Capital markets: Debt in Spain

Allen & Overy

Allen & Overy has considerable experience in the Spanish debt capital markets sphere, regularly assisting heavyweight financial institutions, both as issuers and underwriters, with debt transactions of all kinds. Banks and IBEX 35 companies instruct the team on complex debt issues, and both green bond issues and ESG transactions have been areas of recent growth, reflecting the diversification of the Spanish market. Charles Poole-Warren and Salvador Ruiz Bachs co-lead the debt capital markets practice, while Ignacio Ruiz-Cámara is the main contact for securitisation, with ‘top professionalAlfonso Gutiérrez supporting at counsel level. Senior associates Cristina Pablo-Romero and Alvaro Rojo are further names to note.

Practice head(s):

Ignacio Ruiz-Cámara; Charles Poole-Warren; Salvador Ruiz Bachs

Other key lawyers:

Alfonso Gutierrez; Alvaro Rojo; Cristina Pablo-Romero

Testimonials

‘A&O has an exceptional and always attentive team. Industry savvy and available.’

‘Alfonso Gutierrez is a top professional who working with is always very easy. A&O stands out for its knowledge and its proximity, with few national firms that can compete with them.’

‘I worked with this team on securitization transactions. The team is excellent and has a very strong knowledge of the securitization product.’

‘The team has a global view of the securitization product.’

Key clients

Santander

Citigroup

BBVA

Morgan Stanley

Amadeus

Caixabank

JP Morgan

Bank of America Merril Lynch

Work highlights

  • Acted for J.P. Morgan and the rest of the managers in the standalone bond issue of €1bn senior notes (two tranches) by Amadeus IT Group.
  • Assisted Bank of America and the rest of the managers and dealer managers on the €1.5bn hybrid bond issuance performed by Repsol, and on the simultaneous tender offer to buy back Repsol’s existing €1bn hybrid bond.
  • Advised BNP Paribas, Banco Santander and Natixis, as arrangers, on the 2021 renewal and update of the €2bn asset-backed debt issuance programme by Columbus Master Credit Cards, Fondo de Titulización.

Clifford Chance

Praised for its ‘mastery and vast experience in conducting debt transactions', the debt capital markets team at Clifford Chance acts for national and international banks, financial investors and corporates in complex debt transactions and securitisations. Standout areas include debt securities issues and EMTN and ECP programmes for Spanish issuers; project finance deals via capital markets; and first-of-their-kind issues of regulatory capital by banks. Eduardo García heads the Spanish global financial markets practice and specialises in securitisation and loan portfolios. Yolanda AzanzaJosé Manuel Cuenca, England and Wales qualified lawyer Antonio Henríquez and regulatory law focused counsel María Luisa Alonso all share leadership duties in the department. Jesús Quesada stands out at the senior associate level.

Practice head(s):

Eduardo García; Yolanda Azanza; José Manuel Cuenca; Antonio Henríquez; María Luis Alonso

Other key lawyers:

Jesús Quesada; Francisco Pizarro

Testimonials

The Clifford Chance Madrid legal team led by Yolanda Azanza is one of the best teams of lawyers in Europe specialized in capital markets. The quality of their service is excellent, as are their mastery and vast experience in conducting debt transactions.’

‘Compare favourably with their peers for their experience, knowledge and closeness.’

‘Yolanda Azanza: closeness, availability, security, experience.’

Key clients

Blackstone

J.P. Morgan Securities

Aedas Homes

BBVA

CaixaBank

Abanca Corporación Bancaria

Enagás Financiaciones, Unipersonal

Abertis Infraestructuras Finance

Bofa Securities Europe

Allianz Global Investors

Banco Santander

European Investment Bank

Wizink Bank

Work highlights

  • Advised the tentative founders of a proposed privately owned European Football competition, the “Super League”.
  • Advised Blackstone in connection with a facilities agreement for the partial finance of the cost of the land acquisition and development of three micro living residential sites in Spain.
  • Assisted J.P. Morgan Securities with the financing of four logistics projects to be developed across Spain.

