‘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.

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.

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.

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.

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.

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.

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 partner' Yoko Takagi, who advises corporate entities, leading financial institutions and private equity houses on a range of issues.

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.

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.

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.

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.

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.