The Legal 500

Allen & Overy is ‘excellent for big-ticket transactions’ and ‘takes a global view which enables it to assist international clients effectively’. The group advises issuers and arrangers on a variety of debt programmes, and is a recognised leader in Spain for representing such clients. It recently advised Goldman Sachs on the incorporation of Rule 144A mechanics into Instituto de Crédito Oficial’s MTN programme to allow it to tap into the US market. Íñigo Gómez-Jordana is ‘commercially oriented’ and ‘a good team manager’, and Charles Poole-Warren is ‘attentive and constructive’. Senior associate Beatriz del Rey ‘deserves special mention for her incredible knowledge of securitisations’.

Armando Albarrán heads the ‘high-profile’ Madrid practice at Freshfields Bruckhaus Deringer. The group advised the issuer on Amadeus IT Holding’s IPO and acted for Afirma Grupo Inmobiliario on a €842m rights issue. The team advises two of Spain’s main debt issuers: Gas Natural and Repsol. Counsel Fernando Bautista handles securitisation matters, while Ana López and Iñaki Gabilondo are recommended for debt capital markets work.

Garrigues has a wealth of experience in hybrid and subordination transactions and securities law, meaning it is ‘at the top of the market for Spanish law advice’. With regards to debt capital markets, it has been involved in numerous transactions executed by prime issuers including Caja Madrid, Bancaja, Cajamar, Criteria and BBVA. It advised Campofrío Issuance on a €500m fixed notes issuance. Javier Ybañez heads the practice, and senior associate Gonzalo Garcia-Fuertes is recommended for his ‘reliability, ideas, and very deep industry expertise’.

Linklaters SL’s practice covers debt, equity and equity-linked instructions, and liability management, and is led by Iñigo Berrícano. It advised listed companies such as OHL and Cementos Portland and underwriting banks including Pescanova on rights issues and has also been advising on convertible bond transactions – the group maintains a leading position in debt capital markets domestically and internationally. Iñigo Berrícano and Conrado Tenaglia are recommended.

Uría Menéndez’s ‘top-notch’ practice has ‘excellent knowledge of Spanish law and good relations with regulators’. Practice head Rafael Sebastián and Javier Redonet are ‘highly responsive, knowledgeable and easygoing’, and Jaime Pereda is also recommended. The firm advised Visteon on restructuring its pan-European securitisation programme.

CMS Albiñana & Suárez de Lezo’s team ‘understands highly complex transactions’ and takes a ‘proactive and creative approach’. It advised Natixis on the issuance of bonds and covered bonds by Spanish institutions and acted for Banco Espirito Santo on issuing promissory notes. Javier Torre de Silva and José Miguel Martín Zamorano are recommended for their ‘commercial approach and negotiating skills’, and for ‘thinking outside of the box’.

Clifford Chance is widely recognised as one of the leaders for debt capital markets, acting for international and domestic banks and Spanish issuers. The team recently acted for Morgan Stanley on an exchange offer for Banco Santander’s securities. It specialises in large and complex transactions, and ‘has coverage in many jurisdictions with good interaction between offices, which is a benefit to global clients’. Practice head Jose Manuel Cuenca is ‘always good at providing imaginative solutions’, while Javier García de Enterría is ‘good at decision-making’ and Stuart Percival is recommended for English law advice.

Cuatrecasas, Gonçalves Pereira is particularly strong on securitisations, ‘always pays attention to the client’ and has ‘strong knowledge of Spanish law’. Recent highlights include acting for Banco Popular on incorporating the asset-backed securitisation fund IM GBP Leasing 1 and advising Imaginarium on its €73.5m listing on the Spanish Alternative Investment Market.

Gómez-Acebo & Pombo Abogados regularly acts for issuers, fund managers and originators, and recently advised Instituto de Crédito Oficial on its near €23bn securitisation. Equity capital markets highlights included advising Abu Dhabi’s International Petroleum Investment. On the debt side, it advised Caja de Ahorros y Monte de Piedad de Córdoba on a state-guaranteed bonds issuance. Fernando Igartua and Ángel Varela are recommended.

Latham & Watkins LLP provides domestic and international capital markets advice and, since launching in Spain in 2007, has built strong capabilities in related areas including regulatory, derivatives, and banking and corporate governance. Recent highlights include advising the syndicate of underwriters on Inaer’s €470m Rule 144A bond issuance. Juan Manuel de Remedios is the key contact.

Perez-Llorca is traditionally known for its equity capital markets work, and counts Abengoa, BBVA and Caja Madrid among its key clients. It has been advising the underwriters on Ence’s rights issues. Vicente Conde heads the department.

Ashurst LLP acted for Goldman Sachs on restructuring its position as convertible bondholder of Inmobiliaria Colonial, including the implementation of the share capital increases. Other highlights included advising Nomura on the international securitisation of a real estate mortgage loan portfolio of a Spanish savings bank. Juan Hormaechea is recommended.

María Segimón leads the ‘smooth and efficient’ team at DLA Piper Spain S L that is commended for its ‘hands-on approach’ and ‘deep knowledge of market standards’. The group has extensive experience with alternative investments on MAB and in issuing debt instruments in Spain. Recent highlights include advising Aracruz on de-listing its shares from Latibex.

Making its debut in the Spanish ranking, Herbert Smith LLP’s expertise extends to debt and equity transactions, securitisation and structured finance. Recent highlights include advising both Barclays and Société Générale on Fomento de Construcciones y Contratas’ €450m convertible bond issue. It is also acting for the Spanish shareholders – Val, Telco and Grupo Multitel – in connection with ONO’s €200m payment-in-kind bonds. Álvaro Sáinz adopts a global perspective and is ‘a remarkable communicator’.

Hogan Lovells International LLP’s practice is headed by regulatory expert Miguel García Stuyck. Recent instructions include rights issues, acting for listed companies seeking financing from shareholders at significant discounts, and restructuring including debt-for-equity swap transactions. The firm recently advised GBS Finanzas on its registration to the Spanish alternative markets. Other clients include Barclays, GEM Investment Advisers and Grupo Arcano.

Simmons & Simmons LLP predominantly acts on debt instructions, and has recently been active in structured products, advising clients such as BBVA, JPMorgan, Deutsche Bank and UBS. It also advised a client on capital markets issues arising from the Lehman Brothers insolvency. Alfredo de Lorenzo heads the practice.