Capital markets: Debt in Spain

Allen & Overy

Active across the full spectrum of debt capital markets transactions, Allen & Overy has experience in debt programmes, project bonds and green bonds, advising financial entities as underwriters and issuers. The firm is also known for securitisation work, including the establishment of the first Spanish master trust transaction and the first cash securitisation from a Spanish entity to release capital under the standard model. Charles Poole-Warren specialises in domestic and international financing transactions and co-leads the practice with securitisation expert Ignacio Ruiz-Cámara and Salvador Ruiz Bachs, who is well regarded for his knowledge of financial regulation. Also noted is Alvaro Rojo, who advises Spanish and international banks and corporates on a range of debt capital markets deals.

Practice head(s):

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

Other key lawyers:

Alvaro Rojo; Alfonso Gutiérrez

Testimonials

‘Good practice, solid background.’

‘Capabilities to advise on English and Spanish matters.’

‘Understands client needs.’

Key clients

BBVA

ING

Banco Santander

Natixis

Societe Generale

Morgan Stanley

FCC

Work highlights

  • Legal advice provided to J.P. Morgan and the rest of the managers in relation to the standalone bond issue of €1bn senior notes (two tranches) by Amadeus IT Group.
  • Provided advice provided to Bank of America and the rest of the managers and dealer managers on the €1.5bn hybrid bond issuance by Repsol, and on the simultaneous tender offer to buy back Repsol’s existing €1bn hybrid bond.
  • Advised the managers on a green bond issue by FCC’s environmental subsidiary with two tranches of €500m and €600m each.

Clifford Chance

Offering quality and proactive advice’ to issuers and underwriters, Clifford Chance is known for a range of corporate, sovereign, high yield and project bonds matters. The team handles debt securities issues and euro medium-term note (EMTN) and euro commercial paper (ECP) programmes for Spanish issuers; other areas of expertise include regulatory capital, securitisation and structured finance. The firm’s experience in debt restructuring includes acting for issuers subject to pre-insolvency proceedings and liability management work. The team is jointly led by debt and equity capital markets specialist Yolanda Azanza; José Manuel Cuenca, who focuses on securitisation, structured finance, derivatives and financial regulation; Eduardo García, who is active in securitisation and structured finance; international debt and equity expert Antonio Henríquez; and María Luisa Alonso, whose forte is regulatory matters and high yield financing. Senior associate Jesús Quesada is also noted.

Practice head(s):

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

Other key lawyers:

Jesús Quesada

Testimonials

‘Clifford Chance’s team maintains the legislative and market pulse on the matter, offering quality and proactive advice, with a focus on the interest of the client, but without ceasing to propose other possible alternatives.’

‘Clifford Chance’s team has kept the quality of its service intact in the exceptional circumstances caused by the Covid-19 pandemic.’

‘Yolanda Azanza stands out for being a proactive, meticulous and dedicated professional in the advice she provides to her client.’

Work highlights

  • Advised the managers in connection with the issue by Unicaja Banco of €300m fixed rate reset subordinated notes due 13 November 2029.
  • Advised Kutxabank in connection with its inaugural minimum requirement for own funds and eligible liabilities (MREL) issuance (€500m fixed rate senior non-preferred notes due 25 September 2024).
  • Advised CaixaBank in connection with its inaugural social bond (€1bn 0.625% senior non-preferred notes due October 2024).

Cuatrecasas

Cuatrecasas advises on the issuance and placement of the full range of debt, including senior and subordinated bonds and notes, warrants, certificates, preferred shares, covered bonds, project bonds, mortgage-backed bonds, asset-backed bonds and high yield bonds. The firm also advises on medium term note (MTN) programmes, over-the-counter (OTC) derivative instruments and financial collateral arrangements. Íñigo Rubio specialises in project financing as well as syndicated and structured sale and leaseback matters. Rubio co-leads the practice with Héctor Bros, who assists international banks and large funds in corporate and cross-border acquisition financing, debt restructuring and distressed debt transactions. Other key names in their team are Rafael Mínguez, who is experienced in national and international transactions, notably securitisation, structuring, derivatives and capital markets; and Jaime de la Torre, who focuses on securitisation.

