Banking and finance in Spain

Allen & Overy

Allen & Overy is known for financing in the renewable sector and financial regulatory services; the firm also provides a strong non-performing loan practice. The team is co-led by Ignacio Ruiz-Cámara, who specialises in financing transactions, at a national and international level; Juan Hormaechea, who has expertise in pre-insolvency debt restructurings; Jimena Urretavizcaya, who has experience in domestic and international financial transactions; Charles Poole-Warren, who focuses on capital markets financings; and Salvador Ruiz Bachs, who handles regulatory and contractual matters related to financial institutions and financial instrument markets. Also notable in the team is senior associate Vanessa Cuellas, who acts in cross-border and financing transactions.


‘Can be trusted for difficult and challenging tasks’

‘Strongly committed to meeting tight deadlines’

‘Creativity and proactivity’

‘Alfonso Gutierrez is recommended for problem solving’

‘Ignacio Ruiz Cámara is good in negotiation’

Key clients





Siemens Gamesa

Contour Global

Banco Sabadell



Vía Célere

Work highlights

  • Advised a syndicate of banks, led by BBVA, Santander, CaixaBank and a global financial services group, on the restructuring of the financing of Pepe Jeans.
  • Advised Boluda Corporación Marítima on the financing to be granted by leading financial institutions for the refinancing of its existing debt and funding of its acquisition of Kotug Smit Towage.
  • Advised CVC on the financing for the acquisition of Alfonso X El Sabio University.

Clifford Chance

Primarily acting for domestic and international commercial lenders, Clifford Chance also has experience representing borrowers, project sponsors and international financial organisations. The firm is particularly known for its expertise in the Latam market, as well as its specialities in banking regulation, market infrastructure, derivatives, asset management and private banking. José Guardo has expertise in structured finance, energy and infrastructure projects. He leads a team that includes senior associates Eugenio Fernández-Rico, who specialises in general lending, project finance, asset finance, acquisition finance and refinancing; Felipe Font, who focuses on restructuring, corporate, acquisition and project finance; and María Sabau, whose expertise includes general lending and restructuring. Carlos Hernández-Canut and Stuart Percival retired from the firm in 2019.

Practice head(s):

José Guardo


‘Availability, efficiency, deep knowledge of Spanish law, great negotiation skills, and honest and clear in their opinions’

‘This team is outstanding’

‘They are experts in the area and build good relationships with counterparties’

‘They understand clients’ needs (timing, resources, fees and more) and always go the extra mile’

‘Will fight until death to get best conditions’

‘Team fully available and committed. Nice people to work with’

‘Felipe Font has great technical and negotiation skills, full commitment and availability’

‘High-level expertise combined with full availability, pragmatism and flexibility’

‘Extremely reliable’

‘All them together provide excellent team work’

Key clients



Banco Santander

HSBC Bank plc

BNPP Paribas

Applus Services, S.A.

Atlas Renewable Energy

Natixis New York Branch

American General Life insurance Company (AIG)

Pacific Life Insurance Company

Work highlights

  • Advising DIA and its board of directors on all matters related to the refinancing of its financial indebtedness in Spain, Brazil, Argentina and Portugal.
  • Advising HSBC Bank plc and the other members of the lenders’ syndicate on the €2bn debt refinancing of leading Spanish media group Promotora de Informaciones (Prisa).
  • Advised Zero-E, a renewables affiliate of Cobra Group, on the financing of a greenfield portfolio of 18 photovoltaic plants in Spain for a total amount of €434m, under a project financing scheme granted by a syndicate of banks.


Cuatrecasas has experience in a range of matters from refinancing and debt restructuring processes to distressed debt and acquisition finance. The firm also provides expertise in multi-jurisdictional issues and financial services regulation, including fintech-related advice. Co-leading the team are Íñigo Rubio, who specialises in financing infrastructure and real estate projects; Héctor Bros, who is head of the finance practice in Barcelona and handles debt restructuring and distressed debt transactions; Jorge Canta, who is known for financial regulation and investment vehicles; and Fernando Mínguez, who focuses on advising credit and payment services entities on regulatory, corporate and institutional issues.

Key clients


Banco Santander

Deutsche Bank

Bluemountain Capital

Banco Sabadell

El Corte Inglés

Gestamp Automoción

Spanish Association of Rural Savings Banks (AECR)



Neo Capital

Inmobiliaria Colonial

Selecta Group

Banque Privée Edmond Rothschild

Work highlights

  • Advising El Corte Inglés on the refinancing of the financial debt of the company, including the issuance of a bond.
  • Advising BlueMountain Capital on the capital structure and refinancing of Abengoa.
  • Advising Deutsche Bank and CarVal Investors on the purchase of a €2.4bn portfolio of NPLs and real estate assets (Project Makalu) from Banco Sabadell.


Specialising in the financing and refinancing of large corporate groups, Garrigues particularly acts on overseas operations and composite security packages. The firm’s experience includes distress, rescue and non-performing loan (NPL) financing; acquisition finance; direct lending by private debt funds; and property, real estate and asset finance. In addition, the practice is known for its expertise in financial regulation. Rafael González-Gallarza advises financial institutions, private equity firms, industry groups and public authorities. He co-leads the team with Luis de la Peña, who is known for cross-border work. Also notable are principal associate Xabier Urtiaga Valle, who advises on corporate acquisitions and restructurings, and associate Jon Goirigolzarri, who focuses on financing transactions, particularly project finance.


‘In regulation matters involving the National Securities Market Commission (CNMV) and financial markets they are experts’

‘Luis de la Peña is the best lawyer in Spain that we know in this field’

‘Knowledge of the banks’

‘Speed and closeness’

‘Very good office with experts in different fields and capable of handling international affairs’

‘Luis de la Peña is the fundamental reason we work with this firm’

Key clients

Banco Santander


Deutsche Bank



Credit Agricole

ProA Capital

MCH Private Equity


Grupo Adveo


Banca March

Oceanwood Capital Management LLP

Monex Europe Limited

Finpay, Entidad de Dinero Electrónico, S.A.

