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Banking and finance in Spain

Allen & Overy

A heavyweight in the banking and finance space, Allen & Overy‘s Madrid office is praised for its ‘impeccable technical knowledge and workmanship‘, assisting a prestigious client list, particularly multinational banks and financial institutions. Real estate financing is a key strength, and the team advised the banks on the financing of the €1.3bn acquisition of online real estate platform Idealista from Apax, one of the biggest private equity deals in Spain in recent years. Six lawyers share leadership duties: Ignacio Ruiz-Cámara, a frequent presence in the biggest takeover financings; funds expert Juan Hormaechea; the ‘technically very good‘ Jimena Urretavizcaya, who excels in international transactions; Salvador Ruiz Bachs, who stands out for financial regulatory advice; Charles Poole-Warren, whose focus is on the Iberian market; and Vanessa Cuellas, who made partner in May 2021 and is already an experienced name in energy-sector financings.

Practice head(s):

Ignacio Ruiz-Cámara; Juan Hormaechea; Jimena Urretavizcaya; Charles Poole-Warren; Salvador Ruiz Bachs; Vanessa Cuellas

Testimonials

‘Best banking team in Spain, involved in all the top mandates.’

‘High knowledge of the market and very good technically.’

‘Technically very good – Jimena Urretavizcaya.’

‘Team oriented to offer a continuous and comprehensive service, really managing to relieve internal lawyers from work and from the need to be worrying so that the objectives are met.’

‘Impeccable technical knowledge and workmanship and continuous attention to matters, offering practical solutions to problems and offloading the in-house attorneys. In this regard, I must highlight the work of Juan Hormaechea.’

Key clients

Banco Santander

EQT

CaixaBank

Barclays

BBVA

Banco Sabadell

Goldman Sachs

JP Morgan

BNP Paribas

CVC

Redexis

Bestinver

UBS

Via Célere

Almirall

Work highlights

  • Advised BNP Paribas as the sole arranger in respect of debt financing and guarantee facilities for IFM Investors’ €5.06bn offer for 22.69% of the shares in Naturgy Energy Group.
  • Assisted the syndicate of banks, with CaixaBank as agent, with the renewal of a €2,000m loan linked to sustainable criteria granted to Naturgy.
  • Advised the banks on the financing the €1.3bn acquisition of online real estate platform Idealista from Apax.

Clifford Chance

Clifford Chance fields ‘a banking team of an impeccable technical level', which combines the experience and renown of three partners with a deep pool of talented senior associates. The practice has Spanish and English law capabilities and is often involved in international financing work, with a notable presence in Latin America, where project financing expert and practice co-head José Guardo is a significant figure. Fellow co-leader Eduardo García focuses on fintech matters, while Rodrigo Uría and Epifanio Pérez lead advice on leveraged and acquisition finance, supported by senior associates María Sabau, James Rodier and Ignacio Magariños. Their fellow senior associate Felipe Font is an up-and-coming name in refinancing and debt restructuring, especially in real estate, and Eugenio Fernández-Rico is equally lauded for asset and export finance.

Practice head(s):

Eduardo García; José Guardo

Other key lawyers:

Rodrigo Uría; Epifanio Pérez; Carl Fitzgerald; Ignacio Magariños; Felipe Font; María Sabau

Testimonials

Its extensive knowledge and specialization in the area of banking and financial law, high number of lawyers in this department that allows them to face operations of all kinds and magnitude. As the most outstanding lawyers, Rodrigo Uría, María Sabau and José Guardo stand out.’

‘Clifford is the most powerful Spanish firm in this area and the one that is most prepared, by resources (it has English lawyers in the Madrid office and a very large, in terms of number of people, a banking team of an impeccable technical level that allows you to successfully face any operation. In short, Clifford assures you that you can successfully carry out any type of financial operation regardless of its size, legislation and / or complication, something that today is difficult to find.’

‘Ignacio Magariños and Epifanio Pérez are the best. Extensive experience, knowledge and leadership. They resolve conflicts that arise in an expeditious manner.’

‘High capacity of the people, at the different levels within the firm, not only at the partner level.’

‘José Guardo – Flexibility, availability, ability to reconcile the parties involved, adapt the firm’s resources to the needs required by the operation.’

‘This Clifford team stands out from other competitors in the industry in knowledge and involvement.’

‘Maria Sabau – outstanding knowledge. Total involvement. Great experience. Exceptional work quality. Has everything to be a great partner.’

Rodrigo Uria – excellent technical training, involvement and total availability in the deal. Perfect knowledge of the sector and applicability to the reality and needs of the operation. Good resource management.’

Key clients

Cellnex Telecom

Cemex

HSBC

Finerge

Banco Santander

Abertis Infraestructuras

Caixabank

Credit Suisse International

Natixis

Pepe Jeans

Work highlights

  • Advising Cellnex Telecom on the €10bn multi-acquisition financing entered into with JP Morgan as bookrunner in relation to the acquisition of CK Hutchison’s and Play’s European telecoms towers.
  • Acting for a pool of 11 financial institutions in granting a €500m financing to Abertis Infraestructuras, for general corporate purposes.
  • Advising Credit Suisse as arranger of a bridge facility agreement to provide Six Group with financing to support its public bid for the shares of Bolsas y Mercados Españoles Sociedad Holding de Mercados y Sistemas Financieros.

Cuatrecasas

One of the domestic heavy hitters in the banking and finance space, Cuatrecasas acts for a host of leading banks and financial entities present in Spain. The firm is active in Latin America too, its Spanish offices often collaborating with those in Bogota, Lima, Santiago and Mexico City. In acquisition finance, a major recent deal saw the team acting for Adevinta in its €2.8bn financing to acquire eBay’s global classified-ads business through a secured bond issue and a senior financing agreement. The firm has also been a major part of the landscape of refinancing and debt restructuring in the country since the start of the pandemic. The practice is coordinated by the four-partner team of Íñigo Rubio, Beatriz Causapé, Jorge Canta and Fernando Mínguez. Other key contacts include financial regulation expert Miguel Sánchez Monjo and London and Madrid-based Ignacio Buil.

Practice head(s):

Íñigo Rubio; Beatriz Causapé; Jorge Canta; Fernando Mínguez

Other key lawyers:

Miguel Sánchez Monjo; Ignacio Buil

Key clients

Banco Santander

El Corte Inglés

Caixabank

KKR

Inmobiliaria Colonial

Bergé

Banco Sabadell

Azora Capital

General de Alquiler de Maquinaria (Gam)

Saba Aparcamientos

Bankia

Wizink Bank

Unicaja

Banco Cetelem

Binance

Advanzia

Crédit Agricole

N26

Bank of New York Mellon

Work highlights

  • Advising Adevinta on the €2.8bn financing to acquire eBay’s global classified-ads business through a secured bond issue and a senior financing agreement.
  • Assisting Bluemountain Capital and KKR with the financial restructuring of Abengoa and its affiliates for a new ICO credit line and CESCE guarantees, in the framework of the company’s global refinancing.
  • Advising CriteriaCaixa on commercial and regulatory matters in relation to the merger between CaixaBank and Bankia, as main shareholder of CaixaBank before the merger and of the resulting entity after the merger.

Garrigues

Highly specialised' and with ‘a lot of experience in the market', the banking and finance team at Garrigues acts for a range of banks and funds across the full suite of matters. Reflecting market trends, its recent work has included government-guaranteed facilities to support businesses affected by the pandemic. The team has also had increased activity in hybrid securitisation and finance deals, equity plus debt deals, and in international matters for the European Investment Bank, a client of Gaspar Atienza. Experienced partner Rafael González-Gallarza co-leads alongside Luis de la Peña, who has strong financial regulatory expertise. José Miguel Pinillos has acted in the market’s most significant issues, with a forte in Latin American matters, and real estate and infrastructure expertise. Up-and-coming partner Xabier Urtiaga Valle assists both lenders and borrowers with financings and refinancings, while Naiara Bueno is a leading bank and non-bank lending expert in Barcelona. A strong crop of senior associates includes Jon Goirigolzarri and Francesc Cholvi.

Practice head(s):

Rafael González-Gallarza; Luis de la Peña

Other key lawyers:

José Miguel Pinillos; Gaspar Atienza; Xabier Urtiaga Valle; Naiara Bueno; Jon Goirigolzalli; Francesc Cholvi

Testimonials

‘Technical capabilities, in-depth knowledge of the debt market, terms and conditions of structured financing and credentials regarding other previous operations. Agility in terms of process management and correct client advice with closeness. Proactivity when managing discussion points in the negotiation.’

‘I work regularly with Xabier Urtiaga and with María Sánchez Valerio. For me the best qualities are the closeness in the treatment, the predisposition and the proactivity when defending the client’s negotiation points before third parties.’

‘I have met other banking and finance lawyers, but the professionalism and extensive knowledge that the Garrigues banking and finance area has, makes them number 1. In addition, their extensive international network is a good ally in certain cases. You know they will maintain the high quality that we are used to.’

‘Without a doubt, their human qualities and the knowledge they have of all the legislation. They are available for many hours and are a very good team. Always correct and polite. My greatest recognition to Francesc Cholvi and Marcelo Moreira.’

