Firms To Watch: Banking and finance

Pinsent Masons LLP reinforced its banking and finance offering with the addition of José Millán Martin in October 2022 from Penningtons Manches Cooper LLP. Millán is now leading the practice, which assists borrowers and lenders in a variety of transactions, most notably real estate finance, debt refinancing and project finance in the renewables sector.
Established in March 2022 following the arrival of former Cuatrecasas' senior associate Antonio Paredes, ZADAL's banking and finance practice is particularly well versed in real estate finance, direct lending, refinancings and debt restructuring.

Banking and finance in Spain

A&O Shearman

Bringing together ‘exceptional technical capacity, excellent responsiveness and quality in advice‘, the banking and finance practice at A&O Shearman is one of the first ports of call in Spain for international banks, funds and major companies seeking assistance in large-scale financing deals. The infrastructure and energy sectors have been key areas of focus for the practice, which continues to attract a variety of instructions, from leveraged finance to debt restructuring. ‘A reference in the banking and finance area’, Ignacio Ruiz-Cámara possesses a wealth of experience in the entire spectrum of banking and finance matters, but stands out for his track record in the financing of the acquisition of non-performing loan (NPL) portfolios and structured finance transactions. Juan Hormaechea is a leading figure for funds-related work, while Jimena Urretavizcaya is particularly skilled in leveraged finance, real estate financing and restructurings. Banks, investment firms, fund management companies, private equity, insurance and pension funds regularly turn to Salvador Ruiz Bachs for advice on financial services regulatory issues. Other noteworthy practitioners include English law partner Charles Poole-Warren, a name to note for cross-border deals, project finance specialist Vanessa Cuellas, and Thomas Wilkinson, who is singled out for his knowledge of investment grade loans and export financings.

Practice head(s):

Ignacio Ruiz-Cámara

Other key lawyers:

Juan Hormaechea; Jimena Urretavizcaya; Charles Poole-Warren; Salvador Ruiz Bachs; Vanessa Cuellas; Thomas Wilkinson; Sofía Sánchez-Calero; Núria Ferré


‘A&O Shearman is a firm recognised for its excellence and experience in various legal areas. The group stands out for the quality of its work, deep knowledge, interdisciplinary skills, as well as its close relationship with the in-house legal team.’

‘A&O Shearman lawyers are characterised by their deep legal knowledge, close treatment with the lawyer, full availability and quality of advice. They stand out for their international experience and ability to provide international legal solutions. The firm has outstanding partners and associates, including Salvador Ruiz Bachs.’

‘The team is excellent, especially in terms of treatment and work. They work very hard to meet tight deadlines and close deals.’

‘Kindness and availability. At the same time, they are also very autonomous when it comes to working, which makes everyone’s work easier.’

‘Presence of senior lawyers throughout the process gives the client comfort that the transaction in question is a priority for the firm in the same way as it is for the bank.’

‘Closeness, availability, added value in terms of structuring ideas, critical vision; don’t get carried away by the foam and help us be critical.’

‘The team brings together exceptional technical capacity, excellent responsiveness and quality in advice; exceptional client service and treatment; knowledge and interest in knowing the client’s needs and achieving a satisfactory result in the transaction.’

‘Ignacio Ruiz-Cámara is a reference in the banking and finance area. He has exceptional human and technical capacity, exceptional management of transactions and always defends the client’s interests.’

Key clients

Banco Santander




Société Générale

Intermediate Capital Group (ICG)

Igneo Infrastructure Partners





Royal Bank of Canada

Banco Sabadell

Single Resolution Board




EDP Renovaveis

Deutsche Bank

Work highlights

  • Advised Repsol on the financing aspects of the sale of 25% of its upstream business (E&P Exploration & Production) worldwide, including part of the prior reorganisation that had to be conducted in order to sell the E&P business.
  • Assisted Adamo in the process of increasing the financing they already had in place for an amount of €300m committed and €50m uncommitted increasing the financing granted under the existing facilities agreement to €1bn.
  • Acted as legal advisors to a syndicate of lenders, led by National Westminster Bank, Plc. in the granting of a €2.296bn facility to Igneo (Finerge entities) for the purposes of refinancing outstanding debt of the group which was used to finance sustainability projects.

Clifford Chance

Clifford Chance fields a highly specialised global financial markets practice, comprised of ‘lawyers with extensive experience, expertise and international perspective’. A ‘go-to for financing transactions in Spain‘, the team is adept at handling innovative and high-value banking and finance matters, ranging from syndicated lending to asset finance, project and real estate financings, debt restructurings and refinancing mandates, on behalf of lenders and borrowers. Commercial and investment banks, corporates, sponsors and funds regularly turn to the team for assistance with sophisticated, cross-border matters, benefitting from the firm’s UK and US law capabilities. Practice head Eduardo García handles a spread of transactional matters for banks, multilaterals, investment funds and corporates, but particularly stands out for his in-depth knowledge of fintech. With extensive experience in multijurisdictional matters, especially financings involving Latin America, José Guardo frequently advises on project finance, asset deals and export and trade finance. Structured finance and restructurings are core areas of activity for Epifanio Pérez, while Rodrigo Uría – singled out for his ‘outstanding technical capabilities accompanied by a good dose of pragmatism and emotional intelligence‘ – focuses on both transactional and regulatory matters in the financial services sector. Eugenio Fernández-Rico is a key contact for asset finance deals in the aviation industry and project finance in Spain and Latin America. Felipe Font and María Sabau, who were recently promoted to partner, are other noteworthy practitioners in the banking and finance area.

Practice head(s):

Eduardo García

Other key lawyers:

José Guardo; Epifanio Pérez; Rodrigo Uría; Eugenio Fernández-Rico; José Manuel Cuenca; Felipe Font; María Sabau


‘Rodrigo Uría is a dedicated lawyer with outstanding technical capabilities accompanied by a good dose of pragmatism and emotional intelligence, which makes him one of the most complete lawyers in his practice in Spain. Rodrigo constantly supports his team in solving problems.’

‘Team of lawyers with extensive experience, expertise and international perspective.’

‘They are the go-to for financing transactions in Spain. Especially impressed with their project finance and infrastructure financing capabilities. Commercially focused legal advice, driving the deal to get it done – we go to them with our most complicated deals and they get them done for us.

‘José Guardo – dual (UK and Spain) qualified – is the only lawyer one needs for complicated infrastructure and project financings in the Spanish market. He is exceptional.’

‘The team is very connected to each other. From the partner to the junior lawyer, they are familiar entire transactional process.’

‘Qualities that make them stand out: high technical capacity and experience; ability to make the deal come to fruition making the client’s interests a priority; commitment to the client and the transactions. I would highlight Felipe Font.’

‘Availability, experience, technical knowledge.’

‘The banking team has great knowledge of the subject, a lot of availability and a very remarkable client service.’

Key clients

European Super League



Banco Santander

Morgan Stanley

Credit Agricole Corporate and Investment Bank


Pemberton Asset Management



Värde Partners

Work highlights

  • Advised CaixaBank as agent and a syndicate of Spanish and international financial institutions as lenders on the five-year extension to Cepsa’s €2bn multi-currency revolving credit facility, and the amendment of the financing to link it to key environmental and social indicators.
  • Acted for the global coordinators, arrangers, bookrunners and lenders on the senior secured financing for an amount of €1.7bn granted to the developer and manufacturer of metal automotive components Gestamp Automoción.
  • Advised Cellnex on a capital increase of €1.352bn, which was fully subscribed by CK Hutchison and entailed the circulation of more than 27 million new Cellnex shares to be traded on the continuous market.


Split between Madrid and Barcelona, Cuatrecasas is well placed to handle large financing transactions and high-profile banking matters in Iberia and Latin America, benefitting from its strong international network of offices. Typical engagements for the team, which has recently experienced an uptick in mandates related to sustainable and alternative financing, include refinancings, debt restructuring processes, acquisition and corporate finance, direct lending, as well as real estate and project financings. Its financial services regulatory capabilities, which cover the full range of financial products, banking and payment services regulations, and fintech issues, are also noteworthy. Íñigo Rubio showcases notable expertise in the financing of infrastructure and real estate projects; corporate and asset finance, as well as debt restructuring are other key areas of activity for the practice head. Jorge Canta takes the lead on financial services regulatory matters, which is also an area of expertise for Fernando Mínguez (currently on leave from his position as inspector of credit and savings institutions at the Bank of Spain). Miguel Sánchez Monjo is a key point of contact for domestic and international banks, credit institutions, investment firms, fintechs, funds and payment institutions, who rely on him for regulatory advice.

Practice head(s):

Íñigo Rubio; Beatriz Causapé; Fernando Mínguez; Jorge Canta

Other key lawyers:

Fernando Bernad; Miguel Sánchez Monjo; Héctor Bros

Key clients

Bain Capital


Banco Santander

Assured Investment Management

Glas Trust Corporation

Charterhouse Capital Partners


Yukon Capital

Air Nostrum


Grupo Orenes

EOS Spain

Banco Inversis

Credit Suisse

Banco BCC


American Express


Bank of New York Mellon


Grupo Cajamar

Western Union

Societe Generale



Eurobits Technologies

Kraken (Payward)

Flatex Bank


Work highlights

  • Advised Bain Capital on the financial aspects of acquiring ITP Aero (value €1.6bn).
  • Advised Caixabank on the financing of the sale of a portfolio of non-performing loans to EOS, Kruk, and Axactor for €753m.
  • Advised Credit Suisse on the Spanish aspects of the merger with UBS, including regulatory issues.


