Allen & Overy’s ‘highly specialised’ team stands out for its deep bench and wide-ranging practice, with expertise spanning leveraged finance, acquisition finance, real estate and project finance, and debt restructuring. Counting leading domestic and international banks, funds and companies among its clients, the team has a strong track record in high-value, cross-border transactions, and has recently been highly active in the financing of energy and infrastructure projects, particularly in the renewables sector. The ‘impeccable’ Ignacio Ruiz-Cámara leads the team, while other key names include Juan Hormaechea, an expert in the funds space, Jimena Urretavizcaya, who is particularly experienced in advising lenders on major real estate finance deals, and project finance specialist Vanessa Cuellas. In addition, the team draws on the expertise of two English law partners, Charles Poole-Warren and Thomas Wilkinson; the latter was promoted in May 2022. The firm also fields a strong financial regulatory practice led by Salvador Ruiz Bachs.
Banking and finance in Spain
Allen & Overy
Other key lawyers:
Juan Hormaechea; Jimena Urretavizcaya; Charles Poole-Warren; Salvador Ruiz Bachs; Vanessa Cuellas; Thomas Wilkinson; Sofía Sánchez-Calero
‘The team is large and covers very diverse areas with a high degree of specialisation. Contact is mainly with the partners. The extras they offer in terms of training and marketing are very good.’
‘Jimena Urretavizcaya deserves a special mention for her kindness and attention to detail. She builds close relationships with clients and keeps in touch, which makes a big difference compared with other competitors.’
‘The team stand out for their coordination and negotiation abilities and are extremely agile and versatile. They are highly respected in the banking sector. They show creativity and effectiveness, stay up to date and have a good disposition. They are probably the firm that is easiest to work with, even on the most complex issues. They provide informative and effective solutions.’
‘Sofía Sánchez-Calero, Vanessa Cuellas and Ignacio Ruiz-Cámara are impeccable, 360-degree lawyers. They stand out for their availability, staying absolutely up to date with the national and international legal context, and anticipating trends and structures in the market.’
‘A highly specialised and qualified team with a strong track record who understand the current market in depth. Their agility in solving problems and dealing with diverse situations is highly valued.’
‘Jimena Urretavizcaya and Sofía Sánchez-Calero form a highly resolute and agile team. They make use of their experience and knowledge of the market.’
‘The A&O team are professional, efficient and show a lot of commitment to their clients. Their flexibility, availability and ability to give the best advice to ensure the proper execution of the transaction is admirable. This makes them stand out from other firms’
‘In addition to his exceptional technical knowledge, Ignacio Ruiz-Cámara understands the client’s needs, the situation and the context of each matter, however complex. He knows how to distinguish between what is important and what is incidental and his advice and recommendations are very useful and provide added value far beyond that of an adviser. He manages his teams effectively and encourages his lawyers to deal pleasantly with the client, which results in a stable and positive relationship. He understands the client’s requirements and redirects them within the firm as appropriate.’
Single Resolution Board
- Advised BNP Paribas, Caixabank and Banco Santander, as the mandated lead arrangers, and a syndicate of banks (both Spanish and international) on debt financing and guarantee facilities for IFM’s public takeover of 22.69% of the shares in Naturgy Energy Group, amounting to €5.06bn.
- Advised Goldman Sachs Bank Europe, Credit Suisse, London Branch and Deutsche Bank Aktiengesellschaft, as arrangers and lenders, on the €890m financing provided to CVC as part of CVC’s investment in the Spanish football league TV rights commercialised by La Liga de Futbol Profesional.
- Advised Banco Santander on the financing of EQT’s takeover bid for Solarpack.
Singled out by one client as ‘one of the leading firms in the market‘, Clifford Chance is renowned for the breadth of its global financial markets practice, which covers leveraged and acquisition finance, debt restructuring, real estate finance, asset finance and syndicated lending. The team also has significant strength in structured finance; practice head Eduardo García, the ‘knowledgeable‘ José Manuel Cuenca and newly promoted counsel Jesús Quesada are particularly active in this space. Other key areas of expertise include project finance, with a focus on the renewable energy industry, and financings in the sports sector, where the team counts the European Super League among its clients. Epifanio Pérez, Rodrigo Uría and project finance experts José Guardo and Eugenio Fernández-Rico, who made partner in May 2022, are further notable contacts in the sizeable team. Recently promoted counsels Felipe Font, who specialises in refinancings and real estate finance, and María Sabau, an acquisition finance expert, also provide key support.
Other key lawyers:
José Manuel Cuenca; José Guardo; Epifanio Pérez; Rodrigo Uría; Eugenio Fernández-Rico; Felipe Font; Jesús Quesada; María Sabau; Ignacio Magariños
‘Hiring the firm is always a guarantee of success. Experience, knowledge, proximity to clients and leadership in the market are their main strengths. In addition, it should be added that they are one of the leading firms in the market, which gives their lawyers a deep understanding of the dynamics of the sector.’
‘Epifanio Pérez and Ignacio Magariños make a very well-rounded partnership capable of leading complex operations at the highest level, striving to reach agreements between the parties without losing sight of their role as adviser to each party.’
‘A team with deep legal knowledge, which is very experienced, established (they have been working together for many years) and knowledgeable about the market. In addition, the office can provide support in other areas if necessary (for example, with derivatives).’
‘Epifanio Pérez and Felipe Font stand out.’
‘José Manuel Cuenca has an outstanding view of the banking and financial industry. He is very knowledgeable about existing legal issues. That makes all the difference to his advice.’
‘The team stands out for its proximity to clients, rigour and timely handling of matters.’
‘Great availability to assist clients and facilitate a good outcome in a timely manner.’
‘Ignacio Magariños provides a great service and is always willing to collaborate.’
European Super League
Credit Agricole Corporate and Investment Bank
Pemberton Asset Management
- Advising a number of Spanish listed companies, including Cellnex Telecom and Enagas, on the remediation of all syndicated and bilateral facilities which reference USD LIBOR, GBP LIBOR and CHF LIBOR for the purpose of the IBOR transition.
- Advising a pool of approximately 30 financial institutions, led by NatWest as agent, on the refinancing of Telefónica’s €5.5bn revolving syndicated facility, which is linked to two key ESG performance indicators (social and environmental).
- Advised Real Madrid on the additional financing granted to fund the costs of unforeseen works in the initial remodelling project of the Santiago Bernabéu stadium in Madrid.
Based in Madrid and Barcelona, the banking and finance practice at Cuatrecasas has recently been active in major sustainable finance transactions in the Spanish market, advising both lenders and borrowers on the provision of green loans. The team’s expertise also extends to debt restructuring, corporate and acquisition finance, special situation and direct lending, and real estate and project finance, with a broad client base that includes funds, financial institutions and companies. On the financial regulatory side, the firm has a strong practice which is noted for its experience in fund formation and fintech matters; two of the team's leadership quartet, Jorge Canta and Beatriz Causapé, are the key contacts in this area. Canta and Causapé share oversight of the practice with project finance specialist Íñigo Rubio and Fernando Mínguez, who focuses on corporate finance transactions. Madrid managing partner Fernando Bernad and Miguel Sánchez Monjo, an expert in financial regulation, are also noted.
Íñigo Rubio; Beatriz Causapé; Jorge Canta; Fernando Mínguez
Other key lawyers:
Fernando Bernad; Miguel Sánchez Monjo; Rafael Mínguez; Ignacio Buil
THE CARLYLE GROUP
MARATHON ASSET MANAGEMENT
ANACAP FINANCIAL EUROPE
J. SAFRA SARASIN GROUP
UNIÓN FINANCIERA ASTURIANA
EDMOND DE ROTHSCHILD (SUISSE) S.A.
COMSA CORPORACIÓN DE INFRAESTRUCTURAS
- Advising El Corte Inglés on refinancing its bank debt of €2.6m, signed with the support of approximately 20 financial institutions and subject to sustainability criteria.
- Advising Bain Capital on financing the acquisition of ITP Aero for €1.7bn.
- Advising a syndicate of banks, with BBVA as agent, on an €800m sustainable syndicated financing agreement for Europastry.