‘They are excellent technically, very executive, they look for ingenious solutions and they are very on the subject and the deadlines.’

‘They are all technically very good, they have a lot of experience in the market, they are highly specialized, they study and handle the case as if it were their company, beyond what is required, they try to know the business and look beyond the closing of the operation.’

‘Luis de la Peña: Extraordinary in his relational capacity at the highest international level, and magnificent English, as well as great capacity for internal (labor, tax) and external coordination of great legal complexity (US lawyers).’

Key clients

BBVA

Banco Santander

Caixabank

Deutsche Bank

Crédit Agricole Corporate and Investment Bank

European Investment Bank

Sareb

Banca March

Banco Sabadell

JP Morgan

International Airlines Group (IAG)

Iberia

MCH Private Equity

ProA Capital

Amundi Asset Management.

Rothschild Bank

Santander Asset Management

Buy & Hold Capital

Talenta Gestión

Tam Financial

Axon Partners Group Investment

Work highlights

  • Advised a consortium of banks on refinancing financial debt of the EnfraGen Group, for an overall value of $1.05bn.
  • Acted for IAG in the obtaining of financing for its operating expenses during the Covid pandemic, for an overall value of €1.01bn.
  • Assisted Amundi Asset Management (France) with its acquisition of 100% of the shares of Sabadell Asset Management, including an agreement for the distribution of Amundi Asset Management’s financial products by Banco de Sabadell.

Linklaters

In the Madrid office of Linklaters, Spanish and English law teams collaborate to offer clients the full range of banking and finance counsel. Leveraged buyouts have been a particularly active area for the team since the start of the pandemic, with department co-head Juan Barona among the active partners in this field. Paloma Fierro is another of the four practice leaders and she heads the financial regulation group, while English law partner Ben Crosse also co-heads the Madrid practice as well as the global banking department. A new addition to the lead group is May 2021 partner appointment Francisco Sáinz-Trápaga, whose experience includes bank finance for asset acquisitions, refinancing and restructuring of acquisition debt, and capital markets transactions. He replaces Pedro De Rojas, who joined Latham & Watkins LLP in May 2021. Begoña Martínez, who was appointed counsel effective May 2022, provides experienced support to the partners.

Practice head(s):

Juan Barona; Ben Crosse; Francisco Sainz Trápaga; Paloma Fierro

Other key lawyers:

Begoña Martínez; Javier Hernández

Testimonials

‘Excellent knowledge, diligent work products, used in cooperative working mode.’

‘Very knowledgeable, easy to communicate, fast and motivated, ready to go the extra mile.’

‘We highlight from Linklaters the closeness of the team and the ability to transmit complex legal concepts in a simplified way.’

‘The plus is the exhaustive knowledge they have of financial operations and their ability to transmit it in a simple way with the consequent learning of all. They manage to create a team between Linklaters and the company itself working on a single objective. Ben Crosse and Begoña Martínez are exceptional.’

‘I consider that the Linklaters team from the banking and finance practice with which I have worked is very strong and compares very favorably with other firms.’

Uría Menéndez

The ‘very meticulous team’ at Uría Menéndez handles all manner of banking and finance matters for clients, including cross-border work throughout Europe. The firm also has a noted presence in Latin America. Its strengths in large debt restructurings and divestments of financial assets have been put to good use recently, including advice to a host of banks as the lenders in Abengoa’s debt restructuring, led by Sebastián Sáenz De Santa María. Practice head Ángel Pérez López focuses on corporate, acquisition and project finance, while other key figures in the department include Carlos de Cárdenas Smith, who also heads the corporate and commercial team and has experience in the US, and the ‘exceptionalRamiro Rivera, a go-to name for multi-jurisdictional transactions.

Practice head(s):

Ángel Pérez López

Other key lawyers:

Carlos de Cárdenas Smith; Sebastián Sáenz de Santa María; Ramiro Rivera; Isabel Aguilar; Luis Jiménez López; Rafael Nuñez Lagos; Jose Félix Zaldívar; Santiago Sainz Ruiz

Testimonials

‘They are a very meticulous team, with great knowledge of legal practice and commendable negotiation skills. Always open to the search for solutions that satisfy all parties. It is a Tier I office without a doubt.’

‘They know both the clients and the banks and this allows a much simpler and positive negotiation. The partners I know are Sebastian Saenz de Santa Maria and Luis Jimenez, both fantastic lawyers and people.’

‘Excellent treatment. Excellent legal quality. Top-notch partner and top-notch team.’

‘Very high quality and very homogeneous: all lawyers are good. They go beyond legal advice: they help in negotiations and in managing the operation process. Very competent, rigorous and professional.’

‘Ramiro Rivera, with whom we work regularly, is exceptional, as well as Rafael Nuñez Lagos, with whom we have recently worked. The quality is very high in all cases.’

Key clients

Banco Santander

Banco Bilbao Vizcaya Argentaria

CaixaBank

Bankia (currently known as CaixaBank)

Banco de Sabadell

Unicaja Banco

Abanca

Bankinter

Oaktree

Skysea Flyer

DLA Piper

DLA Piper‘s ‘expert and really efficient team‘ in banking and finance acts for major Spanish banks and a number of leading international financial institutions, its Madrid office being a key hub of the wider firm’s international network. César Herrero leads the group, focusing on leveraged finance, project finance and corporate finance. Jesús Zapata is also a renowned senior figure at the firm, involved in significant national and international mandates, while Juan Gelabert advises private debt funds and banks on leverage finance and project finance deals.

Practice head(s):

César Herrero

Other key lawyers:

Jesús Zapata; Juan Gelabert

Testimonials

High knowledge of the market, very focused on the closing of the operation and very good technically.’

‘The team accumulates years of experience in the sector. They proactively assist and involve the in-house attorney throughout the negotiation process.’

‘The Spanish DLA Piper team is available and reactive. The team brought us concrete solutions.’

‘The DLA Banking team is a team with great expertise, pro-deal and very “hands-on”. In addition, when there is a problem in the negotiations, they find effective and creative solutions with “out-of-the-box thinking”. They are certainly always on our list of favorite teams.’

‘Although the entire team is fantastic, I’d highlight Cesar Herrero because technically he is outstanding, he always knows the operation and the documents in detail and thoroughly understands the needs of the parties, finding the optimal solution in the transactions.’

‘Top team at DLA led by strong partners. Expert and really efficient team that benefits from high quality work and expertise. This makes DLA one of the best legal firms in Spain and one of my preferences in the market.’

Key clients

Santander

BBVA

ABANCA

Corpbanca

Natixis

CaixaBank

Banco Sabadell

Société Générale

ING

Pemberton

Muzinich

Arcano

LGT

Silicon Valley Bank

Bank of Ireland

EBN Banco

Floa Bank

NatWest Markets

Strategic Value Partners

Altura Markets

A&G Banca Privada

OpenBank

Andbank España

Work highlights

  • Advising a syndicate of Spanish and international banks as lenders on a first-of-its-kind, long-term back-stop facility in Spain granted to the Spanish Deposit Guarantee Fund of Credit Institutions, for €4bn.
  • Acting for a pool of Spanish and international banks, led by Société Génerale, on the financing in favour of listed company CIE Automotive for circa €800m.
  • Advising Aedas Homes on the financing granted by Incus Capital for the construction and development of a portfolio of build-to-rent assets across Spain.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo fields one of the country’s most active banking and finance practices when it comes to acting for lenders. Recent highlights have included the €2.6m restructuring of Celsa. Heading the practice is Miguel Lamo de Espinosa, who assists US and British clients with their Spanish transactions. Rafael Aguilera has broad expertise and has taken leadership of the real estate finance group, and Fernando Herrero is a key name for asset financing. The group also has notable strengths in renewable energy and infrastructure project financing; Verónica Romaní and Carlos Marina are key contacts in this area.

Practice head(s):

Miguel Lamo de Espinosa

Other key lawyers:

Rafael Aguilera; Fernando Herrero; Verónica Romaní; Carlos Marina; Santiago Gómez-Acebo; Ferran Foix; Fernando Igartua

Testimonials

‘Knowledge and experience. Ease of treatment. Exploration of different alternatives. Flexibility to reach agreements.’

‘It stands out for its understanding of the business and the risks assumed in the financing of the project beyond the legal relationships.’

‘Professional and human quality of the team. Availability and understanding of the needs of the client / Entity at the time of negotiations between the parties and in the drafting of documentation.’

‘Within GAP for many years now I work with Verónica Romaní. Whenever we have a senior term loan, Spanish Law, renewables, I recommend my clients to engage her as lender’s counsel.’

‘Verónica Romaní is an excellent lawyer, and she is able to propose pragmatic solutions, given her vast experience. I can also reach out to her on short notice with other questions and she will always provide insightful responses and advice.’

‘Strengths: Practicality, clarity and relationship with the client.’

‘Carlos Marina. Practicality and clarity in answers.’