Standing out for its geographical footprint in Spain, Garrigues maintains a leading position in the market, acting for the most prestigious domestic banks, international financial institutions, funds and sponsors in a broad range of matters, including high-value acquisition finance, direct lending, asset and real estate finance, among others. Hybrid securitisation, finance deals involving various jurisdictions, and ESG-linked transactions are key areas of growth for the practice, which is also noted for its expertise in regulatory matters, including fintech and crypto assets. The practice is under the joint leadership of Rafael González-Gallarza and Luis de la Peña, the latter of whom stands out for his in-depth knowledge of banking and financial services regulations. On the transactional side, Gaspar Atienza specialises in corporate finance and is a reference for cross-border mandates. José Miguel Pinillos is especially proficient in financing and refinancing deals with a link to Latin America and related to the real estate and infrastructure sectors. Acquisition finance is an area of expertise for Gonzalo Rivera, a key contact for major Spanish private equity funds, while Xabier Urtiaga often acts for lenders and borrowers in corporate finance and real estate-related transactions.

Practice head(s):

Rafael González-Gallarza; Luis de la Peña

Other key lawyers:

Gaspar Atienza; Jose Miguel Pinillos; Gonzalo Rivera; Xabier Urtiaga; Naiara Bueno; Clemente Mateo; Francesc Cholvi; Jon Goirigolzarri


‘The Garrigues team has proven to have more than enough knowledge to cover our needs, and they are also very fast and practical, which we are grateful for.’

‘Flexibility, 360-degree vision and proximity.’

‘Garrigues are already leaders in their sector.’

‘Human quality and high level of service.’

‘José Miguel Pinillos is recommended.’

‘Great knowledge, helpful explanation of Spanish legal concepts to non-Spanish lawyers. ’

‘Francesc Cholvi is extremely knowledgeable of procedural matters.’

Key clients

Axon Partners Group Investment, Sgeic, S.A.

Banca March

Banco De Sabadell

Banco Santander


Bbva Asset Management, Sgiic, S.A.


Bnp Paribas Sas

Crédit Agricole

Deutsche Bank

European Investment Bank

Gawa Capital Partners Sgeic, S.A.

Inbestme Europe, A.V., S.A.

Rothschildco Wealth Management Spain, A.V., S.A.

Royal Bank Of Canada


Singular Bank, S.A.U.

Talenta Gestión, Sgiic, S.A.

Warburg Pincus Group

Waterfall Asset Management


Noted for its ‘great knowledge of banking regulations‘, Linklaters possesses an impressive track record in highly complex, and often market-shaping financing transactions in Spain and abroad. Singled out for its wealth of experience in acquisition finance and LBOs, the department is equipped to handle the financing of energy projects, real estate-related deals, direct lending mandates, refinancings and restructurings. The group is led by a capable quartet: Juan Barona, who has over two decades of experience in the banking and finance space, and has been particularly active in acquisition finance, takeover bids and financings in the real estate and energy segments; English law partner Ben Crosse, a key contact for both investment banks and corporate clients in relation to private equity leveraged finance, investment grade lending and real estate finance; Francisco Sáinz-Trápaga, who handles a host of domestic and cross-border financing deals; and recently promoted partner Begoña Martínez, who excels in refinancing and restructuring matters. They ‘successfully lead a team that cooperates seamlessly with their colleagues in London and other offices in the Linklaters network’. Paloma Fierro oversees the financial regulatory practice, advising on the reorganisation of banks and investment firms, regulatory M&A and the setting up of credit institutions and branches.

Practice head(s):

Juan Barona; Ben Crosse; Francisco Sainz-Trápaga; Begoña Martínez

Other key lawyers:

Paloma Fierro; Javier Hernández; Bárbara González


‘They stand out for their client service and the good use of their internal resources, from the point of view of taking advantage of the knowledge in other offices. When they lack sufficient expertise in a matter of advice, they coordinate very well with colleagues from other offices to provide the best service to the client. In these cases, the advice is of better quality and is also not affected by any delay, due to good coordination.’

‘The client service is unbeatable. They have no problem accommodating new client requests once the scope of advice has been agreed on.  The quality of advice is always excellent. In this regard, we would especially highlight Bárbara González for her always good availability, her total dedication to meeting client expectations and her problem-solving capacity. ’

‘Availability, experience, technical knowledge, excellent work.’

Uría Menéndez

With an excellent lender and borrower perspective of the market and relevant precedents, Uría Menéndez is often called upon to advise on landmark financings, including corporate lending, project finance, restructurings, asset deals and acquisition finance, to name a few. In addition to its strength in major transactions within the Iberian Peninsula, the firm is also well positioned to handle cross-border matters with ties to other European countries and Latin America. Corporate, acquisition and project finance are notable practice areas for department head Ángel Pérez López, who also has significant experience in debt restructuring. These are also key areas of expertise for Carlos de Cárdenas Smith, who leads the corporate and commercial group. With strong credentials in project finance restructurings in the energy sector, Luis Jiménez advises lenders and borrowers in a variety of transactions, ranging from corporate lending to acquisition finance. José Félix Zaldívar de la Rica, the firm’s New York resident partner, is particularly active in financings within the energy, infrastructure and real estate sectors.

Practice head(s):

Ángel Pérez López

Other key lawyers:

Luís Jiménez; Carlos de Cárdenas Smith; José Félix Zaldivar de la Rica; Sebastián Sáenz de Santa María; Ramiro Rivera


‘Very good team, always willing to help with everything.’

‘We worked with José Felix Zaldivar and his willingness and knowledge were excellent.’

Key clients


Eurazeo SE and PSP

Nazca Opportunity I, S.I.C.C. (Nazca Capital S.G.E.I.C)

Prudential Insurance Company of America

Telefónica de España

Trilantic Europe


Crédit Agricole Corporate and Investment Bank, Sucursal en España

Banco de Sabadell

Banco Bilbao Vizcaya Argentaria

Banco Santander

Unicaja Banco

China Cosntruction Bank (Europe) Sucursal en España

Quimi Romar

ARES Management, the UK

Grupo Cerealto Siro

Témpore Properties SOCIMI, S.A.


DLA Piper

The ‘highly qualified team‘ at DLA Piper – an ‘international firm with great knowledge of local law‘ – has notable strength in real estate finance, but is also well placed to act for commercial banks, debt funds, borrowers and investment funds in an array of corporate and acquisition financing deals. Singled out for its cross-border capabilities, the practice often advises on the Spanish and English law aspects of deals with ties to wider Europe, the US and Latin America. César Herrero, who specialises in leveraged and structured finance and has a wealth of experience in the funding of projects, heads up the department, where Jesús Zapata is a name to note for corporate and acquisition financing transactions. Highly regarded by clients, Juan Gelabert handles a mix of financing, refinancing and restructuring matters. Counsel Natalia López is a key contact for financial regulatory issues and investment funds-related work.

Practice head(s):

César Herrero

Other key lawyers:

Jesús Zapata; Juan Gelabert; Natalia López; Nerea Cemlyn-Jones


‘Availability, closeness and flexibility. César Herrero and Juan Gelabert are recommended.’

‘Highly qualified team, with exceptional and always up-to-date technical knowledge, dealing with issues in a very individualised manner and providing value in resolutions and creative proposals in negotiations. Friendly treatment and willingness of the partners to be involved throughout the negotiation. Additionally, and on a very recurring basis, they organise training sessions for clients and make them aware of the latest developments, emphasising those subjects that they know may interest us the most.’

‘The human quality and easy treatment, even on occasions when they represent the counterparty. It is easy to dialogue and understand each other, to reach the best solutions. Noteworthy partners include César Herrero and Juan Gelabert.’

‘What differentiates the DLA team from other firms is its closeness and involvement with the projects.’

‘Juan Gelabert stands out for his involvement and his support of the client from start to finish.’

‘International firm with great knowledge of local law. Demonstrates a great internal connection between the teams ’

‘Immediate availability; sincere and direct advice; work well under pressure. Jesús Zapata, César Herrero and Juan Gelabert are recommended.’

‘We work with César Herrero. The extensive experience and detailed knowledge of the company’s operations history are notable, making the advice received outstanding. Personal closeness. Outstanding confidence in the advice received.’

Key clients






Banco Sabadell

Société Générale




Arcano Private Debt

Goldman Sachs

Deutsche Bank


Ardian Real Estate Fund

Starwood Capital Europe Advisors




JP Morgan Asset Management


Work highlights

  • Advised Grupo Citri&Co on the refinancing of its existing debt and the granting of a new financing.
  • Advised collectively over 20 investors and lenders on the redevelopment financing of the Spotify Camp Nou stadium, home of the Fútbol Club Barcelona (FCB).
  • Advised the financial entities acting as dealers on the ADIF-ALTA VELOCIDAD’s €8bn medium-term note programme governed by English law, and the notes to be issued by Spanish law.

Gómez-Acebo & Pombo

At Gómez-Acebo & Pombo, the banking, capital markets and insurance group assists lenders – including banks and international funds – and borrowers in sophisticated financing and refinancing transactions in Spain. Advising on US private placements, project finance in the renewable energy and infrastructure sectors, and corporate lending are core areas of activity for the group, which also possesses strong credentials in real estate finance, asset deals and acquisition finance. Leading the department is Miguel Lamo de Espinosa, who marries significant experience in finance and restructurings. Verónica Romaní, who leads the firm’s energy group, specialises in financings in the energy and infrastructure sectors. Based in the firm’s London office, Ferran Foix, a dual-qualified practitioner in the US and Spain, is recommended for cross-border finance and capital markets transactions. Rafael Aguilera is a key contact for domestic financial institutions and credit funds, while Vanessa Armas focuses on the financing of infrastructure and renewable energy projects. Former vice-chair of the CNMV Ana Martinez-Pina heads up the financial services regulatory sub-group.

Practice head(s):

Miguel Lamo de Espinosa

Other key lawyers:

Verónica Romaní; Ferran Foix; Rafael Aguilera; Santiago Gómez-Acebo; Paula Zarzalejos; Ana Martínez-Pina; Vanessa Armas; Antonio Ramirez


‘Knowledge of practice, negotiation skills, flexibility, availability and agility. Rafael Aguilera and Paula Zarzalejos stand out.’

