira Neves advising a syndicate of banks, including Caixa BI and Morgan Stanley, on the preparation of Efacec Capital's IPO listing.

"De Castro is a notable lawyer in capital markets, he's the best capital markets lawyer in Portugal," says one peer. "He's very good and very aggressive; you will find him on all these capital markets transactions."

In the debt capital markets, one of the firm's key clients,EDP Energias de Portugal , called in a team led by partner Luísa Soares da Silva to advise on its issue of €750 million 5.875% notes, which is part of a €12.5 billion programme for the issuance of debt instruments.

Again Da Silva was involved when BCP called in the team to work on the update of its €15 billion commercial paper programme on the Luxembourg Stock Exchange. Elsewhere the firm also advised BCP on a €1 billion issue floating rate covered bonds under a €10 billion covered bonds programme.

On the securitisation market, Filipe Lowndes Marques again advised BCP on a €2.7 billion securitisation portfolio of receivables, arising mainly from small-and-medium-sized enterprise loans, which aims to assist banking activities of the originator. It was the first securitisation transaction involving only overdraft facilities in the Portuguese market.

Morais Leitão also has an extremely good banking reputation and the firm has caught clients' eyes due to its established banking practice. "We work with Morais Leitão mostly on corporate governance and basically this firm is the principle firm of the banks, with whom the banks are working with on corporate governance," says one lawyer. "We've worked with several lawyers from the firm, João Soares da Silva is possibly the best lawyer there and we're quite happy with their firm."

In banking, a team led by Luís Branco and Pedro Gorjão Henriques advised a syndicate of banks, including BCP, Banco Santander Totta, and Barclays alike, in relation to the corporate reorganisation of the Brisa Group. The transaction involved the transfer of the existing debt to the new concessionaire and the establishment of an MTN Programme for Brisa – Concesso Rodoviria.

In terms of banking work, Branco is seen by peers as the firm's key figure. "Luís Branco is a leading lawyer in banking and project finance," says one rival.

Another notable banking deal saw Branco involved again advising Caixa Geral de Depósitos and Caixa – Banco de Investimentos in regard to a €56 million investment in the infrastructure and equipment of Miff toll collection systems.

[hide]

Peers agree that PLMJ is still an established and a reputable firm in the Portuguese capital markets, however the departure of Maria Castelos in 2009 has affected the team's capacity and reputation and as a result the team slips down a tier this year. "They were affected by Castelos who left to Campos Ferreira Sá Carneiro & Associados," says one peer.... [more]

Peers agree that PLMJ is still an established and a reputable firm in the Portuguese capital markets, however the departure of Maria Castelos in 2009 has affected the team's capacity and reputation and as a result the team slips down a tier this year. "They were affected by Castelos who left to Campos Ferreira Sá Carneiro & Associados," says one peer. "I know PLMJ has suffered." While another rival adds: "They lost a couple of partners in 2009, and they lost in particular a very relevant partner on the capital markets side, who went to Campos Ferreira Sá Carneiro & Associados."

However the firm still has some good practitioners and Jorge de Brito Pereira was noted by peers. "Pereira is a very recognised capital markets lawyer," says one. Luís Sáragga Leal also receives praise. "Luís Sáragga Leal is a very senior lawyer," says one peer.

In securitisation work last year, the firm was heavily involved in acting for arrangers, Hugo Rosa Ferreira in particular. One example saw him advise Finibanco on the €230 million restructuring of its RMBS securitisation programme, in order to obtain a second rating, for the purpose of the notes to gain European Central Bank (ECB) eligibility as collateral. The second saw him advise Finicredito on the €210 million consumer finance securitisation programme. Both mandates were closed in March 2011.

In the debt capital markets, one highlight saw Ferreira and Mariana Villas-Boas advise issuer REN on a €5 billion EMTN programme, which was one of the primary sources of financing.

On the banking side, Ferreira was also the key lawyer advising major transactions at the firm. November 2010 saw him advise co-lender Barclays on the €144 million restructuring of the euro credit facility granted to the construction of Conrad Hilton Palcio Valverde, a 5 star luxury resort in the Algarve.

