The Legal 500 > Europe, Middle East & Africa > Spain > Capital markets: Debt

Specialising in securitisation and structured finance transactions, Clifford Chance acts for major Spanish banks in early commissioning programmes and euro MTN programmes. In addition, the firm has expertise in covered bond issuances and advises on syndicated bond issues, as well as US and European private placements. The team is co-led by debt and equity capital markets expert Yolanda Azanza; José Manuel Cuenca, who is known for securitisation, structured finance, derivatives and financial regulation; Eduardo García, who specialises in securitisation and structured finance; Antonio Henríquez, who focuses on international debt and equity offerings; and counsel María Luisa Alonso, who has experience in regulatory matters and high yield financings. Also notable in the team is senior associate Jesús Quesada. Carlos Pérez Dávila left to join Pérez-Llorca in 2019.

J&A Garrigues SLP covers a range of debt capital markets work, advising large companies and credit institutions along with medium-sized first-time Spanish issuers. The firm is active in international euro market debt issuances as well as securitisation markets. The practice is co-led by Mónica Martín de Vidales and Álvaro López-Jorrín. They can call on the expertise of Gonzálo García-Fuertes, who has expertise in the issuance of fixed and variable-income securities, equity, tender offers and asset securitisation. A highlight for the team was advising BBVA in matters of Spanish law relating to the issue and sale of Spanish non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities.

Uría Menéndez is experienced in the issuance of debt securities, including issuances of state-of-the-art hybrid securities by financial institutions, as well as issuances in the context of acquisition finance. The firm provides a debt capital markets practice with expertise in the spectrum of products, notably equity-linked bonds, structured and project bonds, and regulatory capital instruments. Rafael Sebastián leads the practice and specialises in capital markets, M&A and corporate restructuring. His team includes Javier Redonet, who is known for company, finance and securities law, and counsel Carolina Albuerne, who focuses on company, securities and banking law.

CMS Albiñana y Suárez de Lezo acts for clients in the areas of structured finance and securitisation, including debt capital markets, derivatives and compliance. The firm is particularly focused on innovation at a geopolitical, regulatory and technological level. César Albiñana leads the practice and has expertise in capital markets and banking law. His team was boosted by the arrivals of Ignacio Zarzalejos, who joined from Uría Menéndez in 2019 and specialises in M&A, as well as corporate and securities market law; counsel Ignacio Ramos, who has experience in advising on financial instruments and risk management and joined from Clifford Chance in 2018; and senior associate Andrea Salgueiro, who joined from the private sector in 2019 and advises on capital markets transactions, structured financing and derivative instruments.

Gómez-Acebo & Pombo advises issuers, underwriters, placement banks and investment services firms in a range of transactions. The firm is experienced domestically and internationally in matters including investment grade international debt offerings, high yield and US private placements. Guillermo Guerra focuses on capital markets, corporate governance and M&A matters. He co-leads the practice with London-based Ferran Foix, who is dual qualified in New York and Spain and assists with cross-border issues, particularly finance and credit work. Also notable in the team are Ángel Varela, who is known for project finance, asset financing, leasing and syndicated finance; senior associate Íñigo Hernáez, who has experience in bond issuances and programmes; and Augusto Piñel, who joined from KPMG Abogados in 2018 and has expertise in IPOs on the main and alternative stock exchanges, securitisations and structured finance.

Acting for multinationals, global venture capital companies and large financial institutions, Latham & Watkins LLP is experienced in a range of transactions, including IPOs, bond issuances and tender offers. The firm also has expertise in special situations and distressed investments transactions. Ignacio Gómez-Sancha leads the practice and advised Hyatt Hotels Corporation on the potential acquisition of all the shares of Spain-based hotel company NH Hotel Group, listed in the Madrid Stock Exchange.

Pérez-Llorca has particular experience in takeover bids, IPOs, public M&A and corporate governance of listed companies. The firm also assists listed companies subject to strict regulations on their M&A transactions, as well as advising on debt capital market transactions involving bond issuances and other type of debt products. Expert in capital markets and corporate law Julio Lujambio leads the team and advises national and international clients on public and private M&A transactions, private equity deals and corporate governance. The practice was strengthened by the 2019 arrival from Clifford Chance of Carlos Pérez Dávila, who advises financial institutions, funds, corporations and multinational companies, with a particular focus on debt capital markets transactions.

The ‘experts in capital markets’ at Ramón y Cajal Abogados cover the spread of transactions and related advisory work, including debt and equity offerings and securitisations, as well as day-to-day advice to listed companies and regulated entities. The firm has expertise in right and share offerings, bond offerings and listings on the Spanish equity MTF, as well as maintaining strong institutional relationships within the securities industry.  The practice is co-led by managing partner Francisco Palá Laguna; Carlos Lao, who represents issuers and financial institutions in matters relating to capital markets and financing transactions; and Andrés Mas, who has expertise in IPOs, equity and debt offerings.

Specialising in cross-border matters, White & Case LLP 'combines dedication with experience', primarily acting for global, regional and domestic financial institutions and corporations. Practice head Juan Manuel de Remedios is dual-qualified in the US and Spain and focuses on global capital markets. His team includes the 'quick and savvy' Yoko Takagi, who has particular strength in debt and high yield offerings for a global client base. The practice represented BNP Paribas, HSBC, JP Morgan and UniCredit in connection with the issuance of €275m 6.50% senior notes, due 2023, by Nordex.

Baker McKenzie has experience in representing issuers, managers and financial entities in bond issuances on the main and alternative investment markets. Practice head Enrique Carretero focuses on capital markets, IPOs, takeovers and public M&A. His team advised a wholly owned subsidiary of Minor International Public Company on the acquisition of a 38.2% stake in the Spanish listed company NH Hotel Group.

Multi-jurisdictional expertise is at the core of DLA Piper’s practice, notably global transactions. Within the field the firm has experience in a range of debt, equity, derivatives, investment management, securitisation and regulatory matters. Iñigo Gómez-Jordana leads the team and specialises in corporate finance and transactions, particularly cross-border M&A and public takeovers.

Simmons & Simmons is known for its ‘flexibility and availability’, as well as its ability to ‘adapt to clients' needs’. The firm is active advising on derivatives and structured products, including IPOs, debt issues, repackaging and securitisation. The ‘always available and very smart’ Alfredo de Lorenzo leads the practice and provides expertise in programmes listed on international stock exchanges involving Spanish or foreigner dealers.