The ‘practical, decisive and, most of all, proactive‘ team at Garrigues handles a wide range of complex financial transactions from offices across Spain, with notable experience in financial regulation, project and real estate finance, refinancings, acquisition and leveraged finance, and direct lending. In particular, the team has been highly active in assisting both Spanish and international clients with hybrid securitisation and finance deals, including multi-jurisdictional transactions, and high-profile ESG-related matters. The team is led by Rafael González-Gallarza and Luis de la Peña; the latter focuses on the financial regulatory side of the practice, which has notable expertise in fintech, fund formation and investment services. Other key members of the team include José Miguel Pinillos, an expert in corporate finance and real estate and infrastructure finance, Xabier Urtiaga Valle, Naiara Bueno, who is the main contact in the Barcelona office, and project finance specialist Jon Goirigolzarri, who was promoted to partner in January 2022.
Rafael González-Gallarza; Luis de la Peña
Other key lawyers:
José Miguel Pinillos; Gaspar Atienza; Gonzalo Rivera; Xabier Urtiaga Valle; Naiara Bueno; Jon Goirigolzarri; Clemente Mateo; Francesc Cholvi
‘Excellent client service. A clear focus on achieving the objective of closing the deal satisfactorily. Creative solutions for unforeseen and problematic situations. Absolute reliability. José Miguel Pinillos particularly stands out.’
‘They quickly analyse the case internally in a cross-disciplinary way and set an action plan. They are practical, decisive and, most of all, proactive. The team members are constantly up to date, facilitating the exchange of information. They stick to deadlines.’
‘They are extremely rigorous in their analyses and communications, which, together with their availability, greatly facilitates case management. I would like to highlight Xabier Urtiaga Valle, Clemente Mateo and Gonzalo Rivera.’
EUROPEAN INVESTMENT BANK
WATERFALL ASSET MANAGEMENT
SINGULAR BANK, S.A.U.
ROTHSCHILDCO WEALTH MANAGEMENT SPAIN, A.V., S.A.
TALENTA GESTIÓN, SGIIC, S.A.
AXON PARTNERS GROUP INVESTMENT, SGEIC, S.A.
GAWA CAPITAL PARTNERS, SGEIC, S.A.
- Advised Circet Odyssée, Circet Iberia and Circet Cableven on a financing transaction executed by virtue of a senior facility agreement of €1.625bn and a revolving facility of €250m for the acquisition of the Circet Group by Intermediate Capital Group from Advent International.
- Advised a syndicate of major banks on the financing of a €1.250bn term loan and €400m revolving credit facility granted to Luna III and Luna IV Servicios Ambientales for the acquisition of Urbaser and its multinational conglomerate in the context of a global purchase for the sum of €3.5bn.
- Advising Singular Bank on the acquisition of the Spanish wealth management business of UBS, which involves the acquisition of 100% of the shares of UBS Gestión, SGIIC, the acquisition of the wealth management business of UBS Europe, Sucursal en España, and the registration of the client with the Spanish Securities Market Commission.
A ‘go-to team for regulatory and financial matters‘, Linklaters is experienced in handling complex, high-value transactions governed by both Spanish and English law, and is highlighted for its strength in large leveraged buyouts and the acquisition financing of takeover bids, acting for leading banks and financial institutions, as well as borrowers. The practice also covers project and real estate finance, major refinancings and restructurings, and financial regulatory matters; Paloma Fierro leads the financial regulatory practice and has significant expertise in fund formation and derivatives. Juan Barona heads the Madrid banking practice, and English law partner Ben Crosse, who stands out for his experience in restructurings, co-heads the firm’s global banking practice. Other notable contacts include Francisco Sáinz-Trápaga, who handles asset finance and restructuring matters, and counsel Begoña Martínez, who was promoted in May 2022.
Juan Barona; Ben Crosse; Francisco Sáinz-Trápaga; Paloma Fierro
Other key lawyers:
Begoña Martínez; Javier Hernández; Bárbara González
‘A professional team with quick response times and a high level of availability and commitment.’
‘A great team which focuses on how to make something possible instead of simply saying it can’t be done. They are very commercially oriented – they understand the business very well and give intelligent and efficient answers, not getting involved in useless reasoning or filling pages of text for no reason. Without a doubt our go-to team for regulatory and financial matters.’
‘Paloma Fierro is one of the most prepared and reliable partners in Spain for regulatory affairs, and Bárbara González is a mainstay of the team, whose assistance is absolutely necessary for the day-to-day management of the case with the client.’
‘The team has much more experience than other banking teams in Madrid in drafting and negotiating contracts to finance buyouts.’
‘The team led by Ben Crosse and supported by Begoña Martinez provides excellent legal advice. They acts as efficient mediators to iron out differences between lenders and borrowers. Their extensive experience allows them to propose multiple alternatives to resolve deadlocks during the negotiation of contracts.’
The wide-ranging banking and finance practice at Uría Menéndez spans acquisition finance, refinancings and restructurings, project finance (with a particular focus on the renewable energy sector), and real estate finance. Through its share in Ibero-American firm Philippi Prietocarrizosa Ferrero DU & Uría, the team is also well positioned to handle both domestic and cross-border transactions. Another key area of expertise is the sale and acquisition of non-performing loan portfolios, where practice head Ángel Pérez López is particularly experienced, although his practice also extends to the financing of real estate and energy projects. Other notable names in the team include Carlos de Cárdenas Smith, who stands out for his strength in restructuring and corporate finance matters; recommended practitioner Sebastián Sáenz de Santa María; Ignacio Álvarez Couso, an expert in financings in the energy sector; Luis Jiménez, who has expertise in debt restructuring and acquisition and project finance; and financial regulatory specialist Isabel Aguilar.
Ángel Pérez López
Other key lawyers:
Carlos de Cárdenas Smith; Sebastián Sáenz de Santa María; Isabel Aguilar; Ignacio Álvarez Couso; Luis Jiménez; José-Félix Zaldivar; Ramiro Rivera
‘The close client relationships, availability, understanding of the client’s requirements, and the spirit of getting the deal closed, instead of promoting themselves unnecessarily – all this makes Uría stand out from other competitors. I would particularly like to highlight the work of Carlos de Cárdenas Smith.’
Otis Worldwide Corporation
Silver Lake Technology
Banco Bilbao Vizcaya Argentaria
Ence Energía y Celulosa
NH Hotel Group
Grupo Cerealto Siro
DLA Piper‘s ‘technically excellent‘ team counts major Spanish banks, international debt funds and investment funds, and large corporates among its clients, advising on high-value refinancings and restructurings, acquisition finance, corporate finance and factoring transactions. In addition, the team has lately been highly active in real estate finance, handling transactions involving residential, commercial and logistics assets. The practice is also well placed to handle multi-jurisdictional matters, drawing on the expertise of English-qualified of counsel Nerea Cemlyn-Jones to advise on transactions governed by English law. ‘Exceptional‘ practice head César Herrero is skilled in leveraged, project and corporate finance, while other notable contacts include Jesús Zapata, Juan Gelabert, an expert in real estate, leveraged and project finance, and counsel Natalia López, who joined the firm from Clifford Chance in May 2022 to lead the financial regulatory and investment funds practice.
Other key lawyers:
Jesús Zapata; Juan Gelabert; Natalia López; Nerea Cemlyn-Jones; José Marco; Carmen Sánchez; Carmen Fernández-Ladreda
‘The team have a good knowledge of regulation and market practice, and are always willing to seek solutions, protecting the interests of the client and knowing how to differentiate what is important from what is superfluous. They stand out in the sector. I think they offer a better service at a lower price than the competition.’
‘The team stand out for their commitment, accessibility and good manners. I would like to highlight César Herrero, José Marco and Carmen Sánchez.’
‘Very professional, focused on meeting the client’s requirements with value-added solutions. César Herrero has a great capacity for innovation and adaptation to the particular circumstances of each transaction and client.’
‘What stands out is the team’s close relationships with clients and the availability of the partners to discuss the issues with all the teams involved in-house.’
‘César Herrero has exceptional knowledge of the market.’
‘The team have accumulated knowledge and experience in the subject matter, which allows them to offer comprehensive advice from the start of the operation, taking into account both legislative developments and market trends at all times. The detailed knowledge they have of the client is also essential, because they know the internal workings of the business and take it into account when establishing deadlines, designing solutions that are not only legal, but also operationally viable. Lastly, they are knowledgeable about banking entities’ regulation, which allows them to offer a better service.’
‘They are technically excellent, and creative when it comes to approaching issues and proposing unique and specific solutions, meeting the needs of each operation and the client. Additionally, it is important to highlight their leadership, coordination and negotiation skills – they are always looking after the client’s interests and managing to bring conflicting positions closer together, in such a way that everyone ends up satisfied that the best solution has been implemented, always complying with expectations. Finally, we appreciate their ability to listen and the affable treatment and the availability they have with the client. César Herrero, Juan Gelabert and Carmen Fernández-Ladreda stand out.’