Practice head(s):

Íñigo Rubio; Héctor Bros

Other key lawyers:

Rafael Mínguez; Jaime de la Torre; Miguel Cruz

Key clients

SAREB

ELECNOR

CAIXABANK TITULIZACIÓN, S.G.F.T.

SANTANDER TITULIZACIÓN, S.G.F.T.

BANK OF AMERICA MERRILL LYNCH

GESTAMP AUTOMOCION

GOVERNMENT OF ANDORRA

VIA CÉLERE

MELIA HOTELS INTERNATIONAL

INITIAL PURCHASERS

Work highlights

  • Advising SAREB on several bond issues during 2019 and the beginning of 2020.
  • Advising CAIXABANK TITULIZACIÓN on establishing the “CaixaBank Pymes 11, FT” asset-backed securities fund under the new EU Securitization Regulation and the new EU Prospectus Regulation. Value: €2.45bn.
  • Advising BANK OF AMERICA AND OTHER FINANCIAL ENTITIES on a high yield bond issue and financing through a revolving line of credit for Bain Capital to buy 60% of the Kantar Group.

Garrigues

The Garrigues team 'stands out for its professionalism and availability which, added to the technical quality and the competitive prices, makes it one of the benchmarks in Spain'. The department’s expertise covers a range of securitisation, bond issuances (including high yield and green bonds) and regulation matters, and it is noted for its ‘extensive knowledge of the market and high degree of specialisation'. Mónica Martín de Vidales and Àlvaro López-Jorrín lead the experienced team, which includes Gonzálo García-Fuertes, who participated in the first green bond of a Spanish bank; José Luis Palao, who supports corporates and financial institutions in equity and debt transactions; and principal associate Li Jun Chen Lin, who is active in securitisation deals.

Practice head(s):

Mónica Martín de Vidales; Álvaro López-Jorrín

Other key lawyers:

Gonzalo García-Fuertes; José Luis Palao; Li Jun Chen Lin; Aida Gonzalez; Carlos Lozano

Testimonials

‘Garrigues’ capital markets practice has extensive knowledge of the market and a high degree of specialization.’

‘The team we work with at Garrigues in the capital markets stands out for its professionalism and availability, which added to the technical quality and the competitive prices makes the team one of the benchmarks in our country.’

‘Li Jun Chen Lin is an excellent professional, who has taken great care of us every time it was necessary. She stands out for her knowledge and predisposition and expertise in the Fixed Income Capital Market.’

‘The rapid adaptation to the current circumstances caused by COVID-19 by working remotely, maintaining a high-quality service, demonstrates Garrigues’ effort to continue to provide great service to customers in difficult times.’

‘Gonzalo Garcia-Fuertes, Aida Gonzalez and Carlos Lozano, in particular stand out for their ability to deal with the client, their ability to coordinate as a team, the absolute understanding of the work carried out, and the exceptional execution of the operation in the limited and demanding schedules that transactions entail.’

‘What would stand out from the capital market practice is, in addition to offering a quality service, its great knowledge of the market and the operations that have been carried out as well as its high degree of specialization. This is especially remarkable in the case of new operations, such as those we have faced this last year.’

‘I would highlight the firm’s commitment to technology and innovation. During the State of Alarm and the situation caused by COVID 19, we have not noticed any difference in the work of Garrigues. They have maintained full availability and contact with all their remote work tools, which has resulted in time and cost savings.’

Key clients

BBVA

Red Eléctrica

Deutsche Bank

Santander

DBRS

Banco Sabadell

ULMA

Cirsa

Quiport

Europea de Titulización

Work highlights

  • Advised Banco Sabadell on the first Spanish STS/SRT securitisation transaction, first Spanish securitisation transaction with the new Prospectus Regulation and the first European transaction to hit the market of consumer loans.
  • Advised Citigroup and Banco Santander, the initial purchasers in connection with the issuance by International Airport Finance, being the first international high yield transaction of an Ecuadorian project ever, and developed through a Spanish issuer.
  • Advised BBVA on the first ever Spanish credit institution green bond.