Key clients

Banco Bilbao Vizcaya Argentaria – BBVA

Banco Santander

Triodos Bank (Neth)


Deutsche Bank

Pricoa Private Capital

Ares Management



PSA Financial Service Spain

BNP Paribas

Bank of America


Fondo de Apoyo a Empresas en Sectores Estratégicos (Spanish Government)


Kommunal Credit

Work highlights

  • Advised Celsa on its refinancing.
  • Assisted the second largest bondholder of Naviera Armas in the debt (including high-yield bonds) restructuring of the group.
  • Advised Searchlight Capital Partners and Invesco on the refinancing of the debt of Mediapro.

Hogan Lovells International LLP

Several of the largest financial institutions in Spain and around the world turn to Hogan Lovells International LLP for advice on the entire spectrum of banking and finance matters, from syndicated lending to leveraged, real estate and asset-based finance. The group, which has been increasingly engaged in sustainable finance, ESG-linked deals and fintech mandates, is also retained by sponsors, international funds, private equity and venture capital firms as well as borrowers operating in an array of segments. The group is led by a capable duo: managing partner of the Madrid office José Luis Vázquez, who is particularly experienced in project finance, acquisition finance and debt restructuring, and Alfredo Barona, who maintains a similarly diverse practice. Counsel Alejandro González is regularly sought out by Iberian banks and corporates for advice on high-profile real estate financing deals.

Practice head(s):

José Luis Vázquez; Alfredo Barona

Other key lawyers:

Alejandro González; Carlos Meijide; Miguel Mallo

Latham & Watkins LLP

Led by Fernando Colomina, the finance department at Latham & Watkins LLP attracts high-profile instructions from a varied client roster comprised of domestic and international financial institutions and corporations. Typical mandates for the team include high-value asset-backed and acquisition financings, project finance, and refinancings of debt. Colomina possesses significant experience in lender and borrower-side work, covering banking, finance, refinancing and restructuring matters. The latter is a specialism of Pedro de Rojas, who routinely assists companies, investors and financial institutions in leveraged deals, corporate finance and restructuring processes. Cross-border debt restructurings and investment funds-related matters are key areas of activity for Luis Sánchez.

Practice head(s):

Fernando Colomina; Pedro de Rojas

Other key lawyers:

Luis Sánchez


‘Great team.’

‘Luis Sánchez is recommended.’

‘I highlight the extensive involvement of Fernando Colomina and his team to avoid any problem during the transaction and his good management of it throughout the entire process.’

‘Both technically and personally they are magnificent professionals; Luis Sánchez stands out.’


At Pérez-Llorca, the banking and finance group offers legal support to banks, debt funds, investors, sponsors and borrowers in the full array of transactional and regulatory matters. Standing out for its expertise in direct lending and private debt, the practice is skilled in acquisition, leveraged and asset-backed finance, real estate transactions and the funding of projects. Department leader Ander Valverde is a seasoned practitioner in all types of financing deals, as well as refinancing and debt restructuring matters. On the regulatory front, the team is especially active in mandates involving alternative providers of finance, fund management groups, and payment services; Josefina García Pedroviejo takes the lead on this type of work. Other noteworthy individuals include Ildefonso Arenas, who possesses over two decades of experience in acquisition, corporate, project and real estate finance, and Isabel Villa, who handles a varied workload where corporate financings and leveraged buy-outs (LBOs) feature alongside debt refinancing.

Practice head(s):

Ander Valverde

Other key lawyers:

Josefina García Pedroviejo; Ildefonso Arenas; Isabel Villa; Eugenio Marín de León


‘They combine their knowledge of finance with real estate very well. They have great technical knowledge and at the same time always help to achieve the best result for the parties.’

‘Its dedication, attention to detail, and human qualities make the team stand out. I would highlight Ildefonso Arenas.’

‘A team dedicated to the universe of investment funds with a very high level of expertise.’

‘The proactivity of the team and specifically of its partner Josefina García Pedroviejo set it apart.’

Key clients



Bank of America Merrill Lynch

Ares Management

Tikehau Capital

ING Bank

Banco Santander




Work highlights

  • Advised the syndicate of banks led by Bank of America Merrill Lynch, BBVA, Citi and HSBC on the refinancing of the €1.8bn facilities granted to the Spanish listed company Fluidra.
  • Advised the Ardagh Group on all aspects of Spanish law regarding the debt upsize and refinancing granted by certain financial entities led by Citi and Bank of America Merrill Lynch through a $500m senior secured multi-currency asset-backed revolving credit facility, which will provide funding for working capital and general corporate purposes
  • Assisted PayPal in Europe in a transaction regarding loans valued at €40bn with major financial services and regulatory aspects.

Ashurst LLP

With strong credentials in transactional and regulatory matters, Ashurst LLP is adept at assisting lenders and borrowers in leveraged and structured finance, asset-backed deals, export and trade finance and securitisations. The team is especially active in the financing of infrastructure and energy projects, and also stands out for its impressive track record in real estate finance. José Christian Bertram, who spearheads the practice, is a reference for structured finance mandates. English law-qualified partner Nick Pawson is prepared to handle complex cross-border deals, including acquisition and leveraged finance, corporate lending, refinancings and debt restructurings. Transactions in the energy and real estate segments are key areas of activity for Irian Martínez. Counsel Pilar Lluesma joined from Uría Menéndez in December 2022 to head up the financial regulatory practice.

Practice head(s):

Jose Christian Bertram

Other key lawyers:

Nick Pawson; Irian Martínez; Pilar Lluesma; Manuela Sanz


‘Reliability in their contracts, negotiation skills with the counterparty and knowledge of the market in general.’

Key clients


Goldman Sachs International

Vauban infrastructure Partners


Bank of Ireland


Société Générale

Bank of America

ENIV (Cheyne Capital)

Chenavari Credit Partners






Banco Santander

Work highlights

  • Advising Meridiam on the financing of Autovía de los Viñedos (dual carriageway) in Castilla La Mancha (Spain).
  • Advising Credit Agricole Corporate and Investment Bank (CACIB), Société Générale and other lenders on refinancing the shadow toll road Autovía del Turia, held by Sacyr and 3i.
  • Advised Culmia, a real estate developer controlled by Oaktree, on a €135.3m green financing for the development of the 1,763 affordable rented housing units of the Madrid Regional Government’s Vive plan.

Baker McKenzie

Commended by clients for its ‘experience in the financial sector‘ and ‘knowledge of the law and jurisprudence‘, Baker McKenzie provides well-rounded advice on acquisition, project, structured and real estate finance, and showcases strong capabilities in financing deals in the film and sports sectors. Benefitting from its international office network, the team is skilled at handling transactions involving multiple jurisdictions, and well placed to act for Spanish financial institutions, borrowers and international funds. Rossanna D’Onza leads on transactional work, while Paula De Biase heads up the fintech and financial services regulatory practice in Spain.

Practice head(s):

Rossanna D’Onza; Paula De Biase

Other key lawyers:

Paloma Moreno de la Santa


‘Team coordination; experience in the financial sector; knowledge of the law and jurisprudence; availability; commitment to the client. Rossanna D´Onza is recommended.’

‘It is a very good team. I would highlight its immediacy and quick response. The team is led by Rossanna D’Onza, a leading professional in the sector with exceptional knowledge of legal practice. She is kind and empathetic, which favours the close relationship that she ultimately manages to consolidate with her clients. ’

‘The team’s experience and knowledge of the sector set it apart. It is always up-to-date with the latest developments in the sector and treats clients in an excellent way.’

Key clients

Adient Ltd.

Naturgy Energy Group, S.A.

Sixth Street Partners, LLC

Secuoya Grupo de Comunicación, S.A.

Siemens Gamesa Renewable Energy, S.A.

Natixis and BBVA

Work highlights

  • Advised Adient and its Spanish subsidiaries on the issuance of $500m in aggregate principal amount of senior secured notes and $500m in aggregate principal amount of senior unsecured notes to redeem in part its existing senior unsecured notes due in 2024 and to prepay a portion of the loans outstanding under its existing term loan credit facility.
  • Acted for the Naturgy Group in the refinancing of the existing debt for the construction of Hawkesdale Wind Farm.
  • Advised Siemens Gamesa Renewable Energy on the Spanish legal aspects of the financing of an offshore wind farm project in South Korea.


Covering project finance, commercial lending, structured finance and financial regulatory matters, Dentons is sought out by commercial and investment banks, multinationals, non-traditional lenders and other international financial institutions for its expertise in complex, multijurisdictional financing transactions. Jabier Badiola, the managing partner of the firm in Spain, handles a host of banking and finance matters, from project finance to debt restructuring. Fernando Gutiérrez, a versatile partner with in-depth knowledge of banking and finance law, has been particularly active in refinancings and the financing of projects in the renewables and healthcare segments. ‘With great ability to solve problems and search for alternatives‘, recently promoted partner Luis Belart specialises in cross-border financing deals, while Jesús Mardomingo is singled out for his fintech expertise.

Practice head(s):

Jabier Badiola

Other key lawyers:

Jesús Mardomingo; Fernando Gutiérrez; Luis Belart; Ignacio Fernández


‘Ease of treatment, closeness, and openness to assisting us with whatever we need.’

‘I would highlight the level of service, with very fluid communication and a very effective response time, the personal involvement of the most senior lawyers, providing support whenever necessary.’

‘After working with other firms, the added value that Dentons provides is based on the proximity and involvement of the partner in each of the transactions. Luis Belart has shown total dedication and cooperation. He is a very constant, experienced person, with great dedication, good technical knowledge and with great ability to solve problems and search for alternatives.’