In the seafood industry, Ferreira and Inês Pinto da Costa teamed up to advise on the Portuguese law aspects of the acquisition financing of MW Brands by Thai Union Frozen Products, the world's largest producer of canned tuna. The mandate, valued at €680 million, was completed in September 2010.

[hide]

The largest capital markets mandate at Rui Pena Arnaut & Associados last year was when Francisco Xavier de Almeida, Vasco Rodrigues and Rita Simões led the team advising Barclays Capital and CaixaBi as arrangers on the establishment of an EMTN programme for REN, worth €5 billion.Elsewhere De Almeida, Rodrigues and Simões advised CaixaBi and Citi acting as arrangers on the establishment of a €1.... [more]

The largest capital markets mandate at Rui Pena Arnaut & Associados last year was when Francisco Xavier de Almeida, Vasco Rodrigues and Rita Simões led the team advising Barclays Capital and CaixaBi as arrangers on the establishment of an EMTN programme for REN, worth €5 billion.

Elsewhere De Almeida, Rodrigues and Simões advised CaixaBi and Citi acting as arrangers on the establishment of a €1.5 billion EMTN programme by Parpública.

"Abreu Advogados is a very big firm and has a very nice service to offer," says one peer, while another agrees: "Abreu is very large in size in terms of the number of lawyers."

One highlight saw a team of lawyers, including Miguel Castro Pereira, Paulo Cordeiro de Sousa and Sofia Santos Machado, advising Banco Espírito Santo Angola on the structuring of several mortgage-backed loans in Angola worth $500 million.

Miguel de Avillez Pereira and Santos Machado then teamed up to act for US Institutional Investors with regards to reviewing the transaction documentation on a US private placement, including the note purchase agreement and related notes.

In another occasion, partner De Avillez Pereira led the team advising Corinthia Hotels International on the refinancing of its operations in Portugal through the setting up of a long-term loan mortgage backed by the largest Portuguese five star hotel.

[hide]

A key partner at Teixeira de Freitas Rodrigues e Associados, who advised a number of banking mandates last year, was Mafalda Barreto. One highlight saw him led the team advised Deutsche Bank, New York who acted as administrative agent on the amendment and restatement of a credit agreement in the aggregate amount of $600 million.... [more]

A key partner at Teixeira de Freitas Rodrigues e Associados, who advised a number of banking mandates last year, was Mafalda Barreto. One highlight saw him led the team advised Deutsche Bank, New York who acted as administrative agent on the amendment and restatement of a credit agreement in the aggregate amount of $600 million.

Another substantial transaction worth more than €1.1 billion saw the same client, Deutsche Bank, calling in the firm with Barreto involved again advising the bank’s London branch and Goldman Sachs Credit Partner on the amendment of the security interests under various facilities agreements. The deal implied the divestment of a major shareholder of the company and an investment by the other shareholders.

In a €375 million mandate, Mafalda again led the team advising Credit Suisse on a term loan agreement to Invista Group, who was represented by Latham & Watkins New York and Sociedade Rebelo de Sousa in Portugal.
[hide]

"What makes Uría stand out is their efficiency," one client claims. "The firm's ability compared to other law firms is in line or above.... [more]

"What makes Uría stand out is their efficiency," one client claims. "The firm's ability compared to other law firms is in line or above." Elsewhere the Iberian law firm's commerciality also attracts clients' attention. "They're very commercial. They're not extremely aggressive, and not going to the bottom line of being inconvenient, or too pushy. They're aggressive in the right measure," says one.

Partners Carlos Costa Andrade and Pedro Ferreira Malaquias come in for specific praise. "I think they've done very good on both assignments I've worked with Carlos and Pedro on," says one client. "It's been one of the best experiences that I have had in terms of working with legal houses; they were very knowledgeable; they were very much updated on the topics that we require, for those specific transactions that we worked on."

