The Legal 500

One of the first ports of call for high-end equity capital markets work, Freshfields Bruckhaus Deringer has consolidated its towering reputation as a first-class adviser to both issuers and underwriters in Spanish flotations. ‘Simply outstanding, definitely the firm to go to on quality advice’. Even though the market dropped significantly in 2008, the team still managed to scoop one of the largest mandates at the end of 2007. Following a lengthy and extremely rigorous selection process, the firm was chosen as Criteria CaixaCorp’s Spanish and international counsel in its €4bn IPO, the market’s second largest IPO and one of the largest in Europe. The firm is also regularly mandated by its key banking clients to advise on block trades (including accelerated bookbuilt offerings). Its phenomenal team of experts includes the ‘pragmatic and highly responsive’ Armando Albarrán (equity), the ‘extremely pro-active’ Iñaki Gabilondo (debt) and the ‘diligent and accurate’ Fernando Bautista (securitisations).

Garrigues ‘has managed to establish itself as one of Spain’s strongest capital markets fims, particularly in equity capital markets’. With a phenomenal track record in IPOs, the team most notably advised Codere on its €249m IPO and listing on the Spanish stock exchange, the first gaming company to be listed in Spain; it also represented the underwriters on Iberdrola Renovables’ €4.4bn IPO, Spain’s largest ever IPO; as well as the underwriters on Fluidra’s €317m IPO. Garrigues was also advising Itínere Infraestructuras on its €1.1bn IPO, the only one expected to take place in 2008, however, this was ultimately revoked due to market conditions. ‘They are a great firm, not only able to assist on minor day-to-day issues, they can also be involved in highly demanding complex matters’. In a phenomenal team of corporate experts, clients are especially praiseworthy of ‘heavyweight’ Fernando Vives, the ‘extremely well respected’ Javier Ybáñez and of Álvaro López-Jorrín, ‘one of the market’s best lawyers’.

Linklaters SL remains one of Spain’s most active firms in both equity and debt capital markets, drawing praise from all round for its ‘astounding ability for being constantly involved in the market’s top notch deals’. The team was also involved in the market’s largest IPO ever, having represented JP Morgan Securities, Morgan Stanley and Société Générale Corporate & Investment Banking, as joint lead managers, in Iberdrola Renovables’ €4.4bn IPO. Íñigo Berrícano is praised for his ‘impressive knowledge of many industry sectors’ and Sebastian Albella has been regarded as ‘a perfect gentleman, always there when you need him’. On the debt side, the team most notably acted for La Caixa in its €837m exchangeable bond issue over shares of Criteria CaixaCorp. Conrado Tenaglia, a Spanish and New York Bar-qualified lawyer, is also highly recommended.

Arguably Spain’s number one equity capital markets powerhouse, Uría Menéndez is the most sought after firm for initial public offerings and equity placings. The team’s head of department, co-managing partner Luis de Carlos, receives high praises from clients. ‘He is Spain’s equity capital markets god, an outstanding practitioner. He combines unparalleled experience in the sector with extraordinary personal qualities’. Uría Menéndez was involved in six of the 10 IPOs completed in the Spanish market in 2007 (Realia, Almirall, Fluidra, Codere, Rovi and Iberdrola Renovables), with the last three having been closed in the last quarter of 2007. Iberdrola Renovables’s €4.4bn IPO was Spain’s largest ever. ‘Uria is not only Spain’s number one firm, it is clearly one of the best firms we’ve worked with in Europe’. Cándido Paz-Ares, Rafael Sebastián and Salvador Sánchez-Terán are also praised as ‘market champions’.

At Allen & Overy, corporate and finance heavyweights Iñigo Gómez-Jordana and Juan Barona are also in charge of capital markets issues. Both have been regarded as ‘very thorough’. Drawing from its strong reputation in banking and finance, the team has been involved in some of the market’s most coveted instructions, including advising Deutsche Bank in the creation of a holding company for Bancaja’s industrial portfolio and subsequent private placement. Total transaction value was approximately €6.5bn. Fortis also instructed the firm in connection with a €305m initial public offering of Grupo Inmobiliario Tremón. UK-qualified solicitor and finance expert Charles Poole-Warren also boasts significant capital markets expertise.

With a rapidly rising profile in equity capital markets, CMS Albiñana & Suárez de Lezo recently demonstrated why it is quickly becoming one of the market’s leading firms. The team advised Iberdrola Renovables, alongside Uría Menéndez, in connection with its €4.4bn IPO. ‘Their work is flawless, they are extremely experienced and consistently provide high quality service’. Name partner Cesar Albiñana and finance expert Luis Miguel de Dios were the key partners involved. On another major instruction involving an IBEX 35-listed company, the firm acted for Acciona, again alongside Uría Menéndez, on the €43.7bn takeover of Endesa, carried out jointly with ENEL. Managing partner Rafael Suárez de Lezo and Carlos Peña were in charge of this matter. ‘The best example of a firm of gentlemen’.