Linklaters

The ‘exceptional practice and great team’ at Linklaters is highlighted for its ‘perfect knowledge of all kinds of operations' related to debt transactions in domestic and international markets. The firm acts for Spanish and international banks and Spanish Ibex 35 corporates in securitisation, liability management and project bond issues, as well as hybrid instruments and regulatory capital matters. The team is led by specialists in banking and equity and debt capital markets transactions, Jorge Alegre, Iñigo Berricano and English law partner Federico Briano. Counsel Juan María Lamo is also noted for his experience in IPOs, rights issues, debt issues and convertible bonds.

Practice head(s):

Jorge Alegre; Íñigo Berrícano; Federico Briano

Other key lawyers:

Juan María Lamo

Testimonials

‘The knowledge, the ability to react, the precedents and the quality of its lawyers.’

‘It is an exceptional practice, great team and perfect knowledge of all kinds of operations.’

‘Efficiency and resources.’

‘It is, if not the best, one of the best fixed income firms in Spain.’

Key clients

CVC

Banco Santander

Credit Suisse

Barclays

Bank of America Merrill Lynch

Société Générale

Morgan Stanley

Barclays

Abengoa

Citi

UBS

Sacyr

Work highlights

  • Advising Enagás on its capital increase excluding pre-emptive subscription rights through the issuance of 23,255,814 ordinary shares.
  • Advising Fluidra as selling shareholder on the accelerated bookbuilt offering and sale of 7,850,000 shares at a price of €11.80 per share.
  • Advised Morgan Stanley & Co. International plc, the managers, on the capital increase with pre-emptive subscription rights for cash value of €3,999,525,423 through the issuance of 101,382,140 ordinary shares of Cellnex Telecom.

Uría Menéndez

Regularly involved in innovative and market-leading transactions, Uría Menéndez has advised on issuances of hybrid securities by financial institutions as well as issues in the context of acquisition finance. The firm’s debt capital markets practice has experience in a range of products, from plain vanilla bonds to high yield issues, notably equity-linked bonds, structured and project bonds and regulatory capital instruments. Rafael Sebastián leads the team and specialises in capital markets, M&A and corporate restructuring. Also recommended are Javier Redonet, who focuses on company, finance and securities law; and counsel Carolina Albuerne, who handles transactions involving hybrid debt and other capital-eligible debt instruments.

Practice head(s):

Rafael Sebastián

Other key lawyers:

Javier Redonet; Carolina Albuerne; Pedro Ravina; Jaime Pereda; Alfonso Ventoso

Key clients

Banco Santander

Telefónica

Iberdrola

Corporación Quiport S.A.

Renta Corporación

Indra Sistemas

NH Hotel Group

Citigroup Global Markets

Credit Suisse

UCI

Work highlights

  • Advised Banco Santander on the issuance of $2.5bn senior non-preferred securities under the F3 programme registered with the Securities Exchange Commission and listed on the New York Stock Exchange.
  • Advising Banco Santander on its issuance of contingent convertible perpetual preferred additional tier 1 securities carried out in January 2020.
  • Provided advice on the tax aspects of the two issuances by Telefónica Europe of €500m eight-year non-call deeply subordinated guaranteed fixed-rate reset securities unconditionally and irrevocably guaranteed by Telefónica, S.A.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is active in cross-border securities transactions, investment grade debt offerings, high yield bonds and private placements, as well as in restructuring-related matters. The firm also has significant expertise in project bonds in the infrastructure and energy sectors. Guillermo Guerra has broad experience in capital markets, corporate governance and M&A. He co-leads the practice with Ferran Foix, who handles cross-border debt issues. Other key names for the firm include Íñigo Hernáez, who focuses on capital markets, M&A and corporate governance. The team was further strengthened by the 2020 arrivals of counsels Amelia Buergo and Constantino Pérez Salgado, who joined from a bank and an international law firm, respectively.