Cuatrecasas

Cuatrecasas is one of the go-to Spanish firms for debt capital markets matters, advising on issuance and placement of debt securities and the full range of bonds. Services also include advice on MTN programmes and on OTC derivative instruments, and the team has a considerable market share for the incorporation of securitisation funds, with Jaime de la Torre a key contact in that regard. Rafael Mínguez has extensive experience in national and international transactions, and Barcelona-based partner Héctor Bros assists international banks and funds with debt restructuring and distressed debt transactions. Miguel Cruz specialises in securitisation transactions, debt security issues and international high-yield bond issues.

Practice head(s):

Íñigo Rubio; Beatriz Causapé

Other key lawyers:

Jaime de la Torre; Rafael Mínguez; Héctor Bros; Miguel Cruz

Key clients

Sareb

Banco Santander

Elecnor

El Corte Inglés

ING Bank

DBRS Ratings

Bank of America

Caixabank Titulización

Santander de Titulización

BBVA

Elecnor

Meliá Hotels International

Buran Energy

Vía Célere

Premier España

General de Alquiler de Maquinaria (GAM)

Santander Consumer Finance

Banco Cetelem

PSA Financial Services Spain

Unión de Créditos Inmobiliarios

Work highlights

  • Advising Banco Santander on incorporating the securitisation fund Santander Consumo 4, FT, and issuing securitised bonds.
  • Assisting El Corte Inglés with a €600m senior guaranteed bond issue for a term of three and a half years.
  • Advising Gestamp Automoción on issuing a €600m commercial paper programme on the Spanish Alternative Fixed-Income Market (MARF), guaranteed by the Spanish State Finance Agency.

Garrigues

Garrigues remains one of the leading names in domestic debt capital markets transactions and securitisations, and the firm also stands out for its presence in Latin America. A recent highlight saw the team advising the initial purchasers in EnfraGen’s refinancing, which included a high-yield note issued by two Spanish co-issuers. This was led by Gonzalo García-Fuertes, who is frequently involved in first-of-their-kind matters in the Spanish market. José Luis Palao has over 20 years of experience advising corporates and financial institutions on capital markets matters, while Naiara Bueno is an up-and-coming lawyer in the firm’s Barcelona office. Principal associates Li Jun Chen Lin and Marta López-Brea are also noted.

Practice head(s):

Mónica Martin de Vidales; Álvaro López-Jorrin

Other key lawyers:

Gonzalo García Fuertes; Jose Luis Palao; Naiara Bueno; Li Jun Chen Lin; Marta López-Brea; Clemente Mateo

Testimonials

‘Garrigues is a leading firm in fixed income issues.’

‘Experience, quality and personalized treatment. Of the team I highlight mainly Gonzalo García Fuertes and Marta López-Brea.’

Key clients

Liberty Latin America

Enfragen Group

Audax Renovables

BBVA

Santander

Deutsche Bank

Banco Sabadell

Geopark

Via Célere

Red Eléctrica

Work highlights

  • Acted for BBVA and Europea de Titulización in an auto securitisation deal (BBVA Consumer Auto 2020-1) of credit rights derived from auto-consumer loans, and the subsequent issuance of notes.
  • Advised the initial purchasers, notes trustee and collateral agent on the refinancing of financial debt of the EnfraGen Group agent in relation to a New York law co-issuance by Enfragen Spain, Prime Energía, and Enfragen Energía.
  • Advised Audax Renovables on the issuance of green eventually convertible notes and its subsequent listing on the Frankfurt Stock Exchange.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo‘s increasingly diverse offering in debt capital markets has grown to cover areas including investment grade debt offerings, high-yield bonds and private placements. The team stands out for providing frequent counsel to US private placement investors in Spanish transactions, and for its longstanding securitisation practice. Practice co-head Guillermo Guerra is recommended by a client as ‘the right partner for a capital markets strategy', and his partner in leading the practice is Ferran Foix, who handles cross-border work and divides his time between Madrid and London. Augusto Piñel and securitisations specialist Fernando Herrero are also key contacts.