‘They are fast and provide very personal service. Luis Belart, as a new partner, is very aware of the results of his services and is always willing to serve his clients. ’

‘Availability, agility in responses and adaptation to the client’s circumstances. Expresses warning of risks not foreseen by in-house lawyers under foreign legislation. Quick understanding of the structures of the transactions subject to advice.’

‘I highlight Jabier Badiola, a great professional available at all times, who gets deeply involved in matters without fear of having to be the direct drafter of the agreements and is on the front line of the negotiations.’

‘The lawyers of the team led by Luis Belart stand out for their experience and depth of knowledge. Their accumulated experience allows them to address cases and legal matters effectively and with a strategic approach. Dentons is known for its global presence and ability to provide legal advice in multiple jurisdictions. This is especially valuable for clients with international operations, as they can get coordinated and consistent advice around the world.’

‘Dentons attorneys, including Luis Belart, stand out due to their experience, global approach, ability to adapt, focus on technology and innovation, client service and culture of collaboration. These qualities significantly differentiate them from their competitors and allow them to offer high-level legal services in a variety of jurisdictions and practice areas. ’

Key clients

Ministry of Economy and Finance of the Republic of Ecuador

Komerční banka, a.s. and Česká spořitelna, a.s.

HSBC France Factoring

UST Global

Scotiabank (The Bank of Nova Scotia)


UBS AG London Branch

Instituto de Crédito Oficial, E.P.E. (“ICO”)

Bank Polska Kasa Opieki S.A.

Singh Capital Partners

HSBC Bank UK plc

Syndicate of banks (Banco Santander, S.A, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Caixabank, Banco de Sabadell and Alantra)



Work highlights

  • Advised the Ministry of Economy and Finance of the Republic of Ecuador on the re-profiling of the sovereign debts in an outstanding principal amount of approximately $1.397bn with China Development Bank, and $1.831bn with The Export-Import Bank of China.
  • Advised Komerční banka, a.s. and Česká spořitelna, a.s. on the refinancing of the Eurowag Group.
  • Advised HSBC France on the €450m pan-European receivables purchase program entered into with Total Energies.

Herbert Smith Freehills LLP

Standing out for its multijurisdictional capabilities, Herbert Smith Freehills LLP is home to a ‘very responsive and proactive‘ finance team, which has recently been especially active in acquisition finance, refinancings, debt restructuring, and infrastructure and energy-related deals. With the ability to advise on both Spanish and English law, the group is routinely instructed by domestic and international banks, debt funds, corporates, investment funds and private equity funds, who also rely on the firm for advice on financial services regulatory matters. ‘Synonymous with quality and professionalism‘, Armando García-Mendoza oversees the Spanish finance practice. Noted for her extensive experience in distressed matters, recently promoted partner Beatriz del Rey is a name to note for loan portfolio transactions. Carmen Jara focuses on acquisition finance, restructuring, real estate and project finance, while dual-qualified Leonie Timmers leads the English law finance group in Madrid, regularly cooperating with the firm’s London office. Sergio Cires, who focuses on project and corporate finance, joined from Jones Day in January 2024.

Practice head(s):

Armando García-Mendoza

Other key lawyers:

Beatriz del Rey; Carmen Jara; Pilar García; Leonie Timmers; Sergio Cires


‘The Herbert Smith banking team is exceptional. Very decisive, commercial but always without losing legal rigour. They have the ability to make the client feel as if their deal is the most important one they have on the table. They are always available and do their best to meet the deadlines necessary to close transactions on the scheduled dates.’

‘Armando García-Mendoza is synonymous with quality and professionalism. He is involved from start to finish in deals. It is a true gift to work with him since you can trust that the work will be of outstanding quality and that he will always be available to clarify doubts and solve obstacles that arise in the negotiations and development of the deal in the best possible way.’

‘Very responsive and proactive team who understand what international financiers need. Easy to digest advice.’

Key clients

Peninsula Capital

Allianz Global Investors


Ardian Real Estate

Magnum Industrial Partners


HIG Infrastructure Partners

Altano Energy

Banco Santander

BNP Paribas

Work highlights

  • Advised Healthcare Activos Investment on the €350m term loan and €40m RCF financings, granted by a syndicate of lenders led by CACIB and BNP Paribas, for the purposes of refinancing all the previous existing debt of the group and financing future healthcare asset acquisitions.
  • Advised Kunshan Technology Investment (HK) on the debt restructuring and recapitalisation of Mediapro Group.
  • Advised Antin Infrastructure Partners on the refinancing resulting from the disposal of Lyntia Networks to a joint venture formed by AXA-Swiss Life and on the disposal of 33.3% stake in Lyntia Networks to Morrison & Co.

Jones Day

Noted for its ‘professionalism‘ and ‘great knowledge of the financial market‘, Jones Day is singled out for its strong credentials in the financing of large-scale renewable energy and infrastructure projects. In addition to project finance, the team has remained busy advising domestic and international financial institutions on refinancings, debt restructuring, acquisition and real estate finance. Practice head Javier López Antón often acts for lenders, underwriters and borrowers on an array of financing matters, including leveraged, project and asset-backed finance. Iván Martín-Barbón marries extensive experience in cross-border financing deals with in-depth knowledge of financial regulatory matters. Project finance is a key specialism for Fernando Lillo, who excels in transactions involving the energy and infrastructure sectors in Spain and Latin America. Sergio Cires is no longer at the firm.

Practice head(s):

Javier López Antón

Other key lawyers:

Iván Martín-Barbón; Fernando Lillo; Elvira Coloma; Patricia Vela


‘Full availability, without skimping on resources and empathy with client and counterparty that facilitates negotiations.’

‘The partners are very involved in the day-to-day operations and are always available. ’

‘The closeness and professionalism of its lawyers, and their great knowledge of the financial market set the firm apart.’

‘Proximity and total availability.’

‘Experience, technique and knowledge of the sector and our company.’

‘Javier López Antón is recommended.’

Key clients

Banco Santander

Banco Bilbao Vizcaya Argentaria (BBVA)

Portobello Capital

CaixaBank, S.A.

Autopista del Guadalmedina, Concesionaria Española, S.A.

Banco de Sabadell, S.A.

GED Iberian Private Equity, S.A., SGEIC.


Coöperatieve Rabobank U.A.


Sacyr Group

White & Case LLP

A popular destination for international financial institutions, White & Case LLP excels in cross-border syndicated lending, refinancing and restructuring matters, with a special emphasis on transactions with ties to Latin America. Working in collaboration with a sizeable team of finance lawyers based around the globe, the team is well equipped to advise an array of stakeholders, including banks, credit funds, alternative capital providers, sponsors and borrowers. At the helm of the practice, dual-qualified Fernando Navarro is counsel of choice for Spanish banks, international financial institutions and funds seeking assistance in syndicated and bilateral loans, structured products and debt capital markets. Jaime Rossi has significant experience in leveraged acquisition finance, real estate finance, syndicated lending and restructurings, both at the domestic and international level. Alfonso García Freire, who was promoted to counsel in January 2023, is also part of the core banking and finance practice.

Practice head(s):

Fernando Navarro

Other key lawyers:

Jaime Rossi; Julio Peralta; Alfonso García-Freire


‘Team with extensive experience in the energy sector.’

‘We work with Fernando Navarro and Alfonso García Freire. They are both very friendly and, as a positive point, very transparent with their invoices. ’

‘This firm is an example of collaboration, client service and diversity.’

‘Technical quality, availability, dedication to service and diversity. Alfonso García Freire is recommended.’

Key clients

Swiss Life Asset Managers and AXA investment Managers

Lenders to Apollo

Lenders to Stirling Square Capital

Benteler Group

International Commercial Banks

Banco Santander and Kommunalkredit Austria AG

Macintyre Wind Farm

Morgan Stanley Infrastructure Partners

Lenders in connection with the issuance of Nordic Bonds by Global Agrajes, S.L.U.


Naviera Armas

Lender and LC Provider


Credit Suisse International

Lightsource BP

Work highlights

  • Advised the lenders to Apollo in connection with its €2.1bn voluntary takeover bid over 100% of the shares in Applus.
  • Advised the lenders on the financing of Stirling Square Capital Partners for the acquisition of Grupo Gtt from AnaCap Financial Partners.
  • Acted for Swiss Life Asset Managers and Axa Investment Managers in connection with the acquisition of a 66% stake in Lyntia Networks from Antin Infrastructure Partners.

Addleshaw Goddard

Commended for its ‘extensive experience‘ and ‘knowledge of the sector‘, Addleshaw Goddard‘s banking and finance practice handles a variety of lender and borrower-side work, ranging from acquisition finance to structured finance and asset-backed lending. The team, which has been especially active in transactions in the energy, infrastructure, industrial and TMT segments, is singled out as a go-to choice in the Spanish legal market for funds finance matters. Noted for ‘his technical knowledge and experience in debt refinancing‘, department leader Joaquín Sales is trusted by banks, financial institutions, funds and borrowers in an array of deals. He receives key support from counsel Félix Hernández, whose ‘excellent commercial and technical ability‘ are highlighted by clients.

Practice head(s):

Joaquín Sales

Other key lawyers:

Félix Hernández


‘In-depth knowledge of the particularities and needs of its clients.’

‘The involvement of partners when the complexity of the matter requires it. Joaquín Sales, in particular, provides a very high-quality service with an optimal level of availability. ’

‘The team has extensive experience, knowledge of the sector, and is close to the client.’

