Banking & Finance: Argentina

“Bruchou is the firm to turn to whenever a specialised or complex finance matter arises,” according to both local and international banking clients. The service is “of the highest quality imaginable,” and the banking and finance group demonstrates great expertise in all manner of finance work, including capital markets, acquisition finance and corporate loans. It is also deeply knowledgeable about the financial markets and exchange regulations. The lawyers “are always available to answer any concerns and the speed at which they turn work around is optimal.” Thanks to its versatility, the team has managed to withstand the current financial crisis better than many competitors, as demonstrated by its recent workload. It advised the lenders on a USD200 million facility for the Argentine branch of Pan American Energy, a leading company engaged in the exploration, development and production of oil and gas. The firm also represented Banco de la Provincia de Córdoba, the arranger of a USD300 million loan credit agreement between Empresa Provincial de Energía de Córdoba and Fondo de Garantía de Sustentabilidad del Régimen Previsional Público de Reparto, which is a part of the government’s pension funds administrator ANSES. The leading name behind this practice is Enrique Bruchou, an “extraordinary rainmaker with remarkable business vision and outstanding negotiation skills.” The team is also home to Carlos Lombardi, a leading name in the field of acquisition finance. Clients praise his “diligence and impressively precise advice.” As a former director of the Central Bank, Hugo Bruzone is the natural port of call for clients in need of financial regulatory advice, but his practice is principally transactional in nature, covering corporate finance and capital markets work. Another “sophisticated operator” in this team is Roberto Lizondo, whom clients recommend for financial restructuring and capital markets work. Analía Battaglia impresses clients with her “hard work and commitment to quality.” Senior associate Marcelo Rafael Tavarone is a “phenomenally user-friendly adviser – a creative, intelligent and charismatic young lawyer with a bright future ahead of him.” Since publication, Tavarone has been promoted to partner and Ricardo Pérez Ruiz has left the firm.

By far the largest Argentine law firm, Marval has a long and hugely impressive track record in the banking and finance sector. The team is “absolutely first-class – working with it is a privilege,” said one client, echoing the widespread view that this practice is one of the most sophisticated in the country. The group delivers outstanding advice on the entire range of finance-related work. In particular, it is “exceptionally good" on project finance, capital markets, acquisition finance and regulatory issues. The firm benefits from extensive exposure to international clients and transactions, particularly from Europe and the USA, making it a good choice for high-end cross-border work. UBS, HSBC, Rabobank, ABN AMRO and BNP Paribas are amongst the team's regular clients. The team counts the charismatic Juan Antonio Gallo amongst its ranks. This deeply experienced adviser is unanimously regarded as “one of the leading lights of the finance world.” His colleague Santiago Carregal enjoys a similarly stellar reputation, with observers hailing him “a highly esteemed finance expert, with tons of experience in complex loan and refinancing transactions.” Roberto Silva Jr, whose practice covers the array of transactional finance work, is described by clients as an “invaluable ally in the realisation of our objectives.” Splitting his time between the corporate and banking practices, Gabriel Matarasso is best known for advising on high-end acquisition financings and investment fund-related deals. Working in both the finance and energy sectors, Ricardo Beller advises large energy corporations on debt securities offerings. Cecilia Mairal is an “extremely efficient operator” with a practice encompassing banking and capital markets work. Clients also endorsed Luciano Ojea Quintana, a young partner who has “a lot of experience in dealing with the Central Bank.” Hernán Slemenson is another promising young star.

This firm may not be as large as its leading competitors, but it stands out in the market for the quality of its private equity and related finance expertise. Several of the team’s partners have previously worked at leading US law firms, giving them “huge experience" in international capital markets and acquisition finance transactions. Clients particularly admire the lawyers' “dynamism and flexibility” and appreciate their “value-added contribution to the deals.” The leading practitioners here include Javier Errecondo, “one of the best capital markets and finance lawyers in Argentina,” and Diego Salaverri, “an outstanding corporate finance adviser” who recently successfully advised Laboratorios Northia on obtaining a finance facility in difficult market conditions. The team fields a number of “immensely gifted” young practitioners, including Facundo Goslino and Victoria Hitce.

This firm is solidly positioned in the upper echelons of the finance sector and is admired for its lawyers' “all-hours availability and responsiveness.” Clients also point to the partners’“tremendous negotiation skills” and value the fact that “they involve themselves in the business and provide support all the way up to completion.” The group impresses with its technical knowledge of a range of finance areas, particularly trade finance, structured finance and acquisition finance. It is also recommended for advice on related tax and regulatory questions and has good working relationships with regulatory authorities such as the Bolsa de Comercio de Buenos Aires and the Comisión Nacional de Valores. “Extremely accomplished,” Diego Serrano Redonnet is “a great all-rounder who is dedicated to the success of our deals,” clients report. He is without doubt “a leading figure in the Argentine banking market.” Clients can also call on senior partner Mariano Florencio Grondona, particularly for cross-border deals, while María Gabriela Grigioni is recommended for tax-related projects.

This outfit has “tremendous financial regulation expertise” and a vibrant transactional practice. On the regulatory front, the team is sought after by international banks for assistance with setting up representative offices in Argentina. The team recently advised Royal Bank of Canada in this respect. The group also advises on securities, derivatives and insurance regulations. On the transactional front, the team enjoys a healthy deal flow of syndicated lending, acquisition finance and bond transactions. It recently acted for Société Générale on the granting of a USD15 million finance facility to Volvo for the acquisition of 37 trucks by Andesmar. The team also advised AKA Ausfuhrkredit on a EUR6 million loan agreement for the acquisition of an aluminium container manufacturer. Department head Carlos María Melhem “offers consistently solid and pertinent advice,” clients say.

