The 44-strong capital markets team at Barros & Errázuriz is consistently mandated by major companies to advise on issuances of securities and public offerings of bonds, shares and other securities. The practice is also well known for its assistance to domestic and international management companies, investment banks, Chilean investment funds managers and stockbrokers; and being a full-service practice, the team routinely leverages the expertise of the firm’s M&A, corporate, tax and real estate departments for significant capital markets transactions. The group is co-led by Luis Alberto Letelier, who has longstanding experience in advising companies and funds on issues of shares and debt (both in Chile and on the international markets); Cristián Barros, who is a regular adviser on high-stakes capital markets deals; Víctor Barros, whose recent experience includes the issuance and placement of private and public investment funds and bonds; and Javier Díaz is the practice’s regulatory expert. At senior associate level, Juan Ignacio Galdámez advises fund management companies and securities intermediaries regarding capital markets' matters; Francisco Vial is experienced in securities market regulation; and Pedro Pablo Cruz advises fund managers, securities intermediaries, banks and companies on the issuance of bonds and other instruments. Former senior associate Fernando Campino moved in house at Empresas Ariztía in March 2024.

Carey's 44-strong capital markets team advises public and private companies, financial institutions, private equity and investment funds, investors and emerging companies on securities offerings - including cross-border IPOs, capital increases, debt issuances and securitisations. Clients also turn to the group for assistance with regulatory compliance and corporate governance issues; and the team additionally advises issuers, management and boards of directors on their interactions with Chile’s securities regulator (Comisión para el Mercado Financiero). The department is co-led by several partners: Diego Peralta, who focuses on the structuring of financial products; Salvador Valdés, an adviser to corporate clients on the issuance of local bonds; Francisco Ugarte, who advises on international tender offers, debt issuances, derivatives, and the public and private offering of securities; and Felipe Moro, who assists with US private placements and Rule 144A/Reg S transactions. Also co-heading the group are Cristián Eyzaguirre, whose experience includes high-value capital increases; Jorge Ugarte, who is particularly active in debt capital markets liability management deals; Cristián Figueroa, an adviser on issuing securities; Patricia Silberman, whose track record covers the issuance and placement of senior secured notes; Fernando Noriega, a specialist in domestic and international securities offerings; and Alejandra Daroch, who advises on corporate and securitised bonds, derivatives, and public and private securities. At associate level, key support comes from seniors Ignacio Alfaro, Gustavo Marambio and Angélica De la Carrera (who returned to the firm in April 2023 after a year as an international visiting associate at Latham & Watkins in New York); all three have broad capital markets expertise as part of broader corporate and transactional practices.

‘An extraordinary firm in Chile’, Claro & Cia. ‘ensures excellent professional advice’. Acting for investment banks and issuers worldwide, the 16-strong capital markets team structures sophisticated securities transactions involving multilateral financings and cross-border capital flows. The team’s expertise covers public and private offerings, including IPOs, equity deals, project bonds, and investment-grade and high-yield debt offerings, as well as securities exchange listings, exchange offers, cash and debt tender offers, and hybrid securities. The firm additionally houses robust regulatory compliance and corporate governance practices. Major highlights included the practice’s involvement in the restructuring of LATAM Airlines, which involved a large capital issuance in Chile. The group is co-led by Rodrigo Ochagavía, who is particularly focused on the energy, mining, banking, infrastructure, insurance and pension fund sectors; and José Luis Ambrosy, whose capital markets expertise includess project bonds. The department further showcases Felipe Larraín, an adviser on cross-border deals involving foreign investors - particularly public transactions involving tender offers, securities laws and corporate governance issues; banking equity specialist Luisa Núñez; and José María Eyzaguirre F and Juan José León, who both advise on capital markets' matters. Counsel Cristián Lagos' wide-ranging practice also includes securities law and capital markets offerings. At associate level, experienced semi-senior Nicolás Aspillaga has had a certain focus on equity deals of late - particularly capital increases, while up-coming intermediate María Jesús Argandoña has been busy on local bond issuances.

