Commended for its ‘deep knowledge and interdisciplinary skills‘, A&O Shearman continues to cement its place among the leading DCM players in Spain. A go-to destination for both underwriters and issuers, the practice provides Spanish and English law advice on the entire spectrum of DCM mandates, including standalone bonds, debt programmes, hybrid capital, derivatives and structured finance. Salvador Ruiz Bachs, ‘an exceptional, close and technical‘ partner who brings together expertise in regulatory and contractual issues involving a wide range of financial products, and English law-qualified Charles Poole-Warren, a name to note for sophisticated debt offerings in Iberia, are at the helm of the practice. On the securitisation front, the team is often instructed by originators, issuers, arrangers and collateral managers; Ignacio Ruiz-Cámara, whose areas of expertise include covered bonds, and counsel Alfonso Gutiérrez, who focuses on asset securitisation deals and debt issuance programmes, take the lead on this type of work. Cristina Pablo-Romero, a key contact for DCM, derivatives and fintech matters, and Alvaro Rojo, who regularly handles green bonds, hybrid instruments and commercial paper programmes, stand out at the senior associate level.

Clifford Chance is home to ‘a top-level debt capital markets team in Spain‘, which excels in the entire spectrum of DCM matters, including secured and unsecured standalone bond issuances, hybrid securities, convertible and exchangeable bonds as well as EMTN and ECP programmes. With in-depth expertise in structured finance products and foreign securitisation vehicles, the practice is a popular choice for domestic originators, securitisation managing companies, investment managers and international arrangers engaged in complex, and oftentimes novel, securitisations. Eduardo García, who heads up the global financial markets practice, and José Manuel Cuenca are notably experienced in structured debt and securitisations. Antonio Henríquez often handles ECM and DCM matters, notably hybrid capital and convertible bond issues, while Jesús Quesada is noted for his expertise in structured finance and securitisations. Other noteworthy individuals include counsel Leonardo Fernández, ‘a trusted adviser‘ for structured finance deals, and senior associate Francisco Pizarro. Yolanda Azanza is no longer at the firm.

Singled out for its experience in advising originators, management companies, joint-lead managers, arrangers and rating agencies on securitisations, Cuatrecasas‘ finance group has been particularly active in deals involving green, receivables, non-performing loans (NPLs) and warehouse securitisations. Additionally, the group fields a team of seasoned capital markets practitioners who assist with a combination of commercial paper programmes, high-yield bonds and corporate issuances, including green and sustainability-linked transactions. Jaime De La Torre is recommended for securitisation and structured finance mandates, while Miguel Cruz is highlighted for his experience in high-yield matters, commercial paper programmes, and notes issuances; both practitioners are based in Madrid. Ana Mª Gamazo is a key name in the Barcelona office for ordinary and convertible bonds issues.

Financial institutions and issuers regularly seek Garrigues‘ assistance with complex and innovative debt offerings, ranging from EMTN programmes to high-yield bonds, hybrid products, commercial paper and securitisations, the latter of which is a key strength for the practice. Recent highlights have seen the team advise on the issuance of Spain’s first listed blockchain bond and on the first securitisation of solar panels financing in the country. With over two decades of experience in the capital markets space, Gonzálo García-Fuertes excels in high-yield transactions, securitisations and debt issuances. José Luis Palao, a name to note for both corporate and financial institutions, has a wealth of experience in DCM and ECM deals in Spain. Marta López-Brea specialises in securitisation transactions, while Li Jun Chen Lin is skilled in the public and private placement of standalone bonds and commercial paper, and advises on securitisation deals and debt issuance programmes.

Rated for its ‘knowledge, flexibility, and diligence‘, Linklaters enjoys a strong reputation in the Spanish market for its frequent involvement in consequential DCM deals, ranging from standalone bond issues to MTN programmes, regulatory capital instruments, convertible bonds, high yield matters and securitisations. With the ability to advise on Spanish, English and US law issues, the Madrid-based team is recurrently engaged by seasoned issuers and financial institutions. Jorge Alegre, who oversees the capital markets group, has recently advised on the issuance of sustainable notes, hybrid bonds, and regulatory capital instruments. English law-qualified partner Federico Briano specialises in securities law and capital markets products (both debt and equity). Pablo Medina brings together experience in equity offerings, debt issues, hybrid instruments, and M&A deals with a capital markets component. These are all key areas of activity for Juan María Lamo, who stands out for his strong track record in securitisations. Former co-head Iñigo Berricano is no longer at the firm.

