Capital markets: Equity in Spain
As well as public offerings, Clifford Chance handles equity-linked capital markets products such as rights issues, convertible bonds and private placements. On behalf of Barclays, it assisted the managers with an additional tier 1 issue by Ibercaja Banco and, in a separate matter, advised Elaia Investment Spain on its listing on the alternative stock market (MAB). Antonio Henríquez, Yolanda Azanza and Javier García de Enterría are recommended. Former senior associate Laura Fernández left in February 2018 to become general counsel at Aliseda Inmobiliaria.
Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer is regularly involved in large equity capital markets deals. Recent examples include assisting Solaria Energía y Medio Ambiente with the primary and secondary offering of shares that raised €96.7m, and advising Unicaja Banco on the IPO of shares to institutional investors for gross proceeds of €756m. The group also acts for underwriters, such as advising Morgan Stanley and Deutsche Bank on Metrovacesa's IPO. Armando Albarrán leads the team and Alfonso de Marcos made partner in May 2018.
J&A Garrigues SLP advised clients such as Galil Capital, Greenalia and Kingbook Inversiones on their IPOs on the MAB. It also handled several voluntary tender offers, for example advising CriteriaCaixa as main shareholder of Abertis on two tender offers over the latter's shares, and assisting Saeta Yield with the tender offer launched by Terraform. Álvaro López-Jorrín and Mónica Martín co-lead the team, which also includes managing partner Fernando Vives, José Luis Palao and Gonzálo García-Fuertes.
Linklaters' 'comprehensive' capital markets team provides 'sound judgement' and is 'commercial, pragmatic and proactive'. It was busy handling real estate sector transactions, such as advising the global coordinators, Citigroup Global Markets and Goldman Sachs, on the initial offering by Aedas Homes of €734m newly issued and existing shares. The group also assisted Banco Santander and Morgan Stanley, as global coordinators, with the €563m rights issue of media conglomerate Prisa. Iñigo Berricano and Jorge Alegre are the names to note, as well as recently promoted counsel Juan María Lamo.
Uría Menéndez covers the full range of equity work, including IPOs, follow-on offerings, rights issues, accelerated bookbuild offerings, equity-linked instruments and public M&A. It assisted the board of directors of Abertis with the voluntary tender offer by Hochtief. IPO work included advising Metrovacesa and the selling shareholders as well as - in a separate deal - Aedas Homes and its sole shareholder. Managing partner Luis de Carlos and Javier Redonet are co-leaders of the practice, with Gabriel Núñez Fernández and Alfonso Ventoso also recommended.
Allen & Overy
Allen & Overy has a broad practice advising issuers and underwriters on matters such as equity-linked instruments and high-yield and hybrid capital. Highlights were advising Mubadala and Cepsa on the oil and gas company's potential IPO, and assisting an international fund with a Spanish real estate company's IPO. Fernando Torrente, Salvador Ruiz Bachs and Iñigo del Val are recommended. Counsel Teresa Méndez joined from Cuatrecasas in July 2018.
Under the leadership of Juan Aguayo, Cuatrecasas fields a large equity capital markets team including José Rodríguez and newly made-up partner Ignacio Escrivá de Romaní. It acted on several IPOs on the MAB, such as assisting Banco Santander with REIT Témpore Properties' listing. In other work, the group advised Acciona Real Estate on a non-monetary capital increase.
Latham & Watkins LLP's track record includes advising JP Morgan, Morgan Stanley, Banco Santander, BBVA, CaixaBank and UBS, as underwriters, on a rights issue. Practice head Ignacio Gómez-Sancha is a well-known practitioner in the capital market sphere. Within his team, Ignacio Pallarés is also recommended.
Recently, Pérez-Llorca acted on listings on the MAB. Other work included assisting Banco Santander with the acquisition of Banco Popular, with the client completing a rights issue for a total amount of €7bn. It also advised packaging company DS Smith on all Spanish law matters relating to the voluntary tender offer for 100% of the issued share capital of Europac at an offer price of €16.80 per share. Javier Carvajal and Pablo González Mosqueira are standout practitioners in Julio Lujambio's team. Javier Gómez made partner in January 2018.
Ramón y Cajal Abogados' capital markets team is made up of seven lawyers handling the full range of matters. Recent work includes advising Inmobiliaria Colonial on the public tender offer to acquire 100% of Axiare Patrimonio's share capital, and assisting the client with a €416m accelerated bookbuild offering. Francisco Palá Laguna and Andrés Más are recommended.
A highlight for White & Case LLP was assisting Deutsche Bank, as global coordinator, with a €500m rights issue of, and a €121.5m private placement by way of an accelerated book-building process for, Liberbank. In a quiet local market, Yoko Takagi was active advising on several London Stock Exchange and New York Stock Exchange IPOs. Juan Manuel de Remedios heads the group, which saw the departure of José Blanco, who joined Ramón y Cajal Abogados in October 2018.
Baker McKenzie's 'always available' team is 'solution oriented' and 'knows the capital markets product'. It recently advised on a potential listing on the MAB. Enrique Carretero leads the team and associate Ignacio Corujo 'looks out for the client's interests' and 'handles even the most complex of issues'.
A highlight for CMS Albiñana y Suárez de Lezo was acting for Lazard on Abertis' IPO. The capital markets team also assisted Fundación Bancaria Unicaja, the major shareholder of Unicaja, with the latter's €757m IPO process. Carlos Peña is recommended. Counsel Ignacio Ramos joined from Clifford Chance in July 2018, while former partner Curra Munuera left in May 2018 to work in house at Banco Caminos.
Clients appreciate that Gómez-Acebo & Pombo's capital markets team is 'very flexible' and 'very available for follow-up questions'. It has recently handled some finance and refinance transactions and counts numerous banks and funds, such as BBVA, Banco Sabadell and Zambal Spain, as clients. Santiago Gómez-Acebo, Miguel Lamo de Espinosa and Guillermo Guerra are noted. Augusto Piñel Rubio was a new arrival from KPMG Abogados in December 2018.
Herbert Smith Freehills LLP
KPMG Abogados advised MásMóvil on its listing in the Spanish stock market - the first time a company previously listed on the MAB transferred to the Mercado Continuo. It also assisted biotech company ADL Bionatur with a share capital increase. Augusto Piñel Rubio joined Gómez-Acebo & Pombo in December 2018.