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Capital Markets


Capital Markets is an area that lives from the dynamic of modern economy and, for such reason, requires an in-depth knowledge of its mechanisms. We work with the aim to reach excellence, perfectly aware that our clients need clear solutions to complex problems.

This area comprises a wide range of financial products, such as:

  • IPOs (Initial Public Offerings)
    • Distribution and Takeover Public Offerings Commercial paper programs
  • Debt issuance programs (EMTNs)
  • Stand Alone Bond Loans (including exchangeable and convertible bonds)
  • Credits Securitization
  • Ivestment Funds
  • Structured Products
  • Regulatory Nature Issues

The negotiation skills and the establishment of a true partnership between the lawyer and the client are critical factors to the success of many operations. Our lawyers gather experience of transactions and knowledge of the sector.


Offers an extensive international network, advising a range of domestic and multinational clients on Portuguese capital markets operations. Adept at handling equity and debt capital markets, securitisation and regulatory matters . Recent work includes debt issuance programmes and bond issues among other mandates.
Chambers & Partners 2017
Tier 2: "António Payan Martins and Francisco Xavier de Almeida are key contacts"
Legal 500 2017
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07 July 2020
IFLR1000 dis­tin­guishes CMS Rui Pena & Ar­naut
CMS Rui Pena & Ar­naut has just been high­lighted by the in­ter­na­tion­al dir­ect­ory IFLR1000.The firm is re­com­men­ded in the fol­low­ing areas:Bank­ing;Cap­it­al Mar­kets: Debt;Cap­it­al Mar­kets: Equity;M&A;Pro­ject...
An­gola: Cre­ation of the multi­sect­ori­al com­mis­sion for the reg­u­lat­ory frame­work...
An­golaPres­id­en­tial Or­der No. 3/18 of Janu­ary 12nd has re­cently been pub­lished, which es­tab­lishes a Multi­sect­or­al Com­mis­sion with the ob­ject­ive of mak­ing a dia­gnos­is of the in­sti­tu­tion­al and reg­u­lat­ory...
End of the bear­er se­cur­it­ies
Fol­low­ing the pro­hib­i­tion of the is­su­ance of bear­er se­cur­it­ies, in force as from the 4th of May 2017, the trans­ition­al re­gime that es­tab­lishes the con­ver­sion of bear­er se­cur­it­ies in­to nom­in­at­ive se­cur­it­ies...
Money laun­der­ing and ter­ror­ism fin­an­cing pre­ven­tion
Next week, on the 18th of Septem­ber, the new rules on for money laun­der­ing and ter­ror­ism fin­an­cing pre­ven­tion will come in­to force (Law 83/2017, of au­gust 18th).In gen­er­al, the main in­nov­a­tions in L83/2017...
Cor­por­ate fin­an­cing: SIMFE and short-term debt cer­ti­fic­ates
On 1 June 2017 entered in­to force the new rules on se­cur­it­ies in­vest­ment com­pan­ies for pro­mo­tion of the eco­nomy (SIMFE) and the new rules on short-term debt cer­ti­fic­ates, provided for in De­cree-Law no...
Meet the Law - An­gola Up­date
It was fi­nally pub­lished the new law with the basis for private in­vest­ment in the Re­pub­lic of An­gola, Law 14/15, of 11 Au­gust, which entered in­to force on the date of its pub­lic­a­tion and which re­vokes...
CMS Guide to Private Place­ment of Funds - Second Edi­tion
The CMS Funds Group, with the as­sist­ance of a few oth­er firms, has provided an over­view of the private place­ment rules across the EU and oth­er European coun­tries fol­low­ing the im­ple­ment­a­tion of the Al­tern­at­ive...
Meet The Law | Cap­it­al Mar­kets
On 15 Oc­to­ber 2013, has entered in­to force the amend­ments to Reg­u­la­tion I of NYSE Euronext, reg­u­la­tion that aimed es­tab­lish­ing the or­gan­iz­a­tion of the rel­ev­ant reg­u­lated mar­ket of se­cur­it­ies.Please check...
Who's Who re­com­mends José Luís Ar­naut in Trade­mark area and Fran­cisco Xavi­er...
Two mem­bers of the CMS-Rui Pena & Ar­naut (RPA) are re­com­men­ded by in­ter­na­tion­al dir­ect­ory Who's Who Leg­al. José Luís Ar­naut is high­lighted in the area of Trade­marks as Fran­cisco Xavi­er de Al­meida is...
Meet The Law - Cap­it­al Mar­kets
On the 17th of May, the Bank of Por­tugal is­sued Cir­cu­lar no. 32/2011/DSC ("Code of Con­duct"), which lays down a set of good prac­tices to be ob­served by Fin­an­cial In­sti­tu­tions and Fin­an­cial Cor­por­a­tions...
Meet the Law - Cap­it­al Mar­kets
De­cree-Law no. 33/2011, was pub­lished on March 7th, with the goal of sim­pli­fy­ing the in­cor­por­a­tion pro­cess for private lim­ited com­pan­ies through (i) mak­ing the share cap­it­al now freely de­term­ined by the...