Morales & Besa's seven-strong capital markets team is consistently mandated by issuers, underwriters and placement agents on high-stakes domestic and international capital markets transactions. It also assists with regulatory advisory work. The group has notable experience in advising on Chilean sovereign bonds, IPOs and secondary offerings, as well as debt securities transactions in both local and international markets. The practice also has enviable experience in project finance bonds and regularly advises on insolvency and reorganisation processes that include capital markets aspects. In addition to the firm’s transactional work for underwriters and issuers of securities, the capital markets group acts for domestic and global private equity funds and asset managers. The team is co-led by founding partner Guillermo Morales, a regular adviser to underwriters and issuers on both debt and equity capital markets; José Miguel Carvajal, whose track record includes assisting with the placement of several series of bonds and commercial papers; and Andrea Díaz, whose expertise includes acting for local and international financial institutions on the regulatory aspects of capital markets work. In the firm’s associate pool, Bárbara Echaiz regularly advises on capital markets work, in addition to corporate law and M&A. Former senior associate Gonzalo Pereira departed the firm in December 2023.

The 12-strong capital markets team at international law firm Philippi Prietocarrizosa Ferrero DU & Uría fields experts in the incorporation, registration, operation, transfer and liquidation of entities involved in the capital markets. The team is also sought out to advise on the issuance, registration, placement, trading and offering of securities, as well as corporate governance and compliance best practices for capital markets-related businesses. It additionally assists with the planning, design, creation and optimisation of structures and investment vehicles. Examples of recent mandates include the group’s advice to BofA Securities, JP Morgan Securities and Scotia Capital (USA) on the international issuance of CMPC’s $500m green and sustainability-linked bonds. Among the Santiago office’s several experienced practitioners, Andrés Sanfuentes is an expert in capital markets, in addition to banking, finance and infrastructure projects; and Marcela Silva is experienced in in advising underwriters and issuers of shares and bonds. Corporate, M&A and private equity specialist Federico Grebe also participates in capital markets matters - most recently being involved in the project to merge the Bogotá, Lima and Santiago stock markets. In a significant boost to the practice Daniel Parodi, an adviser to Chilean companies and foreign underwriters on bond issuances by Chilean debtors; and Guillermo Vial, whose broad practice also encompasses capital markets work, were both made partners in January 2024. A specialist in bond issuances, associate practice director Constanza Rodríguez is also a key member of the team.

The 11-strong capital markets team at full-service firm Cariola Díez Pérez-Cotapos is consistently mandated by issuers, investment banks, placement agents, financial advisers and investors on the public and private debt and equity offering of securities in Chile and the international markets. The group’s specialisms cover IPOs, Rule 144A/Reg S work, private placements and American depositary receipts. The team recently advised Compañía Cervecerías Unidas on the amendment and restructuring of unsecured 20-year Series H notes, in addition to assisting Transbank (as issuer) with the registration of unsecured bonds. The practice’s key advisers are senior partner Francisco J Illanes, who is an expert in finance, banking, capital markets, M&A and telecoms; Rodrigo Sepúlveda , whose wide-ranging practice focuses on advising Chilean and foreign banks and financial institutions, as well as Chilean companies, on banking and finance law, securities, foreign Investment, project finance, and the issuance of debt and capital instruments; and Juan Antonio Parodi, a highly-experienced adviser to major issuers and underwriters on domestic and international debt and equity capital market transactions. In the firm’s sizeable associate pool, seniors Sergio Balharry (who routinely advises on bond issuances) and Teresita Fernández are the key figures for capital markets work.