Practice head(s):

Guillermo Guerra; Ferran Foix

Other key lawyers:

Augusto Piñel; Santiago Gómez-Acebo; Fernando Herrero; Iñigo Hernáez; José Francisco Canalejas

Testimonials

‘It is a senior team with a lot of experience, which allows you to reduce the time to market of projects since they understand from the beginning the structure to be created.’

‘GA_P is a wonder law firm. From the beginning to the closure of our matter, we have received complete and concrete assistance from our law firm. It is very important to have a great partner in your journey through capital market and definitely GA_P is the right one.’

‘Guillermo Guerra Martin is a wonderful professional, company oriented consultant and the right partner for a capital markets strategy.’

Key clients

Deutsche Bank

Laurion Alternative Deposits

J.P. Morgan Asset Management

Pepper Spanish Servicing

PGIM Private Capital (Prudential Group)

Pricoa Private Capital

Técnicas Reunidas

EBN Banco De Negocios

Grupo Sampol Ingeniería

Renta 4 Banco

EBN Titulización, Sociedad Anónima Unipersonal, S.G.F.T. EBN Gesternova, Fondo De Titulización

EBN Titulización, Sociedad Anónima Unipersonal, S.G.F.T. EBN Alpha Sector Privado, Fondo De Titulización

Work highlights

  • Advising the ad hoc group of bondholders on the Spanish law aspects of the 2020 refinancing and 2021 restructuring of the financial debt (high-yield bonds) of Grupo Codere.
  • Acted for Laurion Alternative Deposits and its general partner, Laurion AM, in the incorporation of a notes issuance programme for a maximum amount of €100m on the Vienna Third Market.
  • Advised PGIM Private Capital, subscriber of the $150m private placement bond shelf facility with 12-year maturity of Mecalux.

Linklaters

The ‘multidisciplinary‘ debt capital markets team at Linklaters is praised for its ‘deep knowledge of the practice‘ and has an established client base of both Spanish and international banks and Spanish IBEX 35 corporates, which it assists with inbound and outbound transactions. Hybrid and project bonds are particular strengths, alongside traditional standalone issuances, while the team also has a robust securitisation offering. Jorge Alegre‘s recent work has included advising on the issue of senior notes by Ferrovial, and several issues of regulatory capital instruments by multinational financial institutions. He co-leads the practice with experienced managing partner Íñigo Berrícano and English law partner Federico Briano. Counsel Juan María Lamo and Pablo Medina, who made partner effective May 2022, are also key contacts.

Practice head(s):

Jorge Alegre; Íñigo Berrícano; Federico Briano

Other key lawyers:

Pablo Medina; Juan María Lamo; Alberto García Linera

Testimonials

‘They are super-experts in the field and their advice is always of the highest quality. The best in Spain in the capital market: fixed income.’

‘Maximum availability and efficiency. They are practical and know the market very well.’

‘Multidisciplinary team, with resources and aware of the latest legal and market trends. Tier 1 in Spain.’

‘The standard of excellence is absolute and there are at least 5 counsels or partners that can carry out any operation. In addition, they participate in the entire spectrum of operations. Special mention to Jorge Alegre and Juan María Lamo, who, in addition to having enormous legal knowledge, provide an unbeatable practical and commercial vision.’

‘Magnificent experience. Deep knowledge of the practice. Excellent availability. High-level joint professional skills.’

‘Magnificent team on a professional and personal level.’

‘Absolute availability, exceptional customer service.’

‘Expertise, informative capacity, patience and treatment (kindness) with the client, realism when posing challenges without lacking due ambition.’

Key clients

Six

Eolia Renovables

Saeta Yield

Haya Real Estate

Deoleo

Abertis

Fluidra

Ferrovial.