Practice head(s):

Guillermo Guerra; Ferran Foix

Other key lawyers:

Íñigo Hernáez; Amelia Buergo; Constantino Pérez Salgado

Key clients

Deutsche Bank Trust Company Americas

Goldman Sachs

Morgan Stanley

Banco Bilbao Vizcaya Argentaria – BBVA

Banco Sabadell

Banco Santander

Haya Titulización

Bank of America Merrill Lynch

Sampol

Atrys Health

Sertao

Naturgy

Work highlights

  • Acted as Spanish counsel to BANK OF AMERICA as leader of a group of financial institutions and BNY Mellon Corporation, the creditors and senior secured bondholders, in the refinancing of Grifols, through a combination of loans and notes issues.
  • Acted as Spanish counsel to a syndicate of funds, the senior old money lenders in the €5.6bn debt restructuring of the ABENGOA Group.
  • Advice to EBN Banco de Negocios and Renta 4 Banco on the incorporation by Atrys Health Internacional of a note issuance programme for a maximum amount of €50m and the initial issuance of €30m.

Pérez-Llorca

Pérez-Llorca advises on a range of debt and securitisation transactions, including the issuance and registration of commercial paper and bond programmes in the Spanish market and abroad, asset-backed security (ABS) transactions, high yields and other debt products. Equity capital markets expert Julio Lujambio leads the team, which was boosted by the 2019 arrival of Carlos Pérez Dávila, who brings expertise in innovative fixed income, securitisation and structured finance transactions, and was involved in the first ever credit card securitisation carried out in Spain.

Practice head(s):

Julio Lujambio

Other key lawyers:

Carlos Pérez Dávila; Javier Gómez; Pedro Fernández

Key clients

DIA

ConnecT

Volotea

Europac / DS Smith

Comfica

El Corte Inglés

Financiera El Corte Inglés

Intermoney Titulización

Banco Santander

Santander Consumer Finance

Barclays

Work highlights

  • Advised ConnecT, the majority shareholder of Cellnex and holder of 29% of its capital, on the share capital increase that it will carry out for an amount of approximately €2.5bn.
  • Advised El Corte Inglés on the renewal and registration process with the Spanish Alternative Bond Market of its €1.2bn commercial paper programme.
  • Advised DIA and its majority shareholder, LetterOne, on the refinancing of its syndicated debt for c. €992m and other matters.

Ramón y Cajal Abogados

Primarily acting as counsel to the issuers, including IBEX 35-listed companies, Ramón y Cajal Abogados also represents banks as underwriters, and has experience in equity and debt offerings on regulated and non-regulated markets, as well as securitisations. It stands out in particular for its strength in the real estate, energy and financial industries. Founding partner Francisco Palá Laguna co-leads the team with Andrés Mas, who advises on national and cross-border transactions related to capital markets, including IPOs, equity and debt offerings and M&A transactions; and Carlos Lao, who represents issuers and financial institutions in matters related to IPOs, privatisations, private placements, bonds issuances and EMTN programmes.

Practice head(s):

Francisco Palá; Andrés Mas; Carlos Lao

Testimonials

‘Great Capital Markets and Finance Group.’

‘Carlos Lao is an outstanding lawyer with strong commitment.’

Key clients

Inmobiliaria Colonial

Bankinter

Grenergy Renovables

Liberbank

Repsol

Banco de Sabadell

Atlantica Yield

Borges

Atom Hoteles

Amper

Capital Energy

Abanca

Work highlights

  • Advised a group of institutional investors as purchasers of €290m green senior secured notes issued by Atlantica Yield; the transaction was the first US private placement in 2020 in Europe that took place during the Covid-19 pandemic.
  • Advised Bankinter as bookrunner in connection with a €22m offering of senior unsecured notes (green bond) issued under its €50m medium term note programme.
  • Advised Banco Sabadell in connection with its first programme of certificates of US deposits to be issued through its Miami branch and offered to US institutional investors.

White & Case LLP

Praised for its ‘efficiency, attention to detail and exceptional work', White & Case LLP is known for its international and cross-border expertise. The firm adds strength in banking and M&A to its broad capital markets experience, which includes a range of bonds and securitisation matters. Juan Manuel de Remedios leads the team and specialises in the financial services, telecoms, energy and natural resources sectors. Also in the team is 'commercial and technical partnerYoko Takagi, who advises corporate entities, leading financial institutions and private equity houses on a range of issues.

Practice head(s):

Juan Manuel de Remedios

Other key lawyers:

Yoko Takagi

Testimonials

‘Absolute dedication and exceptional attention.’

‘Work and effort.’

‘They solve matters in a practical way and they are always there.’