The 14-strong capital markets group at Garrigues Chile is routinely mandated to advise on bond issuances in the Chilean and international markets; and both domestic and foreign clients notably benefit from the international firm’s ability to leverage a global network of specialists. Recent highlights ranged from advising the banks on the issuance by the Republic of Chile of USD-denominated sustainable linked bonds, to assisting the underwriter with an update to a medium-term note programme. The team also advised the banks on their first issuances of AT1 bonds, which have no maturity date. Heading up the department, Pedro García focuses on cross-border and domestic matters involving debt securities, equity, liability management, debt restructuring, derivatives, and regulatory issues; banking and finance specialist Antonio Morales regularly assists with complex debt restructuring work; and Jaime de Larraechea has longstanding experience in capital markets, in addition to financing and M&A. In the firm’s associate ranks, principal Daniel Hernández, whose career includes a four-year stint at the Chilean Financial Market Commission, advises on debt securities and liability management transactions; Maria Fernanda Jara is particularly active in local and international bond issues; and intermediate Macarena Fuentes' broad practice includes capital markets matters.

Full-service law firm Guerrero Olivos houses an 11-member capital markets team that acts for domestic and international stockbrokers, fund managers, corporate issuers and multinational investment banks. The group’s expertise covers debt offerings in Latin America, Europe and the US, including the registration of American depositary receipt programmes, as well as convertible bonds for Chilean companies and the structuring of derivatives products. It is also highly experienced in tender offers, where the team is able to leverage the firm’s notable M&A credentials. Additionally, the team has a strong track record in securitisation work, while the firm’s investment and mutual funds practice routinely assists with the incorporation of funds. Recent highlights include acting for Chilean publicly-traded corporation Telefónica Chile on a $320m capital increase. The practice’s is co-led by three partners: Jorge Delpiano, an expert in regulatory securities; Miguel Coddou, who advises international investment banks (as underwriters) on energy project finance-related bonds; and César Gálvez, whose recent experience includes assisting WOM, a large provider of mobile internet connections in Chile, with an international debt placement valued at $285m. In the firm’s associate team, seniors Sebastián Marambio and Diego Rodríguez, along with associate Diego Fernández are also key capital markets team members.

HD Legal, known as Honorato | Delaveau until its 2023 rebrand, fields a six-member capital markets team that advises on a broad range of transactions. The group’s expertise covers corporate bonds, commercial papers, fund units, securitised bonds and securities. The firm is also home to investment, real estate and fintech sector specialists. Recent highlights include advising Ameris Administradora General de Fondos on its private debt funds’ investments. The team is led by managing partner and founder Sebastián Delpiano, who acts for companies, fintechs and venture capital entities on large transactions. Delpiano’s expertise encompasses financial products, derivatives, IPOs, securities brokerage issues, and debt and equity issuances. The practice also showcases securities law director Carlos Frias, an expert in banking, financial and securities market law, who assists with public and private offerings of securities. Frias’ career further includes working as in-house counsel at banking and multilateral financial institutions in Chile and the US. Highlighted from the firm’s associate team: senior Nicolás Garcia advises stockbrokers and securities agents on their daily operations, while Ignacio Ruiz-Tagle specialises in corporate and securities market-related work. At the more junior end, Gabriela Rojas rounds out the firm’s capital markets offering. Former senior associate Andrea Alarcón departed the firm in October 2023.

Prieto Abogados' seven-strong capital markets department is home to experts in debt placements, both in the Chilean market and across the US, the latter through Rule 144A/Reg S bond placements. The full-service firm’s workload extends beyond traditional placements to cover liability management, exchanges, and inaugural issuances for emerging players; and its track record includes major Chilean market IPOs, as well as public acquisition tender offers involving cross-border deals. The practice is also highly active in relation to both public and private investment funds. Recent mandates include acting for construction and real estate company Salfacorp on a capital increase transaction, which involved the public placement of 100m shares. The team is co-led by name-partner Patricio Prieto L, who predominantly focuses on private equity funds, along with insurance and debt placements; and Isabel Wolleter E, who plays a key role in most of the firm’s capital markets transactions, her expertise covering debt issuance structuring, negotiable instruments, stock exchange listing processes, tender offers and auction processes. Wolleter’s career also includes a stint working at Shearman & Sterling LLP’s New York office. The practice further includes high-regarded counsel Maite Larrañaga, who acts for both national and foreign clients on the issuance of securities; and intermediate associate José Pedro Poblete who is notably active in the sector.