The largest capital markets transaction the firm closed in 2010 saw a team of capital markets practitioners, headed by Costa Andrade, Ana Sá Couto, and Catarina Gonçalves de Oliveira, advising Telefónica (TEF) on the 50% acquisition of stakes held by Portugal Telecom (PT) in Brasilcel, a joint venture by PT and TEF providing telecommunication services primarily in Brazil. Elsewhere the team then advised TEF on the sale of 8% of shares in PT, thus entering into equity swap agreements with several financial institutions and the general shareholders' meeting of Portugal Telecom. The transaction was worth €7.5 billion.

In banking, the firm had a good start to 2011 and advised a number of key clients including Banco BPI and DBRS Ratings on transactions. One highlight saw Malaquias teaming up with Inês Caria Pinto Basto to advise Banco BPI who acted as originator on the Douro SME no. 2 securitisation valued at approximately €3.6 billion. Again the duo advised BPI, as originator, on the Douro RMBS no. 5 securitisation transaction worth €1.4 billion.

[hide]

As one of Portugal's most well established firms, it is unsurprising that Viera de Almeida maintains its position this year. With the market suggesting that the firm's true strength remains in banking.... [more]

As one of Portugal's most well established firms, it is unsurprising that Viera de Almeida maintains its position this year. With the market suggesting that the firm's true strength remains in banking.

One client commends the firm for being "trusted and commercial. We've built up a trust relationship with Almeida. They tend to view from our viewpoint, and they tend to understand the company. They position themselves adequately in terms of how we approach the markets. So they're commercial." Peers agree: "The firm is very active in the capital markets and they've done most of the corporate and securitisation work [in the market]."

2011 also saw the firm open a new office in Angola, with the intention of strengthening its international coverage.

In equity, Helena Vaz Pinto led the firm assisting issuer Reditus on a share capital increase worth €6.9 million made through a public offer of up to €1.6 million in ordinary shares subscription. The transaction is part of Reditus group's bigger strategy on the acquisition of some IT services companies.

Another highlight saw the firm act on the €3.7 million share capital increase of Moza Banco, after Banco Esprito Santo's (BES) 25.1% €7.1 million acquisition of the Mozambican group. A Vieira team led by Pedro Cassiano Santos advised the acquirer BES during the acquisition transaction.

On the debt side, Paula Gomes Freire led the team acting for a consortium of arrangers who subscribed an issue of €300 million floating rate notes by Galp Energia.

In a €1.2 billion securitisation transaction, Santos was called in by arranger JP Morgan and originator Montepio Geral to advise on the Pelican SME no.1 securitisation of revolving credit lines, which responded to the issues by a Portuguese securitisation vehicle Sagres Sociedade de Titularizao de Crditos (STC), in order to fund the purchase of SME assets. It was the first time that credit lines are securitised in the scope of an AAA rated transaction.

Another similar transaction saw Santos involved again advising arranger Deutsche Bank and common representative DB Trustees on the Caravela SME no. 2 programme which corresponds to the asset-backed floating rate notes and residual variable funding note issues by STC, in order to fund the purchase of SME assets originated by BCP. The mandate was worth €4 billion.

In a corporate reorganisation mandate worth €3 billion, a team of partners, including João Vieira de Almeida, Santos, Pinto, and Paulo de Barros Baptista advising the largest Portuguese motorway operator Brisa on the transfer of its main concession, notably all of its corporate debt, to a single purpose and ring-fenced company. As part of the reorganisation process, Brisa and Brisa Finance launched three bond issuances under the relevant EMTN programme.

"De Almeida and Santos are top lawyers," one client says. "I've no doubts that they had an excellent performance and strong participation on their job. When I see them working for us, then I see them essentially being very proactive in terms of following our view. They were efficient."

In banking, in December 2010 a team lead by Santos advised the issuers Banco Espírito Santo de Investimento, Banco Esprito Santo, and the arranger, Bank of America Merrill Lynch, in relation to the €50 million updated deeply subordinated notes and four tranches of undated deeply subordinated notes respectively. Both were issued under a €2.5 billion MTN programme and a €20 billion MTN programme respectively.

[hide]