Key clients

BBVA

Banco Santander

Triodos Bank

Caixabank

Deutsche Bank

Pricoa Private Capital

Ares Management

Abanca

Kartesia

PSA Financial Service Spain

BNP Paribas

Bank of America

MEAG

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

Work highlights

  • Advising the Ad Hoc Group of bondholders on the Spanish law aspects related with the 2020 refinancing and 2021 restructuring of the financial debt of Grupo Codere and all the phases of the transaction.
  • Assisting Celsa with its restructuring.
  • Provided advice to the lenders in the refinancing and restructuring of the financial debt of Tubos Reunidos in the context of the new financing granted by SEPI.

Hogan Lovells International LLP

The ‘always exceptional' banking and finance department at Hogan Lovells International LLP is led by José Luis Vázquez and Alfredo Barona, who have together overseen the department's growth in size and complexity of its workload since 2017. It covers the full range of matters, from corporate, acquisition and leveraged finance, to project, real estate and asset funding. Cross-border work is a forte, thanks in part to its wider international network; on the domestic side, financing transactions involving SOCIMIs in Spain have been a notable trend, with counsel Alejandro González particularly active on those. Senior associates José Luis Pita de Veiga and Carlos Meijide are also well regarded by clients.

Practice head(s):

José Luis Vázquez; Alfredo Barona

Other key lawyers:

Alejandro González; Carlos Meijide; José Luis Pita de Veiga

Testimonials

Great capacity for adaptation and response to unforeseen events. Great knowledge of the market and the particularities of the financial operations in which they work.’

‘Hogan Lovells, and specifically Alfredo Barona, is not only unique in its practice by the deep knowledge in the area of banking law, but also by his leadership capacity in operations and his empathy with all the players in the process. They are fully adapted to the client and their needs.’

‘They have extraordinary knowledge of segment practices and a unique ability to manage negotiations.’

‘The work of the team in the department of financial and banking law is always exceptional. Their knowledge of the market, their proximity and their ability to adapt to our particular needs make them stand out from others. In particular, I would highlight Alfredo Barona and José Luis Pita de Veiga who are always willing and happy to solve any problem that may arise and their work is always outstanding.’

‘It is a team that stands out notably from the rest due to its extensive experience in similar situations, resolution capacity and availability during all processes.’

‘Their knowledge of the subject and especially the great experience they have. I’d highlight Carlos Meijide, who was able to lead the entire operation.’

‘Balanced team, well structured between seniors and juniors. Deep technical knowledge, great commercial capacity and good sense of the transaction. They do not try to impersonate their client or negotiate commercial aspects that are the client’s competence. ’

‘Their knowledge and experience in national and international financing, which gives them an important know-how, and their availability and flexibility to adapt to the needs of their clients.’

Key clients

BBVA

Banco Santander

Atom Hoteles Iberia

ING Bank

Oquendo Capital

Caixabank

BNP Paribas

Firmum Capital

Arcano Capital

FCE Credit

Acon Investments

Bankia

Banca March

Bankinter

EnfraGen

Alantra Private Debt

Cofides

M&G Real Estate

Vestas Investment Management

Banco de Sabadell

Cranemere Group

Work highlights

  • Advising subsidiaries of EnfraGen as Spanish lawyers in a debt refinancing for a joint amount of $1.8bn ($710m bond issuance and $1.1bn bank financing).
  • Acting for Acon Investments in the financing relating to its acquisition, together with Quarza Inversiones, of a majority stake of Spanish food group Alsur.
  • Advising Banco Santander on the acquisition financing made available to real estate investment fund Hines Global for the purchase of the headquarters of Airbus Defense and Space.

Latham & Watkins LLP

In July 2021, Latham & Watkins LLP strengthened its restructuring capabilities with the hire of Pedro de Rojas from Linklaters, who now co-leads the wider banking and finance practice alongside Fernando Colomina. The team works across all forms of senior and subordinated loan, bond and hybrid capital structures, with close collaboration with its highly regarded capital markets department. Support to the practice heads comes from associate Aitor Errasti and counsel Luis Sánchez, who joined from Allen & Overy in September 2020.

Practice head(s):

Fernando Colomina; Pedro de Rojas

Other key lawyers:

Luis Sánchez; Aitor Errasti

Testimonials

‘Very high know-how, quality, pragmatic in approaching questions.’

‘Closeness, kindness, ability to explain complex issues in easy language.’

Key clients

JP Morgan

Banco Santander

The Carlyle Group

Triton Partners

Morgan Stanley

Cellnex

Goldman Sachs

BNP Paribas

Fertiberia

Euskaltel

Barings

Commerzbank

Platinum Equity

Permira

Work highlights

  • Advising JP Morgan as lead bank in the Spanish-law governed €10bn financing for Cellnex.
  • Assisting Platinum Equity with its €3.5bn acquisition of Spanish waste management multinational Urbaser from China Tianying.
  • Advising Fertiberia on the issuance of senior secured bonds in both the Nordic Capital Market and Frankfurt Open Market.

Pérez-Llorca

The multidisciplinary group at Pérez-Llorca acts in banking, finance, direct lending and private credit matters for its international client list, which includes a notable range of major banks. Practice head Ander Valverde is a highly regarded all-rounder in the Spanish market and is dual qualified in Spain and New York. Having set up the firm’s London office and spent five years there, Fernando Quicios continues to act for London-based clients with interests in the Spanish market. Ildefonso Arenas and Mónica de San Román are up-and-coming partners to note. The department was further strengthened by the arrival of Josefina García Pedroviejo in February 2022 to lead the firm's financial services practice.

Practice head(s):

Ander Valverde

Other key lawyers:

Fernando Quicios; Eduardo Arbizu; Ildefonso Arenas; Mónica de San Román; Beatriz Menéndez; Antonio Castro Martínez-Echevarría; Josefina García Pedroviejo

Key clients

Citibank

ING Bank

Bank of America Merrill Lynch

Barclays Bank

CaixaBank

BBVA

Banco Santander

Banco Sabadell

Tikehau Capital

Global Realty Capital

Citibank

Work highlights

  • Acted for a syndicate of financing entities on the financing granted to the Organización Decameron for the construction and development of a large hotel complex in Colombia.
  • Advised the Palladium Hotel Group on its €447m financing.
  • Advised ING Bank and Banco Santander on all matters relating to the financing granted for the acquisition of the company which owns the Helios Building office complex, by the South Korean investor Kiwoon, from Blackstone.

Ashurst LLP

Following the promotion of leveraged and real estate finance expert Irian Martínez, Ashurst LLP now fields a three-partner banking and finance team that assists with the full range of established financing structures, as well as more innovative plans. Practice head José Christian Bertram is an experienced figure across structured finance and the team also has an English law offering, led by Nick PawsonManuel López left the firm in December 2021.

Practice head(s):

Jose Christian Bertram

Other key lawyers:

Nick Pawson; Irian Martínez; Borja Vázquez; Sam Tetlow

Key clients

Barclays Bank

Bank of America Merrill Lynch

3i Infrastructure

Chenavari Credit Partners

Cheyne Capital Management

Société Générale

Barings International Investment

Bankinter

UBS

Time Out

HIG

BBVA

Banco Santander

Bank of Ireland

Work highlights

  • Advising Bank of Ireland on the financing of the acquisition of VASS Technology by One Equity Partners.
  • Assisting Goldman Sachs with setting up a lending platform with Stronghold Partners.
  • Advising Alantra on the financing of the recapitalisation of its portfolio company Hiperbaric.

Baker McKenzie

The banking and finance practice at Baker McKenzie in Spain is the go-to team for a number of companies and financial institutions when it comes to cross-border deals. The department is also ‘very up-to-date on regulatory issues', for which Paula De Biase is the key contact. She is one of three practice heads alongside Rossanna D’Onza, who focuses on advising banks, alternative lenders and borrower groups; and Barcelona-based Joaquin Fabre, who has broad transactional experience.

Practice head(s):

Rossanna D’Onza; Joaquin Fabre; Paula De Biase

Other key lawyers:

Jaime Denis

Testimonials

‘The regulatory team at Baker is complete, they are very up-to-date on regulatory issues and have a lot of knowledge of the sector and legal developments. They also have a lot of experience with regulators.’

‘Jaime Denis is an all-terrain lawyer, ready for anything and with a lot of knowledge of all kinds of regulatory issues at the Spanish and European level. Always available to listen to a concern or new topic.’

‘The Baker team understand the client needs. We feel our business is in good hands with them.’

‘Their attitude how to approach the client problems is unique in the market. I feel comfortable with their recommendations.’

‘Deep technical knowledge of our operations, commercial vision in everything that is legally articulated.’

Key clients

Siemens Gamesa Renewable Energy

Futbol Club Barcelona

Adient Ltd

Pepe Jeans

KBC Bank NV

MARK (formerly known as Meyer Bergman)

Banco Santander

Hotel Vela

Westfort Capital

Kartesia Securities

GHI Global Advisory

MoneyCorp

Quintet

Depaho

Key Capital

Afterpay

Eurobits

Work highlights

  • Advised the Spanish affiliates of Adient, as guarantors, in connection with the issuance of $600m in senior secured notes due 2025.
  • Assisting Futbol Club Barcelona with the financing by Goldman Sachs of its new stadium.
  • Advising Spanish fashion brand Pepe Jeans in the refinancing of its existing facilities and a €50m facility backed by state guarantees.