Bip&Drive, E.D.E., S.A. (electronic money institution)

Wirecard Bank AG

Banco Nacional de Guinea Ecuatorial (BANGE), S.A. (Equatorial Guinea National Bank).

Banco Pichicha España S.A.


Work highlights

  • Represented the lenders as Spanish legal counsel in the €1.6bn financing granted to Áreas Group.
  • Represented BBVA in the sale of a perfoming and NPL portfolio for around €1bn.
  • Represented Sareb in the incorporation of a banking assets fund (FAB) for a face value of €665m.


Active in debt refinancing and restructuring transactions, Linklaters has an 'excellent, focused team' and specialises in acting for corporates, private equity firms and financiers. The firm is also experienced in leveraged buyouts (LBOs) and new money financings, and its 'industry knowledge is second to none'. The practice is co-led by 'great professionalJuan Barona, who has expertise in acquisition financing, leveraged financing and restructuring; Ben Crosse, who is known for complex financial and corporate restructurings; Pedro De Rojas, who advises on leveraged transactions, corporate financing, restructurings and private equity investments; and Paloma Fierro, who is head of the financial regulatory practice. Also notable in the team are managing associates Francisco Sáinz-Trápaga, whose experience includes bank finance for asset acquisitions, as well as refinancing and restructuring of acquisition debt, and bank financing expert Begoña Martínez.


‘Very international, detailed analysis and very committed’

‘It has been (and still is) a privilege and pleasure to work with Linklaters – they understand all the matters and provide their advice in a prompt and clear way’

‘Pedro de Rojas and Francisco Sainz-Trapaga are both exceptional lawyers and at the same time easygoing’

‘Linklaters has been involved in almost all the relevant real estate finance transactions closed in Spain during the last years, which allows them to have a privileged view on how far they can push negotiating certain points’

‘Juan Barona and Francisco Sainz Trapaga are outstanding professionals – it is always a great pleasure working with them’

‘The banking and finance team has an extraordinary reputation in the Spanish market (as well as in many other jurisdictions where they operate), essentially based on an integrated, populated, tireless and up-to-date team of lawyers’

‘Although Linklaters’ reputation speaks for itself, in-house would definitely appreciate that they not only do the job properly, but they become a partner, a part of the in-house team, who cares for you and supports your business as if it was their own business’

‘They have a wide range of specialists (from tax to litigation) who can jump into the deal for really specific items’

‘They understand the business and the risks and benefits of any possible transaction. They are deal oriented and always responsive’

‘They always manage the momentum and always give the impression that they are completing easy tasks (when it is not always the case), with a big smile and nice words’

‘They are not only outstanding professionals, they are wonderful people to work with’

‘The firm provides different teams and all share the same level of excellent technical knowledge combined with great accessibility and proactivity to close transactions’

‘Great hard workers at all levels’

‘Juan Barona has deep technical knowledge and great personal skills to deal with the counterparty. He understands perfectly our investment culture’

‘The team has an ability to deliver exceptional results for complex issues in any sort of transaction’

Key clients

Banco Santander

Société Générale






Incus Capital



Work highlights

  • Advising a banking syndicate (with Société Générale Sucursal en España as agent) in its capacity as arranger to a €187m senior facilities agreement for the purposes of financing the acquisition by The Carlyle Group of Codorníu and to refinance the debt of the target Group. The deal was multi-jurisdictional, featuring input from Linklaters’ Spanish, English, and Luxembourg law teams.
  • Advising Permira on the financing for the acquisition of Laureate in Spain and Portugal, an agreement including a number of higher-education institutions.
  • Advising CVC (and its subsidiary Rioja Bidco Shareholdings) on the original financing, as well as on the current negotiations of the possible novation, for the acquisition from Repsol of 200,858,658 shares of Gas Natural.

Uría Menéndez

Advising borrowers and lenders, Uría Menéndez’s experience covers the spectrum of banking and finance matters, from corporate lending, project finance and acquisition finance, to restructuring and financial regulatory issues. Practice head Ángel Pérez López focuses on corporate, acquisition and project finance. He can call on the expertise of Sebastián Sáenz de Santa María, who is known for banking, project finance, acquisition finance and restructuring, and Carlos de Cárdenas Smith, who leads the firm’s corporate and commercial practice and specialises in banking, finance, M&A and restructuring work. Also notable in the team are counsel Isabel Aguilar, who has expertise in payment industry regulation, and counsel Carolina Albuerne, who is active in the fields of banking regulation and securities law.

Practice head(s):

Ángel Pérez López


‘Uria shows strong knowledge in financial services, works as a team, and is very pleasant to deal with’

‘Uria Menendez has wide experience in banking advisory and has been involved in the main banking operations’

‘Given their capabilities and background, the whole team provide a unique advisory in this practice’

‘Carolina Albuerne is one of the best lawyers of the team. She is very talented, client oriented and her technical skills are probably her main strength. Carolina anticipates the problems and seeks creative solutions’

Key clients

Banco Santander


ENCE Energía y Celulosa

LAR España Real Estate Socimi


Banco Sabadell


Metrovacesa Suelo y Promoción

Abanca Corporación Bancaria



Asociación Española de Banca

Government of the Principality of Andorra

Unicaja Banco

Andorran Banking Association

Morgan Stanley group

Work highlights

  • Advising the lenders on the restructuring of Abengoa’s financial indebtedness.
  • Advising a syndicate of banks led by Banco Santander, as the lenders, on the restructuring of FCC’s financial indebtedness.
  • Advising Kutxabank and CajaSur Banco on the sale of a portfolio of secured and unsecured loans.

Ashurst LLP

Ashurst LLP specialises in financing matters, notably real estate finance, structured financing and debt restructuring. The firm also has experience in corporate lending and purchasing debt portfolios. The practice provides English law capability and is led by lending expert José Christian Bertram, who advises on debt restructurings, loan to own structures, NPL portfolios, structured finance and securitisations. His team includes regulatory specialist Manuel López, who focuses on credit institutions, listed companies, investment firms and funds, and Nick Pawson, a solicitor of England and Wales based in Spain, whose expertise includes leveraged finance, corporate lending and margin lending transactions. Fernando Navarro left to join White & Case LLP in 2019.