‘César Herrero is an exceptional partner. He always knows all his matters in detail, is available to his clients and keeps the perfect balance between defending the client’s interests and having a commercial vision of the negotiations. For in-house lawyers, it is reassuring to have him on projects because you know he is going to make everything easier. Additionally, he has an exceptional team, including José Marco and Carmen Fernández-Ladreda.’
Arcano Private Debt
Caisse de Dépôt et placement du Québec
Ardian Real Estate Fund
Starwood Capital Europe Advisors
Silicon Valley Bank
Bank of Ireland
- Advising CDPQ, ING Bank and Deutsche Bank on the financing granted to Spanish listed company Atrys Health for the refinancing of its debt and the financing of capital expenditure within the Atrys group.
- Advised Goldman Sachs, as arranger, and several investment funds on a financing and refinancing transaction in favour of Futbol Club Barcelona by means of senior secured notes.
- Advising Banco Santander and Banco Bilbao Vizcaya Argentaria on the financing for the acquisition by Trilantic Capital Partners of a majority stake in Gransolar Group.
Gómez-Acebo & Pombo
Gómez-Acebo & Pombo has a strong track record of advising on the lender side of financing transactions, with a client base that includes major Spanish and international banks and investment funds. The team has significant experience in large refinancings and restructurings and is also highlighted for its project finance expertise, particularly in the renewable energy and infrastructure sectors. The practice additionally extends to corporate finance, real estate finance, asset finance and investment fund matters. The sizeable team is led by Miguel Lamo de Espinosa, an expert in restructurings. The ‘exceptional‘ Verónica Romaní and of counsel Vanessa Armas are key contacts for project finance; Rafael Aguilera is noted for restructurings and was recently appointed as lead of the real estate finance practice; and Fernando Herrero is experienced in asset finance matters. London office head Ferran Foix and Santiago Gómez-Acebo are also names to note.
Miguel Lamo de Espinosa
Other key lawyers:
Rafael Aguilera; Ferran Foix; Verónica Romaní; Vanessa Armas; Fernando Herrero; Santiago Gómez-Acebo; Fernando Igartua; Ana Martínez-Pina; Paula Zarzalejos
‘The firm of choice for renewable energy transactions and advising lenders.’
‘Verónica Romaní is an exceptional lawyer and has built a spot-on team around herself.’
Banco Bilbao Vizcaya Argentaria – BBVA
Pricoa Private Capital
PSA Financial Service Spain
Bank of America
Fondo de Apoyo a Empresas en Sectores Estratégicos
- Advised an ad hoc committee of creditors on the refinancing of Celsa for €2.6bn.
- Advised Bank of America Securities, as sole underwriter and bookrunner, on the placement of bonds issued by Grifols Escrow Issuer, a company belonging to the Grifols group, for the acquisition of Biotest for €2bn.
- Advised the second largest bondholder of Naviera Armas on the rescue financing and approximately €1bn restructuring of the group’s debt.
Hogan Lovells International LLP
Hogan Lovells International LLP‘s broad banking and finance practice ranges from project finance - particularly in the energy and public infrastructure sectors - to acquisition and real estate finance, and refinancings and restructurings. The team has an impressive lender-side client base, which includes major Spanish and international banks, private equity and venture capital firms, and funds, as well as acting for corporate borrowers. Other areas of strength include corporate finance, asset finance, and regulatory and fintech matters. José Luis Vázquez, who serves as managing partner of the firm’s Madrid office, jointly leads the practice with Alfredo Barona, whose areas of expertise include corporate and project finance, and debt restructuring. Counsel Alejandro González also stands out for his experience in acquisition, leveraged and real estate finance.
José Luis Vázquez; Alfredo Barona
Other key lawyers:
Alejandro González; Carlos Meijide
Macquarie Asset Management
Banco de Sabadell
Banco Bilbao Vizcaya Argentaria
- Advised Macquarie Asset Management on a €63m financing granted to Autoestrada Ourense Celanova, Sociedade Concesionaria da Xunta de Galicia, to refinance certain indebtedness incurred in relation to the construction and operation of transport infrastructure.
- Advised Green Energy Platform, an independent renewable energy producer majority-owned by international infrastructure fund CUBE, on its agreement with Levitec Sistemas to build a photovoltaic park in the province of Zaragoza.
- Advised Banco Santander on a €77m financing granted to a Spanish Newco, controlled by MCH Private Equity, for the purposes of acquiring the pharmaceutical business of Urquima, and assisted with the syndication process of the financing.
Latham & Watkins LLP
Latham & Watkins LLP stands out for its ability to handle cross-border financial transactions, with the Madrid team frequently working alongside the firm’s offices in London, Milan and the US to advise on high-value matters. The team members are highly regarded for their expertise in debt restructurings, but are also experienced in asset finance, acquisition finance and direct lending, acting for clients including leading Spanish and international banks and private equity firms. Fernando Colomina serves as Spanish chair of the finance department, and co-heads the team with Pedro de Rojas, whose practice also covers leveraged transactions and corporate finance. Counsel Luis Sánchez is noted for his advice on investments by specialised investment funds in distressed assets.
Fernando Colomina; Pedro de Rojas
Other key lawyers:
Luis Sánchez; Aitor Errasti
Pérez-Llorca is well known for its strong direct lending and private debt practice, with extensive experience advising funds and investment managers, in addition to acting for major Spanish and international banks. The team handles acquisition finance, corporate finance, project finance and restructurings, and has recently been particularly active in major real estate finance matters in the Spanish market - particularly in the logistics and hospitality sectors - and in high-end, cross-border transactions. The firm also has a strong financial services and fund formation practice, led by Josefina García Pedroviejo. London-based practice head Ander Valverde is particularly experienced in direct lending and Ildefonso Arenas is also noted for his expertise in the private debt field. Other key names include Mónica de San Román, who has expertise in the financing of energy and infrastructure projects, and counsel Isabel Villa, who joined the team from Freshfields Bruckhaus Deringer in April 2022.
Other key lawyers:
Ildefonso Arenas; Mónica de San Román; Josefina García Pedroviejo; Isabel Villa; Beatriz Menéndez; Antonio Castro
Bank of America Merrill Lynch
- Advised the Discovery Group on all Spanish law aspects of the $6bn financing granted to certain subsidiaries of Discovery.
- Advised Ardagh Group on all aspects of Spanish law regarding the financing granted by certain financial entities, led by Citi and Bank of America Merrill Lynch, through a $325m senior secured multi-currency asset-backed revolving credit facility.
- Advised Asset Management One on obtaining authorisation to render services in Spain on a cross-border basis, in one of the first related procedures filed with the CNMV following the entry into force of Brexit.
Ashurst LLP‘s banking and finance team has been particularly active in the real estate finance space, handling a number of significant recent transactions involving residential, commercial, logistics and healthcare assets, in addition to advising on acquisition and leveraged finance and debt refinancing. The practice has notable experience in cross-border transactions; it frequently works alongside the firm’s international offices and also has a strong English law team led by UK-qualified Nick Pawson, who specialises in areas including acquisition and leveraged finance, NPLs and debt restructurings. Structured finance specialist José Christian Bertram heads the department and Irian Martínez , who is noted for her real estate finance expertise, leads the global markets practice.
Jose Christian Bertram
Other key lawyers:
Nick Pawson; Irian Martínez; Borja Vázquez; Manuela Sanz
Sandfire Resources Limited
Goldman Sachs International
Wingspire Capital LLC
Bank of Ireland
ENIV S.à r.l. (Cheyne Capital)
Castellana Properties SOCIMI
- Advised Sandfire Resources Limited on a $650m syndicated debt facility and A$200m corporate debt facility for the purpose of partly funding its acquisition of Spanish mining complex Minas De Aguas Teñidas from Trafigura and Mubadala Investment Company.
- Advised Société Générale on the financing of the acquisition by Threestones Capital of a portfolio of residential care homes in Spain and Germany.
- 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.
Based in Madrid and Barcelona, the ‘very available, very intelligent, very constructive‘ practice at Baker McKenzie spans acquisition finance, real estate finance, securitisations, debt restructuring, the sale and purchase of loan portfolios, and direct lending. In particular, the team stands out for its strength in cross-border transactions, often working alongside the firm’s international offices, and for its strong financial services regulatory practice, headed by Paula De Biase, which is noted for its advice to major players in the fintech space. Rossanna D’Onza has wide-ranging expertise in transactions, including project finance and debt restructuring, with a niche in film finance matters. Joaquín Fabré left the firm in March 2023.