Mostly known in the Spanish market for its phenomenal capability in debt capital markets issues, Clifford Chance has advised on an overwhelaming number of emission programs under EMTN, namely for Banco Santander, BBVA, Telefónica and Endesa. The firm’s head of finance is senior partner Jaime de San Roman, ‘an outstanding lawyer, who not only has remarkable technical abilities but is also extremely solution-oriented’. Other highlights include advising the Sanahuja family on a share capital increase carried out by Metrovacesa, in which the firm advised Cresa Patrimonial and Undertake, subsidiaries of Sanahuja. The team also acted as Spanish and English counsel to La Caixa. Stuart Percival, the firm’s UK-qualified local partner, is ‘undoubtedly one of the most experienced UK solicitors in high-end Spanish work’. Other expert partners which are highly recommended include Jose Manuel Cuenca and Javier García de Enterría.

Cuatrecasas, Gonçalves Pereira’ capital markets practice is going from strength to strength. The team advised the underwriters in Realia’s €783.2m IPO. ‘They are definitely one to watch’, notably advising Sogecable, the target company, in connection with Promotora de Informaciones’ €1.92bn takeover bid. Sogecable also instructed the team on the conversion of 284,500 class B and series B-2007 redeemable shares into class A ordinary shares and their subsequent listing on the continuous market. Fernando Torrente is one of the market’s most admired experts. Clients say ‘he is simply outstanding’.

Gómez-Acebo & Pombo Abogados’ remarkable reputation in debt capital markets relies substantially on the ‘agile, creative and exceptionally able’ Ángel Varela. The team notably advised Martinsa-Fadesa on the listing of 100% of its shares, and also acted for Societé d’Aménagement Urbain SAUR, on the disposal of a 33% stake in Aguas de Valencia, which was acquired by Suez Environnement for €135m. ‘I would definitely use them again’, one client commented. Other leading individuals include corporate specialist Fernando de las Cuevas, ‘an amanzigly bright lawyer who is great to work with’ and Fernando Igartua, ‘one of Spain’s best’.

With only two years in Spain and a small team of 20 lawyers, including three partners, Latham & Watkins LLP is already puching well above its weight. Iberdrola has used the team’s expert advice on two key transactions: a €3.37bn capital increase carried out by an accelerated bookbuilt offer, to finance the company’s acquisition of Energy East, and also a €478m block trade sale of Iberdrola’s interest in the Portuguese listed company Galp Energía. Managing partner José Luis Blanco ‘has put together a strong team of all round corporate experts’. These include Spanish and NY-qualified Juan Manuel de Remedios and up and coming senior associate Yoko Takagi.

Ramòn y Cajal Abogados has traditionally been known for its superior capital markets expertise, having been involved in several IPOs and securitisations in the past. Its leading reputation is mainly drawn from the strong names that lead partners Francisco Palá and Francisco Bauzá boast in this area. ‘Two phenomenal corporate giants, which any firm would wish to have’. Recent highlights involving public companies include acting for Inmobiliaria Colonial on two successive takeover bids, launched by GE Capital and Investment Corporation of Dubai respectively. The team has represented Bankinter on several securitistaions.

Mostly known for its expertise in banking and finance, Ashurst LLP has also built up a ‘fine’ capital markets practice, under the leadership of Gonzalo Jiménez-Blanco. The team recently advised Citigroup on the sale of Colonial to Investment Corporation of Dubai, specifically on the renegotiation and restructuring of the company’s debt and on the transfer of a 30% stake to the banks. María José Menéndez, one of the firm’s best-known corporate experts, led the team’s advice to Uralita, a leading construction company, in relation to a tender offer launched by Nefinsa.

Baker & McKenzie’s sound capital markets practice is ‘up and coming’. It advised Suez Environment on its €2bn joint takeover, with La Caixa, of Aguas de Barcelona (Agbar), one of the largest public M&A transactions in Spain in 2007. ‘They are definitely one to watch’, one client commented. Other highlights include acting for Spanish listed company Campofrío Alimentación on its €1bn merger with Groupe Smithfield Holdings, a joint venture of Smithfield Foods Inc. and a number of investment funds led by Oaktree Capital Management.

In one of the market’s most high profile moves, DLA Piper recently hired Grupo Ferrovial’s general counsel María Segimón, an arrival which promises to increase the firm’s market share in this area. With this move, the firm has ‘substantially strengthened its presence in capital markets and is sure to scoop an increasing number of major instructions’. Santander Central Hispano Titulización has been one of the firm’s most active clients of late, having used the team’s expert advice in setting up a large number of asset securitisation funds over the past year. This included the establishment of Fondo de Titulización de Activos Santander Financiación 1. The practice also acted for the same client on the issuance of securitisation bonds in the amount of €1.91bn.

Lovells LLP has developed a solid track record in capital markets. The team advised AXA in setting up the first pan-European securitisation of a motor insurance portfolio, in coordination with the firm’s securitisation teams in France, Italy and Germany. Joaquin Sales, who advises clients on project finance, acquisition finance, and securitisation, was the partner in charge.

At Perez-Llorca, Vicente Conde and Pedro Perez-Llorca are the firm’s most experienced capital markets experts. According to clients, ‘they are both simply outstanding’. E.ON was one of the team’s most active clients in 2007, requiring advice on various aspects of its proposed €42.3bn acquisition of Endesa. M&G Investments has used the practice for advice on all regulatory aspects of its activity in Spain.