| Standout | Cravath, Swaine & Moore | 9 | 8 | 9 | 26 | The firm helped Argentina return to the global capital markets, ending a 15-year stalemate between holders of Argentine bonds and the government. This was achieved through the innovation of a conditional vacatur, which cut through the conundrum the government faced of needing to pay bondholders while unable to raise funding. The firm’s approach allowed the injunctions to be lifted and all the bondholders to agree to terms so all settlements were paid in full. |
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| Standout | Gibson, Dunn & Crutcher | 8 | 8 | 9 | 25 | Through extensive discovery and use of the RICO statute in the US Second Circuit (which allows civil plaintiffs to find equitable relief), the firm helped overturn a $9.5bn Ecuadorian judgment for client Chevron. Commended: Randy Mastro |
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| Highly Commended | Chadbourne & Parke | 8 | 8 | 8 | 24 | When Peru’s fibre optic network needed finance for expansion, the firm helped develop a novel bond structure, which both mitigates construction risks and appeals to investors, sponsors and government alike. |
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| Highly Commended | White & Case | 8 | 8 | 8 | 24 | The firm brought landmark arbitration on behalf of thousands of individual Italian holders of retail bonds issued by Argentina, in order to fast-track the settlement of their claims. |
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| Highly Commended | Quinn Emanuel Urquhart & Sullivan | 7 | 8 | 8 | 23 | When the chief executive of Brazilian bank BTG Pactual was faced with corruption claims, the firm advised the board, guiding it through an internal investigation and its dealings with the press to mitigate the reputation and operating risks it faced. |
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| Commended | Creel, García-Cuéllar, Aiza y Enriquez | 8 | 7 | 7 | 22 | The firm designed and implemented the first public offering of covered bonds for Mexican Real Estate Investment Trust, Fideicomiso Hipotecario (FHipo), to release funding for residential mortgages in Mexico. |
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| Commended | Nader, Hayaux y Goebel | 7 | 8 | 7 | 22 | The firm helped Mexico’s Grupo Finterra make the transition from being a limited financial services company to a bank, which involved dealing with multiple regulations and relationships to complete the process. |
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