Cellnex

Banco Santander

BBVA

Bankinter

CaixaBank

OHC

Iberdrola

Q-Energy

T-Solar

Morgan Stanley

Uría Menéndez

The sizeable debt capital markets team at Uría Menéndez is recommended for its ‘in-depth knowledge of the sector and the organisations involved‘, and has a solid track record acting in innovative transactions that have spurred the diversification of the Spanish market. The issuance of green bonds and hybrid green bonds have been a notable recent trend, and the team acts for Iberdrola in major transactions in that area. Practice head Rafael Sebastián leads those matters and is supported by the highly regarded Enrique NietoMaría Vidal-Pardo, who acts for banks and financial institutions; and experienced partner Javier Redonet. Carolina Albuerne, who was promoted to partner in January 2022, also stands out.

Practice head(s):

Rafael Sebastián

Other key lawyers:

Javier Redonet; Alfonso Ventoso; Jaime Pereda; Pedro Ravina Martín; Enrique Nieto; Carolina Albuerne; Marta Ríos Estrella; Álvaro López Hernández

Testimonials

‘As strengths, full availability, with a deep knowledge of regulatory issues on what stands out.’

‘In particular I’d highlight Carolina Albuerne: Deep regulatory knowledge constantly updated.’

‘The approach to legal issues is thoroughly researched and firmly based in sound scholarship, but it is carried out with a straightforward business-like and practical mindset. Lengthy discussions about theoretical matters do not impede a clear-eyed view of the bottom line and what the client’s interests really are.’

‘Their involvement with the client, integration in the internal team, dedication and attention to detail make it especially positive to work with them. In a small company like ours, the Uría team often assumes functions that go beyond mere external advice. For all intents and purposes, they become one of the team, greatly facilitating the development of operations and being of extraordinary value. Enrique Nieto stands out for his great knowledge of the market and operations, as well as for his total dedication and excellent client service.’

‘Highly qualified team with wide and deep knowledge of the area they manage. They have a lot of experience and it makes them able to offer acceptable solutions for the client, as well as anticipating possible setbacks that may arise in the operation. Great motivation and ability to understand client needs. Additionally, the capital markets team relies on the rest of the firm’s areas to give comfort to clients regarding the commercial, tax, labour, etc. implications of the operation.’

‘The firm offers a high understanding of the client’s needs, they know how to anticipate and look for practical and efficient solutions. They are able to reason the feedback they give to the client without having to adhere strictly to the literality of the law. They always look for a way to close the deal satisfactorily, without giving up. The client feels appreciated and safe from the advice received. An outstanding partner is Enrique Nieto.’

‘In-depth knowledge of the sector and the organizations involved. Means and availability to assume matters. Quick and efficient reporting and management.’

‘Enrique Nieto, Alvaro Lopez: Complete disposition to assume and resolve new issues. Total accessibility of those responsible for the client. Deep knowledge of regulations and the sector.’

Key clients

Banco Santander

NH Hotel Group

Iberdrola

Cellnex Telecom

Lar España Real Estate

Generalitat Valenciana

Corporación Ecónomica Delta (Damm group)

Metrovacesa

Ferroglobe

Deva Capital

Renta Corporación

BBVA

Work highlights

  • Advising Banco Santander on issuances of complex financial instruments.
  • Advised Iberdrola on the largest-ever hybrid green bond issuance.

Pérez-Llorca

Pérez-Llorca's debt capital markets work is led by Carlos Pérez Dávila, who brings considerable experience in international transactions from both the legal and investor perspectives, having previously worked at J.P. Morgan in London. The practice assists clients with debt and securitisation transactions involving the issuance and registration of commercial paper and bonds in both the Spanish market and internationally, and also handles a range of other debt products. Senior associate Antonio Arenas joined from Allen & Overy in September 2020, adding further focus on the debt side.