Rossanna D’Onza; Paula De Biase
‘An international team.’
‘Knowledge of the sector and securitisations.’
‘Great team – very available, very intelligent, very constructive.’
Stadium Finance Company
Portobello Capital Gestion
- Advised Copart, an American online vehicle auction company, on the Spanish aspects of a credit agreement and note purchase agreement and related security interest subscribed by Copart Autos España, as one of the three borrowers within the group, with Bank of America.
- Advised Colony Capital on the Spanish law aspects of its sale to Fortress of a portfolio of approximately 40 positions, including over 100 real estate assets in Europe and the US.
- Advising Abu Dhabi’s sovereign wealth fund Mubadala and CBRE on entering into a facilities agreement and related security interest with regards to the investment in Healthcare Activos Yield Socimi, a Spanish real estate investment company.
Dentons‘ ‘highly prepared‘ banking and finance team is highlighted for its international reach, recently acting alongside other offices of the global firm on several major cross-border transactions. Notable areas of expertise include multi-jurisdictional real estate finance matters, structured finance, and debt restructuring, although the team also assists with leveraged and acquisition finance, corporate finance, project finance and financial regulatory matters. Spain managing partner Jabier Badiola leads the team, while Jesús Mardomingo is also a key contact, taking the lead on regulatory matters. Fernando Gutiérrez, who stands out for his advice to credit institutions, investment firms and funds, and counsel Luis Belart, a specialist in asset finance, are other names to note.
Other key lawyers:
Jesús Mardomingo; Fernando Gutiérrez; Luis Belart; Ignacio Fernández; Lola Noguera
‘A highly prepared and competent team, always up-to-date on new market trends like sustainability and digitisation and their legal impact.’
‘Jesús Mardomingo and Lola Noguera stand out for their client service and focus on finding solutions.’
‘I would like to highlight the work of Fernando Gutiérrez. His availability and his involvement in the issues on which he advises us are comparable to those of an in-house lawyer.’
‘Dentons has top lawyers who understand the needs of the client perfectly and adapt to the requirements that are demanded of them. The availability and collaboration received is admirable. Likewise, its international character means that it is always among the firms to enter the short lists for international advice, thanks to the collaboration and connections of the partners in Spain.’
‘Jesús Mardomingo stands out for his experience, good disposition and involvement in all his projects.’
‘The Dentons finance and banking team in Spain offers a service whose results exceed all of the client’s expectations. Their technical training is impeccable, but what really stands out as a strong point is their knowledge of the non-legal aspects of the business, especially financial and economic matters, which means they can provide a full service. In addition, they are focused on the success of the transaction – they avoid all kinds of incidental and irrelevant issues that can weigh down or harm a deal and tend to favour a satisfactory closing for all parties. Compared to other offices, I notice more dynamism and anticipation of potential issues.’
‘Jabier Badiola is supported by two more experienced associates who lead on deals with him, Luis Belart and Ignacio Fernández. They all transmit the same sense of confidence to the client, which demonstrates that this way of working is a hallmark of the team. Their knowledge of the market and of the business, financial and economic context is without a doubt a mark of quality, and is different from their competitors.’
‘A good team from a well-established international firm with relevant credentials. Jesús Mardomingo for me is a top lawyer in the banking sector in Spain.’
Global Infrastructure Partners
GIC Private Limited
UST Global, UST Global Private Limited and UST Global España
Banco Santander, S.A.
Pricoa Private Capital
Singh Capital Partners
Syndicate of lenders led by Erste Group Bank AG
- Advised private equity firm KKR and fund manager Global Infrastructure Partners on the financing of the acquisition of data centre operator CyrusOne by a consortium of lenders, led by Goldman Sachs.
- Advised GIC on a €1.5bn loan from AIG and Royal Bank of Canada, provided to finance its acquisition of a €3bn real estate portfolio.
- Advising UST Group on its $525m credit agreement with a consortium of lenders including Citibank, BOFA Securities, JP Morgan Chase Bank and MUFG Union Bank.
Herbert Smith Freehills LLP
The ‘extraordinary‘ team at Herbert Smith Freehills LLP advises a client base of major national and international banks, corporates, and investment and private equity funds on a range of structured finance transactions. While it has a particularly strong track record in acquisition finance, the team is also experienced in project finance, real estate finance, restructurings, distressed transactions, and financial regulatory matters. The practice is led by the ‘outstanding‘ Armando García-Mendoza, who has notable expertise in private equity, energy and infrastructure projects, and real estate finance. Other key contacts include of counsel Beatriz del Rey, a specialist in the acquisition of NPL portfolios, and senior associates Carmen Jara and Leonie Timmers, the latter of whom assists with English law matters.
Other key lawyers:
Beatriz del Rey; Carmen Jara; Leonie Timmers; Iñigo Bastarreche
‘Extraordinary team with a very high level of technical and professional ability.’
‘The team stands out for its close relationships with clients and ability to adapt to their needs.’
‘What makes them unique is their ability to focus on critical points and to negotiate contracts while defending the interests of the client. This, together with the coordination within the team and the immediate response times, makes working with them a very satisfying experience.’
Arcmont Asset Management
Mediobanca Banca di Credito Finanziario
Blantyre Capital Limited
LCN Capital Partners
Magnum Industrial Partners
Alantra Private Equity
- Advised Banco Santander, BBVA, Caixabank and Banco Sabadell, as lenders, on the financing for the acquisition of a majority stake of the shares in Ferrovial Servicios, Ferrovial’s infrastructure maintenance service, by Portobello Capital, one of Spain’s major private capital firms.
- Advised Tresmares Santander Direct Lending SICC, Banco Santander, CaixaBank, Banco de Crédito Social Cooperativo, Targo Bank and Oquendo, as lenders, on the financing granted to Global Agro Investment, a subsidiary of Fremman Capital and holding company of The Natural Fruit Company group, for the purposes of refinancing the existing indebtedness of the group and financing potential acquisitions and the working capital needs of the group.
- Advised an international syndicate of lenders, including banks and debt funds, on a facilities agreement granted to Fremman Capital for the acquisition of the Palex Group, a major distribution company in the hospital and healthcare sector.
Jones Day receives instruction from an impressive client base of leading Spanish banks and international financial institutions, and has a strong track record in acquisition and real estate finance, often working alongside the firm’s London office on complex, multi-jurisdictional transactions. Other areas of expertise for the practice include syndicated loans, project finance and debt restructuring. The ‘outstanding‘ team is led by the experienced Javier López Antón, and also includes Iván Martín-Barbón, who frequently advises global financial clients on pan-European transactions, Fernando Lillo, an expert in infrastructure and energy project finance, and Sergio Cires, who was promoted in January 2022.
Javier López Antón
Other key lawyers:
Fernando Lillo; Iván Martín-Barbón; Sergio Cires; Elvira Coloma; Patricia Vela
‘The team has a great deal of knowledge about regulation and market practice, and is always willing to seek solutions, protecting the interests of the client and knowing how to differentiate what is important from what is superfluous.’
‘Very committed and with a high level of technical ability. I would like to highlight Javier López Antón and Sergio Cires.’
‘Jones Day has a great team in Spain with whom we work side by side. There is always someone willing to assist with any legal need that arises.’
‘All the lawyers at Jones Day are outstanding, but I would particularly like to highlight Fernando Lillo and Sergio Cires for their technically impeccable and rigorous work. Great professionals and even better people.’
‘Our experience with this firm has been outstanding. Their professionalism and dedication stands out, as well as their availability and willingness to search for solutions to reach the successful completion of the transaction.’
Autopista del Guadalmedina, Concesionaria Española, S.A.
Banco de Sabadell
GED Iberian Private Equity, S.A., SGEIC.
- Advised Banco Santander on the financing of the acquisition by the private equity firm ProA Capital of Spanish company Ismael Villalobos, the holding company of mobile phone accessories business La Casa de las Carcasas.
- Advised Autopista del Guadalmedina, Concesionaria Española, as the issuer, on a third series of senior bonds in the amount of approximately €10.5m within the framework of a global issue of up to €280m, and the amendment of various conditions of the bonds.
- Advised private equity firm Portobello Capital on the sale of EYSA, a provider of smart mobility solutions, to an affiliate of H.I.G. Capital.