Dentons

The ‘truly versatile‘ banking and finance practice at Dentons in Spain comes recommended by clients as ‘very knowledgeable across a wide range of fields‘. Structured finance and debt restructuring are two areas that the team excels in, with practice co-head Jabier Badiola recently advising MUFG on the transfer of financing transactions between its Spanish and Dutch subsidiaries. Fellow co-practice head Jesús Mardomingo is an experienced advisor to financial institutions on corporate matters, while counsel Luis Belart is ‘an outstanding professional‘, highly praised by his clients.

Practice head(s):

Jabier Badiola; Jesús Mardomingo

Other key lawyers:

Fernando Gutiérrez; Luis Belart; Lola Nogueras; Ignacio Fernández

Testimonials

‘In terms of technical knowledge and expertise, they are really outstanding, exceeding client expectations. Very reliable team and totally result-orientated. Key cross-departmental and multijurisdictional focus. They have a great depth of financial knowledge. The team has a terrific knowledge of the market and is brilliant technically.’

‘Luis Belart – He’s always exceeding expectations as well as anticipating issues. He controls the big picture as coordinator and team leader. Definitely an outstanding professional. Deep knowledge and extremely high thinking skills, coming up with creative solutions.’

‘The plus that I have been able to perceive is the proximity, the previous work they do to know how our company operates, knowing what our needs are and knowing how to cover them as required. They make it possible to trust a third party as an extension of the company, which we have not been able to achieve with all the firms. In my case, I must highlight Luis Belart, who for us has been the greatest exponent of the good work of Dentons.’

‘Jabier Badiola: Great involvement in the negotiation of contracts, he perfectly combines the management tasks of the firm with serving his clients. Always available to think of different alternatives to tackle complex problems. Luis Belart: Efficient and highly involved with the projects he manages. He operates with high autonomy and is a guarantee of success. Technically flawless execution.’

‘Jesús Mardomingo – apart from his astonishing knowledge and charisma, he has an extraordinary experience in the field that we work in. Honesty, transparency makes honorable to this team.’

‘The team is very knowledgeable across a wide range of fields and are a preferred advisor for international funds who are looking to do business in Spain. They have excellent cross-departmental jurisdictional coverage and are very well plugged into the local developments and regulations.’

‘It is a truly versatile team. They cover the entire spectrum of advice in financial law. They stand out especially in export finance, project finance, acquisition finance and structured finance operations in general.’

‘Dentons has a great multidisciplinary team that make everything easier. They do not pose problems for you, they always look for solutions and alternatives in order to improve the situation of their client. Its competitive advantage over other firms, which is its proximity and immediate availability for any matter that may arise.’

Key clients

Instituto de Crédito Oficial

Vector Ronda Teleport

Maxi Mobility Spain

Syndicate of Banks

Mitsubishi UFJ Financial Group

Generali and Union Investment

Gulf House Holding

Instituto de Crédito

Caixabank and subsidiaries abroad

Orange Bank, Spanish branch

Grantia Capital

Planiger

Amper

Eliance

Work highlights

  • Acted for Generali and Union Investment in the €169m bank financing and €130m shareholder financing of their acquisition of shopping centre Puerto Venecia from Intu Zaragoza Holdings.
  • Advising MUFG entities in the Netherlands and Spain on the circa €3.2bn transaction for the purposes of analysing and transferring bilateral and syndicated financings, guarantee and derivatives transactions entered into by MUFG Spain to MUFG Netherlands.
  • Advised Planiger, as borrower, on the sustainable restructuring and refinancing of the company.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's banking and finance department in Spain delivers clients a full-service offering with both Spanish and English law capabilities. Banks, corporates and private equity houses all look to the finance experts, led by Armando García-Mendoza, who has a strong presence in the real estate sector. Beatriz del Rey and of counsel Jaime Rossi assist with the full spectrum of finance transactions, and the highly regarded Carmen Jara stands out at the senior associate level.

Practice head(s):

Armando García-Mendoza

Other key lawyers:

Jaime Rossi; Carmen Jara; Félix Hernández; Leonie Timmers

Testimonials

‘I work regularly with Armando and Carmen. They are fast, responsive and whenever I have a matter that is more complicated, more structured, I work with HSF.’

‘Both Armando and Carmen are excellent lawyers. They are extremely quick in understanding the question, to think about alternative solutions and to turnaround changes.’

‘Very good team, very proactive and good client recommendations. They do not limit themselves to doing what the client says that many times is wrong.’

‘Armando Garcia-Mendoza: proactive attitude, good recommendation to the client in order to make operations go smoothly.’

‘Carmen Jara: fast and efficient, always good attitude.’

Key clients

Cubico Sustainable Investments

BBVA

Banco Santander

Bankia

Caixabank

LCN Capital Partners

Asterion Industrial Partners

Clarion Partners Europe

The Governor and Company of the Bank of Ireland

Natixis

Nuveen Real Estate

Oquendo Capital

Goros Investments

Allianz Global Investors

Corpfin Capital

Work highlights

  • Acted for Cubico Sustainable Investments in two refinancing transactions involving €219m and €198m facilities agreements granted to Andasol-1 Central Termosolar Uno and Andasol-2 Central Termosolar Dos.
  • Advised an international syndicate of lenders on a transaction involving a €276m facilities agreement subject to English law granted to CLH International UK for the financing of the acquisition of Inter Pipeline Europe.
  • Assisted Asterion Industrial Partners with a financing transaction involving a €144m facilities agreement for the partial financing of the acquisition of the telecoms operator Axión from AMP Capital and debt refinance of Axión.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo acts for a number of the leading financial institutions operating in Spain, and also has a strong base of clients in the insurance sector. Acquisition finance and debt refinancing are noted specialisms, and its assistance in international finance deals is strengthened both by the wider firm network and the experience of practice head Guillermo Muñoz-Alonso, who has worked at leading firms in Spain and the UK. Senior associate Marta González Araña is recommended as ‘a fighter with very good arguments‘. The department was given a further boost by the arrival of financial services regulation expert Ricardo Plasencia in October 2021.

Practice head(s):

Guillermo Muñoz-Alonso

Other key lawyers:

Marta González Araña

Testimonials

‘International experience and background.’

‘The team is versatile and accessible, very client-oriented. They always involve highly experienced attorneys, often the partner himself, which gives a lot of confidence. Superb coordination with the real estate and tax departments.’

‘Very satisfied with the incorporation of Guillermo Muñoz-Alonso as managing partner of the department. Guillermo has a lot of experience and a great capacity for analysis. He knows how to put himself in the position of the client and also has excellent “personal skills” to build trust.’

‘Closeness and professionalism. A lot of availability.’

‘Very good understanding of the industry. Marta Gonzalez Araña: A fighter with very good arguments and high availability.’

‘The firm’s approach is very practical based on a good understanding of the company’s needs and the market situation and financial institutions. This makes the work much more focused and efficient than with others, and very good results are achieved in terms of the conditions of the agreements, legal certainty and time.’

‘Guillermo Muñoz Alonso – very good understanding of the situation and very practical approach, achieving excellent results.’

Key clients

Hermes Infrastructure

Air Liquide España

Saeta Yield

Encavis

Arco Beta

VGP/Allianz

Global Student Accommodation

Haitong Bank

Delin Properties

DKV

Blue Sea Hotels

Work highlights

  • Advised German renewable investor Encavis on the financing granted to its subsidiary Cabrera Energía Solar for a 200MW solar project in Seville.
  • Acted for Spanish restaurants group Grupo Lateral in Spanish law matters relating to an amendment and restatement agreement of a facilities agreement.
  • Advised Air Liquide on an amended and restated programme of assignment of master trade receivables for a maximum amount of €350m.

King & Wood Mallesons

King & Wood Mallesons is a key player in the financing of renewable energy projects, and also acts for both lenders and borrowers in acquisition finance, structured finance and asset-backed finance transactions. Its client base is made up of banks, renewable energy companies and private equity funds, who look to practice head Joaquín Sales and senior associate María Redondo for advice on significant transactions.

Practice head(s):

Joaquín Sales

Other key lawyers:

María Redondo

Testimonials

‘Maximum knowledge of the industry.’

‘Absolute availability to resolve all types of issues related to financing, from large-scale issues to small details that may arise due to issues of the different entities of a very diverse pool (9 international entities). Agility when answering any type of query. Responses and reports in English and Spanish immediately in any type of query.’

‘The KWM team led by Joaquín Sales has solid experience, closeness to the client, very quick response and price sensitivity.’

‘The most outstanding partner is Joaquín Sales. Great expert, very practical approach to the problem, knows how to work under pressure and always finds solutions.’

‘The financial practice has demonstrated a high level practical advice. The practicality with which they analyze financial contracts and the structure of a deal is frankly useful for clients. Negotiation wear and tear on irrelevant issues is avoided.’

‘Joaquin Sales is a great lawyer in the financial sector, with growing knowledge of the energy business and flexible to the client’s needs. Extensive knowledge of the contractual structures of a project finance, guarantees and covenants.’