‘Exceptional in several respects’, Ried Fabres advises on complex transactions involving alternative assets, debt securities, bond issuances, securitisations, tender offers, derivatives agreements and equity deals. The group is also regularly mandated to assist with capital markets-related regulatory matters, derivatives trading, portfolio management, tender offers and public offerings of securities. It is also well known for its establishment of investment (both closed-end and open-ended) and mutual funds. Recent highlights for the group include acting for Banco de Crédito e Inversiones on its first issuance of perpetual bonds. The ‘very diverse’ team is co-led by Cristián Fabres, who ‘stands out for his commitment’ and advises on securitisations conducted through both funds and special purpose vehicles; and former Santiago Stock Exchange in-house counsel José Miguel Ried, a regular adviser to stockbrokers, dealers and foreign fund managers on capital markets regulations, compliance, and corporate governance. Also key to the department is Ricardo Abogabir, who acts for issuers and underwriters on local and international bond offerings. In the firm’s associate team, senior Ariadna Beroiz is an adviser to domestic and international fund managers (and local stockbrokers) on capital markets matters, including structuring investment funds; and intermediate Magdalena Varas assists regulated entities with the regulatory side of capital markets' mandates.

The sizeable, 15-strong capital markets team at full-service firm Bofill Mir Abogados has wide-ranging experience in both equity and debt capital markets. The group’s recent experience includes advising on the restructuring and amendment of existing debt and issuances, as well as the preparation and issuance of new securities, bonds, promissory notes and shares. The practice is co-led by founding partner Octavio Bofill, whose recent experience includes acting as independent board member to Banco Itaú Chile, in relation to a takeover bid; Rodrigo Saffirio, who advises groups of bondholders on their rights regarding company reorganisations; and Ana María Yuri, an expert in capital markets-related transactions in the real estate and leasing sectors. Moreover, October 2023 saw Andrea Alarcón F return as the firm’s first capital markets director.

The capital markets team at full-service firm DLA Piper Chile undertakes placements, securities issuances, IPOs and capital increases, as well as stock options, bonds and American depositary receipts. The principal advisers in the Santiago office are: Diego Noguera, who advises companies on the domestic and international placement of securities; office managing partner Matías Zegers, who brings expertise in M&A, corporate governance and venture capital to the practice; and Jorge Timmermann, a former capital markets adviser to the Minister of Finance whose experience also includes advising on the issuance of bonds and commercial papers (predominantly on behalf of issuers).

The five-strong capital markets team at Baker McKenzie Chile advises financial institutions, issuers and managers on tender offers, corporate debt placements and securitisations. Its expertise also extends to the regulatory aspects of Chilean securities and other capital-raising activities. The team further assists with public offerings, bond issuances, stock exchange listings, and multi-jurisdictional due diligence work. The team is co-led by capital markets specialist Fernando Castro and Jaime Munro, whose wide-ranging practice includes securitisation mandates. Promoted to partner in July 2023, Cristóbal Larrain regularly works with the firm’s New York team on project bonds across Latin America.

A member firm of the Multilaw and World Law Group international networks, Urenda, Rencoret, Orrego y Dörr's eight-member team houses considerable expertis across a range of capital markets' matters, including equity and debt deals involving IPOs, bonds and other debt certificate issuances. The group also advises on public tender offers, in addition to assisting several publicly-held corporations, brokers and entities with their interactions with the Securities Agency. The team is co-led by Felipe Rencoret, an adviser to company boards on securities and compliance; and Sergio Orrego, whose wide-ranging practice covers securities, IPOs and tender offers. Gonzalo Rencoret and Nicholas Mocarquer also both assist with capital markets work, and semi-senior associate Isidora Zañartu is experienced in securities laws and regulation.