Practice head(s):

Jose Christian Bertram


‘I really like their client-focused approach’

‘I had the pleasure to work along with Alfonso Garci­a Freire, who stands out for being a committed team member, with a proactive attitude and a hands-on approach’

‘Excellent Spanish practice’

Key clients

Barclays Bank

Bank of America Merrill Lynch

Deutsche Bank AG

Chenavari Credit Partners

HIG Capital

JP Morgan


Lloyds Banking Group

Deutsche Pfandbriefbank

SG Equipment Finance Iberia, E.F.C. S.A.s

Work highlights

  • Advising the lenders (Credit Suisse, Cayman Islands Branch, UBS, Stamford Branch, Natixis, New York Branch, The Bank of Nova Scotia and Banco Santander) on the Spanish law aspects of the secondary buyout of Ufinet Latam by Cinven.
  • Advising Banco Santander, Barclays, Citigroup and Mizuho on the financing of the takeover bid of Telepizza by KKR with the intention of delisting it, as well as the simulataneous issue of €335m high-yield notes.
  • Advising doValue (formerly doBank) on a facility agreement subject to English law with a syndicate of eight banks in relation to the acquisition of Altamira Asset Management.

DLA Piper

The ‘extraordinaryDLA Piper is known for lending, particularly in transactions involving banks lending to corporates. Acting for major Spanish banks, the ‘detail-oriented, reliable and technically knowledgeable’ firm provides cross-border and regulatory expertise, in addition to a UK-qualified desk. Practice head Jesús Zapata is known for financial and banking matters, as well as corporate and acquisition financing transactions. Also notable is César Herrero, who focuses on domestic and cross-border bank finance deals in areas including leveraged finance, project finance, and corporate and structured finance.

Practice head(s):

Jesús Zapata


‘You can always count on them to provide top-quality advice’                     

‘Cesar Herrero is always on our main list of lawyers. He is one of the best lawyers I’ve met with a very good balance between deep technical knowledge and a pro-deal approach. He makes a very complex deal seem easy’

‘Juan Gelabert is a very practical lawyer, with good technical skills, and very aware of client needs. He is always very engaged in deals and always accessible to clients’

‘This practice is unique because of the individuals leading it, and their absolutely unique knowledge of the financial and banking market and deep and incomparable legal knowledge’

‘Their way of overseeing and leading complex transactions and having everything under control and tied up is unique, together with their client focus, availability and kindness in personal relationships’

‘The word “standard” is forbidden and there is always a well-founded reason behind any approach, which is not usual at all in the market’

‘It’s exactly what a client wants from a regulatory adviser’

Key clients

Banco Santander

Banco Bilbao Vizcaya Argentaria





Société Générale


Parques Reunidos

LGT European Capital

Muzinich&Co. Ltd





Work highlights

  • Acted as legal advisers to Abertis HoldCo and Abertis Participaciones in connection with a €9,950,000,000 facility agreement entered into by Abertis HoldCo, as borrower, certain financial entities, as arrangers and original lenders, and JP Morgan Europe, as agent.
  • Advising a pool of lenders on the refinancing and increasing of a syndicated loan.
  • Advised Société Générale in the context of the portability of the existing financing for the acquisition of Dorna Sports and the ratification and preservation of the security package.

Gómez-Acebo & Pombo

The ‘perfectly skilledGómez-Acebo & Pombo specialises in advising hedge funds, as well as acting in restructuring and litigation matters. Practice head Miguel Lamo de Espinosa’s experience includes restructuring and distressed situations, acquisition finance and corporate finance matters. Notable in his team are Rafael Aguilera, who has expertise in a range of financing issues, as well as general consultancy services to financial institutions, and Fernando Herrero, who focuses on asset financing operations, banking work and debt capital markets.

Practice head(s):

Miguel Lamo de Espinosa


‘We trust them with everything’

‘Their performance, in every project, is outstanding’

‘They are extremely efficient’

‘They are diligent, fast, decisive with an extraordinary ability to find alternative solutions to existing problems. They get involved and defend their client.’

‘The professional team provides specialised knowledge as a result of their greater experience in complex situations and the multiplicity of issues that they manage’

‘In general, they provide innovative proposals in bank negotiations that usually involve solutions that facilitate agreements’

Key clients

Banco Bilbao Vizcaya Argentaria – BBVA (Esp)

Banco Sabadell (Esp)

Banco Santander (Esp)

Triodos Bank N.V., S.E. (Neth)

Caixabank (Esp)

Deutsche Bank

Nordeutsche Landesbank Girarzentrale (Nord LB)


Ares Management

Abanca (Esp)

Bankia (Esp)


Goya Real Estate


Work highlights

  • Retained by the syndicate of lenders in relation to the €1.4bn restructuring and refinancing of the senior old money debt held by the Abengoa group.
  • Advised Owl Rock on the Spanish related matters in connection with the granting of a financing subject to New York law for the acquisition of TransPerfect and the creation of a Spanish security.
  • Advised Strategic Value Partners on the acquisition from Sareb of a loan it held against Olga Urbana (under insolvency) secured with the  Intempo building in Benidorm.

Baker McKenzie

Specialising in cross-border work, Baker McKenzie’s experience includes acquisition finance, project finance, financial services regulation and real estate finance. Rossanna D’Onza is known for her expertise in a range of financing issues, as well as cross-border lending. She leads the ‘flexible and available’ team.

Practice head(s):

Rossanna D’Onza


‘Very results-oriented’

‘They get the deal done without overcomplicating matters’

‘I would highlight Rossana D’Onza’s ability to offer practical solutions to get the deal through and her comprehensive knowledge and expertise of banking matters’

Key clients


Stadium Finance Company

Football Club Barcelona




Ingenious Capital Management

HBO Europe Original Programming

Transcom Worldwide

Colony Northstar

Gransolar Desarrollo Y Construcción, S.L. and Acciona Construcción, S.A.

Siemens Gamesa Renewable Energy, S.A.