Key clients

European Investment Bank

Hispasat

Santander

Finerge

Arcano

EDP Energías de Portugal

Portobello Capital

GED Capital

Galp

Profand Fishing Holding

Work highlights

  • Assisting a syndicate of international banks with the financing of a portfolio of PV solar plants owned by Finerge in Spain and Portugal.
  • Advising Profand Group on a €168m tranched bridge loan granted by a syndicate of banks led by CaixaBank for the financing of the acquisition of Caladero and to the refinancing of the existing debt of Profand Group.
  • Advising the European Investment Bank on the acquisition securitisation bonds and associated agreements with the originator for the reinvestment of the sale proceeds.

Ramón y Cajal Abogados

Ramón y Cajal Abogados assists its clients with complex financial transactions, including syndicated bank finance, restructuring and refinancing, project and asset financing, and in regulation governing the financial markets. Five partners coordinate the group: Javier Menchén and Amado Giménez Bono, who have extensive experience in syndicated and corporate finance operations; Cristina Vidal, a government lawyer on leave who also has in-house experience at Barclays; Alfonso Cárcamo, who also has government-side experience; and Alfonso Fernández-Miranda, a regulatory expert. Senior associate Diego Gabaraín supports across all matters.

Practice head(s):

Javier Menchén; Amado Giménez Bono; Cristina Vidal; Alfonso Fernández-Miranda; Alfonso Cárcamo

Other key lawyers:

Cándido Pérez; Diego Gabaraín

Testimonials

‘The unconditional availability and quality of their work.’

‘Cristina Vidal – outstanding in her legal advice and her ability to manage the very complex matters of the company.’

‘Alfonso Cárcamo – excellent in his legal advice both for his technical knowledge and the deep legal sense of his opinions.’

‘Ramon y Cajal’s finance team is relatively small, compared to other firms, which allows it to be closer to its clients and to understand their idiosyncrasies and needs.’

‘The RyC team stands out for its agility, flexibility and ability to resolve questions efficiently and in a personalised way.’

‘The team works with agility, flexibility and ability to solve questions efficiently and personalised.’

‘Great experience in this practice. Availability. Quick and efficient solutions before urgent needs.’

Key clients

Bankia

Bankinter

Banco Sabadell

Grenergy

Abengoa

Grupo Tinojai

Gocco Confecciones

Grupo López Soriano

Work highlights

  • Advised Abengoa on the restructuring of its trade debt with certain trade suppliers.
  • Advised Bankinter Investment on the refinancing of the acquisition of the Montepino logistics group for €470m.
  • Acted for Invenergy and BW Energy in the $128.3m financing by the Interamerican Development Bank for the acquisition, conversion, commissioning and operation of a Floating Storage Regasification Unit in El Salvador.

White & Case LLP

White & Case LLP fields a debt financing team from its Madrid office, formed in 2019 after the incorporation of practice head Fernando Navarro. It supports clients through the full life-cycle of financing matters and has fully integrated Spanish, UK and US law capabilities, as well as the support of the firm’s international network. Though the team has experience acting for traditional lenders, its 2021 slate saw an increase in private equity sponsor/borrower financing. Navarro has a strong relationship with several Spanish banks and funds, while counsel Julio Peralta and senior associate Alfonso García provide key support.

Practice head(s):

Fernando Navarro

Other key lawyers:

Alfonso García; Julio Peralta

Testimonials

‘Two notable aspects are the truly global nature of the firm, which has lawyers of great caliber and international experience in a wide network of offices, most of which, as in Madrid, can carry out operations not only in local law, but also in English and New York law, and the relationship partner, which is important to us, since it acts as a point of contact for all the offices of the firm, which simplifies our relationship very much. The work is much more efficient. Fernando Navarro is our relationship partner in Spain.’

‘I’d highlight Fernando Navarro as a relationship partner and Alfonso Garcia as a very outstanding associate.’

Key clients

Banco Santander

Swissport

Bank of America Merrill Lynch

doValue

The Bank of Nova Scotia (Scotiabank)

Babcock Mission Critical Services

Ceskoslovenska Obchodni Banka

Credit Suisse International

Compania Espanola de Seguros de Credito a la Exportacion

Work highlights

  • Advised Banco Santander as the lenders in a €225m issue of Nordic bonds by Global Agrajes.
  • Advised Swissport on its €300m restructuring and €500m recapitalisation.
  • Advised doValue on a €265m senior secured notes issuance for the pre-payment in full of the outstanding senior secured bridge facility loan.

Araoz & Rueda

The ‘responsive, easy to deal with and straightforward' banking and finance group at Araoz & Rueda has particular expertise in the acquisition and sale of NPLs, REOs and asset portfolios. ‘Outstanding' practice head Rafael Bazán is a well-known name in the Spanish market and also has professional experience in banking. He works directly with all clients, and new names instructing the team this year have included JP Morgan and Terra Firma Capital Management. Javier Sánchez and Juan Viaño are the associate team.

Practice head(s):

Rafael Bazán

Other key lawyers:

Javier Sánchez; Juan Viano; Alejandro Araoz

Testimonials

‘Very consolidated team, with great experience in the sector and very accessible.’

‘Rafael Bazan – Outstanding in everything.’

‘We have worked with this firm for many years and enjoy doing so. They have a very good knowledge of the market we operate in. They are responsive and reliable.’

‘Alejandro Araoz and Rafael Bazan are both extremely good and commercial in approach. They are very approachable. They understand our sector very well which is very helpful.’

‘Responsive, easy to deal with and straightforward. Consistently high quality across practice areas.’

Key clients

Banking pool led by Bankia, Santander, Deutsche Bank and BBVA

Metal Exchange Corporation

Ellington Management Group

Terra Firma Capital Management

Trainvest SAS

Tikehau Management

Savile Funding 2 Sarl

Capza

GoldCup 20117 AB (Rockton Group)

Anthesis Group

Palatine Private Equity

JP Morgan

LCM Partners

Global Loan Agency Services (GLAS)

Work highlights

  • Assisted Terra Firma Capital Management with the negotiation and signing of the contracts to finance the costs arising from the filing of lawsuits against the dairy companies sanctioned by the CNMC by 300 farmers.
  • Advised Curium Pharma Spain on the extension and ratification of the existing security package as a result of the extension of the financing tranches.
  • Acted for JP Morgan on the acquisition of Global Release Liners from Magnum Industrial Partners by Neenah Grows, and on the granting of the Spanish security package in the asset-based lending financing.

BROSETA Abogados

The broad finance offering at BROSETA Abogados covers a range of domestic and international matters, with restructuring and lender-side transactional work being strengths. The team has also recently bolstered its regulatory services by coordinating with new additions at the firm’s Zurich office. Antonio Navarro heads the practice, supported by ‘outstanding lawyerCarlos Gutiérrez and Miguel Navarro, who excels in distressed debt and restructuring matters.

Practice head(s):

Antonio Navarro

Other key lawyers:

Carlos Gutiérrez; Miguel Navarro; Manuel Monzó

Testimonials

‘I know the Madrid team led by Carlos Gutierrez. Great technical knowledge, and very flexible when facing problems and leading solutions. very accessible.’

‘Carlos Gutierrez: outstanding lawyer.’

‘Accessibility, dedication, knowledge of the sector.’

‘Carlos Gutierrez, Julio Veloso. They are very well prepared, accessible people, they know the sector and the legal instruments to apply at all times.’

‘Very accessible and with great legal knowledge of the financial and banking area.’

‘Broseta’s team, headed by Carlos Gutiérrez, has extensive experience in advising financing operations in the real estate sector. Precisely this experience and diversity of operations carried out is one of the added values that stands out with respect to internal legal teams. It has a substantial advantage which is the availability and involvement of the partner in the project. This provides peace of mind in the development and execution.’

‘The availability and involvement of Carlos Gutiérrez in operations. Carlos is a person with deep technical-legal knowledge of the financial area. In addition to providing knowledge and experience, he is a person of close treatment and with excellent management skills and coordination of the process.’

‘Broseta’s team in the area of financial restructuring has a very high professional training and has found a solution to the problems that we have faced in all circumstances.’

‘The availability, the agility in solving complicated situations, the practicality, cordiality, etc. etc. Specifically, our relationship is established through Miguel Navarro.’

Key clients

Banco Santander

CaixaBank

BBVA

Bankia

Banco Sabadell

Bankinter

Sareb

Merlin Properties

Alteralia

Findango Finance

Work highlights

  • Advised ING Belgium on a multi-jurisdictional receivables purchase and servicing agreement for a total value of €130m.
  • Assisted the concession company for Canal de Navarra with the negotiation, implementation and execution of the syndicated facility project finance.
  • Advised the banks financing Diverxia Infraestructuras’ design and construction of three solar energy plants in Huenejar, Granada.

ONTIER

ONTIER's banking and finance group saw some personnel changes in 2021, with Álvaro Barro joining from Watson Farley & Williams LLP to take over leadership of the team; previous practice head Ramón Ruiz de la Torre Esporrín left in March 2021. Barro’s specialist area is in project finance, particularly in the energy sector. He is supported by senior partner Alberto Manzanares, who has overseen the firm branching into banking work in recent years.