‘Yoko Takagi is undoubtedly a commercial and technical partner.’

Efficiency, attention to detail and exceptional work.

Key clients

The Bank of New York Mellon

European Investment Fund

J.P. Morgan

Morgan Stanley

Work highlights

  • Represented The Bank of New York Mellon as trustee and security trustee on the bond issuance of Grifols.
  • Representing the European Investment Fund (EIF) on a funded synthetic securitisation.
  • Represented J.P. Morgan and Morgan Stanley as initial purchasers on the issuance of €340m senior secured high yield bonds by HT Troplast.

Ashurst LLP

Ashurst LLP is known for its ‘thorough and expert knowledge of the normative, regulatory and transactional aspects of capital markets’. The firm is also noted for its 'global vision'. Of particular note is its expertise in securitisation and derivatives, where it covers the full spectrum of transactional, advisory and documentation services. Practice head Irian Saleta Martínez specialises in OTC derivatives, hedging transactions, stock lending transactions, repurchase agreements, buy-sell backs and equity monetisation transactions and related regulatory matters. The team was recently boosted by the arrival of associate Manuela Sanz, who brings expertise in banking and finance.

Practice head(s):

Irian Saleta Martínez

Other key lawyers:

Manuel Lopez; Jose Christian Bertram; Nick Pawson; Manuela Sanz

Testimonials

‘They are a true advisor and trusted advisor on all occasions. Ashurst provides a team in several countries and adds expertise from various areas, providing access to a global vision and overview on any issue that arises in transactions.’

‘Irian Saleta is an excellent professional: not only because she masters every legal technical detail, but because she brings together two unique qualities that are difficult to find in a lawyer: 1) she understands transactions and financial derivatives from an economic, market point of view and operational and 2) always develops a strategic vision of the negotiation.’

‘It is a team with very important technical knowledge, a great ability to communicate technical aspects and high quality of work.’

‘The main strength of the team is its deep knowledge of the sector and its technical level in complex and innovative matters.’

‘The close and friendly treatment. Their professional services are still excellent while they manage to convey closeness and confidence in their day to day.’

‘Thorough and expert knowledge of the normative, regulatory and transactional aspects of capital market practice, with special dedication to derivatives, securities loans and repos.’

‘They provide a very good service, with very competitive fees. The appointment of Irian Saleta as the new partner in charge of our contract has been totally satisfactory.’

Key clients

Santander

BBVA

BofA Securities

Inversis

Bankinter

JP Morgan

ICO (Instituto de Crédito Oficial)

UBS

Credit Suisse

PBB (Deutsche Pfandbriefbank Ag)

Work highlights

  • Provided advice to Citigroup, Barclays, Mizuho and Banco Santander in relation with the takeover process, the delisting of the shares of the targeted company and the impact in the enforceability of the security package covering the financing of the acquisition.
  • Advising Bankinter on the renewal of its universal registration document and its domestic fixed income and structured securities programme.
  • Advising Unicaja in more than 75 master agreements including ISDA, CMOF, GMRA, EMA, GMSLA including implementation of all relevant aspects of the regulatory field in connection with derivatives.

Baker McKenzie

Baker McKenzie has ‘extensive technical knowledge and offers comprehensive and quality customer service'. The firm leverages its global network to advise issuers, managers and financial entities in a range of debt matters domestically and internationally. Enrique Carretero leads the practice and focuses on capital markets, IPOs, takeovers and public M&A, representing private and listed companies. A key name in his team is senior associate Carlos Martín, who is 'responsible, available and anticipates clients' needs'.

Practice head(s):

Enrique Carretero

Other key lawyers:

Carlos Martín

Testimonials

‘It stands out for being decisive and offering solutions to problems.’

‘Carlos Martín is the Senior Associate responsible for matters. His main qualities are responsibility, availability, anticipation of customer needs and the ability to solve problems.’

‘The main difference with respect to competitors is the full assumption of responsibility and execution of the projects, without the need to be prompting them.’

Extensive technical knowledge and offers comprehensive and quality customer service.’

Key clients

Bankia

ACS

Barclays

JB Capital Markets

Euskaltel

Cajamar

Grupo Corporativo Landon, S.L.