Work highlights

  • Acting as Spanish legal counsel and Luxembourg legal counsel to investors in connection with the financing of the remodelling project of the Santiago Bernabéu Stadium in Madrid by means of a US private placement of debt securities, the proceeds of which will be used to make loans to Real Madrid Football Club.
  • Advised Barcelona Football Club in relation to two separate international bond issuances in the US with Pricoa Capital Group (Prudential) and Barings.
  • Acted for Finalbion in connection with the €407m revolving securitisation of a portfolio of Spanish factoring, reverse factoring and loan receivables arranged by NatWest Markets.

BROSETA Abogados

The ‘highly knowledgeable and experiencedBROSETA Abogados is known for banking regulatory advice and financial transactional work, acting primarily for lenders but also for borrowers. The firm has experience in refinancing and real estate finance, as well as providing Latam expertise. Banking and finance specialist Antonio J. Navarro co-leads the practice with Carlos Gutiérrez, who joined from Baker McKenzie in 2018 and brings experience in advising national and international financial entities, as well as fintech companies. Also notable in the team is Carlos Ochoa Arribas, who was promoted to partner in 2018 and specialises in capital markets.


‘Ability to reach an agreement’

‘Their proposals and solutions are the most optimal’

‘They get involved in the issues and give alternatives in order to find the best solution and answer to the problem’

Key clients

Cerro Dominador



Banco Santander

Banco Bilbao Vizcaya Argentaria (BBVA)

Kartesia Securities



Nuba Expediciones

Merlin Properties

Work highlights

  • Advised Cerro Dominador on all Spanish law aspects arising from the completion of two large energy projects in Chile.
  • Advised Bankia on the competitive Processes to sell a number of NPL portfolios.
  • Advised Servihabitat on an ongoing basis on the acquisition of several NPLs.

CMS Albiñana y Suárez de Lezo

Particularly known for acquisition finance and debt refinancing, CMS Albiñana y Suárez de Lezo also has experience in real estate and project finance. The ‘very skilled’ practice has the ‘highest level of expertise in international cases’. Abraham Nájera leads the team and specialises in structured financing, restructuring and debt portfolio transactions, acting for financial institutions and debtors.

Practice head(s):

Abraham Nájera


‘They offer a comprehensive and efficient service’

‘The plus is that they are always very quick to respond and they also understand well the needs of their clients’

‘Abraham Nájera and Alvaro Otero Moyano always attend to us very well and try to do everything possible to resolve the issues’

‘Highly qualified and effective team’

‘Constancy, efficiency and honesty in the development of financial advice’

Key clients

Grupo Boluda

Blue Sea Hotels & Resorts

Banco Santander

BBVA and Banco Popular Español

Gamut Capital Management


Global Student Accommodation (GSA)

Frux Capital

Inypsa (Airtificial)

Work highlights

  • Advising Grupo Boluda in connection with the refinancing of the whole existing group’s debt and the financing for the acquisition of the Dutch towing group Kotug Smit Towage, including the refinancing of the target group banking debt, through an English law term loan B arranged by Bank of America Merrill Lynch and BNP Paribas Fortis.
  • Advising the hotel group Blue Sea Hotels & Resorts in connection with the structuring and negotiation of the refinancing of its banking debt through a facility granted by Hayfin.
  • Advising Banco Santander in connection with the financing, under a project finance scheme, granted to ASG Proyectos Hoteleros Atocha for the construction of a Hard Rock hotel located in Madrid.


Specialising in aviation finance transactions, Dentons’ work ranges from asset and export financing to restructuring and regulatory advice. The firm is also experienced in the area of fintech. Jesús Mardomingo acts for financial institutions on corporate issues and public authorities on commercial and regulatory issues. He co-leads the practice with Jabier Badiola, who has expertise in the origination and restructuring of national and international syndicated lending transactions, and Jesús Varela, who focuses on real estate financing and debt portfolio trades. Also notable is senior associate Luis Máiz, who specialises in cross-border syndicated financing transactions.


‘It compares very well with the teams of other offices’

‘Availability and excellent knowledge of the practice’

Key clients

Landesbank Baden-Württemberg (LBBW)

Banco Santander S.A.

Goldman Sachs International

Banco Sabadell S.A.

CaixaBank S.A.

Instituto de Crédico Oficial

Abanca Corporación Bancaria S.A.

Bankia, S.A.

Credit Agricole Cariparma, S.p.A.

ING Bank NV Sucursal En España

Vector Ronda Teleport S.L.

UBI Banca

First Data Corporation

Multi Service Technology Solutions and IATA

Work highlights

  • Advised a syndicate of banks led by Banco Popular on the €606m debt refinancing of Group Sando, and the subsequent debt restructuring.
  • Advising Goldman Sachs International in relation to the financing of Repsol’s €750m acquisition of the power retail and low-emission generation business of Grupo Viesgo.
  • Advising Santander (as facility agent and arranger), Citibank and Toronto-Dominion Bank (as lenders) in a $500m export financing transaction.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is a ‘pleasure to work with’ and known for its cross-border expertise, particularly in English law. The firm acts in a range of structured finance transactions, from acquisition and project finance to real estate finance and regulatory advice. Compliance and regulation specialist Leopoldo González-Echenique is notable for the firm in this area. Gonzalo Martín de Nicolás left the firm for EY Abogados in 2019.


‘The lawyers are very proactive and with high-level technical skills’

‘They are very innovative and always try to find the best solution to meet’

‘Armando Garcia-Mendoza is an exceptional lawyer. Very engaged in every deal he works on, with exceptional negotiating skills. He is very good in understanding the main economic and legal issues of each deal which makes him a well-rounded lawyer’

‘Its entrepreneurial spirit is reflected in its work: in-depth knowledge of the industry combined with a drive to outperform in every aspect of their work’

‘The client’s needs are at the forefront of each of their decisions’

‘Armando Garcia Mendoza has demonstrated over the last years a high level of perseverance, negotiating hard to achieve the client’s best interests. His creativeness and problem-solving skills combined with hard work makes him our lawyer of choice in the Spanish financing market’

Key clients

Antin Infrastructure Partners

Banco Santander


BNP Paribas


Red Eléctrica Corporación

Boluda Corporación Marítima

Abanca Corporación Bancaria

The Carlyle Group

Société Générale

Work highlights

  • Advised Antin Infrastructure Partners on a €427m financing granted by a syndicate of financial entities led by ING Bank, as agent, for the purposes of acquiring and refinancing the existing indebtedness of Ufinet Spain (now Lyntia).
  • Advised Banco Santander on a €229m refinancing for Autopista del Guadalmedina in relation to the AP-46 Las Pedrizas Toll Road, which forms part of the highway connecting Madrid and Malaga.
  • Advised Red Eléctrica Corporación on the first-ever successful blockchain-based syndicated loan in the world.