Practice head(s):

Álvaro Barro

Other key lawyers:

Alberto Manzanares

Key clients

Ride On Consulting

Banco De Sabadell

Grupo Norte Agrupación Empresarial de Servicios

RedMaine Junction

Transportes Boyaca

Bankinter

EBN Banco De Negocios

Deutsche Bank

Banca March

Banco Sabadell

Ride On Consulting

Duro Felguera

CIFI Latam

Work highlights

  • Acting for Fondo de Garantía de Depósitos De Entidades De Crédito (FGD) on a bridge loan with a syndicate of seven banks on a corporative loan on an amount of €4bn.
  • Advised Servicios Finacieros Carrefour on the sale of a portfolio of unsecured non-performing loans worth €178m to a Portuguese investment group.
  • Acting for Banco de Sabadell on the €44m refinancing of 10MV photovoltaic plants owned by Grupo Alfonso Gallardo.

RocaJunyent

RocaJunyent Spain assists with the full range of finance matters for a client base that includes banks and financial institutions, both domestic and international. The team is a leading player in regulatory and transactional work for fintech, regulatory technology and blockchain clients, establishing a dedicated group for blockchain-related matters; practice co-head Xavier Foz is a key figure here, who also advises across the breadth of matters. Managing partner Joan Roca's practice has a particular emphasis on financial regulatory matters and complex M&A.

Practice head(s):

Xavier Foz; Joan Roca

Other key lawyers:

Jordi Bermúdez; Joaquim Matinero; Joaquim Via

Testimonials

‘It is a team that is always available and that is up to date with all the news in its field. They are at the height of much larger offices.’

‘Xavier Foz is the partner with whom I have dealt and both in professional and personal treatment he has always been excellent.’

‘Joaquim Via is an excellent professional from my point of view, he works very quickly and with great availability, always attentive to details.’

‘We value the service provided by Roca Junyent very positively, especially due to the agility and solidity of the technical criteria and contributions made. Roca Junyent professionals are easily accessible and quick to respond, and provide a comprehensive service, allowing permanent support and the client feeling accompanied at all times. The service provided goes beyond the issuance of technical criteria, accompanying the client in making decisions.’

‘The most outstanding aspects are: High involvement and high understanding of the client and their environment. Proximity to the client’s reality and its economic-social-corporate environment, which facilitates the understanding of the circumstances surrounding the matters that are the subject of advice. Agility in collaborations, in some cases of a global and multidisciplinary nature (covering several specialties). Its high involvement in the projects, and its proximity and accessibility, which guarantees the quality of the service provided.’

Key clients

Institut Català de Finances (ICF)

CaixaBank

Bankinter

Unicredit

Commerzbank

Opera-Dify

Ferratum Bank

Banc Sabadell

Solaris Bank

Rankia

Simmons & Simmons

The ‘large, flexible team' at Simmons & Simmons in Spain focuses on debt issues, including restructuring and distressed debt trading, acquisition finance and structuring, and real estate finance. A team of three head the department: syndicated loans expert Álvaro Muñoz; María Tomillo, who is the name to note for financial services regulation; and debt capital markets team leader Alfredo de Lorenzo. From a deep pool of non-partner lawyers, Paula Millán stands out, advising investment banks and hedge funds in their distressed debt claims trading in Spain.

Practice head(s):

Álvaro Muñoz; Alfredo de Lorenzo; María Tomillo

Other key lawyers:

Ignacio Gonzalez; Paula Millán; Jorge Puyol; Enrique Novo; Irene Manzanera

Testimonials

‘Large, flexible team, clear advice.’

‘The strength of overall team is the key.’

‘The team has been able to explain certain Spanish law principles very well to me (non-Spanish). They respond quickly to any questions and are very proficient in the English language.’

‘Alvaro Munoz: excellent knowledge on syndicated loans and security rights under Spanish law.’

Work highlights

  • Advising a Spanish financial institution as borrower in a €326.75m financing for a syndicate of banks.
  • Assisted an international insurance company with setting up a branch in Spain.

Andersen

The banking and finance team at Andersenknows how to lead and control the process at all times‘, assisting with corporate finance operations and financial regulation issues. At the firm’s Madrid office, practice head Guillermo Yuste has wide experience in cross-border financial transactions, project finance in renewable energy and infrastructure, as well as debt restructuring, insolvency and asset financing. Miguel Prado is the contact for regulatory matters. Carlos Salinas left the firm in early 2022.

Practice head(s):

Guillermo Yuste

Other key lawyers:

Miguel Prado

Testimonials

‘Being a small office, you interact directly with the partner. This is added value compared to large law firms. The treatment is direct and professional.’

‘Guillermo Yuste – his direct treatment, personal attention to the client and efficiency when solving problems makes him an essential ally to handle complex matters and solve them in a short time.’

‘In a negotiation, what is appreciated is the direct and constant involvement of the partner responsible for the issue.’

‘The team knows how to lead and control the process at all times, unloading work on the internal legal advice but knowing at the same time keeping it informed and participating in relevant matters.’

‘They are great professionals who have a lot of knowledge of all the issues they have for us (regulatory, compliance, commercial, tax, …). What I would highlight the most is that they are always willing to go one step further to satisfy their clients. They are very good.’

‘They do not limit themselves to covering the services / tasks requested, they always go one step further. Besides, they are very good people.’

Key clients

Orange Bank

FCA Capital Bank

Mouro Capital

Finadvant

I-80 Group

Impar

Suitaprest

Atlan

Cardtronics

Stahler Real Estate

Ankasons Property

Novo Banco

Avanzalia Solar

Famar Group

KGAL Group

Grupo Inversor Hesperia

Caixabank

Iberia Cards

Corporación Habanos

Work highlights

  • Assisted FCA Capital with the restructuring of its Spanish business.
  • Acted for Orange Bank in the Request for Proposal (RFP) for the preparation of a compliance risk and control map.
  • Advising Mouro Capital on post-Brexit actions to be taken in Spain.

Bird & Bird

Financial regulation and compliance are areas of strength for Bird & Bird's banking and finance practice, with structured finance, receivables and distressed portfolio sales and financing in the sport and aviation sectors all being further areas of note. Department head José Luis Lorente Howell has broad experience in finance matters and has acted for domestic and foreign banks in regulatory matters. He also leads the firm’s aviation sector group.

Practice head(s):

José Luis Lorente Howell

Other key lawyers:

Elena Martínez; Isabel Rodríguez

Key clients

Techstyle

Fiduciam Nominees

Mediolanum Group

Banco Santander

Amadeus IT group

Euro 6000

Banco España Merchant Services

Euro Automatic Cash (EAC)

BNext

Open Bank

Renovalia Energy Group

Crowdcube

Pago NXT

Job and Talent Group

Macquarie Bank

Cases&Lacambra

Cases&Lacambra fields a market and financial services practice group with ‘specialised knowledge of the financial sector‘, assisting with a range of cross-border matters for its clients, which include key client CaixaBank. Managing partner Miguel Cases has extensive experience advising financial entities and both public and private funds, and Toni Barios leads on the full spectrum of financing work. The trio co-lead the team. Ignacio Ramos has left the firm.

Practice head(s):

Miguel Cases; Toni Barios

Other key lawyers:

Araceli Leyva

Testimonials

‘Good technical knowledge of the cases that arise, as well as solutions provided in cases of potential conflict. Good level in the responses and closing of the topics.’

‘Specialized knowledge of the financial sector and immediacy of the partners who deal directly with the issues.’

‘I’d highlight Araceli Leyva for her specialization in corporate governance and ESG issues. The drive and closeness of its founding partner Miguel Cases.’

‘Availability of both lawyers and partners, knowledge and solutions.’

Key clients

European Federation of Energy Traders (EFET)

CaixaBank

Cordia Iberia Holding

Fiscalter Inversiones 2013

Work highlights

  • Assisting the EFET with drafting legal opinions on the validity and enforceability of master netting agreements in Spain.
  • Advised CaixaBank on the financing of the management buyout of a communications and event planning agency in Spain.

Deloitte Legal

The ‘young, dynamic team' that handles banking and finance work at Deloitte Legal excels in the area of financial regulation. Clients include syndicates of heavyweight banks with a presence in Spain, as well as other key names in the payments and lending space. Francisco Ramírez Arbués leads the financial regulation and fintech groups, co-leading the wider team with María Guinot, who focuses on regulatory and compliance matters across practice areas. Inspector of credit institutions on leave, Manuel Gómez Gilabert is a further contact to note.

Practice head(s):

Francisco Ramírez Arbués; María Guinot

Other key lawyers:

Manuel Gómez Gilabert; Eva Santervás Garrido; Leovigildo Domene; Miguel Bercedo

Testimonials

‘Francisco Arbués’ team is one of the best in this practice. They know the payments sector very well, understand the business and are up to date with what is happening in the market and the perspective of regulators. It is a pleasure working with such a proactive, friendly and easy to understand team.’

‘Francisco Arbués and Miguel Bercedo: They know how to make themselves understood, listen to the needs of companies and respond with an easy and agile language. They are very reliable and very quick to answer and participate.’

‘Their high qualification, professionalism, their contribution of multidisciplinary teams (legal and IT) and their excellent adaptation to the client’s needs.’