All Iron RE SOCIMI, S.A.

Work highlights

  • Advice to Bankia on the update of its €10bn EMTN programme registered with Euronext Dublin.
  • Advice to Goldman Sachs, Natixis and Societe Generale, the underwritters, on the IPO of Zero-E, a subsidiary of ACS.
  • Provided advice to Barclays and the rest of the dealers on the update of Bankia’s €5bn euro commercial paper programme registered with Euronext Dublin.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo has experience in a range of securitisation and structured finance matters. The firm's work includes debt capital markets, derivatives, compliance and regulatory advice. Managing partner César Albiñana is a key name in the area and specialises in M&A, securities, corporate and administrative law.

Dentons

Drawing on the firm's global expertise, the team at Dentons advises Spanish issuers, financial institutions and investment banks in a range of debt capital market issues. Practice head Ignacio Corujo joined in 2020; he brings experience across the spectrum of capital market matters, including IPOs, the issuance of debt instruments, convertible bonds, EMTN and ECP programmes, project bonds and covered bonds.

Practice head(s):

Ignacio Corujo

Testimonials

‘High availability and access to equipment for any need and time.’

‘Ignacio Corujo worked excellently in ECP and EMTN programs.’

‘Very easy to work with.’

Key clients

Cajamar, Caja Rural, Sociedad Cooperativa de Crédito

SACYR, S.A.

ACS, Actividades de Construcción y Servicios, S.A.

PKF Attest

Bondholders, S.L.

Work highlights

  • Advising Cajamar on the issuance of €1bn mortgage bonds.
  • Advising Sacyr on the renewal of its EMTN and ECP programmes registered with Euronext Dublin.
  • Advising ACS, Actividades de Construcción y Servicios on the renewal of its NEU-CP programme registered with the Banque de France.

DLA Piper

The capital markets team at DLA Piper is supported by the firm’s global network and advises on a range of multi-jurisdictional matters. The practice has expertise in debt, equity, derivatives, investment management, securitisation and regulatory matters. Counsels Jesús Palencia and Nerea Cemlyn-Jones are also active members of the team. Iñigo Gomez-Jordana left to start his own firm in 2021.

Other key lawyers:

Nerea Cemlyn-Jones; Jesús Palencia

Key clients

Iberdrola, S.A.

Atlantia, S.p.A.

Europac, S.A.

EDP Renováveis, S.A.

Azora Gestión SGIIC, S.A.U.

Banco Santander, S.A.

Natixis, S.A.

Repsol, S.A.

Goldman Sachs & Co.

Abengoa, S.A.

Clínica Baviera, S.A.

Société Générale

Altura Markets S.V., S.A.

Global Dominion Access, S.A.

Citigroup Global Markets Limited

Work highlights

  • Acting for BBVA and the other managers on the issue of eligible green projects notes by ADIF – Alta Velocidad under its EMTN Programme.
  • Advising Banco Santander in the subscription and placement agreement of covered bonds entered by and between Banco Santander, as issuer, and several joint bookrunners and co-lead managers.
  • Advising Grupo Tyche / Cadena Mar on the redemption of the senior secured notes Cadena Mar 2017, and subsequent exchange for the new notes issued by Tyche Gestion Corporation.

Freshfields Bruckhaus Deringer

Herbert Smith Freehills LLP

Representing issuers and managers, Herbert Smith Freehills LLP has experience in debt capital markets transactions, as well as equity linked and hybrid securities, particularly in the energy, financial services, infrastructure and mining sectors. Armando García-Mendoza advises on a range of capital markets transactions, including IPOs, rights issues and convertible bond issues. He co-leads the team with Leopoldo González-Echenique, who advises wholesale and retail banking and other financial institutions, particularly in regulatory issues.

Practice head(s):

Armando García-Mendoza; Leopoldo González-Echenique

Other key lawyers:

Óscar Cabezuela; Pilar García

Key clients

Pepper Spain

Aventicum Capital Management

Cygnus Capital Partners

Caixabank

Work highlights

  • Advised and represented Pepper Spain on the securitisation of Spanish consumer loans.
  • Advised Aventicum Capital Management and Cygnus Capital Partners on the indirect acquisition from SAREB of a portfolio comprising approximately 1,200 real estate properties through a Spanish banking assets fund, a securitisation vehicle specifically created to aid the divestment mandate of SAREB.
  • Advised Banco Sabadell as mandated lead arranger on the issuance of project bonds in an aggregate amount of approx. €38m floating rate senior secured bonds due 2040 by Anage Renovables.