Practice head(s):

Carlos Pérez Dávila

Other key lawyers:

Pedro Fernández; Antonio Arenas; Gonzalo Ávila

Key clients

Barclays

Bank of America

Banco Santander

Santander Consumer Finance

OHL

El Corte Inglés

Financiera El Corte Inglés

Mediterráneo Vida de Seguros y Reaseguros (MedVida)

Capital Energy

JZ International

Volotea

DIA

Work highlights

  • Advised Barclays and the other dealers on the update of Santander Consumer Finance’s €25bn EMTN programme and €10bn ECP programme.
  • Acted for El Corte Inglés in the execution of a framework agreement in order for its commercial paper programme to benefit from the ICO guarantee put in place in the context of the Covid-19 pandemic.
  • Advised DS Smith Spain on the issuance of commercial papers on the Spanish Alternative Fixed-Income Market (MARF) for a maximum outstanding balance of €300m.

Ramón y Cajal Abogados

The ‘client-focused and efficient' debt capital markets practice at Ramón y Cajal Abogados is especially well versed in representing issuers, and the team has a strong client base of IBEX 35-listed companies. Its work often has a cross-border element, and the department also has experience in securitisations and acting for banks as underwriters. Andrés Más and Carlos Lao lead the team, with support from senior associates Lucía García Clavería and Miguel Sánchez.

Practice head(s):

Andrés Mas; Carlos Lao

Other key lawyers:

Miguel Sánchez; Lucía García Clavería; Alfonso Cárcamo

Testimonials

‘Very client-focused and efficient.’

‘Carlos Lao García is a very distinguished lawyer who has deep market-knowledge.’

‘The RyC Capital Markets team has ample experience in this matter and has members who know from within the operation of the CNMC itself, which is very beneficial in order to adapt specific advice with a forward-looking perspective in order to mitigate the possible risks that may arise later. In addition, the RyC team carries out didactic work in exposing complex matters that can be difficult to understand for lawyers who do not have the necessary expertise in this specialty.’

‘Carlos Lao and Alfonso Cárcamo have guaranteed the level of excellence of the advisory services provided during the last year at all times. They have been able to perfectly understand the needs of our internal client and adapt the advice, so I would highlight their proximity and ability to carry out the analysis of the specific case from the business perspective.’

‘The lawyers who assist us are the greatest plus and the reason that undoubtedly keeps us at Ramón y Cajal’s office, and their qualities are determined by punctuality and precision in deadlines, knowledge of legal regulations, involvement and breakdown of our entity and basically the cordial and affable treatment, which is always reflected in a high quality report. I want to highlight Miguel Sánchez and Andrés Mas.’

Key clients

Inmobiliaria Colonial

Canadian Solar

Atlantica Sustainable Infrastructure

Grenergy Renovables

Repsol

Telstra

Amper

Bancofar

Izertis

Banco Caminos

Unión Financiera Asturiana

Banco de Sabadell

Abanca

Work highlights

  • Acting for Inmobiliaria Colonial in a note tender offer of €375.1m and a subsequent €500m offering of bonds issued under its €5bn EMTN programme.
  • Advised the issuers Banco Caminos and Bancofar on a double €200m and €150m issuance of covered bonds, respectively, under its covered bond programme.
  • Acted for Atlantica Sustainable Infrastructure as purchasers of €290m green senior secured notes issued by Atlantica Yield.

White & Case LLP

White & Case LLP‘s capital markets lawyers are best known for their cross-border expertise, handling a range of international debt transactions, as well as assisting with standalone domestic instructions. On the debt side, recent mandates have included senior notes issuances, green bonds and securitisations. Both partners in the team are dual qualified; practice head Juan Manuel de Remedios in Spain and the US; and the 'one of a kindYoko Takagi in Spain and England and Wales.

Practice head(s):

Juan Manuel de Remedios

Other key lawyers:

Yoko Takagi

Testimonials

‘Dedication and hard work, attention to detail and love of excellence are the defining characteristics of the team.’

‘Yoko Takagi is a person in whom you know that you can leave an issue, she is responsible, technical and hard-working.’

‘I think they are dedicated, brilliant at executing short deadlines and knowledgeable in both international and domestic law. They are a very impressive firm with extremely good individuals. Their practice is very wide, having experience representing both issuers and financial institutions which provides them with a great insight. They work as a true one stop shop, they have real onsite English, Spanish and US capabilities. That you could only find it in Madrid if you work with White & Case.’