This firm’s finance expertise encompasses advice on loan transactions, capital markets offerings and, increasingly of late, restructurings. The group represents a mixed clientele of corporate and government entities, in addition to banks such as Banco Marco and Banco Supervielle. Marcelo Etchebarne is particularly recommended for his skilful handling of debt capital markets transactions. The team acts for the province of Buenos Aires and other provinces on the restructuring of their debt. Another string to the team’s bow is its specialist regulatory practice; observers singled out the group’s excellent knowledge of Central Bank regulations. 

While this firm may have lost some ground in banking and finance following partner departures at the end of 2007, the quality of its clientele ensures that it still handles plenty of work in the area. The firm regularly acts for Citibank and a raft of local financial institutions on a variety of transactions, ranging from syndicated loans to project financings and capital markets offerings. Javier Magnasco, an “astute finance and capital markets expert,” is the key individual in this group.

Clients declare that working with this finance group is “a really positive experience – the lawyers are a pleasure to collaborate with and the quality of their work is high.” The team has extensive experience of the finance sector, acting for a balanced clientele of lenders, arrangers, borrowers and issuers on the full range of loan and securities transactions. Recent work includes acting for Export Development Canada as lender on an USD8 million loan to Industrias Metalúrgicas Pescarmona. The team also advised Rombo Compañía Financiera on several issues under its ARS400 million notes programme. Senior partner Juan Duggan is the mastermind behind this practice and is hailed as “sophisticated and hugely talented.”

The result of the recent merger of firms with leading roles in their respective corporate and tax specialisations, this business law firm is now truly full-service. While the tie-up has not made a notable difference to the composition of the finance team, the addition of a sophisticated tax capability will be attractive to clients. Comprising two partners and nine associates, the team looks set to continue increasing its market share in the banking sector. Its diverse workload leans towards borrower representation, including syndicated loan and acquisition finance transactions and securities and financial restructuring matters. The team assisted Mexican steel producer TAMSA in obtaining an USD80 million credit facility from a syndicate of banks led by BBVA Bancomer SA Institución de Banca Múltiple. It also advised Argentine steel producer Siderar on entering into two import-financing credit facilities, for an aggregate amount of USD25 million, with Calyon's New York branch. Diego Parise leads the finance practice and is “a top lawyer for global acquisition financings.” Julio Ricardo Martínez, who made partner in January 2009, is the group's rising star. Clients particularly appreciate his “expert handling of cross-border transactions.”

This firm has particular expertise in the financial restructuring subsector, which is in demand in the current challenging market conditions. The young team is also already a player in the local structured finance and project finance markets. Highlights include advising ABN AMRO and Standard Bank Argentina on an USD80 million loan to Argentine energy company Central Térmica Loma de la Lata, which will go towards the USD212 million cost of expanding the client’s thermal generation plant. The team also assisted SanCor with securing a loan of USD135 million from Banco de Desarrollo Económico y Social de Venezuela. The key contact is Marcelo Villegas, an "efficient and accomplished deal maker.”

This banking team generates widespread client endorsement for its “outstanding advice" on debt-related matters and its personalised service. The lawyers are “willing to go the extra mile to achieve results” and “always turn documentation around quickly.” This well-rounded group handles regulatory matters and a variety of transactions ranging from bond offerings to commercial, investment banking and acquisition finance deals. The team regularly represents HSBC in loan and securities transactions, including a recent ARS50 million negotiable obligations issue. Department head Hernán Carassai is highly esteemed by clients, who value his “ability to look for creative solutions to solve complex issues.” 

The finance group at this firm enjoys the loyal following of a number of clients in the financial services industry, particularly international banks. “Extremely reliable and deeply knowledgeable,” the lawyers deliver a “sophisticated end product.” The loss of key lawyer Ramiro Barbosa is an undoubted blow. However, the past couple of years have witnessed the emergence of the "hard-working and committed" Alexia Rosenthal. She was recently promoted to partnership and clients say that "having her on side gives complete peace of mind.”

This firm has close ties with some of Argentina’s largest energy corporations, including Pampa Energía and Energía Del Sur, which the banking and finance team often represents as borrowers or issuers in loan and securities transactions. The team recently acted for Gas Natural BAN on a ARS125 million issue of Series 2 notes under the company’s ARS500 million notes programme. The team has also reinforced its relationships with several international financial institutions and is more frequently involved in lending work. Other clients include Deutsche Bank, Wachovia and Macquarie Bank. The “astute and dedicated” Alejandro Anderlic heads the practice.

The firm fields a 17-strong team specialising in banking and finance matters. The lawyers handle a wide variety of work, including banking regulation, structured and project finance, foreign trade financings and debt restructurings. Clients appreciate the “hard work and commitment of this friendly group.” Founding partner Roberto Fortunati is the key contact and is renowned for his advice on major project financings, mainly related to mining, oil and gas, and utilities. "Top-drawer knowledge and responsiveness is typical of Roberto and all of the lawyers here," commented one client.

Clients say: "We particularly value this finance team's exceptional level of customer service – the lawyers are always available, they treat us as if we are their most important client, and their response times are good.” The lawyers win further praise for their technical expertise: “The quality of their answers cannot be faulted.” The firm is perhaps best known in the market for its skills in tax and financial markets regulation. Christian Fernando Albor provides “deeply analytical and polished work in the regulatory field” and has a wide set of skills, including experience in banking transactions.