White & Case LLP
White & Case LLP stands out for its experience in complex, multi-jurisdictional financings, handling the Spanish law aspects of transactions alongside the firm’s other international offices. The team counts leading Spanish and global banks among its clients, but also has strong direct lending and borrower-side practices. Areas of expertise include debt refinancing, syndicated and bilateral loans, project finance, and leveraged and acquisition finance. Fernando Navarro, whose clients include domestic and international banks and funds, leads the team, supported by senior associate Alfonso García Freire. The practice was further strengthened by the arrival of Jaime Rossi from Herbert Smith Freehills LLP in September 2022.
Other key lawyers:
Alfonso García Freire; Jaime Rossi
‘The banking and finance practice at White & Case has a high level of technical knowledge and at the same time they build close relationships with clients and work with them as a team on transactions.’
‘The team stands out for its great availability, good technical knowledge, very professional approach and personal treatment of clients. I would like to mention the work of Alfonso García Freire.’
Angelo Gordon Europe LLP
AXA Investment Managers
Waterlogic Holdings Limited
Centerbridge Partners, L.P.
Lenders to X-ELIO
Permira Credit Limited
Bank of China Limited
Arcmont Asset Management
Credit Agricole CIB – Portugal
Sequoia IDF Asset Holdings SA
Vauxhall Lending S.L.
Bank of America, N.A.
Blackstone Alternative Credit Advisors LP
- Advising Angelo Gordon and Pimco, as the lenders, on the refinancing of the debt of Prisa Group for approximately €700m.
- Advised Banco Santander on the financing of the acquisition of Grupo Euskal Forging and its subsidiaries by Siderforgerossi Group.
- Advised investment managers Axa and Swiss Life on a financing granted by a syndicate of financial entities led by a Spanish bank for the purposes of acquiring and refinancing the existing indebtedness of Lyntia Networks.
CMS Albiñana y Suárez de Lezo
CMS Albiñana y Suárez de Lezo has been particularly active in acquisition finance and debt refinancing, recently handling a series of high-profile transactions in the telecoms, renewable energy, hospitality and aviation sectors. In addition, the team advises on real estate and project finance - especially in relation to solar power projects - and is singled out for its ‘outstanding‘ financial services regulatory practice, led by Ricardo Plasencia, who has extensive experience in regulatory and fintech matters. The growing client base ranges from Spanish and international banks to private equity firms, fund managers and fintech institutions. The experienced Guillermo Muñoz-Alonso leads the ‘excellent‘ team.
Guillermo Muñoz-Alonso; Ricardo Plasencia
Other key lawyers:
Andrea Salgueiro; Marta González Araña
‘Ricardo Plasencia provides a very personalised service, adjusted fees and punctual follow-up.’
‘The regulatory department led by Ricardo Plasencia is one of the most outstanding departments in the Spanish market in its area of practice. Ricardo has extensive knowledge that makes him stand out from the competition.’
‘An excellent team who are very skilled in their area of expertise. Responsive and client oriented.’
‘They were communicative and open to our comments and feedback, taking the necessary action to accommodate our specific requests and assisted us with clarifications in a timely manner.’
‘I especially value the fact that my lawyer worked for the regulator, and has special intuition, experience and contacts when it comes to addressing sensitive issues.’
‘This is clearly an expanding practice and their profile has risen substantially in the last couple of years. Their work ethos encourages adopting a holistic view of the client’s requirements, which is a welcome change since clients normally get very fragmented pieces of advice. Client communication is excellent. Another notable point is that partner involvement is a constant of this team. The CMS banking and finance team is our preferred choice and in terms of value for money compares very favourably with most if not all comparable firms.’
‘Our strong preference is to work with Guillermo Muñoz-Alonso. He is an outstanding lawyer with massive experience and fantastic commercial skills, equally at ease in local and international deals. Guillermo is not confrontational and always manages to run matters smoothly. He is always willing to go the extra mile to achieve the client’s objectives, and at the same time he will not waste time in discussing irrelevant points; he always knows where to focus the team’s efforts for the sake of maximum efficacy and efficiency.’
‘Guillermo Muñoz-Alonso stands out for his very high level of technical and legal knowledge, great availability, willingness to search for efficient solutions, and ability to put himself in the client’s position and know their requirements.’
Pradera and Universal-Investment
Global Student Accommodation
Credit Suisse Bank (Europe)
Atlantica Sustainable Infrastructure
- Advised international technology group Arquimea Group on the first issuance of bonds under its €100m commercial paper programme arranged by Banco Santander, as global coordinator and placement entity, and Beka Finance and PKF Attest, as placement entities, with admission for trading on the Spanish alternative fixed-income market, MARF.
- Advised listed investment firm Atlantica Sustainable Infrastructure on the renewal of its commercial paper programme for 2021, arranged by Bankinter, with admission for trading on MARF.
King & Wood Mallesons
King & Wood Mallesons advises a wide-ranging client base of Spanish and international banks, private equity firms and corporate borrowers - including major energy companies - on leveraged and acquisition finance, corporate finance, real estate and project finance - particularly in the renewable energy sector - and debt refinancings. In addition, the firm is noted for its strong fund finance practice. Practice head Joaquín Sales has extensive experience in project, acquisition, corporate and asset finance, handling both domestic and cross-border transactions.
Other key lawyers:
EDP Energías de Portugal
European Investment Bank
Asterion Industrial Partners
Elliance Holding Company
Varia Europe Properties
- Advised EDP Energías de Portugal on the Spanish law aspects of the consent solicitation to replace the existing issuer, IE2 Holdco, and its guarantor, Viesgo Holdco, with EDP – Energias de Portugal under the €500m 2.375% notes due 27 November 2023 and €550m 2.875% notes due 1 June 2026 and to amend certain terms and conditions.
- Advised the European Investment Bank on a €300m risk sharing guarantee in favour of Banco Sabadell.
- Advised Banco Santander on the project finance of the Berry Bank 2 wind farm in Australia, with an export credit guarantee from EKF.
Ramón y Cajal Abogados
Ramón y Cajal Abogados‘ ‘imaginative‘ team stands out for its expertise in project finance, particularly in the renewable energy sector, but is also experienced in syndicated loans, acquisition finance, real estate finance and debt refinancing. Recently, the team has been particularly active in advising on state loans for companies affected by the Covid-19 pandemic. The firm also has an active financial services regulatory practice which advises on regulatory issues, the management of collective investment schemes, and investment funds. Javier Menchén and Amado Giménez lead the banking and finance practice, while Cristina Vidal, Alfonso Fernández-Miranda and Alfonso Cárcamo focus on regulatory matters.
Javier Menchén; Amado Giménez; Cristina Vidal; Alfonso Fernández-Miranda
Other key lawyers:
Alfonso Cárcamo; Cándido Pérez
‘What stands out is the absolute availability of the entire team involved. They search for solutions and have excellent skills in negotiating with their counterparts.’
‘A very accessible team that is available at any time to try to find imaginative and acceptable solutions for their clients. They have great communication skills. One of the main differences with other firms is their ability to quantify and assign some type of probability to the risks assumed in a transaction.’
Alas Capital 4
Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB)
- Advising Forestalia on the financing for the construction and operation of El Coto wind farm, located in Zaragoza.
- Advising a syndicate of banks formed by Banco Sabadell, Targo Bank and Crédit Industriel et Commerciel on the financing of the majority acquisition of La Finca by French fund Capza 5 Equity and other co-investors.
- Advising direct lending fund Kartesia Securities, banking entities Santander, BBVA, Caixabank, Sabadell and Bankinter, and venture capital fund Adiante 2000 on the refinancing of the structured and syndicated debt of Einsa Print and its group of companies.
Cases&Lacambra has a strong track record in real estate finance, particularly transactions involving REITs, and also handles bilateral and syndicated lending, debt restructuring, and regulatory and compliance issues. The team’s broad client base includes Spanish and international banks, financial institutions and investment funds. Managing partner Miguel Cases co-heads the team with Toni Barios; the duo are based in the firm’s Madrid and Barcelona offices. Of counsel Claudi Rossell joined from an in-house role at Caixabank in January 2022, while Joaquin Fabre joined from Baker McKenzie in March 2023.
Miguel Cases; Toni Barios
Other key lawyers:
Araceli Leyva; Claudi Rossell
‘A very good firm that has been growing and positioning itself as a clear reference point and a good alternative to firms that traditionally work in the banking and financial sector.’