‘Yoko Takagi is definitely the lawyer you want on your side. She is super smart, bright, technical and practical. She is the one you need on complex deals. Also, she brings imaginative solutions, new perspectives. She has everything under control. She provides strategic advice as she knows the law inside and out as well as great knowledge of the market and our business. Great for project bonds in the infrastructure and energy world, great deal of experience in cross border transactions!’

‘Very strong team covering a wide range of products, corporate bond, regulatory capital, hybrid bonds, convertibles, a very powerful in project bonds. I am amazed by the capable proactive, reliable and efficient team. I think the key to the success is that the team is lead by Yoko Takagi, who is a smart, very hands on partner that always finds a satisfactory solution for all stakeholders, imaginative problem solver and capable of finding the best workable, technical and commercial solution. An invaluable asset to have in your team.’

‘Yoko Takagi is just one of a kind. She provides superb quality service and strategic service. She is the smartest at the table, unravels the complex, able to distil the most complex of issues into digestible and solvable solutions and is very commercial. She always has the clients interest at heart. She is calm and measured. We always come away feeling completely reassured. Also, extremely well respected and regarded by the market and for good reason.’

Key clients

Ecoener

Ai Candelaria

EIF Europena Investment Fund

Adler Perlzer Holding

Work highlights

  • Acted for Ecoener in the green project bond to refinance all its portfolio and future expansion.
  • Advised AI Candelaria on an offering of $600m in aggregate principal amount of its 5.750% senior secured notes due 2033 and a purchase of $375m in aggregate principal amount of its 7.500% senior secured notes due 2028 pursuant to a tender offer.
  • Assisted the European Investment Fund (EIF) with its synthetic securitisation transaction with Banco Santander relating to euro-denominated credit-linked notes on an upper mezzanine tranche of a loan portfolio.

Ashurst LLP

Excellent professionalIrian Saleta Martínez heads the global markets team at Ashurst LLP's Madrid office, specialising in OTC derivatives, hedging and stock lending transactions, equity monetisation transactions and related regulatory matters. The firm is recognised for its global derivatives practice, providing transactional, advisory and documentation services for securitisation deals, derivatives and structured products, while in the corporate arena, the power sector is an area of recent growth.

Practice head(s):

Irian Martínez

Other key lawyers:

Manuela Sanz; Ignacio Piñeiro

Testimonials

‘It is a team with great knowledge in the field, with great experience, that understands the client’s needs and is always available. Meet the execution deadlines. Great empathy with the client.’

‘Irian Martinez is an excellent professional. She has a great legal and technical knowledge of the aspects she deals with. She spends a lot of time with the client, to understand the problems and needs. Provide concrete solutions. Great empathy with the client and absolute availability.’

‘Closeness, kindness and availability. Irian Martinez stands out above all.’

‘Few law firms in Madrid have a department so specialized in derivatives with such extensive knowledge of the pulse of the market. Irian and her team are technically very good, with great commercial skills that make them work very well with the business understanding its concerns.’

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

‘Irian is commercial and brings a lot to the deal. She has a strong legal knowledge and is capable of finding solutions to problems in our day to day. Manuela and Ignacio are tremendously hard-working and have a very remarkable technical quality.’

‘They are agile and precise in their responses and are up to date with news.’

‘The department headed by Irian is one of the few that has expertise in financing and derivatives in Madrid. Her knowledge of the business is unique and she advises banks and funds in both traditional financing and financing through derivatives and margin lending, which gives her a particular angle when knowing both markets.’

Key clients

Santander

BofA Securities

Inversis

Bankinter

JP Morgan

ICO (Instituto de Crédito Oficial)

UBS

Credit Suisse

PBB (Deutsche Pfandbriefbank)

BNP

SOCGEN

Unicaja

Axpo

Caixabank

Vidacaixa

Aegon

Work highlights

  • Advising a Spanish credit entity on the drafting and reviewing of hedge documentation and derivatives advice covering financing transactions, including margin lending advice for transactions over relevant stakes in listed shares.
  • Assisted La Verdosa with the sale of a 5.6% stake in Acciona, with 3.85% through a backstop placement in which Credit Suisse acted as sole bookrunner.
  • Advising Bony as agent for the bondholders on the restructuring of OHL debt.