‘Its high technical level, courtesy and kindness in dealing with the client, its enormous capacity to adapt to the client, its efficient coordination with other non-legal areas with which they work on some regulatory projects (such as Deloitte’s IT area) and the outstanding leadership of the partner in the area to achieve optimal team work.’

‘It is a young, dynamic team with deep knowledge of its work. The Deloitte team for me, in financial regulation, is the most complete team in Spain, and on a technical level, their work is technically very solvent and efficient.’

‘In my opinion, Francisco Ramirez Arbués is, without a doubt and without question, the best of his class. Eva Santervás has given us a lot of 360º support in a very complex context and she is an excellent lawyer of a great professional and human category.’

Key clients

American Express

Pagantis

Deutsche Bank

Singular Bank

Openbank

Unicaja

Abanca

Banco Sabadell

Banco Santander

Amistra

Trea Asset Management

UBS Gestión

Credit Suisse Asset Management

Tressis Gestion

Cobas Asset Management

Lombard Odier

Aurica Capital Desarrollo

Kobus Partners

Albatros Activos XXI

Pago FX

Banco Inversis

Andbank

Unicaja-Liberbank

Caixa-Bankia

Banco Alcala

ING

Work highlights

  • Advising American Express and other financial institutions on their digital transformation, including supporting their business, legal and compliance areas to redesign new digital contractual processes.
  • Assisting Banco Santander with the regulatory issues regarding the implementation of a global trade services strategy within its PagoNxt project.
  • Advised Kobus on the issuance of €100m guaranteed senior secured Bonds due in June 2038 and €16.7m floating rate guaranteed senior secured bonds due December 2031.

KPMG Abogados, Spain

KPMG Abogados, Spain is praised for its ‘magnificent knowledge of regulation', one of the specialist areas for its banking and finance practice, along with asset finance in the shipping and aviation sectors. Practice head Francisco Uría Fernández is a regulatory expert in banking, capital markets and insurance, while Pilar Galán Gavilá and Alfonso González Espejo are also key names for financial regulation. Luis Fernández Santos is the team’s foremost specialist in structured asset and infrastructure finance.

Practice head(s):

Francisco Uría Fernández

Other key lawyers:

Pilar Galán Gavilá; Alfonso González Espejo; Luis Fernández Santos

Testimonials

‘Great knowledge of the sector.’

In my opinion, Francisco Uría stands out, for his global knowledge, Pilar Galán, for her technical rigor and knowledge, but above all, for her listening skills and respectful and prudent attitude (in the sense of pointing out all the possible pros and cons of what analyzed, not saying what she thinks the client wants to hear or the fixed idea that the firm may have); with Pilar, her entire team, who have a similar attitude.’

‘It is a well-coordinated team that, in general, knows how to listen. When doubts arise that may be the domain of other partners, they are quickly transferred and they offer answers or coordinate meetings.’

‘Knowledge of regulation in financial and banking matters and also the practical sense for its application.’

In my opinion Francisco Uría has the best legal knowledge of the financial sector as a whole.’

‘Ease of access to them, practical sense of their analysis and deep knowledge of the subject. In our case we work with Alfonso González Espejo and Francisco Uría.’

‘It is an office that is always up to date with regard to the latest regulations in banking and financial matters and we use them to set criteria, with respect to internal opinion, in the projects for the implementation of regulations in our organization.’

‘Magnificent knowledge of regulation and a practical vision for its application in organizations as large as ours can be.’

Key clients

Santander Consumer Finance

Banco Santander

FCE Bank

Lloyd’s Insurance Company

Cecabank

Equifax Ibérica

CaixaBank

Credit Suisse

Banco Cooperativo Español

United Europhil, Entidad de Pagos

Patrizia Eurolog

Work highlights

  • Acting for Santander Consumer Finance in the renegotiation and repapering of the derivative agreements and collaterals of the entity and subsidiaries.
  • Advised investment manager Patrizia Eurolog on a syndicated loan of €402.6m financing its acquisition of a portfolio of real estate assets in Spain and other jurisdictions.
  • Assisting CaixaBank and other financial entities with group restructurings necessary due to Brexit and providing assessments of the latter’s regulatory implications.

Watson Farley & Williams LLP

Watson Farley & Williams LLP's ‘highly professional and responsive team' has a strong reputation in the project finance space, particularly in energy, while maintaining a broad offering that also covers acquisition finance, asset finance and restructuring. Practice head Rodrigo Berasategui advises public and private developers, sponsors, insurers and specialised funds on a range of financing schemes in energy and infrastructure. Jose María Anarte is also a key contact.

Practice head(s):

Rodrigo Berasategui

Other key lawyers:

Jose María Anarte; Pablo San Gil; Ignacio Cacho

Testimonials

‘WFW’s banking and finance team is characterized by its willingness, good delivery, adaptability and commercial focus.’

‘Good lawyers who know the sector well and the type of operations we work with.’

‘Very qualified and professional team that involves everything necessary to carry out operations.’

‘The closeness and understanding of the operation as well as the key points to manage with the team of internal lawyers. Pablo San Gil and Ignacio Cacho.’

‘I would highlight José María Anarte for his commercial approach and reasonableness in negotiations, capable of understanding the client’s needs and priorities and adapting to them, with a pro-deal vision. From a personal point of view, I would also highlight that he is a very empathetic person, with an always positive attitude and impeccable treatment.’

‘Dedicated and highly professional and responsive team.’

‘As strengths I believe that the generation of trust, knowledge of the client and the counterpart of the commercial business, their needs and versatility of working with teams from outside Spain, when necessary. It compares favorably with other firms since this trust and knowledge (client and product) generates the speed of execution of the operations that we need.’

‘Closeness and knowledge of the different stakeholders of the market in general. Specialization, agility, transparency and long-term vision of the relationship beyond the specific needs of a specific operation.’

Key clients

Investec Bank

Banco Santander

Banco de Sabadell

Sonnedix

Østensjø Rederi

Edda Wind

Intership

Banca March

KFW

Compañía Española de Financiación del Desarrollo (Cofides)

Novo Banco

BBVA

Natixis

CaixaBank

Edmond de Rothschild

Work highlights

  • Advised the lenders and arrangers on the €732m refinancing of a 120 MW thermo solar portfolio of three concentrated solar power (CSP) plants in Spain owned by Q-Energy.
  • Acted for Saeta Yield in the €273m and €261m refinancing of some facilities agreements related to two CSP plants.
  • Advised Cubico Sustainable Investments on the refinancing, via a green loan, of the Moron and Olivenza CSP projects in Seville and Badajoz, Spain.

ECIJA

ECIJA stands out for its sizeable offering for fintech and financial regulation, in which it advises a host of multinational banks and financial entities. Managing partner Alejandro Touriño has a grounding in IT and technology law, providing a strong base for the team’s fintech work. María González, Cristina Villasante and Alonso Hurtado are key contacts for compliance in the fintech space as well as wider IT issues for financial entities. Magdalena Bertram concentrates on transactional matters.

Other key lawyers:

Alejandro Touriño; María González; Alonso Hurtado; Magdalena Bertram; Cristina Villasante; Daniel López Carballo; Patricia Liñan; Juan Eugenio Tordesillas

Testimonials

‘The team is always available and fully understands the needs of the business. It always puts itself in our position and does not limit itself to indicating what the norm says. Tries to find new alternatives with us. The relationship with the team is also unbeatable.’

‘María González is always aware of our needs and available, she also has extensive knowledge of regulation in data matters, PSD2 and in general in matters related to the digitization of financial services.’

Key clients

World Bank

Santander Bank

American Express

ING Bank

Bnext

Bank of Portugal

Bank of Spain

Bankinter Consumer Finance

SAP Concur

Signaturit

RCI Bank

VWFS – Volkswagen Financial Services

BBVA

Santander Consumer Finance

WiZink Bank

Euro 6000 (E6K)

Pichincha Bank

Triodos Bank

Bankia Bank

Paymatico

BFF Bank

Viabill Platform

PagoNxt

Directa24

Iberaval

Kineox

Monese

EPI (European Payments Initiative)

Zotapay

Commerzbank

Rabobank

La Caixa

PSA Finance

Spanish Banks Consortium

Work highlights

  • Advising Banco Santander’s PagoNxt Platform on regulatory and legal matters.
  • Assisting Wizink with the technological and regulatory impact on matters such as banking regulations, fraud prevention and debt recovery, among others.
  • Acting for a consortium of twelve Spanish banks in their joint participation in the European Payments Initiative (EPI) project for the creation of a European payments solution.

Eversheds Sutherland

The key strengths of Eversheds Sutherland‘s financial services practice are in asset-based lending, real estate finance and regulatory advice for international clients. Counsel Teresa Villarroya Vargas is a highly regarded lawyer with extensive experience acting for private equity funds and large companies as borrowers in project and asset financing. Manuel López – who specialises in financing transactions as well as financial regulation – joined from Ashurst LLP in December 2021. Marta Becker is the main associate-level contact.

Practice head(s):

Teresa Villarroya Vargas; Manuel López

Other key lawyers:

Marta Becker

Testimonials

‘The team, led by Teresa Villarroya, has great experience.’

