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

Clifford Chance has 'access to a vast number of deals through its worldwide network' and goes 'beyond expectations in terms of quality and dedication'. It advised the managers, including Crédit Agricole and HSBC, in connection with the €750m debut green bond issue of ACS Servicios, Comunicaciones y Energía. The group also stands out for its securitisation and structured finance expertise, with 'high performer' José Cuenca and Eduardo García the names to note. Yolanda Azanza is 'very professional and knowledgeable' and senior associate Jesús Quesada is also noted. Carlos Pérez Dávila, previously a senior associate with the firm, joined Pérez-Llorca as a partner in 2019.

J&A Garrigues SLP is highly rated for handling high-yield operations and securitisation transactions. For example, it advised Grupo Cortefiel on the first high-yield issuance of €600m. Another highlight was assisting BBVA with the sale of $1bn preferred tier 1 securities in the US market, as well as with other issues and sales of securities. Gonzálo García-Fuertes is recommended along with team co-leaders Álvaro López-Jorrín and Mónica Martín.

Uría Menéndez frequently cooperates with foreign firms to advise on multinational transactions. For example, it worked together with a US firm when advising Banco Santander on the issuance of $2.5bn in second-ranking senior securities listed on the New York Stock Exchange. Other work included advising Telefónica Emisiones on the issuance of fixed-rate senior notes. Practice head Rafael Sebastián, Javier Redonet and counsel Carolina Albuerne are key names.

CMS Albiñana y Suárez de Lezo was busy advising on the issuance of bonds, an area where Banco Sabadell was a client. In another example, the team assisted Beka Finance and Bankinter, as managers and placers, with Audax Energía's second bonds issue worth €65m. Banco Santander, Novo Banco and Deutsche Bank are also clients. Counsel Ignacio Ramos joined from Clifford Chance in July 2018 and now works together with the renowned Carlos Peña. Íñigo Hernáez, formerly a senior associate with the firm, is now with Gómez-Acebo & Pombo.

Gómez-Acebo & Pombo is known for handling securitisation transactions. Other recent highlights include assisting a syndicate of lenders with the €1.2bn restructuring and refinancing of debt held by Abengoa to avoid the public company's insolvency. The group also advised Smurfit Kappa on the refinancing of senior notes issued in January 2017. The names to note are Miguel Lamo de Espinosa, Ángel Varela, Guillermo Guerra and Santiago Gómez-Acebo. Íñigo Hernáez was a new arrival from CMS Albiñana y Suárez de Lezo.

Latham & Watkins LLP was busy handling note and bond issuances in 2017 and 2018. For example, it assisted Morgan Stanley with the issuance of floating-rate senior secured notes and, in a separate matter, advised the initial purchasers, including Bankia and Banco Santander, in connection with Haya Real Estate’s issuance of €475m of senior secured notes. Ignacio Gómez-Sancha leads the group, which also includes Ignacio Pallarés.

Pérez-Llorca advised Cortefiel on the corporate governance implications arising from the issuance of €275m of senior secured notes and €325m of floating-rate senior notes. It also advised packaging solutions company Ardagh Group on the issuance of senior notes and assisted alternative investment manager Ben Oldman Partners with the design of a securitisation structure. Julio Lujambio leads the team, in which Javier Gómez made partner in January 2018 and Pablo González Mosqueira is recommended. Carlos Pérez Dávila was a new arrival from Clifford Chance in 2019.

White & Case LLP 'certainly knows how to navigate several complex issues involving different jurisdictions' with a team of UK, US and Spain trained lawyers, some of them dual qualified. It advised CaixaBank on the issuance of €1.25bn additional tier 1 preferred securities listed on the regulated fixed-income market AIAF. Another highlight was assisting JP Morgan, as one of the global coordinators, with the €1.57bn project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. Juan Manuel de Remedios and Yoko Takagi, who 'masters every step of any debt transaction', are recommended. José Blanco left to join Ramón y Cajal Abogados in October 2018.

Baker McKenzie regularly handles bond issuances in the main and alternative investment markets. For example, it assisted Cajamar with a €750m mortgage-covered bonds issuance and advised Beka Finance, as global coordinator and sole bookrunner, on Solaria Casiopea's €9.2m project bond issuance. Enrique Carretero and associate Ignacio Corujo are key practitioners.

DLA Piper LLP's international network enables the group to handle multi-jurisdictional transactions. Atlantia has been keeping the group busy: it retained the team to advise on the takeover bid launched for all shares of Abertis and to assist with the issuance of notes under its EMTN programme. Iñigo Gómez-Jordana is a renowned professional in the capital markets arena.

Ramón y Cajal Abogados advised Abanca, as sponsor, on the securitisation and simultaneous issuance of securitisation bonds backed by €900m-worth of credit rights. Another highlight was assisting Liberbank with updating its €5bn 2017 debt programme base prospectus. Francisco Palá Laguna and Carlos Lao are the names to note.

Simmons & Simmons advised BBVA on several matters, such as the issuance of a series of registered loan participation notes and the annual update of a structured medium-term note programme. Banco Santander is also a returning client. Alfredo de Lorenzo is 'committed to making deals happen' and 'very capable of turning negative situations around'.