With ‘in-depth knowledge of all branches of law that are key to providing advice to companies listed on the continuous market‘, Uría Menéndez houses a seasoned capital markets team, which is recognised for its strong credentials in all types of DCM work. Covering hybrid securities, regulatory capital instruments, structured and project bonds, the group regularly acts for blue-chip corporate clients and financial institutions in high-value and innovative transactions. Department head Rafael Sebastián maintains a broad practice which encompasses capital markets, structured finance, M&A and corporate restructuring. Singled out for her banking regulatory expertise, Carolina Albuerne often advises on deals involving hybrid debt, which is a key area of focus for Javier Redonet. The ‘technical and commercial‘ Enrique Nieto assists issuers and investors in both ECM and DCM transactions.

The capital markets team at Gómez-Acebo & Pombo is well-placed to act for lead arrangers, underwriters and major issuers in a wide array of DCM transactions, most notably high-yield bonds, private placements and investment grade debt offerings. The firm, which continues to play a key role in securitisation deals in Spain, has been particularly active advising on debt offerings in the domestic market. Corporate governance specialist Guillermo Guerra has extensive experience in ECM and DCM matters, including sustainability-linked products and commercial note programmes. Ferran Foix, who heads up the firm’s London office, is proficient in complex bond restructurings and notes issuance programmes.

Pérez-Llorca is often called upon by an array of financial institutions and issuers looking for guidance in complex, high-value debt capital markets matters. The team’s broad service offering encompasses domestic debt issuance programmes, standalone bond issues, and high-level securitisation deals, such as STS and SRT prime securitisations. Widely recommended by clients and peers alike, practice head Carlos Pérez Dávila ‘is extremely experienced in the securitisation and structured credit sectors‘. The group was recently reinforced by the addition of Yolanda Azanza, a senior figure in the Spanish capital markets space, from Clifford Chance in July 2023; she brings over 25 years’ experience in acting for issuers and placement banks in bond issuances, commercial paper programmes and regulatory capital instruments, among other mandates. Counsel Gabriel Salarich, who also joined from Clifford Chance in early 2023, boasts a strong background in high-yield deals and in the establishment of debt programmes and securitisation funds.

The well-rounded capital markets group at Ramón y Cajal Abogados is the trusted adviser to numerous Spanish issuers as well as major and medium-sized banks acting as underwriters in debt offerings and securitisations. The team maintains strong institutional relationships with listing and regulatory authorities, and is adept at assisting with EMTN and other debt issuance programmes, as well as regulatory issues in this space. Carlos Lao has notable strength in cross-border transactions, with a special emphasis on the US and European markets; high-yield notes, green bonds, commercial paper notes and securitisation are all key areas of expertise for the practice co-head. Fellow co-leader Lucía García Clavería handles both DCM and ECM matters.

Offering ‘an excellent combination of experience, quality, and proximity to the client’, Simmons & Simmons is frequently engaged by lead managers, underwriters, bookrunners and sponsors in complex, cross-border DCM transactions. Recommended for its ‘high degree of specialisation in bond issuances by corporates and in management of EMTN programmes‘, the firm is a reference for derivatives and structured products, including securitisations, repackagings, and standalone bond issues. Leading the practice is Alfredo de Lorenzo, a dual qualified lawyer (Spain and England) who is turned to by issuers, arrangers and institutional investors in a wide range of matters, such as ECP and EMTN programmes, bond issues, securitisations, and the acquisition and disposal of secured and unsecured NPL portfolios. Key support is offered by managing associate Borja Carpintero, who focuses on structured finance and derivatives, and often participates in DCM deals with links to other countries in Europe and South America.

Led by derivatives and structured products expert Irian Saleta Martínez, the ‘well-trained‘ capital markets team at Ashurst LLP provides advice on the gamut of transactional, advisory, and regulatory derivatives matters. With an increasing focus on the ESG and green sectors, the team is often retained by large Spanish banks in relation to the implementation of trading platforms for regulated emissions allowances and voluntary carbon credits. In addition, the firm is one of the first ports of call for advice on Spanish-governed master agreements for financial transactions (CMOF), and is also well placed to assist with deal-contingent swaps, synthetic power-purchase agreements and equity derivatives.

Debt issuances and commercial paper programmes feature heavily on Baker McKenzie‘s debt capital markets workload, which is further populated by refinancings. Instructions come from a broad roster of issuers, managers, and financial entities who seek advice on domestic and cross-border debt offerings. Fernando Torrente, who is now leading the Madrid-based capital markets and M&A groups, joined from A&O Shearman in July 2023. Focused on M&A, ECM and DCM deals, Carlos Martín is another name to note for domestic and cross-border capital markets transactions.

Lauded for its ‘extensive experience in acting for corporate issuers in both MTN and MARF programmes’, Dentons is also skilled at assisting financial institutions and investment banks in domestic and cross-border debt offerings. Spearheaded by capital markets specialist Ignacio Corujo, the team is well equipped to handle a variety of DCM matters, including but not limited to convertible bonds, commercial paper programmes and project bonds. Luis Belart, a key contact for international financing deals, is often retained by issuers and underwriters in DCM mandates.