Latham & Watkins LLP

Latham & Watkins LLP is experienced in advising financial institutions and corporations in a range of business lending transactions, including asset-based and acquisition financings. The firm is known for its expertise in complex financings and multi-jurisdictional matters. Fernando Colomina leads the practice, which advised The Carlyle Group on financing issues related to its acquisition of a minority shareholding in Compañía Española de Petróleos, based on an enterprise value of $12bn.

Practice head(s):

Fernando Colomina

Work highlights

  • Advised Banco Santander and a syndicate of banks on the financing of the acquisition of a group of companies (Tropical Island Holding) by the Spanish company Parques Reunidos Servicios Centrales.
  • Advised Carlyle on the financing of the acquisition of the shares of the Spanish company Codorníu and its holding company (Unideco).
  • Advised Triton on the €2.5bn acquisition of IFCO Systems from Brambles.


Pérez-Llorca has experience in the spectrum of banking and finance matters, from acquisition and leveraged finance to private banking and restructurings. The firm also has notable expertise in corporate, real estate, asset and project finance. Ander Valverde leads the practice and has expertise in a range of finance issues. Marcel Enrich was a new arrival in 2020.

Practice head(s):

Ander Valverde

Key clients


Banco Santander



HIG Capital



Ares Management


Bluebay Asset Management

Work highlights

  • Advised The Blackstone Group on all Spanish legal aspects regarding the financing, both arranged and underwritten by Banco Santander, Bank of America Merrill Lynch and Société Générale for an amount of approximately €2bn, for the purposes of refinancing certain indebtedness of the Testa Group and carrying out a distribution within the Testa Group.
  • Advised Tikehau Capital on the €134.5m financing to Acerolux for the acquisition of shares in Mecalux held by minority shareholders.
  • Advised the Italmatch Chemicals group on all aspects of Spanish law regarding the financing for the amount of €115m with various international banks for the acquisition of Compass Chemical International from the private equity fund One Rock Capital Partners.

Ramón y Cajal Abogados

Ramón y Cajal Abogados specialises in financial transactions, including syndicated bank finance, project finance and derivatives finance. Particularly experienced in acting for Spanish banks, the firm also provides expertise in the financial markets regulation. The practice is co-led by Javier Menchén, who advises on syndicated lending and restructuring of bank debt; Amado Giménez Bono, who is known for structured corporate finance operations and acquisitions; regulatory expert Cristina Vidal; and Alfonso Fernández-Miranda, who acts in a range of banking, finance and regulatory matters.


‘A very well-balanced team with good expertise and client-oriented service’

‘Javier Menchen is easy to work with and has a very commercial focus. He always delivers a top-quality work. He is a hardworking, hands-on lawyer’

Key clients

Banco Santander



Capital Energy

Dexia Local Sucursal en España

Banco Sabadell


Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (“SAREB”)

Deutsche Bank

Work highlights

  • Advised Banco Santander on the acquisition finance to KPE for the purchase of Saras gas stations in Spain.
  • Advised Bancomext, Natixis and Société Générale on a $280m financing of the construction of a 300MW solar photovoltaic facility in Mexico.
  • Advised L-GAM Advisers and Grupo BC on the refinancing and granting of a new group financing.

Araoz & Rueda

Araoz & Rueda advises on a range of finance matters, debt restructuring, leasing, and the acquisition and sale of distressed debt. The firm is also active in litigation against credit institutions, investment services companies and collective investment schemes. Rafael Bazán leads the practice and has particular expertise in transactions involving the acquisition and sale of NPLs and asset portfolios, representing sellers and buyers in major NPL transactions.

Practice head(s):

Rafael Bazán


‘Proximity and flexibility’

‘Very nice and easygoing people’

‘Availability with senior partners involved’

Key clients

Mazuelo Holding

Sofitec Aero

Rockton Aviation

Erste Group AG

LCM Partners

B2Holding AS

Puy Du Fou

Oney Servicios

Sociedad de Garantía Recíproca

Interval International Limited


Work highlights

  • Advised Mazuelo Holding on the financing arising from the takeover bid launched for the acquisition of Barón de Ley, a Spanish wine producer, for €290m.
  • Advised Puy du Fou International on the €85m financing for the construction of a theme park in Toledo.
  • Advised Erste Group Bank, London branch, and Rockton Aviation Asset III on the financing of the acquisition of two Bombardier aircraft on lease.

Hogan Lovells International LLP

Hogan Lovells International LLP is known for cross-border expertise, advising Spanish and international banks on matters including corporate finance, asset finance, project finance, real estate finance and restructurings. Notable for the firm in this area are Alfredo Barona and José Luis Vázquez.

King & Wood Mallesons

Specialising in private equity funds finance, King & Wood Mallesons is known for its commercial advice on transactional banking and financial services. Practice head Joaquín Sales advises on a range of financing transactions for banks, financial institutions and funds. His team represented the European Investment Bank in financing the construction and operation of nine wind farms.

Practice head(s):

Joaquín Sales

Key clients


European Investment Bank



EDP Group

Arcano Group

Valencia C.F.


Villar Mir Energía

Aquila Capital

Work highlights

  • Advised Alantra on the financing structure of its private equity fund.
  • Advised Villar Mir Energía on the financing of the Sotillo and Tablares wind projects.
  • Advised Hispasat on the impact on finance documents of certain changes to the launch arrangements for one of its new satellites.


ONTIER is experienced in finance, syndicated loans and M&A transactions, as well as due diligence. The firm is particularly focused on the local market but also advises on cross-border matters. Ramón Ruiz de la Torre Esporrín specialises in capital markets, finance and corporate law matters. He co-leads the team with Óscar Murillo Sanz, whose expertise covers corporate and commercial law, M&A, financing and the renewable energy sector.