Key clients

EDP Renováveis

EDP Energías de Portugal

European Investment Bank

Banco Santander


Portobello Capital

Asterion Industrial Partners

Elliance Holding Company

Varia Europe Properties

Abac Capital


GED Capital

Valencia Club de Fútbol

Qualitas Equity Partners

Profand Group




Work highlights

  • Assisted EDP Energias de Portugal in the implementation of the €2bn capital increase subscribed by qualified investors through an accelerated book-building process.
  • Advised Hispasat on the financing of the launch of the new Amazonas Nexus satellite by Space-X, with ECA support from US EXIM BANK.
  • Advising the European Investment Bank (EIB) on the monitoring of the deployment of funds in Spain under several EU financing programmes.

Ramón y Cajal Abogados

With the ability to handle a broad range of matters, from syndicated lending to asset-based deals, refinancings and project finance, Ramón y Cajal Abogados houses a banking and finance practice focused on mid-market transactions and financial services regulatory issues. Specialised in structured, corporate, and acquisition finance as well as debt restructuring, Amado Giménez ‘leads a team characterised by its technical depth and its focus on getting the deal done‘. Regulatory work is overseen by Cristina Vidal and Alfonso Fernández-Miranda, both of whom are skilled at assisting financial institutions, investment firms, collective investment schemes and listed companies.

Practice head(s):

Amado Giménez; Cristina Vidal; Alfonso Fernández-Miranda

Other key lawyers:

Alfonso Cárcamo; Diego Gabarain


‘Fantastic team led by Amado Giménez, a lawyer with extensive experience in all types of processes.’

‘They are always there when you need them and with fantastic quality.’

‘RyC is a reference in legal advice on restructuring plans and bankruptcy situations.’

‘The plus they offer is their high technical knowledge, accessibility, and how easy it is to deal with them. I highlight Amado Giménez and Diego Garabain.’

‘They are in constant communication with the administration and with companies in our sector so that they are capable of organising reflection meetings between members of different financial entities with similar needs and with the same interests in seeking solutions.’

‘Amado Giménez leads a team characterised by its technical depth and its focus on getting the deal done, without causing unnecessary problems or wasting time for the parties.’

‘Strengths: quick response, mastery of the topics, immediate understanding of the issues under discussion.’

‘Partners fully involved and on the front line of action, with full knowledge of every last detail of the service to be provided, the needs of the sector and the business. Great quality and professionalism in the service. Great legal knowledge.’

Key clients

Banco Sabadell

Fondo de Apoyo a la Solvencia de Empresas (FASEE) (Solvency Fund for Strategic Companies)


INV Seguridad



Banco Santander

Trajano Socimi

Limestone Capital (Development Palmira)


Work highlights

  • Advised GRUPO INV on the refinancing of the long-term bank debt of INV Seguridad and its group of companies.
  • Assisted Caixabank in the granting of structured facility to SOCIMI Inbest for the acquisition of a building located in Calle Velázquez 21 in Madrid.
  • Advised Grupo Chamartín and Alueuropa on the execution of a syndicated corporate financing transaction with the financial entities Banco Santander (as coordinator and sustainability agent), BBVA, Caixabank, Banco Sabadell, Abanca, e Ibercaja.

Watson Farley & Williams LLP

Watson Farley & Williams LLP is home to a ‘dynamic team with great partner accessibility‘ that is regularly engaged by banks, investors and major corporates in a host of banking and finance matters. The group is ‘able to excellently advise on a range of complex transactions in the infrastructure and energy space‘. In addition to its strong credentials in the project finance space, the firm is also equipped to assist with acquisition finance, asset-backed deals, real estate-related transactions, trade finance and debt restructurings. Rodrigo Berasategui, whose notable areas of practice include the financing of energy (chiefly renewable) and infrastructure projects, spearheads the department. Project finance is also among Jose María Anarte‘s legal specialisms, while Laura Cadenas, who was promoted to the partnership in May 2023, specialises in asset finance, encompassing the financing of ships and aircraft.

Practice head(s):

Rodrigo Berasategui

Other key lawyers:

José María Anarte; Laura Cadenas; Alfredo Cabellos; Antonio Cáneva


‘An exceptional legal team made up of magnificent professionals who always give 100% to represent the client. Absolute disposition, extensive experience that provides added value in collaboration and work of the highest quality. ’

‘Very professional and exceptional quality of work. ’

‘Knowledge, reliability in their contracts, negotiation skills with the counterparty and knowledge of the market in general.’

‘The team works very efficiently and can excellently advise on a range of complex transactions in the infrastructure and energy space. They provide the full array of services across all disciplines from financing to corporate and have a second-to-none regulatory department. They have a client-centric approach and are always willing to go the extra mile. ’

‘Rodrigo Berasategui is very knowledgeable and good to have on one’s side. He is very much available but also has a very capable team.’

‘Dynamic team with great partner accessibility.’

‘It is a team willing to work hard and with sector knowledge. They are very deal-driven.’

‘Team of great professionals.’

Key clients

ABN AMRO and Commerzbank




Work highlights

  • Advised Banco Santander on a €1bn green loan with a European Export Credit Agency guarantee granted to Iberdrola for the financing of the acquisition of turbines for both onshore and offshore windfarm projects in Spain, Poland, Greece, Germany and the United Kingdom.
  • Advised ABN AMRO and Commerzbank, as part of a syndicate of lenders including the European Investment Bank (EIB), on a €372m loan granted to Solaria for the long-term financing of a 736 MW Spanish solar PV portfolio currently under development.
  • Assisted a banking syndicate led by BNP Paribas and Crédit Agricole Corporate and Investment Bank, Sucursal en España in a financing granted in favour of companies of the Healthcare Activos Group for the purposes of refinancing the portfolio’s current debt and financing future acquisitions in Spain and Portugal.

Cases & Lacambra Abogados SLP

Bringing together experience in financial regulations, derivatives and capital markets, Cases&Lacambra is well positioned to handle a variety of financing transactions. Recent mandates have seen the team advise on NPL deals, acquisition finance, debt restructurings and real estate finance. The practice is under the leadership of Andorra-based Miguel Cases, who is a key point of contact for international financial institutions and investment funds seeking advice on debt transactions, banking regulations and derivatives. Toni Barios in Barcelona is a reference for debt restructuring matters, while Joaquin Fabre, who joined the Madrid office from Baker McKenzie in March 2023, possesses extensive experience acting for lenders and borrowers in domestic and cross-border mandates, including direct lending, and syndicated, leveraged, and alternative finance.

Practice head(s):

Miguel Cases

Other key lawyers:

Toni Barios; Claudi Rossell; Joaquín Fabré; María Arroyos

Key clients

Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria, S.A.

Laurion Alternative Deposits, S.L.P.


Arledan Usa Ltd.


Deutsche Bank, S.A. Española, Banco Santander, S.A., Ibercaja Banco, S.A. And Banca March, S.A.



Laurion Group


Findango Finance

Total Specific Solutions, B.V.

Caixabank, S.A.

Work highlights

  • Advised Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) on the sale of a €3bn portfolio of unsecured non-performing loans granted to SMEs.
  • Assisted Stoneweg in the granting of various bilateral loans related to the development of several real estate projects.
  • Advised Arledan lender on the granting of a bilateral loan to partially finance the purchase price of a residential real estate property consisting of 24 dwellings located in Madrid.

CMS Albiñana y Suárez de Lezo

The Madrid-based banking and finance team at CMS Albiñana y Suárez de Lezo ‘offers comprehensive advice‘ to borrowers and lenders on transactional and regulatory matters, benefitting from the firm’s vast international footprint. Acquisition finance and debt refinancing are key areas of strength for the department, which also showcases a strong track record in the financing of renewable energy projects. The team stands out for its financial services regulatory expertise, covering banking, payment services, asset management and anti-money laundering (AML) issues. Practice head Ricardo Plasencia is recommended for his ‘great knowledge of financial regulatory matters‘, including fintech. The ‘technically brilliantBorja Vázquez joined from Ashurst LLP in March 2023. Former practice head Guillermo Muñoz-Alonso left the firm in July 2023.

Practice head(s):

Ricardo Plasencia

Other key lawyers:

Borja Vázquez; Marta González


‘They form an exceptional team at all levels. Very senior and experienced team that is always involved and technically excellent. It offers comprehensive advice, supported, if the operation requires it, by their very extensive international network.’

‘They have a highly technically qualified team and, from a personal point of view, they show a closeness that most law firms lack. They have recently hired Counsel Borja Vázquez, who came from an English firm, who is technically brilliant, always available and offers practical and efficient commercial solutions to be able to close the deal in the best interest of his client. It is a pleasure to work with him from a personal and professional point of view.’

‘The regulatory banking team (Ricardo Plasencia) is exceptional, highly knowledgeable on the subject and with great client service.’

Key clients

Haitong Bank

Global Student Accomodation

Onivia / Macquarie





Visa Europe Limited

Sabadell Venture Capital

Atlantica Sustainable Infrastructure


Work highlights

  • Advised Ucles Infraco, S.L. (Onivia) on the amendment and restatement of the existing English Law Senior Facilities Agreement arranged by Natixis to increase the commitments to €165m to finance the acquisition price of additional FTTH network from Masmovil.
  • Assisted the Sabadell Venture Capital, S.A. in the venture debt granted to Pangealand, S.L. through the vehicle that Sabadell Venture Capital, S.A. set up with the European Investment Bank as co-investor.
  • Advised Elavon Financial Services DAC on the reorganisation of its business in Spain, moving from a branch to a representative office, including all relevant corporate and regulatory steps.

Deloitte Legal

Rated for its ‘extensive knowledge of banking regulations and practices‘, Deloitte Legal is equally adept at providing transactional and regulatory advice to borrowers, Spanish and international financial entities and debt funds. Ignacio Echenagusia heads up the banking and finance practice, which is well placed to handle acquisition, corporate and project finance matters. On the regulatory front, Francisco Ramírez Arbués is the name to note; he oversees the financial services regulations group, a popular destination for major payment entities and bank rendering payment and lending services, and corporates developing financial and crypto products. The team’s service offering also covers digital banking, payment services, e-money and fintech.