Baker McKenzie

The debt side of Baker McKenzie‘s capital markets offering frequently assists clients with restructuring of note programmes, and has recently been involved in landmark high-yield green bond issuances in the Spanish residential development sector. Practice head Enrique Carretero often co-leads matters with partners in the finance and corporate departments, with associate Carlos Martín regularly supporting on the gamut of capital markets work.

Practice head(s):

Enrique Carretero

Other key lawyers:

Carlos Martín

Testimonials

‘Extraordinary team with extensive technical knowledge in the subjects advised.’

‘Carlos Martin seems to me to be an exceptional lawyer for his dedication, attention, professionalism and, above all, for his high training and technical knowledge.’

‘Enrique Carretero is another of the lawyers worthy of mention within the firm for his excellent professional skills and technical knowledge.’

Key clients

Banco Santander

JB Capital Markets

JP Morgan

Deutsche Bank

Goldman Sachs

Cemex Latam Holdings

Andbank

All Iron RE I

Solventis

Vía Célere

GVC Gaesco

Bondholders

Bankia

Work highlights

  • Advised a syndicate of seven initial purchasers on the €300m 5.25% senior secured high-yield bond by Vía Célere Desarrollos Inmobiliarios.
  • Acted for a syndicate of banks on Spanish real estate developer Neinor Homes’ €300m green bond.
  • Advised Goldman Sachs on Aedas Homes €300m five-year green bond.

Dentons

Dentons established its capital markets group in Spain in January 2020 and has quickly carved a foothold in the market, acting for Spanish issuers and financial institutions as well as major investment banks. Of particular strength on the debt side is the team’s support on capital markets elements of complex restructurings. Ignacio Corujo is the main contact, and is experienced across the range of capital markets issues.

Practice head(s):

Ignacio Corujo del Valle

Key clients

Cajamar Caja Rural

Sacyr

ACS, Actividades de Construcción y Servicios

Bvk Infrastructure Debt Fund

Sicav-Fis Ergo Versicherung Aktiengesellschaft

Ergo Krankenversicherung

Ergo Direkt Versicherung

Ergo Vorsorge Lebensversicherung

Dkv Deutsche Krankenversicherung

Grupo Eliance

Work highlights

  • Advised Cajamar on the registration with the Spanish regulator (the CNMV) of its registration document, as well as on the issuance of €750m covered mortgage bonds listed on the Spanish Regulated Market (AIAF Mercado de Renta Fija)
  • Assisted Eliance with the restructuring of its debt, corporate restructuring, consolidation of the entire fleet into a single operating company and acquisition of new fleet.
  • Advised Sacyr on the renewal of its EMTN programme for €500m.

Herbert Smith Freehills LLP

The debt capital markets team at Herbert Smith Freehills LLP puts particular focus on the areas of financial services, infrastructure, TMT and real estate, acting for corporates, investment banks and other financial institutions. Armando García-Mendoza heads this sub-practice and has broad finance law expertise and notable strength in assisting with distressed transactions. Leopoldo González-Echenique is a key contact for securitisations, and also leads the equity capital markets team.

Practice head(s):

Armando García-Mendoza

Other key lawyers:

Leopoldo González-Echenique; Pilar García

Work highlights

  • Advised a fintech company on its funding in a warehousing financing structure through a securitisation transaction and a private bond issuance by a Luxembourg vehicle.
  • Advised a technology company on the placement of crypto assets in Spain relating to precious metals and other high-value minerals issued in Switzerland.
  • Advised a long-term investor, manager and developer of European warehouse properties in Europe on the issue of shares listed on BME Growth in relation to regulatory requirements.