‘In particular, the team stands out for the knowledge of the internal workings of banks of Toni Barios, due to his previous in-house experience.’
European Federation of Energy Traders (EFET)
Fiscalter Inversiones 2013, S.L.
Norddeutsche Landesbank Girozentrale, London Branch
- Assisted an English company with the refinancing of an existing £90m margin facility secured with a pledge on shares of a British public company listed on the London Stock Exchange from a bank registered in England to Banco Santander.
- Advised Stoneweg on the granting of a project financing in favour of a Spanish developer for a residential project in Barcelona.
- Advised the European Federation of Energy Traders on the validity and enforceability in Spain of certain master netting and credit support agreements.
Deloitte Legal stands out for the strength of its regulatory practice, advising on the implementation of new regulations, the launch of new digital products, and mergers and restructurings involving financial services providers. Overseen by Francisco Ramírez Arbués - who also heads the fintech practice - and Manuel Gómez Gilabert, the team assists key players in the payments and lending and digital banking space, with a particular emphasis on handling regulatory work for major fintech companies. On the transactional side, Ignacio Echenagusia, who has experience in acquisition finance, corporate finance and project finance, especially in the renewable energy sector, takes the lead.
Francisco Ramírez Arbués; Manuel Gómez Gilabert; Ignacio Echenagusia
Other key lawyers:
Eva Santervás; Miguel Bercedo; José Manuel López
‘Great team with wide expertise and very convenient fee flexibility.’
‘Francisco Ramírez Arbués and Eva Santervás are the most well-informed regulatory lawyers to work with.’
‘I have worked with the Deloitte regulatory team and they are very competent. As strong points I would highlight their deep knowledge of their subject, with team members who have previously worked in the administration and whose knowledge and experience are of great value.’
‘They are very versatile and capable of offering legal advice on different matters such as project finance, syndicate financing, and so on. Deloitte Legal offers an optimal, flexible, close-at-hand service with an unquestionable level of excellence.’
‘Ignacio Echenagusia is technically brilliant and has an exceptional level of education. He gets the client to understand the legal difficulties, so that the lawyer-client decision-making is in unison. Working with him is very enriching. He is agile in decision making and comes up with different solutions for the same problem. José Manuel López is at an amazing technical level for his experience. He is resolute and imaginative when dealing with legal problems. He has excellent negotiating skills, and is capable of resolving issues that were apparently a deal breaker. Ignacio and José Manuel form an excellent team. Whenever we have recommended them to other people, the feedback received has been excellent.’
‘They have a broad vision of the sector and offer personalised solutions. They take the approach of finding different scenarios, adapted to the reality of our company, considering all the variables, approaches and requirements. Unbeatable technical advice and a network of contacts that facilitate the successful completion of operations.’
‘José Manuel López stands out for his fantastic willingness, knowledge, involvement and support. Unbeatable communication and adaptation to the needs of the company. Ignacio Echenagusia stands out for his trustworthiness and good advice, technical knowledge, organisation and planning.’
BANCO SANTANDER, S.A.
DEUTSCHE BANK S.A.
ABANCA CORPORACIÓN BANCARIA SA
BANCO SABADELL, S.A.
OPENBANK, S.A. (SANTANDER GROUP)
TARGOBANK S.A. (CREDIT MUTUEL GROUP)
DINERS CLUB SPAIN
WOC FOTOVOLTAICA ESPAÑA 25, S.L., S.COM
SOLAER CLEAN ENERGY 2, S.L.U.
BANCO COOPERATIVO ESPAÑOL, S.A.
- Advised Openbank (Santander Group) on its strategic international expansion and the design and implementation of the licensing and compliance requirements in different EU countries.
- Advised American Express on several complex regulatory mandates relating to cross-border reorganisations and transactions, including financial regulatory advice in multiple EU jurisdictions.
- Advising Nuadi Components on the refinancing of its debt for the purposes of financing the acquisition of Sadeca Automotive.
KPMG Abogados, Spain
KPMG Abogados, Spain is particularly active in asset finance matters, frequently advising leading Spanish banks on domestic and cross-border transactions involving the sale and acquisition of ships and aircraft. The team also has a strong financial regulatory practice, which spans compliance and corporate governance issues, the authorisation and operation of regulated entities, and fintech and blockchain matters. Francisco Uría Fernández heads the financial services practice, while Pilar Galán Gavilá leads the regulatory team, and Luis Fernández focuses on shipping and aviation finance.
Francisco Uría Fernández
Other key lawyers:
Pilar Galán Gavilá; Luis Fernández; Pablo Alonso Montes; Manuel Aguilar García; José Millán
‘The financial regulation team compare very favourably with their peers, both for how up to date they are with respect to the regulations and for the rigour and dedication they show in the issues on which we have worked with them.’
‘In the particular case of Pilar Galán Gavilá and her team, they stand out for their ability to listen and their prudence when making their proposals, as well as for the speed of their responses and the reasoned presentation of their arguments. It is worth highlighting the involvement of Pablo Alonso Montes within Pilar’s team.’
‘A magnificent team that adequately combines technical knowledge with real experience in the application of the regulations.’
‘The team stand out for their professionalism, accessibility, knowledge and experience.’
Caja Rural de Navarra, Sociedad Cooperativa de Crédito
Banco Santander S.A.
Boluda Corporación Marítima, S.L.
Dunas Aviation Leasing Limited
Pago Nxt Trade Solutions, S.L. (Santander Group Payment Division/HUB)
Credit Suisse Europe (Bank), S.A.
- Providing Banco Santander with legal and regulatory advice on the definition of the group’s model for the management and international distribution of collective investment schemes under Directive 2011/61/EU.
- Advised Caja Rural de Navarra, Sociedad Cooperativa de Crédito on legal and regulatory issues associated with a €500m issuance of mortgage covered bonds.
- Advised CaixaBank on the design, negotiation and implementation of a €342m financing granted to a Ritz Carlton Group company for the acquisition of a cruise vessel.
ONTIER has notable expertise in project finance, particularly in the renewable energy sector, advising both lenders and sponsors. The team also has recent experience in real estate finance, debt refinancing and the sale of NPL portfolios, as well as advising on financings granted to companies affected by the Covid-19 pandemic. Álvaro Barro, an expert in corporate and project finance and debt restructuring - with an emphasis on the energy sector - leads the practice. Restructuring specialist José Luis Luna and Alberto Manzanares, who focuses on the direct lending market, are also key contacts.
Other key lawyers:
José Luis Luna; Alberto Manzanares
‘A good team who are always available, putting themselves in the client’s shoes, mastering the subject and proposing solutions and improvements.’
‘Álvaro Barro brings experience and quality to any problem that may arise during negotiations. His extensive experience in energy helps him to evaluate issues and reach agreements more easily.’
Banco De Sabadell, S.A.
Transportes Boyaca, S.L.
EBN Banco De Negocios, S.A.
Deutsche Bank, S.A.
Enerfin Sociedad de Energía
Matrix Renewables (Spain), S.L.
CIFI LATAM (Corporación Interamericana para el Financiamiento de Infraestructura, S. A.)
Servicios Financieros Carrefour
- Advised Matrix Renewables on the financing by Natixis, Spanish Branch of the development and commissioning costs of three photovoltaic plants with a total installed capacity of 128.99MW located in Almonte, Huelva.
- Advised Enerfin on the financing by AIP Preferred APS of the development and commissioning costs of four wind farms with a total capacity of 139.2MW located in Tudela, Corella and Fontellas, Navarra.
- Advised Banco Sabadell on the financing granted to a subsidiary of Stoneshield in order to fund the construction costs of a student residence located in Burjassot, Valencia.
Based in Madrid and Barcelona, RocaJunyent is particularly noted for its expertise in the fintech and blockchain space, advising on regulatory matters including the establishment of operations in the Spanish market. On the transactional side, the practice is well versed in advising both borrowers and lenders, including leading domestic banks, on transactions including syndicated and bilateral loans, acquisition finance and real estate finance. José Luis Pita leads the practice in Madrid, while fintech specialist Xavier Foz heads the team in Barcelona.
Xavier Foz; José Luis Pita
Other key lawyers:
Jordi Bermúdez; Joaquim Matinero
‘What stands out is their creativity when negotiating, the ability to pay attention to details and to identify, analyse and interpret our requirements, their time management skills, and the availability and close relationships of the team in this practice area.’
‘Xavier Foz and Joaquim Matinero stand out for their negotiation skills, communication skills, and management of stress and work under pressure.’