Practice head(s):

Ignacio Echenagusia; Francisco Ramírez Arbués

Other key lawyers:

José Manuel López Ruiz; Andrea Suárez


‘The participation of all team members in all monitoring sessions is especially valued. High proactivity and availability to resolve all issues in real-time. In our opinion, it is a differentiating fact compared to other firms.’

‘Special mention should be made of partner Ignacio Echenagusia and associate Andrea Suárez. They all show great expertise in advising and empathy with the client to find the best approach. ’

‘Our experience with the Deloitte Abogados team has been excellent; there is coordination between all members of the team.’

‘They convey confidence and security in their opinions and conclusions. Quick response to detected problems.’

‘In-depth knowledge of regulations. They offer practical solutions to the issues raised, and have the ability to refer issues to other areas of law within the firm. They are very decisive when it comes to looking for the professional who has the most appropriate knowledge for the subject.’

‘The availability to answer questions and the personal treatment are very relevant, together with extensive knowledge of banking regulations and practices.’

Key clients

Kobus Partners S.À R.L.

Renovables Rotonda 10SPV, S.L.

Renovables Rotonda, S.L.

Promociones Puerto de Alcudia, S.L.U.

Beebonds Finance, S.R.L.

Fuerte Itaka, S.L.

Apoyo y Logística Industrial Canarias, S.L.

Binter Canarias, S.A.

Gobal Dairy Ventures, S.L. (a vehicle owned and managed by Abac Capital)

Work highlights

  • Advised Binter Canarias on the financing transaction for an amount of $467m for the purchase of six newly manufactured E195-E2 model aircraft.
  • Advised Global Dairy Ventures, S.L. (a vehicle owned and managed by Abac Capital) on the acquisition of Iber Conseil España, S.A. as well as on the bank financing by which the acquisition was partially funded for a maximum amount of €22m.
  • Acted for Renovables Rotonda 10SPV, S.L., as borrower, in a project finance for a maximum amount of €20.5m regarding the construction of a photovoltaic plant with an installed capacity of 34.3 MWp.

KPMG Abogados, Spain

KPMG Abogados, Spain stands out for its extensive knowledge of financial services regulatory matters, including compliance, investor protection, blockchain and fintech, as well as regulatory transactions and projects. Supported by a strong international network and benefitting from constant contact with the Spanish regulatory authorities, the group is adept at assisting new players with the development of technologies within the financial market, covering crypto assets, robo-advisors and digital services. Francisco Uría Fernández is a key contact in this space; he often advises credit institutions on banking and insurance-related issues, and the implementation of regulations. Another leading figure in this field, Pilar Galán Gavilá is knowledgeable of fintech and blockchain, e-payments and crowdfunding regulations. On the transactional front, the practice particularly excels in asset-backed deals, including aircraft and ship finance.

Practice head(s):

Francisco Uría Fernández; Pilar Galán Gavilá

Other key lawyers:

Luis Fernández; Carlos Rey; Pablo Alonso Montes; Manuel Aguilar García; José Millán


‘Francisco Uría Fernández is a unicorn, his experience, knowledge, and talent make him stand out from any competitor.’

‘Knowledge of regulations and trends in our sector.’

‘The entire team is very responsible. They are experts in this field and know our company well. Efficiency and clarity in responses.’

Key clients

SingularBank, S.A.

CaixaBank, S.A., Banco Santander, S.A., Credit Suisse, A.G. Sucursal en España, Credit Suisse Gestión, SGIIC, S.A., Amundi Iberia, SGIIC, S.A.U

Asociación Nacional de Entidades de Gestión de Cobro (ANGECO)

Caja Rural de Navarra, Sociedad Cooperativa de Crédito, Caja Rural del Sur, Sociedad Cooperativa de Crédito

Banco Santander S.A.

Sociedad Estatal de Participaciones Industriales (SEPI)

United Europhil EP, S.A., Digital Virgo EP, S.A.

Banco Santander, S.A.

CaixaBank, S.A.

PayXpert Spain, S.L., PayXpert Group


At RocaJunyent, the ‘well-structured and always available‘ banking and finance practice handles a combination of transactional and regulatory matters for financial entities, investment funds, alternative finance providers and borrowers. With extensive experience in direct lending, syndicated and bilateral loans, the department has recently been particularly active in acquisition, project and real estate finance mandates as well as debt refinancings. On the regulatory side, the group is singled out for its knowledge of the fintech and blockchain segments. José Luis Pita da Veiga in Madrid is counsel of choice for several financial institutions, funds, sponsors and issuers in an array of financing matters. Based in Barcelona, Xavier Foz leads on regulatory work, including fintech and blockchain-related issues.

Practice head(s):

José Luis Pita da Veiga; Xavier Foz

Other key lawyers:

Marina Zarza; Marc Rovira; Javier Rodríguez


‘It is a small team but it works very well compared to other firms in the sector. Their availability is total and they always provide added value in transactions.’

‘Both José Luis Pita da Veiga and Marina Zarza are very good lawyers. Marina is an exceptional associate and José Luis has great negotiation skills and his level of knowledge of the sector is very high. The team they both form works extremely well.’

‘Effective team, flexible in their positions and facilitator of deals.’

‘Good preparation, flexibility, and business orientation. Xavier Foz is recommended.’

‘Well-structured and always available team.’

‘Excellent knowledge of the sector. Very good track record.’

Key clients

Banco Bilbao Vizcaya Argentaria, S.A.

Syndicate of Financial Institutions led by Banco Bilbao Vizcaya Argentaria, S.A.

Banco de Sabadell, S.A.

Banco Pichincha




Work highlights

  • Advised Banco de Sabadell, as lender, on the financing for the construction, development and opening of a hotel establishment in Madrid.
  • Assisted Henko Partners as debtor in the financing for the expansion of Voltan Group.

Squire Patton Boggs

Commended for its ‘high availability and knowledge of the market and players‘, the banking and financial services team at Squire Patton Boggs undertakes a variety of transactional work in this space, including acquisition, project, corporate and real estate finance. Other areas of expertise for the group, which is under the joint leadership of Manuel Mingot and Pablo Rodríguez Abelenda, include debt restructuring and trade receivables financing transactions. Widely recommended by clients, Mingot is counsel of choice for lenders, borrowers, sponsors and funds in domestic and cross-border financings, including project finance, direct lending and debt restructuring, while Rodríguez is a reference for real estate finance work. José Luis Iriarte Ruiz joined from Clifford Chance in December 2022, reinforcing the firm’s corporate, acquisition, project and real estate finance capabilities.

Practice head(s):

Manuel Mingot; Pablo Rodríguez Abelenda

Other key lawyers:

Ana Bohórquez; José Luis Iriarte; Jose María Pérez-Prat; David Calleja


‘Good professionals who are very involved and who allow true outsourcing. Advanced technological tools and closing of the transaction with excellent organisation of the documentary package. ’

‘Very high availability and knowledge of the market and players. Always provide quality advice for our transactions.’

‘Manuel Mingot is available and knowledgeable of the market and players.’

‘Manuel Mingot and his team have very important flexibility. In the transaction we carried out they collaborated both in contractual drafting and legal due diligence tasks, the scope of which were very quickly adapted.’

‘Manuel Mingot is a professional with a lot of experience and a great partner.’

Key clients

Banco Santander

Eiffel Investment Group

Oquendo Capital


Banco Sabadell






Work highlights

  • Advised Banco Santander on a €500m working capital financing of invoice advances and trade receivables financing under RPA format to Axpo Iberia.
  • Advised infra-asset manager Eiffel Investment Group on a corporate portfolio financing facility granted to Capital Energy Holding, disbursed by Eiffel through the subscription and disbursement of €100m at parent company level of Capital Energy.
  • Acted for a German state bank as lender’s counsel in the granting of €91m non-recourse senior secured project facilities to a Spanish SPV of the Irish NTR group.


Andersen fields a team of ‘high-level professionals‘, who are skilled at assisting with corporate, project and structured finance transactions, as well as financial regulatory matters. The latter is a key area of strength for the firm, which is singled out for its wealth of experience in fintech. Guillermo Yuste heads the banking and finance team, and is noted for his strong track record in cross-border financings, including project finance, debt restructuring and syndicated loans. Leading the financial regulation group, Miguel Prado also oversees the firm’s fintech mandates, and is trusted by payment institutions, investment service companies and collective investment institutions in an array of mandates. Guillermo Muñoz-Alonso, the former head of CMS Albiñana y Suárez de Lezo's financial services and markets practice, joined in September 2023.

Practice head(s):

Guillermo Yuste; Miguel Prado

Other key lawyers:

Joaquín Alegre; Guillermo Muñoz-Alonso


‘Nothing is too much trouble and the team is happy to go out of scope when needed to provide additional assistance. Friendly and very approachable.’

‘Miguel Prado has been extremely accommodating.’

‘A very good team that Miguel Prado leads with wisdom and leadership.’

‘Miguel Prado has extensive experience in the financial and banking area, acquired in leading law firms before joining Andersen. He is a very approachable person, who listens to his clients carefully and advises them with affection and success.’

‘What we value is the agility in the relationship with the market as well as the response to the doubts that have arisen. Andersen’s response in this regard has been very positive, showing themselves available at all times.’

‘Joaquín Alegre has been available at all times and has managed the issues that have arisen quickly.’

‘The Andersen team is very complete in all areas. They have high-level professionals.’

‘Miguel Prado is a great professional, with great knowledge of the legislation and procedures to comply with the requirements of regulators.’

Key clients

FCA Capital Bank, S.A.

Mouro Capital



Emperador Inc.


