‘Proactive in proposing solutions’, Brigard Urrutia’s capital markets team is a popular choice to advise major issuers on large-scale debt and equity offerings — as was recently evidenced by its work for the Republic of Colombia on its $3.6bn global bond offering. The group additionally contributes experience in representing underwriters on local and cross-border capital markets transactions. Managing partner Carlos Fradique-Méndez co-heads the department, where he leverages extensive expertise in both domestic and international securities offerings and structured finance transactions; notably he is dual qualified in New York and Colombia. Fellow practice co-head Luis Gabriel Morcillo is equally adept in representing companies and investment banks in public and private issuances of debt and equity; he recently acted alongside Fradique-Méndez and the banking and finance practice group to lead on Colombia’s aforementioned global bond offering. A strong bench of associates includes senior Viviana Araújo, who specialises in capital markets work and is ‘very attentive to clients’; senior Nicolás Arocha Roldán, who focuses on capital markets, finance and corporate law; and intermediate Diana Useche, who supports on capital markets, securities and private equity-related matters.

The capital markets practice at the former Gómez-Pinzón Abogados - now Pérez-Llorca, since their June 2025 merger - is ‘characterised by its practical, business-oriented lawyers’, according to clients. A frequent adviser to both issuers and underwriters, the ‘highly experienced’ team stands out for its involvement in many of Colombia’s marquee debt and equity offerings. Most notably, banking, finance, and capital markets head Ricardo Fandiño recently advised BBVA Securities, BofA Securities and Citigroup Global Markets — as underwriters — on Ecopetrol’s multibillion-dollar notes issuance. Other key names at partner level include Daniel Londoño, whose focus covers financings, securities offerings and capital markets regulation; Adriana Moreno, who recently advised Isagen on the expansion of its ordinary bond issuance programme to include social, green and sustainable bonds; and senior partner José Luis Suárez, who specialises in M&A, structured financings and capital markets work. The department further draws on a strong second line of senior associates including Daniel Flórez Linero, who is ‘highly focused on understanding and meeting business needs’; Jimena González Alarcón, who is noted for structured finance deals; and Catalina Prieto Núñez, who is particularly well versed in Rule 144A/Reg.S bond issuances.

 

Primarily active in structured finance and debt capital markets work, Baker McKenzie S.A.S.’s team stands out for its international network and ability to resource cross-border offerings. Alongside its work for issuers and underwriters in traditional capital markets issuances, the team additionally maintains a prominent private equity funds practice; significantly, private equity funds fall under the jurisdiction of capital markets regulation in Colombia. Next-generation partner Ricardo Trejos is a key contact and is noted for his broad banking and finance experience, which spans structured finance, debt capital markets, private equity fund formation and regulatory work. Trejos co-heads the department together with M&A and private equity partners Andrés Crump and Natalia Ponce de León, who are both recommended for equity capital markets transactions. Key associates include senior Mónica Cubillos Iregui and intermediate Juliana Gómez, who are noted for equity and debt capital markets work respectively.

The capital markets team at Garrigues impresses with its ‘high technical level, strategic focus and ability to adapt to the needs of each transaction’. Combining robust skill sets in both regulatory and transactional work, the team is particularly sought after for cross-border offerings, where it can draw on lawyers from across its international platform. A former Chief Financial Superintendent of Colombia, Roberto Borrás spearheads both the capital markets and the banking & finance groups, and is particularly recognised for his strong regulatory credentials. Borrás recently advised BBVA Colombia on regulatory and transactional issues related to its €220m common share issuance. Principal associate Lissa Parra Alarcón is distinguished by her marked focus on capital markets law, where she brings experience in debt and equity issuances, tender offers, and securities registrations, among other matters. Clients additionally single out intermediate associate Ricardo Schembri, who provides broad-ranging support to the capital markets and banking practices.

During 2024/25, Philippi Prietocarrizosa Ferrero DU & Uría’s capital markets team retained close links with Grupo Argos. Notably, it continued to advise the Colombian conglomerate on a three-phase share exchange involving Grupo Sura, the Gilinski Group, and Grupo Nutresa. On the debt front, the firm’s longstanding relationships with bulge-bracket banks paid dividends, and it acted as Colombian counsel to the underwriters (BofA Securities, Citigroup Global Markets and JP Morgan Securities) on the $800m purchase of subordinated notes to be issued by Bancolombia. Corporate, capital markets and finance specialist Claudia Barrero is widely admired for equity transactions and led the Grupo Argos work. Hernando Padilla also has a strong equity dimension to his practice but — similar to Barrero — additionally undertakes debt-related matters; he advised the underwriters on the Bancolombia issuance. The team further draws on Juan Fernando Gaviria, who co-heads the department together with Barrero and Padilla; and junior associate Daniel Vargas. Associate co-ordinator Daniela Mejía left the firm in September 2024.