‘We have had senior support throughout the process. The partner is involved in the day-to-day handling of the matter, which has meant the advice has been of superior quality.’
‘José Luis Pita is a lawyer with a lot of practical experience and very good negotiating skills.’
‘The RocaJunyent professionals stand out for their high level of involvement and accessibility, beyond providing legal advice. In addition, they have a versatility that is difficult to find in other firms, with a combination of knowledge of public and private law. We have not found any other law firm that has this cross-cutting expertise, especially among its partners.’
‘The team know the industry and its loopholes. They know the market standards perfectly and know how to fight when an issue has become entrenched. The feeling that this team gives you is that you can leave the matter in their hands, because they will go as far as possible.’
‘Without a doubt, I would like to highlight the technical and personal qualities of José Luis Pita. He has a deep knowledge of the industry and a level of technical and commercial ability that is unusual in smaller firms. Not to mention his personal qualities and education, which are extraordinary.’
ICF (Institut Català de Finances)
- Advised the financing entities in the financing of the acquisition of Turris Panem by Realza Capital.
- Advised the financing entities, led by BBVA, Sabadell and Oquendo Corporate, on the financing of the acquisition of Lakmé Cosmetics by Realza Capital.
- Advised a syndicate of banks made up of Banco Sabadell, Bankinter and Banco Pichincha on the financing granted to SCI Student Experience for the construction of a student residence in Pozuelo de Alarcón, Madrid.
Watson Farley & Williams LLP
Project finance is a key area of expertise for the team at Watson Farley & Williams LLP, which is highly active in advising major Spanish and international banks on financings in the renewable energy sector in particular. The team also handles real estate finance, asset finance, acquisition finance, and debt refinancing and restructuring. Rodrigo Berasategui, who has notable expertise in transactions involving renewable assets and infrastructure, leads the team. José María Anarte, a project finance specialist, is also a name to note.
Other key lawyers:
José María Anarte; Pablo San Gil; Alfredo Cabellos; Antonio Cáneva
‘Excellent client care and knowledge.’
‘Watson Farley & Williams has a team of highly qualified professionals who contribute all their knowledge to the projects they work on. This is reflected in the execution and response times of their lawyers.’
‘Watson lawyers always provide truly high-quality advice and are always willing to give more. With Watson, we truly feel we are a team every time we work together. I would especially like to highlight the work of Alfredo Cabellos, who perfectly embodies this attitude.’
‘The team stands out for its availability and ability to work.’
‘A plus of the team is the quality of the service and advice. They have the ability to read a situation and understand it both from a legal and commercial point of view. They are the main support during a negotiation and the type of lawyers that you want to have on your side.’
‘The team has absolute availability and a professional attitude at all times and the ability to advise correctly, thus assisting the client in any circumstance.’
Banco de Sabadell
Østensjø Rederi AS, Edda Wind AS
- 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 wind farm projects in Spain, Poland, Greece, Germany and the UK.
- Advised ABN AMRO and Commerzbank, as part of a syndicate of lenders including the European Investment Bank, on a €372m loan granted to Solaria for the long-term financing of a 736MW Spanish solar photovoltaic portfolio.
- Advised a banking syndicate led by Banco Santander, Banco Bilbao Vizcaya Argentina, Bankinter and Banco Pichincha de España on the financing granted to Aldton Invest, Duncanhill and Dantrell Invest for the sale and leaseback of 27 supermarkets from Mercadona.
Drawing on the resources of offices across Spain, as well as the firm's global network, the banking and finance team at Andersen is experienced in a range of transactional work, including corporate and acquisition finance, project finance, and the acquisition of NPL and REO portfolios. The firm also has a growing financial regulatory practice led by Miguel Prado, which is particularly active in the fintech space. Guillermo Yuste heads the wider team.
Other key lawyers:
FCA CAPITAL BANK, S.A.
FINADVANT, EDE, S.A.
Avanzalia Solar, S.A.
GRUPO INVERSOR HESPERIA
IBERIA CARDS, EFC, S.A.
- Advised Emperador Properties on the €257m refinancing of Torre Emperador Castellana within the Green Loan Principles.
- Advised Solaer, a business group in the renewable energy sector, on the closing of the financing provided by Caixabank for a 50MW project.
- Advising FCA Capital EFC on all legal and financial regulatory matters relating to the restructuring of the business, which involves the opening of the new Spanish branch of FCA Bank and the relocation of the business.
Araoz & Rueda
Araoz & Rueda advises both domestic and international banks, financial institutions, and corporates on a range of financial matters, including syndicated loans, debt restructuring, and corporate, acquisition and asset finance. In particular, practice head Rafael Bazán is highly experienced in the sale and acquisition of NPL, REO and asset portfolios.
Other key lawyers:
Grupo Inversor Hesperia, S.A
Terra Firma Capital Management
Anthesis Group/Palatine Private Equity
Savile Funding 2 Sarl
BGL BNP Paribas SA
Ellington Management Group
BNP Paribas SA, Sucursal en España
- Advised BNP Paribas, Sucursal en España, on the execution of a credit agreement for €60m with Scranton Enterprises to meet the payment obligations of this entity under a facilities agreement for €350m.
- Advised a pool of 15 financial institutions, led by Caixabank and Unicaja Banco, on the restructuring of the financial debt of Grupo Oesía.
- Advised AEB on the notarisation of the bond subscription agreements entered into in Italy for a total amount of approximately €120m, and on the execution of the pledge of shares in its subsidiary AEB Ibérica.
Bird & Bird
Bird & Bird stands out for its strong financial regulatory practice, which advises clients - particularly in the fintech and payment services sectors - on complex compliance and regulatory issues. The team is also experienced in corporate finance, aviation finance and real estate finance, acting for Spanish and international banks, investment funds and companies. José Luis Lorente Howell leads the team and has expertise in domestic and cross-border transactions and regulatory matters.
José Luis Lorente Howell
‘We find Bird & Bird to be very professional, prompt to assist, knowledgeable in their field of expertise, and resourceful.’
BANCO SANTANDER, S.A.
AMADEUS IT GROUP
FIDUCIAM NOMINEES LTD.
BANCO ESPAÑA MERCHANT SERVICES
EURO AUTOMATIC CASH (EAC)
OPEN BANK, S.A.
PAGO NXT (SANTANDER GROUP)
FACEBOOK (now Meta)
- Advising Fiduciam Nominees on a €120m refinancing granted to a Spanish company, wholly owned by a property investment company listed on the London Stock Exchange, for the construction and development of a club house, 58 villas, estate offices and sport facilities in Ibiza.
- Advising Spanish public entity SEPI on the granting of corporate financing to Hotusa Group and SERHS Group for a joint loan amount of nearly €300m.
- Advising Luxemburg funds Norgine Ventures and Claret Capital Partners on a secured bond issue by Barcelona’s orthodontist Smile2Impress group.
López-Ibor Abogados is well known for its expertise in asset finance in the aviation sector, frequently advising international banks and lessors on the sale, acquisition and leasing of aircraft. The team is also experienced in corporate finance, refinancing and direct lending, and regulatory issues, with considerable strength in advising payment services and e-money entities on fintech and cryptocurrency matters. Founding partner Alfonso López-Ibor Aliño leads the practice, supported by Pablo Stöger and associate Olivia López-Ibor.
Alfonso López-Ibor Aliño
Other key lawyers:
Pablo Stöger; Olivia López-Ibor
‘We turn to López-Ibor for its experience and extensive knowledge, but above all for its versatility and reactivity in meeting our needs.’
‘Alfonso López-Ibor Aliño is more than a lawyer – he is a true adviser who combines extensive professional experience with the closeness of someone who cares about assisting his client with all aspects of an operation.’
‘The team has a deep understanding of the financial regulatory and fintech sector, as well as an ability to design innovative solutions to meet the client’s requirements.’
‘I have found the team to be proactive and helpful and good value for money.’
‘They are particularly good at taking responsibility for progressing the local law aspects of a transaction.’
‘The team is efficient and knowledgable.’
‘The firm is commercially minded and provides practical solutions to ensure that costs are kept to a minimum.’
‘Alfonso López-Ibor Aliño always makes himself available and explains the differences between the English and Spanish legal systems and processes in a practical manner.’
Stemcor London Limited
Telecom Invest by AP WIRELESS
Royal Bank of Scotland (RBS)
DVB BANK/MUFG Bank
CEB (Banque de développement du Conseil de l’Europe)
Apple Bank for Savings
COIN MEESTER B.V.