Work highlights

  • Advised T3N Sport & Investments on the €300m agreement with Harrison Street for the development of sports and educational complexes in Spain and abroad.
  • Advised Solaer on the closing of financing, provided by Caixabank, for a 50 MW project.
  • Assisted Grupo Impar in the process of obtaining authorisation from The National Securities Market Commission (CNMV) to launch its new closed-ended collective investment undertakings (SGEIC).

Araoz & Rueda

Noted for its experience in NPL, REO and asset portfolio transactions, the ‘proactive, efficient and commercial‘ practice at Araoz & Rueda handles a mix of asset-backed lending deals, debt restructuring, and corporate and acquisition financings. These are all key areas of activity for department head Rafael Bazán, who is trusted by lenders, borrowers, creditors and debtors alike. The group is also well positioned to advise on regulatory matters, with a particular focus on anti-money laundering issues.

Practice head(s):

Rafael Bazán

Other key lawyers:

Javier Sánchez; Juan Viaño


‘An incredible team, highly trained and very good disposition.

‘They know how to communicate, understand the client’s problem and be practical.’

‘Araoz and Rueda’s lawyers are exceptionally talented and experienced. They are very proactive, efficient and commercial. They understand the nuances of a dynamic deal process and, with their experience in the Spanish banking and finance market, they can advise their clients on the best market terms available.’

‘The team at A&R is experienced and engaged. They are reachable, responsive and will help drive a process through.’

Key clients

BNP Paribas, S.A, sucursal en España

Charme Capital Partners

Affluence Corporation

Consolis Ibérica, S.A

ING Bank, NV, Amsterdam, Lancy/Geneva

Curium Pharma Spain

Caixabank, S.A

Stemar Capital Partners


Aleph Capital

Work highlights

  • Advised BNP Paribas S.A., Sucursal en España and Banco de Santander, S.A. on the negotiation and signing of a syndicated loan granted to Equatorial Coca Cola Bottling Company, S.L., a subsidiary of Cobega, S.A., to finance the acquisition of a number of companies in Algeria.
  • Advised Grupo Inversor Hesperia, S.A. and its subsidiaries on the negotiation and execution of the financial agreements relating to the public financial support granted by the Fund to Support the Solvency of Strategic Companies managed by the State Company for Industrial Participations (Spanish acronym: SEPI).
  • Acted for Charme Capital Partners and Miura Capital in the negotiation and execution of the facility agreement granted by Tresmares/Bank of Ireland in order to finance the acquisition of Indiba and certain subsidiaries (Intelis Instruments Ltd and Eltech K-Laser).

Bird & Bird

At Bird & Bird, the ‘very competent, responsive and solution-oriented‘ finance and financial regulation practice has a solid reputation in the market for real estate-related deals and venture debt financings. In addition, the team also has noteworthy strength in payment services and fintech matters, standing out for its substantial experience in the setting up of neobanks in Spain. With extensive expertise in banking, fintech and insurance regulations, José Luis Lorente Howell handles regulatory and transactional matters, ranging from acquisition, project and asset finance to distressed debt deals.

Practice head(s):

José Luis Lorente Howell

Other key lawyers:

Isabel Rodriguez; Judit Martínez


‘The treatment of the B&B team is always excellent, their technical contributions have been of great relevance to us. Diligence and the ability to respond in a timely manner are a characteristic that differentiates B&B from other firms with which we have worked. ’

‘Jose Luis Lorente Howell is undoubtedly outstanding in terms of attention and service. His technical knowledge in aspects of financial regulation has been essential in defining many of our policies.  His team has always responded with detail and precision to our requirements and questions. I would also highlight Judit Martínez as a member with whom we have had the most contact due to her work. ’

‘Very competent, responsive and solution-oriented.’

‘Experienced in finding solutions to complicated situations.’

‘B&B Spain is very capable at dealing with aviation finance matters and has been a strong support to our business over the last 12 months.’

Key clients

Banco Santander


Banco Sabadell

Fiduciam Nominees LTD.

Cisco Systems (Spain), S.L.


Kreos Capital

Pago NXT (Santander Group)

Bunq Bv

Getnet Europe (Santander Group)

Euro Automatic Cash (Eac)


Viva Payment Services

Work highlights

  • Advised TechStyle, Inc (Just Fabulous Group, Inc) on the second amendment of a $230m credit and guarantee agreement granted by a syndicate of entities managed by Crestline Direct Finance, L.P. as the administrative agent and as collateral agent.
  • Assisting Lobo Leasing Limited in connection in several sale and leaseback transactions with Sky Helicopteros, S.A., Titan Firefighting Company, S.L. and Agrarflug Helilift GmbH & CO Kommanditgesellschaft.
  • Advised the Santander group payment hub entity PagoNxt on Anti-Money Laundering/ Countering the Financing of Terrorism duties and other financial regulatory matters.

BROSETA Abogados

With a strong geographic footprint across Spain, BROSETA Abogados manages a busy transactional workload where project finance and syndicated loans feature alongside refinancings and debt restructuring. In the Valencia office, Antonio Navarro handles all types of financing and refinancing work, while Miguel Navarro showcases particular strength in distressed debt deals and restructurings, and Patricia Gualde focuses on bankruptcy issues. Based in Madrid, Carlos Gutiérrez, who specialises in debt refinancing, project and corporate finance, is a key contact for the payments sector. Bringing over two decades’ experience in structured deals, refinancings and debt restructuring in the real estate and construction sectors, Carlos Salinas is a name to note in the firm’s recently opened Barcelona office.

Practice head(s):

Antonio Navarro; Carlos Gutiérrez

Other key lawyers:

Miguel Navarro; Carlos Salinas; Patricia Gualde


‘Its proximity (the partner assists you directly and is totally willing) and flexibility make the firm stand out. They are providing a high-quality service.’

‘Closeness and flexibility.’

Key clients

Punto FA


Canet Ferrero


Cosura 2007

Stahler Suites

Sociedad Estatal De Participaciones Industriales (Sepi) – FASEE

Ardena Holding, NV

Meta Engineering

Delta Alfa / Grupo Vae Homes

Work highlights

  • Assisted Punto FA. in the amendment of a syndicated corporate financing and extension of financing, and establishment of sustainable parameters.
  • Advised Alsanch on the restructuring of debt linked to a hotel chain.
  • Advised Imasa on a debt restructuring involving 16 financial institutions and insurance companies.

López-Ibor Abogados

Corporate borrowers, banks and funds routinely seek López-Ibor Abogados‘ assistance in corporate finance, refinancing and direct lending mandates. Asset-backed deals, especially in the aviation sector, fintech and blockchain matters are core areas of focus for the practice, which manages a diverse workload featuring both transactional and regulatory issues. Founding partner Alfonso López-Ibor, noted for his ‘deep legal knowledge‘ and ‘practical approach‘, has 'tremendous experience‘ in a range of banking and finance matters. Olivia López-Ibor specialises in aviation finance and ‘has developed great expertise in the fintech sector in Spain‘.

Practice head(s):

Alfonso López-Ibor

Other key lawyers:

Pablo Stöger; Olivia López-Ibor


‘Innovative firm oriented to providing valuable solutions to the client in a practical way. Multidisciplinary team with extensive knowledge.’

‘Alfonso Lopez Ibor: deep legal knowledge and a practical approach. Great reputation in the market. Availability. Provides client-oriented solutions.’

‘López-Ibor Abogados combines the reputation of a lawyer like Alfonso Lóez-Ibor, with an excellent professional and academic career, with a stature that allows them enormous availability and flexibility to quickly deal with complex matters and at a very reasonable cost compared to other firms.’

‘Ability to respond to clients’ needs in a clear and simple way, providing assistance to unblock negotiations and ensure the conclusion of matters. Alfonso López-Ibor undoubtedly stands out, not only for his excellent knowledge of the law but also for his availability and direct involvement in matters.’

‘The team is personable and hands-on which is hard to find in larger firms. With Lopez-Ibor, we are able to get direct communications with the lawyers who matter in our engagement and build a relationship.’

‘The team is personable and able to empathise and understand the issues that our business faces when instructing.’

‘Alfonso Lopez Ibor is very responsive and has tremendous experience. Olivia too has developed great expertise in the fintech sector in Spain.’

‘Alfonso Lopez-Ibor and Olivia Lopez-Ibor are extremely responsive and well connected. For any Spain-related fintech or crypto queries, Lopez-Ibor Abogados are the people you need to speak to.’

Key clients

CEB (Banque de développement du Conseil de l’Europe)





Kurant Gmbh

Apple Bank for Savings

NatWest Group

Global Asset Capital

Work highlights

  • Advised CEB on a loan to Fundació Pere Tarres in Barcelona.
  • Advised Global Asset Capital on a refinancing of an existing loan.
  • Assisted Hamilton Court Foreign Exchange in relation to the provision of investment services to Spanish clients regarding financing, trading, and advisory services in foreign exchange.


Covering direct lending and syndicated loans, ONTIER is routinely instructed by borrowers and lenders in financing and refinancing mandates. Noted for its ‘extensive knowledge of PPA and project finance contracts‘, the team is skilled at advising on the financing of energy projects and also showcases strong capabilities in real estate-related transactions. With over two decades’ experience in the banking and finance space, practice head Álvaro Barro is proficient in corporate finance, debt restructuring and project finance, with a particular focus on the energy segment.

Practice head(s):

Álvaro Barro

Other key lawyers:

Esteban Cuyás; Luis Carretero


‘Extensive knowledge of PPA and project finance contracts. The different areas of practice complement each other to perfection.’

‘Álvaro Barro – very pro-deal. Capacity for adaptation and innovation in the face of unforeseen events and complex legal situations. Exceptional human treatment. Broad experience in the sector.’

‘I highlight how they understood the specific needs we had and sought, with an open mindset, solutions to fulfil what we had requested.’

Key clients

Enerfín Sociedad de Energía, S.L.

Matrix Renewables (Spain), S.L.