Simmons & Simmons

The ‘decisive and flexible lawyers' in Simmons & Simmons' debt capital markets team focus on representing banks and financial institutions in notes issuances, often with cross-border elements. Longstanding clients include Banco Santander, BBVA and Banco de Sabadell. Practice head Alfredo de Lorenzo is a specialist in debt capital markets and, being dual qualified in Spain and England and Wales, he bolsters the team’s international capabilities. Managing associate Borja Carpintero is praised for his ‘exclusive dedication to each operation'.

Practice head(s):

Alfredo de Lorenzo

Other key lawyers:

Borja Carpintero

Testimonials

It is a very efficient team, always looking for solutions and adapting to the needs of the client and the operation.’

‘Closeness, availability.’

‘Flexibility and friendliness.’

‘Very willing, decisive and flexible lawyers.’

‘Great ability to provide customised solutions to solve complex problems. Very committed to the objectives of each operation. Excellent ability to negotiate the technical terms and conditions of an operation with other parties involved.’

‘Alfredo de Lorenzo: Excellent partner, personally very involved in each operation. Borja Carpintero: exclusive dedication to each operation.’

‘The team has enormous experience in the financial sector and a lot of knowledge about the market. The partners are very involved and are always easily accessible when needed.’

‘Client service is always impeccable, any questions or problems that arise, the team is always willing to give the best solutions quickly. They have a lot of experience in cross-border operations.’

Key clients

Nomura International

Banca March

Banco Santander

BBVA

CIE Automotive

Banco de Sabadell

Intesa Sanpaolo

Bank of America Securities Europe

Acciona

Citigroup

Work highlights

  • Advised Banco Santander as dealer on the issue of a series of structured notes, rated and not rated, under a repackaging programme listed on the Main Securities Market and the Global Exchange Market of the Irish Stock Exchange and the Vienna MTF.
  • Assisted Banco de Sabadell with the annual update of a repackaging programme for the issuance of structured notes through an SPV.
  • Advised Banco Santander as dealer of a series of structured notes listed on Vienna MTF and rated by Fitch and Moody’s.

Watson Farley & Williams LLP

Highlighted by a client for its ‘deep knowledge of the market and its standards and mechanisms', Watson Farley & Williams LLP's debt capital markets offering is an increasingly prominent part of its wider banking and finance practice, reflecting a shift to alternative project funding in the Spanish market. Rodrigo Berasategui is the primary contact and has notable experience in the funding of renewable energy projects. Antonio Cáneva, Cheng Zhou and Juan Vicente Barquilla make up the senior associate team.

Practice head(s):

Rodrigo Berasategui

Other key lawyers:

Antonio Cáneva; Cheng Zhou; Juan Vicente Barquilla

Testimonials

‘Total satisfaction with the work carried out by the WFW team, both for their knowledge in the matter, and for their attention and involvement.’

‘I would highlight its high level of qualification and ability to resolve incidents, as well as its personal attention and treatment. I would like to specifically mention the lawyers Juan Vicente Barquilla and Rodrigo Berasategui.’

‘Deep knowledge of the market and its standards and mechanisms. Negotiation skills with lenders. Empathy with all parties to seek agreements.’

‘Rodrigo Berasategui is a true number 1 in Spain. A lot of knowledge, a lot of experience, a lot of relational skills and a lot of empathy to solve problems. He is one of those who solves problems, does not create them. Very pro-deal.’

Key clients

Atlantica Sustainable Infrastructure

Westbourne Capital

Q-Energy

ADIF

Banco Santander

Work highlights

  • Advised Natixis as underwriter and sole coordinator on the €64m green project financing of the 138 MW San Serván photovoltaic plants being developed by Fotowatio Renewable Ventures in Spain.
  • Assisted Q-Energy with private placement and English law governed bonds listed in the Quotation Board of the Frankfurt Stock Exchange and consisting of two tranches.
  • Advised ADIF-Alta Velocidad on its EMTN annual renovation of the EMTN programme with the Central Bank of Ireland and Euronext.