GDS MODELLICA, S.L.
FINSTAR FINANCIAL GROUP
APEX CLEARING CORPORATION
- Advised Stemcor London on the framework of amending and restating its syndicated facility agreement with ING.
- Advised Telecom Invest on replicating a banking management fiducie arrangement, using the intermediary of a fiducie managed by a credit institution to front the purchase and payment of receivables.
- Advising Royal Bank of Scotland on the foreclosure of mortgages.
Squire Patton Boggs
Project finance, particularly in the renewable energy sector, is a key area of expertise for the team at Squire Patton Boggs, which also has notable strengths in debt refinancing and real estate finance. Counting international banks, private debt funds and sponsors among its clients, the team is active in both domestic and cross-border transactions. Manuel Mingot, an expert in project finance and debt finance, leads the team with Pablo Rodríguez Abelenda, who stands out for his strength in real estate finance, an area in which of counsel Ana Bohórquez is also noted. The team was bolstered by the arrival of legal director José Luis Iriarte Ruiz, who joined the firm from Clifford Chance in January 2023, and has particular expertise in export and trade finance.
Manuel Mingot; Pablo Rodríguez Abelenda
Other key lawyers:
Ana Bohórquez; Diego de Egea; José Luis Iriarte Ruiz
‘It is our trusted firm. They know our concerns and only come to us when the decision is more about opportunity than legal issues. I also value the coordination between the different departments of the firm when we need support from them.’
‘Without a doubt, Pablo Rodríguez Abelenda is the key contact and a trusted adviser. He is surrounded by a very efficient team that also performs very well.’
‘The team’s responses to our queries are fast and practical. They meet all our requirements concerning deadlines and our legal and commercial concerns.’
‘Our experience with Manuel Mingot has always been very good. His advice is technically correct and he has managed to adapt to our requirements and timelines.’
‘We are very happy with the quality of Squire Patton Boggs’ and Manuel Mingot’s expertise and services, and we are very confident that we can rely on their judgement.’
Eiffel Investment Group SAS
Repsol/ Ibereolica, S.L.
Pan American Energy
Deutsche Bank AG
A leading firm in TMT matters, ECIJA has particular expertise in the fintech space, advising major Spanish and international banks and financial institutions on digital projects. In addition, the firm assists a strong client base of fintech and payment services companies with regulatory issues relating to their expansion into the Spanish market and the launch of new products. Notable contacts include Alonso Hurtado, Cristina Villasante and Jesús Yáñez.
Other key lawyers:
Alonso Hurtado; Cristina Villasante; Jesús Yáñez; Alejandro Touriño; María González
‘As a multi-disciplinary law firm they have dedicated team members for each area of law in which we require any legal advice and assistance. This ensures that the teams can work more efficiently and be more focused, although there is a strong sense of cross-departmental collaboration which is an added value compared to other law firms. Their knowledge in the fintech space is critical for our business.’
‘Cristina Villasante has been instrumental for our ongoing fintech registration and ongoing advice given her strong financial services background.’
European Central Bank
European Bank Authority
Bank of Spain
Bankinter Consumer Finance
Santander Consumer Finance
EPI (European Payments Initiative)
Spanish Banks Consortium
- Advised the European Central Bank on privacy, data protection and security, including assisting with adaptation of procedures to the Schrems II decision framework.
- Advised Club Atlético de Madrid on restructuring its financial debt and on its sponsorship agreement with digital asset company Amber Group.
- Advising the Bank of Spain on the development of a project for the regularisation of its identification and electronic signature systems.
Eversheds Sutherland advises a predominantly international client base of banks, private equity funds and large companies on financial transactions including asset-based lending, and project and real estate finance. The team also handles financial regulatory matters, particularly in the e-money and payment services space. Teresa Villarroya Vargas, who was promoted to partner in February 2022, co-heads the team with financial regulatory specialist Manuel López Martínez.
Teresa Villarroya Vargas; Manuel López Martínez
Other key lawyers:
‘The team was reinforced with the latest hirings that give them a place on the banking and regulatory map.’
‘The team stands out for its industry and regulatory knowledge, excellent deal negotiations and follow up on matters. I would like to highlight Manuel López Martínez.’
Temprano Capital Partners
X-Elio Energy (participated by KKR Fund and Brookfield)
GenesisCare Holdings Spain
Viva Gym Group
Sonnedix Management Ltd
Union Bancaire Privée (UBP)
King & Shaxon Capital Markets
EY Abogados advises on acquisition finance, real estate and project finance, and debt refinancing, acting on both the borrower and lender side. The team is also singled out for its expertise in asset finance, particularly transactions involving R&D projects, and its ability to handle international matters alongside the firm’s other offices worldwide. Gonzalo Martín de Nicolás leads the team, while Andrés Lorrio is a key contact for complex structured finance and securitisation transactions.
Gonzalo Martín de Nicolás
Other key lawyers:
Andrés Lorrio Gil; Guillermo Crespo; Elena Galán Fisac
‘A good team – effective and practical.’
‘It is a very committed team. They approach projects with enthusiasm and go above and beyond.’
‘Guillermo Crespo shows great commitment and the ability to adapt to different jurisdictions with agility.’
Abanca Corporación Bancaria
Instituto de Crédito Oficial
- Advising Broker’s Alliance, as borrower, on financing amounting to €30m and an unlimited uncommitted facility granted by Ares Management for certain acquisitions by the company.
- Advising an SPV of Hines Group, as borrower, on the financing granted by Banco Santander amounting to €53m for the acquisition of certain land plots located in Madrid.
- Advising Bankinter on the financing of several research and development projects amounting to €27m in the fields of, among others, a robotic assistant for complex surgical procedures.
Counting leading Spanish and international banks, alternative lenders and borrowers among its clients, Lesayra is highly experienced in debt refinancing and real estate finance. Other areas of strength include acquisition and asset finance, syndicated lending and fintech matters. The practice is led by founding partner Abraham Nájera, who has extensive experience in structured finance, debt restructuring and real estate finance.
Other key lawyers:
‘Lesayra are very specialised in structured finance. The firm have extensive relationships working with Spanish banks, where they have undergone a long learning curve together, which facilitates the development of negotiations.’
‘Abraham Nájera has a wealth of experience from his previous position as a partner in an international firm and a great understanding of local practice and idiosyncrasies.’
‘The Lesayra team offers comprehensive advice on all banking issues. One of the strong points is the great coordination of the lawyers of the firm, where you can see that they work as a great team, their availability and closeness with the client, and of course their great knowledge of the issues they advise on.’
SANTANDER FACTORING Y CONFIRMING
BANCO DE SABADELL
INSTITUT CATALÁ DE FINANCES
BLUE SEA GROUP
- Advising Ritmo Capital and its international group on setting up a securitisation structure in Luxembourg and the negotiation of all the necessary agreements for the $200m financing granted by i80 and AvCap for the acquisition of receivables originated by the group companies in several jurisdictions.
- Advised Kimitec Group on the €40m project finance granted by Incus Capital for the construction of the MAAVi project, the €15m working capital facility granted by Banco Santander, and coordinating with the €15m equity investment by Banco Santander in Kimitec.
- Advised Spanish hotel Blue Sea, a subsidiary of Portobello Capital, on the €157m refinancing of its whole existing financial debt with Hayfin, through a new facility granted by Pimco.
PwC Tax & Legal Services
Led by Beltrán Gómez de Zayas, the banking and finance team at PwC Tax & Legal Services is highly active in advising direct lending funds on real estate financings and also has a strong track record assisting Spanish corporates with obtaining government financing as a result of the Covid-19 pandemic. Other areas of expertise include the sale and acquisition of NPL portfolios, and corporate and regulatory matters in the finance sector.
Beltrán Gómez de Zayas
Other key lawyers:
Joaquín Alegre; Emilio Aparicio
Izilend Gestión España
Soltec Energías Renovables
D.E.Shaw & Co, L.P.
ECISA Compañía General de Construcciones,S.A.
- Advised Emin Capital on the restructuring and refinancing of bank debt in order to be compliant with Spanish financial assistance regulations and eligible for a leveraged merger.
- Advised Izilend Gestión España on acquiring and executing various real estate projects and executing all of its secured lending deals.
- Advised Izilend and Waterfall Asset Management on the acquisition of the creditor position in a financing agreement, and the initiation and development of notarial enforcement proceedings to be concluded with the acquisition of the relevant mortgaged plot.