The ‘innovative’ capital markets group at Posse Herrera Ruiz is commended as being ‘fully committed to client service’. Mainly active on debt capital markets transactions during 2024/25, the team’s recent work spans both issuer- and underwriter-side mandates — it also routinely acts alongside the corporate area to assist with equity capital markets deals. Department co-head Jaime Cubillos sits in both the corporate and M&A, and capital markets divisions and recently advised Banco W on the issuance of social bonds in the secondary market for up to COP$200bn. Fellow co-head Jesús Albarrán specialises in banking and finance, and capital markets work; he recently acted in conjunction with up-and-coming capital markets partner Natalia Escobar and the corporate practice to advise Banco Finandina on the issuance of sustainable bonds for up to COP$200bn. Juan José Huertas, who was promoted to partner in January 2025, and senior associate Isabella Del Río are also recommended. Mariana Posse retired in December 2024.

‘An interdisciplinary team with specialised knowledge of capital markets issues’, Ustáriz & Abogados Estudio Jurídico is widely recognised as a destination practice for compliance matters in this space. Providing regulatory support across the full gamut of securities offerings, new financial products and risk management, among other areas, the team enjoys close relationships with an impressive roster of domestic and international banks and financial entities. Co-founding partner Luis Humberto Ustáriz is a leading authority on capital markets regulation; he recently advised Banco Latinoamericano de Comercio Exterior (Bladex) on negotiating International Swaps and Derivatives Association (ISDA) derivative framework contracts across several Latin American jurisdictions. Fellow firm co-founder Jose Federico Ustáriz is also a key contact for capital markets regulation. Additionally, the department draws on a deep pool of experienced non-partners, including counsel Pablo Valencia, who advises on corporate and financial law; associate director Manuel Antonio García, who impresses with his ‘commitment and availability’; and senior counsels Calixto Anaya and Mario Fajardo.

Cuatrecasas’ capital markets practice is closely aligned with its banking and finance offering and demonstrates a significant orientation towards debt capital markets work. The group’s recent highlights cover mandates undertaken for both issuers and banks, while it particularly shines in cross-border offerings — in line with the wider firm’s international outlook. Corporate finance specialist Manuel Quinche co-heads the area and is recommended for bond offerings and structured finance transactions. Fellow co-head Natalia Arango is also noted for debt issuances and notably led on several cross-border offerings during 2024/25. The practice further draws on corporate finance partner Juan Carlos Puentes.

Dentons Cardenas & Cardenas’ ability to plug into the wider firm’s US platform is a big draw for clients, with its experience in Rule 144A/Reg.S offerings standing as a notable asset. Colombia managing partner Bernardo Cárdenas is dual-qualified in Colombia and New York and is a key contact for Rule 144A-related transactions. Also noted are corporate and finance specialist Eduardo Cárdenas and Felipe Alarcón, whose practice spans banking and finance, and capital markets work. The team was further strengthened by the September 2024 arrival of Daniela Mejía, who joined as partner from Philippi Prietocarrizosa Ferrero DU & Uría, where she was associate co-ordinator.

Esguerra JHR’s capital markets team’s ‘professionalism and dedication go above and beyond what clients expect’, according to some. Regulatory work provides the majority of engagements, while the group additionally handles securities offerings and other capital markets-related transactions. As the former Legal and Executive Vice-President at the Bogotá Stock Exchange, department co-head Juan Pablo Gonzalez leverages a formidable background in financial regulation and compliance. Veronica Arango Lux co-heads the practice and focuses on transactional work, with her recent experience spanning public securities offerings, private placements and fund structuring, among other matters.

As a Florida-headquartered firm, Holland & Knight is noted for its robust international — particularly US-related — capital markets expertise. Working closely with issuers, banks and other market participants, the group handles a myriad of equity, debt and structured finance transactions, while it is also equipped to support on regulatory issues. Department head Camilo Gantiva is commended for his ‘availability, knowledge and experience’; he is regarded by many as an expert in capital markets work, including compliance issues. Other key contacts include María Juliana Saa, whose practice encompasses capital markets, financial law, and corporate and M&A; and senior associate Juan Felipe Fontecha, who specialises in securities and financial regulation.

Martínez Quintero Mendoza González Laguado & de la Rosa’s capital markets practice was mainly active in domestic debt and equity issuances during 2024/25, where it had a focus on representing issuers. The team also contributes robust experience in cross-border offerings under the leadership of managing partner and department co-head Camilo Martínez, who is dual-qualified (Colombia/New York) and possesses a strong record in international work. The practice is co-led by Juan Camilo Varón, who was promoted to partner in January 2025 and handles a mix of banking and finance, capital markets, and corporate and M&A matters. Senior associate Sebastián Pomárico provides support.