‘We always find time and Ontier is always available, I wish they could sleep more’

‘Ontier’s capability is always the best – they don’t just do the work, they investigate whatever is needed related to our transactions beyond the legal aspects and give us a better understanding of everything we should know about whatever the deal is’

‘Ontier’s individuals are just great. Beyond their capability, which is more than professional, they become part of the team – they understand all the elements that are around any transaction and therefore understand much better whatever is needed, including pressure of time and the requirements of each negotiation in every transaction’

‘Ramon Ruiz de la Torre has great dedication, skills and availability’

Key clients

Ride On Consulting, S.L.

Step, S.L.

Grupo Norte Agrupación Empresarial de Servicios, S.L.U.

RedMaine Junction, S.L.

Transportes Boyaca, S.L.

Grupo ISN

AKT Plasticos, S.L. (AKT)


Inelectra S.A.

Bankia S.A.

Work highlights

  • Advising Ride On Consulting on a debt financing for venture debt.
  • Advising Step on a novation of a swap structure linked to a sale and leaseback transaction with CaixaBank for €25m.
  • Advised Redmaine Junction on the second phase of the financing of a real estate development in Casares.

White & Case LLP

Cross-border specialist White & Case LLP has experience in lender, borrower and sponsor-side transactions. Practice head Fernando Navarro joined from Ashurst LLP in 2019 and focuses on financing transactions through both syndicated and bilateral loans, as well as derivatives, structured products, securitisation and debt capital markets. Notable in his team is Yoko Takagi, who represented Morgan Stanley & Co International, Barclays Bank, Goldman Sachs International, Société Générale and BNP Paribas in a liability management exercise with respect to a bond issuance by MásMóvil.

Practice head(s):

Fernando Navarro


‘In Fernando Navarro the firm now has probably the go-to banking team in town’

‘Fernando Navarro is an absolute star lawyer, in the best sense of the expression: superior expertise and knowledge, sound advice, commercial thinking and above all close to clients and understanding of their needs, so he can anticipate clients’ needs before these even arise’

‘White & Case has a unique close relationship to its clients, being able to fully understand clients’ needs and offer a broad advisory service with full availability and commitment to the company’

‘Holistic advisory, easygoing and friendly treatment, always helpful and looking forward to help’

‘Try to make you fully understand the rationale behind their advice and set out all different alternatives’

‘The White & Case team has lawyers who can work under Spanish, English or New York law and this represents a significant advantage as it is a one-stop shop for many clients’

‘Carlos Daroca is very committed and personally leads the drafting and negotiation of legal documentation’

Key clients

Morgan Stanley & Co

Barclays Bank PLC

Goldman Sachs

Société Générale

BNP Paribas

Credit Agricole

JP Morgan

Steinhoff Group

Swedish Export Credit Corporation

Deutsche Bank

Work highlights

  • Represented Société Générale on the €100m financing to the Spanish rail company Construcciones y Auxiliar de Ferrocarriles.
  • Represented a syndicate of banks in relation to the financing of the acquisition of the Spanish group Grupo Konecta.
  • Represented Steinhoff group’s main creditors on the financial restructuring of its subsidiary Conforama.

Jones Day

Jones Day’s experienced banking and finance team covers the spectrum of work in the area. Notable team members are project and acquisition finance expert Javier López Antón and Fernando Lillo, who is known for advising on lending and structured finance, as well as public-private partnerships, private finance initiatives and project finance.


‘Jones Day is a firm I instruct when I need to close a transaction in a very short timeframe’

‘They are always available and always deliver’

‘Javier Lopez Anton is a highly dedicated and knowledgeable individual with an acute business sense who does not waste time with non-productive negotiations’

‘Sergio Cires is a very hardworking individual and very mature for his professional experience’


Specialising in transactional and regulatory work, Roca Junyent is particularly experienced in acting for German banks in the Spanish market. The firm also has notable expertise in blockchain and fintech. The 'simply superb' Pablo Rodríguez leads the practice in Madrid and is known for advising credit entities, funds and companies in connection with financing transactions. In Barcelona, Xavier Foz Giralt leads the team and focuses on banking and regulatory issues, as well as dealing with private equity and venture capital.


‘Great service, creative and hardworking’

‘Their attention to detail and service-oriented platform makes them an excellent firm to work with’

‘The team is very committed and willing to face challenges, giving a global service’

‘Pablo Rodriguez is professional and responsive beyond what is required’

‘Commitment to closing deals. Objective vision, contributing pros and cons of each option chosen’

‘The team is very efficient – the partner is continuously involved in all details but at the same time is supported by younger lawyers who are very independent for the level of experience they have’

‘The service provided is of a high degree of care and added value’

‘It is not only legal advice you receive but also business advice as to how to structure and set up the transactions’

‘Strong technical capabilities, providing expert advice in all kind of finance’

‘The experience of Pablo Rodriguez in real estate, project and acquisition finance, together with his technical capabilities and his ability to negotiate under pressure and tight timings, makes him outstanding in high-profile and complex transactions’

Key clients

Euromezzanine / Sagard


Meliá Hotels International

Unicredit AG

Commerzbank AG


Banco Santander

Banco Sabadell

Deustche Bank – Postbank

Solaris Bank

Institut Català de Finances (ICF)

Indexa Capital


Yamaha Motor Europe

Prepaid Financial Services

Viva Credit

Danel Capital

Work highlights

  • Advised on the financing for the acquisition of the Safic-Alcan group.
  • Advised on the financing for the construction of student accommodation in Finestrelles.
  • Advised the International Institute for Non-Violent Action (Novact) on the creation of the social currency of Barcelona.

Simmons & Simmons

Simmons & Simmons has experience advising Spanish and international financial institutions, funds and banks, with a particular focus on refinancing, debt restructuring, acquisition finance, real estate finance and distressed debt trading. On the regulatory side, the firm specialises in acting for international financial institutions interested in providing regulated services in Spain, notably the hedge fund industry. The practice is co-led by Alfredo de Lorenzo, who specialises in capital markets, corporate and banking; Álvaro Muñoz, who has experience in banking, financial regulatory, corporate finance and real estate finance transactions; and financial regulatory expert María Tomillo.