Latham & Watkins LLP

The Spanish capital markets practice at Latham & Watkins LLP has access to the firm’s global network, providing clients with expertise in domestic and international markets. The team’s strengths include IPOs, bond issuances, tender offers, special situations and distressed investments. Ignacio Gómez-Sancha leads the capital markets group and represents corporates, private equity firms and financial institutions in complex and innovative transactions in both debt and equity. Another key name in the team is associate Rafael Martínez-Echevarría, who handles a varied range of capital markets deals.

Practice head(s):

Ignacio Gómez-Sancha

Other key lawyers:

Rafael Martínez-Echevarría

Key clients

Bolsas y Mercados Españoles (BME)

Enagás

KKR

The Carlyle Group

Simmons & Simmons

The ‘cohesive team’ at Simmons & Simmons advises lead managers, underwriters, book runners and sponsors in relation to derivatives and structured products, including IPOs, debt issues, ECP and EMTN programmes, bond issues, repackagings and securitisations. Practice head Alfredo de Lorenzo is dual qualified in Spain and England and Wales; his areas of specialism include capital markets, derivatives and distressed debt.

Practice head(s):

Alfredo de Lorenzo

Other key lawyers:

Borja Carpintero

Testimonials

‘Lawyers with a lot of know-how, close to the client and with a good business attitude.’

‘Cohesive team with correct operation of back-ups.’

‘Good execution ability. The closing of complex operations can be delegated to them. They show intellectual concern regarding new products and geographies.’

‘Alfredo de Lorenzo: Holistic approach including financial and business fundamentals.’

‘Continuous support.’

‘Borja Carpintero: Best in Practice in the execution of complex operations and demanding schedules’.

Key clients

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)

Inmobiliaria Colonial

Banco Santander, S.A.

Nomura

Banco Sabadell, S.A.

Viesgo, S.A.

CIE Automotive, S.A

Credit Suisse

Banca March

Gedesco

Work highlights

  • Advised Nomura, as arranger and lead manager, on the amendment and restatement and a further issue of a series of mezzanine notes and senior notes.
  • Provided advice to Banco Santander, as arranger and dealer on the issue of a series of structured notes under a repackaging programme listed on the Main Securities Market and the Global Exchange Market of the Irish Stock Exchange and the Vienna MTF.
  • Advised Gedesco, as seller and servicer, in relation to a revolving cash securitisation.

Watson Farley & Williams LLP

Specialising in innovative finance instruments, Watson Farley & Williams LLP has particular expertise in project bonds and green bonds, notably renewable project bonds. The firm advises domestic and international clients, including financial institutions, in cross-border capital markets matters. Practice head Rodrigo Berasategui focuses on renewable assets including wind, electric, solar and biomass, as well as infrastructure.

Practice head(s):

Rodrigo Berasategui

Other key lawyers:

Álvaro Barro

Testimonials

Technically good team, with extensive experience in the Project Bonds market nationwide and knowing about the legal practice in this area. The team, in particular Álvaro Barro, make working with them agile and decisive. Human and professional quality.’

‘Closeness to the client and human quality. A plus compared to other firms in this area is the possibility of working with them in Spanish, which makes the negotiations and legal structuring of operations easier and more agile.’

Key clients

Atlantica Yield

ADIF – Alta Velocidad

Q-Energy

Banco Santander

Banco Sabadell

Sonnedix

Work highlights

  • Advised ADIF-Alta Velocidad on a new issuance of €600m bonds under its EMTN programme registered with the Central Bank of Ireland (CBI).
  • Advising Q-Energy on the €342m bond issue, listed in the Quotation Board of the Frankfurt Stock Exchange, to refinance a 62MW Spanish PV portfolio.
  • Advised Q-Energy and FSL Solar on a €305m bond issue for the refinancing of a 74.7MW Spanish PV portfolio composed of eight plants.