Bankinter, S.A. /Instituto de Crédito Oficial


Abanca Corporación Bancaria, S.A.


Boyacá Servicios Corporativos, S.L.

Matrix Renewables (Spain), S.L.

Work highlights

  • Advised Enerfín Sociedad de Energía on the €136m financing granted by AIP Management.
  • Advised Matrix Renewables, through its subsidiaries, on the green-loan €42m financing of two photovoltaic plants of 66 MWp located in Valladolid.
  • Assisted Cofides in the last-resource financing of €18m granted to the hotel and entertainment company Universo Pachá, S.A.


With a strong presence in the TMT space and deep knowledge of financial transactions, ECIJA is particularly well placed to assist domestic and international banks in fintech matters, including the implementation of digital projects. Fintech and payment services players also retain the team in regulatory issues concerning the launch of new products and their expansion into the Iberian and Latin American markets. Alonso Hurtado brings together experience in TMT matters and regulatory compliance in the financial sector. Cristina Villasante ‘is the reference person for fintech matters‘.

Other key lawyers:

Alonso Hurtado; María González; Cristina Villasante


‘The procedural team is exceptional. They are always willing to delve into the substance of the matter and treat each case uniquely, avoiding standardised solutions.’

‘They analyse the characteristics of each client very well to find the best way to defend their interests based on this knowledge. They are always available at any time and their response times are very short, which gives clients a lot of peace of mind.’

‘The firm has a very strong department in fintech. Cristina Villasante particularly stands out.’

‘Cristina Villasante is the reference person for fintech matters.’

Key clients

World Bank

Santander Bank

American Express

ING Bank


Bank of Portugal

Bank of Spain

Bankinter Consumer Finance

SAP Concur

RCI Bank

VWFS Volkswagen Financial Services


Santander Consumer Finance

Wizink Bank

Euro 6000 (E6K)

Pichincha Bank

Triodos Bank



BFF Bank






EPI (European Payments Initiative)



PSA Finance

European Central Bank

European Bank Authority

Bankinter Bank


Evo Bank

Allfunds Bank

Mercury TFS





Work highlights

  • Advising Santander Tecnología y Operaciones, S.L., the IT branch of the bank, on the development, negotiation, and implementation of the One Europe project.
  • Advised football club ATLETICO DE MADRID on a sponsorship agreement involving the launch of NFT projects with ATM memorabilia.
  • Advising the Bank of Spain on the development of a project for the regularisation of its identification and electronic signature systems.

Eversheds Sutherland

Exhibiting ‘exceptional skill and professionalism‘, Eversheds Sutherland‘s ‘flexible and proactive team‘ acts for a diverse client roster made up of predominantly international banks, investors and industrial companies. With the ability to provide multidisciplinary advice, the team shines on project finance in the energy, infrastructure and telecoms sectors, and is also skilled at assisting with asset-based lending, real estate finance and financial services regulatory matters. Co-head Teresa Villarroya Vargas ‘excels as a negotiator‘ in the context of project and acquisition finance transactions, debt restructuring and refinancings. Fellow co-leader Manuel López Martínez focuses on financial services regulations, including investment funds and crypto assets-related work.

Practice head(s):

Teresa Villarroya Vargas; Manuel López Martínez

Other key lawyers:

Marta Becker


‘I have found the Eversheds Sutherland team to be highly accessible and dedicated to discovering optimal solutions. They exhibit exceptional skill and professionalism.’

‘Teresa Villarroya demonstrates exceptional creativity in resolving even the most complex issues with remarkable effectiveness. She excels as a negotiator who consistently safeguards our interests. One aspect that I particularly value is how easy she is to work with.’

‘They are a very flexible and proactive team, who are very involved in each transaction.’

‘I have worked on several financings with Teresa Villaroya and Marta Becker. They are a team that is very aware of any developments in the market. They are very proactive in advising on developments that can improve the legal structure of financing. ’

‘Very practical and business-oriented approach, not limited to an interpretation of the regulation. Very well connected in the sector and with regulators.’

‘Manuel López Martínez stands out; he is a great expert and knowledgeable on the subject. He offers great availability and reliability.’

Key clients





Kobus Partners

INGOT Brokers

UBS Bank



Alter5 Financial Technologies

Whale Capital

Work highlights

  • Advised X-Elio on the financing granted by a syndicate of Spanish local banks for the development of three energy projects in Badajoz.
  • Acted as borrower counsel to EXUS on the project financing by Kobus Partners (as lenders) of a 30 MW photovoltaic plant in Portugal (Project Anpe).
  • Advised on whether the services provided by UBS on the basis of its relationship with Spanish external asset managers and external financial consultants continue to comply with Spanish financial regulations.

EY Abogados

At EY Abogados, ‘the committed and experienced‘ banking and finance practice acts for debtors, guarantors, borrowers and lenders in a host of matters, including acquisition finance, refinancing and receivables finance. Noted for its cross-border capabilities, the group is also engaged in the financing of real estate projects and asset-backed deals, with a particular focus on the shipping, R&D, and film industries. Leading the department is Gonzalo Martín De Nicolás, a key contact for banks, alternative lenders, companies and sponsors. Recently promoted partner Guillermo Crespo specialises in structured and corporate finance. Andrés Lorrio left the firm in October 2023.

Practice head(s):

Gonzalo Martín de Nicolás

Other key lawyers:

Guillermo Crespo


‘Committed and experienced team. Good balance between seniority and getting down to the detail.’

‘Availability and accessibility. Excellent quality of work.’

Key clients


Abanca Corporación Bancaria

Banco de Crédito Social Cooperativo

Instituto de Crédito Oficial

Abac Capital

Advenis REIM

Work highlights

  • Assisting Insituto de Crédito Oficial (ICO) in the reviewing and negotiating of several financing transactions for a total amount of approximately €20m.
  • Advising a company controlled by Abac Capital as borrower on the financing granted by Banco Santander, S.A. amounting to €48m for the acquisition of the companies in the B2B perimeter of Internas Group.
  • Assisting Bankinter in the financing of several research and development projects (R&D) amounting to €47m.


Noted for its ‘perfect mix of experience in major financing transactions‘ and ‘personalised attention‘, Lesayra excels in debt restructuring, refinancings and real estate finance. Focused on mid-market banking and finance transactions both in Spain and with ties to other jurisdictions, practice leader Abraham Nájera is particularly recommended for debt refinancing and restructuring matters. Senior associate Concepción Padilla is adept at handling lender and debtor-side mandates, with a notable focus on structured finance, syndicated transactions, and restructurings.

Practice head(s):

Abraham Nájera

Other key lawyers:

Concepción Padilla


‘Lesayra’s Banking team has the perfect mix of experience in major financing transactions that a team from a large firm would provide with the flexibility and personalised attention of a boutique firm. They have handled all types of deals which gives them the ability to adapt to any of the needs that arise for the client. ’

‘Abraham Nájera is an exceptional lawyer. He has extensive experience and a more than recognised prestige in the market. The added value he provides is proximity and flexibility. He is always available and his team is capable of analysing a very diverse range of deals. ’

‘They all have great experience and knowledge of financing transactions. The firm is equipped with good technological means that allow it to be close to its clients at all times.’

Key clients

Banco Santander


Ritmo Capital

Banco de Sabadell

Hotels & Resorts Blue Sea

Frux Capital

Deutsche Bank

Itaú BBA

Institut Catalá de Finances

Tresmares Capital

Kimitec Biogroup

Santander de Factoring y Confirming

Zürcher Kantonalbank




Kintai Digital

Clínica Juaneda

CBRE Investment Management

Velox Finance







Work highlights

  • Advised Insyte Instalaciones on the €225m restructuring of the listed company Grupo Ezentis.
  • Advised COFIDES as manager of the FONREC (Recapitalization Fund for companies affected by COVID-19) on 15 last recourse financings to Spanish groups.
  • Advised STUDENTFINANCE on the €30m forward-flow purchase program in relation to its portfolio of income share agreements (ISAs) originated in the UK, Spain, Italy and Germany.

PwC Tax & Legal Services

Showcasing equal strength in lender and borrower-side work, PwC Tax & Legal Services is skilled at advising on a variety of banking and finance matters, from direct lending to real estate finance and M&A within the financial sector. Noted for his ‘commercial and negotiation skills‘, Beltrán Gómez de Zayas heads up the practice and is particularly recommended for his strong track record in NPL and REO portfolio transactions, debt restructuring and structured finance. Key support is offered by Emilio Aparicio Marina, a contact for major companies, credit institutions and funds in financings involving direct lenders, and real estate finance specialist Jaime Hidalgo.

Practice head(s):

Beltrán Gómez de Zayas

Other key lawyers:

Iván Echevarría; Emilio Aparicio Marina; Jaime Hidalgo; Mario Maza


‘Multidisciplinary team with which we have been working for more than 10 years on NPL portfolios, servicing contracts, new financing, etc. The contact is so close that we almost consider them an extension of our investment team.’

‘Beltrán Gomez de Zayas – experience, commercial and negotiation skills. Emilio Aparicio and Jaime Hidalgo are also recommended.’

‘High level of knowledge and experience, and excellent availability: Beltrán Gomez de Zayas stands out.’

Key clients

Izilend Gestión España (Glencar Investments XXI DAC)

Family Cash






Izilend Gestión España (Glencar Investments XXI DAC)

Miura Capital Partners

Riba Mundo Tecnología

Work highlights

  • Advised Izilend Gestión España on the financing granted to Ktesios SOCIMI for the acquisition of Quid Pro Quo Alquiler Seguro SOCIMI.
  • Advised Family Cash on a syndicated financing transaction with Banco Santander as agent, for up to €155m.
  • Advised IZERTIS, S.A. on its registration of the renewal of a €30m Commercial Paper Programme on MARF.