‘They are approachable and proactive’

‘They don’t reject any request alleging that it’s too “administrative” like other peers do’

Bird & Bird

Bird & Bird has a particular focus on sophisticated regulatory compliance, structured finance and distressed portfolio sales, as well as sport and aviation finance. The firm is also experienced in the evolving area of fintech and its regulatory implications. José Luis Lorente Howell leads the practice and advises on financing matters and regulation for national and international banks.

Practice head(s):

José Luis Lorente Howell


‘It stands out especially for regulatory and payment services advice’

‘The team is characterised by its accessibility and its quick responses to the questions raised, with depth and rigour, incorporating the latest regulatory news and supervisory criteria’

‘Adrian Calvo stands out as a lawyer with deep and constantly updated technical knowledge, in addition to his knowledge of the payment services sector thanks to his previous experience’

‘José Luis Howell’s ease of treatment and availability is valuable’

‘Deep knowledge of the regulation of payment services and their application and practical implications for the business’

‘Adrian Calvo is a very qualified associate lawyer with extensive experience in the field and the sector.’

Key clients

Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria, Sociedad Anónima (Sareb)

Fiduciam Nominees Ltd.

Amadeus IT Group

Banco Mediolanum

Banco Santander, S.A.


E6K, Servicios De Valor Añadido

Quartiers Properties (Publ)


Euro Automatic Cash (EAC)

Work highlights

  • Assisting Sareb on the sale of a non-performing loans and properties portfolios.
  • Advising Fiduciam Nominees on Spanish real estate investments.
  • Advising and assisting Amadeus IT Group on projects regarding payment-related products.

Deloitte Legal

The ‘well-coordinated team’ at Deloitte Legal provides ‘significant expertise’ that covers a range of financing and banking issues, from banking and asset transactional matters to digital banking and fintech mandates. The ‘brilliant and professionalFrancisco Ramírez Arbués leads the team and specialises in digital and retail banking, as well as in the implementation in projects of new regulations.


‘Good knowledge’

‘The partner is always absolutely involved in the projects’

‘Ricardo Plasencia does not delegate the work’

‘The team’s strengths and key capabilities are the high level of technical advice and the added value of the co-ordination with other areas of the firm’

‘Francisco Ramírez Arbués is a great partner. It is a pleasure to work with him as he is open and always reachable. But, most importantly, he understands businesses and is able to provide spot-on advice that is relevant for a company’

‘They are experts in the area and their focus on business makes the diference’

Key clients


Banco Santander

Triodos Bank

Deutche Bank



Banco Sabadell




American Express

Diners Club International


Banco Pichincha

Evo Banco

Orange Bank

Work highlights

  • Assisting leading financial, credit and payment institutions, including American Express and Bankia, with the adaptation to the PSD2.
  • Advising Unicaja, ING, Openbank and other financial institutions on their digital transformation.
  • Advised multiple financial entities and fintech companies on the incorporation of regulated entities (for example, management companies, broker dealers and payment institutions).

KPMG Abogados, Spain

KPMG Abogados’ expertise ranges from compliance and corporate governance to investor protection and transparency. The firm also has notable experience in blockchain and fintech. Francisco Uría Fernández specialises in financial regulation, particularly in banking, capital markets and insurance. He co-leads the practice with Alfonso González-Espejo, who focuses on financial regulation, specifically related to the banking and securities market, capital markets, collective investment schemes, and commercial and real estate law.


‘Their practice on capital markets issues is innovative and, most importantly, provides clients with commercially viable structures in the increasingly regulated international markets’

‘They are conscientious and loyal in their job’

‘They give us confidence and commitment’

‘Quick responses to question. Very good understanding of banking practice (not only theory)’

‘Availability, good contacts with regulators’

‘They are proactive rather than reactive’

Key clients

Monty Global Payments, S.A.U., Titanes Telecomunicaciones, S.A.U., United Europhil EP S.A.U., Mobile Global Payments, S.L., EVO Finance, E.F.C., S.A., Solred, S.A.

Banco Santander, S.A.

CaixaBank, S.A., A&G Banca Privada, S.A.U.

Bankinter, S.A.

CaixaBank, S.A.

Banco Santander, S.A.

Social Network Loycus, S.A., Digital Virgo España, S.A.

Swiss Association of Asset Managers

Associaciò de Bancs Andorrans, Andorran Government and AFA

Bankia, S.A.

WiZink Bank, S.A. (“WiZink”).

Work highlights

  • Representing Monty Global Payments, Titanes Telecomunicaciones, United Europhil EP, Mobile Global Payments, Evo Finance and Solred in reauthorisations to act as service providers from the Bank of Spain, as required by the EU’s Payment Services Directive (PSD2).
  • Advising Banco Santander on the implementation of the relevant financing and profit-sharing agreement for the partial sale of its economic interests in a portfolio of six aircraft.
  • Advising Bankinter on the structuring and implementation of a financing transaction.

López-Ibor Abogados

Acting for local and international clients, Ventura Garcés & López-Ibor is experienced in borrower, banking and finance litigation work. The firm also acts in matters related to M&A and aviation. Alfonso López Ibor specialises in corporate law, finance and banking, particularly related to the air transport sector. He co-leads the practice with Tomás Garcés, who is based in Barcelona. Since publication, the firm has split with the Madrid and Valencia offices now operating as López-Ibor Abogados and the Barcelona office as Ventura Garcés.


‘They are responsive and are willing to engage in in-depth discussions about issues and to answer questions from clients’

‘They are practical and answer requests from clients’

Key clients

Banque De Développement Du Conseil De l’Europe (CEB)


Stemcor London Limited and Stemcor France

Aviator Capital


Sumitomo Mitsui Banking Corporation (SMBC)

ICBC International Leasing Company Ltd. (ICBCFL)

China Aircraft Leasing Company Limited (CALC)


Work highlights

  • Advising Stemcor London and Stemcor France on asset financing and debt restructuring.
  • Advising ICBC International Leasing Company on the financing of pre-delivery payments and back-to-back aircraft leasing of six Boeing 737 – 8 MAX aircraft to be operated by Air Europa.
  • Advising to Gecas/Orix on the financing of two Airbus A320 aircraft on lease to a Spanish operator.