‘My experience in this area has been with Teresa Villarroya, whom I would qualify as an all-terrain lawyer, available 100% every time you need her services, very pragmatic and with great knowledge in financial and banking practice.’

‘The difference in an office is made by people, for me Teresa Villaroya is the one who makes the difference in that department.’

Key clients

Goal Systems

GED Capital

Unicredit

Temprano Capital Partners

Viva Gym Group

Northgate Spain

GenesisCare Holdings Spain

La Farga shopping centre

X-Elio (participated by KKR Fund and Brookfield)

KPA Union Group OY

Merck KGaA

Quercus Real Assets

Sonnedix Management

Ace Money Transfer (ACE Money)

Ortho Clinical Diagnosis

Work highlights

  • Advising Goal Systems and its shareholders on the amendment (AMA) of the financing of the company for the development of the expansion strategy business plan.
  • Acting for GED Fund (as purchasers) on the tax, legal and labour due diligence process for the acquisition of a majority share in Comess Group to Oquendo Capital Partners.
  • Advised Temprano Capital Partners on the refinancing agreement granted by Bankia on the acquisition of a shopping mall in Spain.

EY Abogados

The ‘efficient and responsive‘ team at EY Abogados advises debtors and guarantors on acquisition finance, refinancing and receivables finance. The team also assists both lenders and borrowers with project financing for real estate, travel and leisure developments. Gonzalo Martín De Nicolás leads the team and is now joined by Andrés Lorrio, who was hired from Jones Day in January 2021.

Practice head(s):

Gonzalo Martín de Nicolás

Other key lawyers:

Andrés Lorrio; Guillermo Crespo Gómez

Testimonials

‘Practical and commercial. Always acting in the best interest of the client. Efficient and responsive.’

Key clients

Incus Capital

Abanca Corporación Bancaria

Quaero Capital

Minoryx Therapeutics

Resilience Partners

Abac Capital

Nupik

Banco de Crédito Social Cooperativo

Bankinter

Work highlights

  • Advised a concessionaries companies managed directly by Quaero Capital on the subrogation, amendment and assignment of the existing financing agreements due to their acquisition by Quaero Capital.
  • Advised Official Credit Institute (ICO) on several international financing transactions.
  • Assisting Bankinter with the financing of several technology-sector research and development projects.

Lesayra

Abraham Nájera Pascual, his team in banking and finance and two M&A partners founded Lesayra in September 2020, moving from CMS Albiñana y Suárez de Lezo. Nájera had led the banking practice there for ten years and brings that experience and reputation to the new firm, which acts in a range of financing matters for banks, financial institutions and small and medium-size businesses in Spain.

Practice head(s):

Abraham Nájera Pascual

Other key lawyers:

Concepción Padilla

Testimonials

‘Lesayra’s team is complete and stands out as they are fully coordinated and handle client information at all times.’

‘Abraham Nájera – immediate response, availability and prompt resolution to the questions and problems raised.’

‘The team shows a knowledge and a relationship with the client that is difficult to find. Maximum quality.’

‘Knowledge of the law, practical application, problem solving, communication skills.’

‘Very good knowledge of the financing market and activity related.’

‘Our experience with Lesayra has been very positive, both Abraham Najera and Concepcion Padilla were available at all times and understood at all times what was relevant for the client when negotiating and closing the legal part.’

‘It is a team with experience in many types of operations, which has been working for funding entities for years and this is evident in the ease of understanding our needs from the business point of view and greatly facilitates the relationship with internal legal advisors. who already know them well. For me it is a top-of-the-line team that we have continued to trust for many years.’

‘The entire team led by Abraham Nájera has been working very uniformly for years. They are agile and understand that we even have to anticipate our needs as clients. I have the feeling that they have focused on ensuring that the service, the way it is provided, is also of the highest quality. Their closeness and availability are also appreciated.’

Key clients

Banco Santander

Metropolitano de Tenerife

Banco de Sabadell

Caixabank

Ritmo Capital

Deutsche Bank

Itaú BBA

Zürcher Kantonalbank

BBVA

Bankinter

Clínica Juaneda

CBRE Global Investors Southern Europe

Hemisphere Yachting Services

Abanca

Ibercaja

Unicaja

Iberaval

Cajamar

Liberbank

Avalmadrid

Alto Cedro Financial Services

Annu

Work highlights

  • Advised Ritmo Capital on loans and credit facilities and convertible notes transactions closed with Sabadell Venture Capital, Inveready and Espai.
  • Assisted Metropolitano de Tenerife with cancelling the existing project finance funding scheme and the European Investment Bank financing for the construction and management of the public light rail passenger transport service, through the issue of its first green bond.
  • Advised Banco Santander on the amendment of the financing for the acquisition of an office building in Málaga.

López-Ibor Abogados

López-Ibor Abogados covers corporate finance, refinancing, direct lending and regulatory issues, while its standout specialisms come in aviation finance and fintech. The practice has an international scope and practice head Alfonso López-Ibor is well versed in financing deals with cross-border elements. Associate Olivia López-Ibor assists with aviation finance and fintech matters.

Practice head(s):

Alfonso López-Ibor

Other key lawyers:

Pablo Stöger Pérez; Olivia López-Ibor

Testimonials

‘Very knowledgeable, professional and easy to interact with.’

‘Easily available, patient and approach issues with open mind.’

Key clients

Bitpanda

Stemcor London

AP Wireless

Royal Bank of Scotland (RBS)

MCV-CAP Beteiligung

DVB Bank

MUFG Bank

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

Jobchain

China Aircraft Leasing Group (CALC)

Work highlights

  • Assisted Bitpanda with an expansion project carried out to introduce its business model into Spain.
  • Advised Stemcor London on amending and restating its syndicated facility agreement with ING to include another guarantor and a third-party provider.
  • Acted for AP Wireless in securing its obligations under a facility agreement entered with GLAS Trust as security agent and Goldman Sachs Lending Partners as agent.

PwC Tax & Legal Services

Operating within the firm’s wider corporate and M&A offering, the banking and finance team at PwC Tax & Legal Services acts in bank financing, direct lending transactions and bond issuances, as well as supporting financial entities in their M&A. ‘Outstanding lawyer' Beltrán Gómez de Zayas heads the team and has extensive experience in the sale of NPLs and other non-core assets of financial entities.

Practice head(s):

Beltrán Gómez de Zayas

Other key lawyers:

Javier Mateo; Javier Cano; Emilio Aparicio

Testimonials

‘Strong involvement and commitment to the client’s objectives.’

‘PwC banking and finance is an outstanding team that has extensive experience and capacity in NPL transactions and financing.’

‘Beltrán Gómez de Zayas is an outstanding lawyer.’

‘We have worked with PWC in a complex process, with multiple geographies and diversity of guarantees, and they favorably resolved the challenges that the contractual documentation required.’

‘I have been working with Beltrán for several years in financial and real estate matters. The accumulated knowledge and experience help to carry the topics in a better, faster and more efficient way. The team is very strong and is always available for more work while maintaining the same high level.’

‘Beltrán Gómez de Zayas has a very high commercial knowledge of the industry and the sector. He is a very commercial lawyer with a clear focus on results, which is appreciated. He gets very involved in operations.’

‘Emilio Aparicio is an associate with a bright future due to his capacity for work, knowledge and management of people and times.’

‘Strong involvement and commitment to the client’s objectives. Proven experience in large operations that require coordination with multiple interlocutors.’

Key clients

CIO Spanish Finance (Castlelake)

Izilend Gestión España (Glencar Investments XXI)

Levante UD

Soltec Energías Renovables

Prodiel

Family Cash

Parentes Foundation (UNIR)

Wizink

Unicaja

ING

Work highlights

  • Advised CIO Spanish Finance in the financing granted to a real estate company for the acquisition of several plots.
  • Acting for Izilend in executing all its secured lending deals, including due diligence and structuring.
  • Advising Levante on a real estate financing transaction (direct lending) entered into with the investment fund Benjamin de Rothschild Infrastructure Debt Generation.

Squire Patton Boggs

Squire Patton Boggs is best known for its comprehensive coverage of the renewable energy financing market, acting for lenders, including mezzanine lenders and infrastructure funds, on domestic and international project financing for renewable energy greenfield projects. Manuel Mingot leads the project finance team, while Antonio Canadas is the key contact for corporate finance transactions. In June 2021, the department was further strengthened by the arrival of Pablo Rodríguez Abelenda, of counsel Ana Bohórquez and associate Diego de Egea.

Practice head(s):

Manuel Mingot

Other key lawyers:

Antonio Canadas; Alfonso López; Pablo Rodríguez Abelenda; Ana Bohórquez; Diego de Egea

Testimonials

‘Tailor-made responses.’

‘High availability. Client-focus by understanding well what the client is looking for. Strong reactivity. Best law firm in the energy and financing sector that has advised us as of today.’

Key clients

Eiffel Investment Group

Ibereolica

Bayern LB

Solaria Energía y Medioambiente

Capital Energy

EDF Trading

Acofi Gestion

Welink Energy

Langa International

Acciona Energia