Andersen acts in corporate finance operations, acquisitions, project finance and structured finance. The firm is also experienced in cross-border transactions, representing international companies and bank entities in Spain. Guillermo Yuste has expertise in a range of financing matters, as well as debt restructuring and insolvency. He co-leads the practice with Carlos Salinas, who specialises in structured finance.


‘The partner is 100% involved on any issue.’

‘My experience with Carlos Salinas is that he is the person in charge, he takes the leading role in the negotiation and he cares about each document as the document and the client requires. He knows and understands the sensitivity of the client and he is really involved in the transaction’

‘Guillermo Yuste and his team took over the operation in a very short time and were able to move us and explain the key points very clearly. They were also able to expose in the best way those points where it was worthwhile to conduct an additional negotiation to the initial draft’

‘Very good team that knows how to synthesise the problems as well as highlight the really important problems’

‘Great technical knowledge which makes it easy for them to explain things’

‘Guillermo Yuste is a great expert in the field, which means he can explain the problems with great clarity and simplicity. This means that we can focus on the really important problems’

Key clients

KGAL Group

Famar Group



Work highlights

  • Advising on the financing for the construction of the fifth skyscraper in the Castellana complex in Madrid.
  • Represented Ankasons Properties in the financing of the acquisition of the Diagonal 00 building in Barcelona.
  • Assisted KGAL Group in connection with the amendment of the lease agreement of two Boeing 737-800 aeroplanes.


Experienced in funds and acting primarily on the lender side, Cases&Lacambra is a 'true boutique of banking and finance law' and is known for advice on real estate financing. The firm is particularly adept in multi-jurisdictional issues, advising foreign investors in a range of financing transactions. Managing partner Miguel Cases specialises in representing credit institutions and investment services firms, as well as in regulation related to the field. He co-leads the team with Toni Barios, who focuses on financing and debt restructuring.

Practice head(s):

Miguel Cases; Toni Barios


‘It is a young office but composed of professionals with a lot of experience in the sector’

‘The practice is characterised by a deep and high-level knowledge of the derivative instruments. Their level of service is exceptional’

‘Miguel Cases, Toni Barios and Araceli Leyva should be highlighted. They are creative people who come up with tailor-made solutions’

‘The involvement of the partners both in the drafting of the contracts and in the structure of the creativity of the operations and documentation’

‘This is a very competent and multi-disciplinary team, with a vocation for service and professionalism’

‘Toni Barios is an excellent professional, who has extensive knowledge and experience in the area’

‘It has an excellent relationship with the client, detecting their needs and always providing a satisfactory solution for their convenience’

‘Adaptation to customer needs, proximity of the partners’

Key clients

Merced Capital Ltd

Work highlights

  • Advising Merced Capital in several financial projects.
  • Assisting a corporate group in a secured lending financing for the acquisition of additional listed shares in a major Spanish bank.
  • Advising a Luxembourg fund in the direct lending financing in favour of a Spanish real estate developer for the acquisition of four plots in Girona and Barcelona and the development of three residential real estate projects.

Eversheds Sutherland

Eversheds Sutherland Nicea specialises in acting for international clients in asset-based lending and real estate finance. The firm also provides notable regulatory expertise, advising banks and other financial institutions on matters including MiFID II, distribution of banking products, bancassurance and derivatives. Juan E. Díaz is known for M&A and financial law expertise, acting for banks, public entities and private companies. He co-leads the practice with Teresa Villarroya, who has particular experience in project and asset financing.

Key clients

Up Aganea EDE

Doduco GmbH

Foreign Currency Direct


Mount Street Portfolio Advisers Gmbh (formerly named EAA Portfolio Advisers Gmbh)


GED Fund

Temprano Capital Partners




Work highlights

  • Advised Up Aganea EDE on daily matters related to e-money and payment services.
  • Represented Doduco in relation to a novation of a consignment agreement of precious metals entered into by Doduco España, Doduco and a pool of banks including Glas Trust Corporation (as security agent), the Bank of Nova Scotia and Mitsubishi International Corporation.
  • Assisting BlackRock with the opening of the Spanish branch of an investment firm, which also involved dealing with the National Securities Market Commission (CNMV).

Watson Farley & Williams LLP

Watson Farley & Williams LLP is experienced in a range of financing issues, notably asset, project, real estate and acquisition finance. The firm also acts in general lending and restructuring matters. Practice head Rodrigo Berasategui advises public and private developers, banks and multilateral institutions, primarily in the areas of renewable energy and infrastructure.

Practice head(s):

Rodrigo Berasategui


‘Watson Farley & Williams has a very good team. Key strengths would be efficiency in responding to inquiries, a good understanding of the alternative financing business and good at getting to the finish line on time’

‘Pablo San Gil and Ignacio Cacho Tienza in the Madrid office are two very capable individuals who do their very best to meet the client’s needs in not only the fastest way but also the best way they can’

‘They are very professional people, with great knowledge of the sector and great capacity to look for solutions in the most complex negotiations’

‘They are accessible 24 hours a day, 7 days a week’

‘Proximity and ability to solve complex problems’

‘They detect risks very well and always seek solutions to mitigate them’

‘Rodrigo Berasategui is the best Spanish lawyer in project finance with enormous experience in closing operations with optimal and always accessible involvement, a number one’

Key clients

Northleaf Capital Partners


Banco Santander




Deutsche Bank

Banco Sabadell

Greenalia Wind Power Eolo Senior

Crédit Agricole Corporate & Investment Bank

Havila Kystruten


Work highlights

  • Advised Northleaf Capital Partners on the financing for Project Mula, a 493MW ready-to-build photovoltaic project located in Murcia.
  • Advised Cofides on the partial financing of the construction, commissioning and development of the Plot 400 Peterborough Gateway warehousing and distribution park in the UK.
  • Advised Bankia on the financing of a 150MW photovoltaic portfolio located in Murcia and sponsored by X-Elio Energy.