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Tuesday, May 21, 2024

Baker counsels AQ on a new programme of promissory notes in MARF

Baker McKenzie has assisted Alquiber Quality with the establishment of a €30 million commercial paper programme that has also been registered with the Spanish alternative fixed-income market (MARF)

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Banca March as acted as sole arranger and registered advisor.

Car rental company Alquiber, a company leader on the flexible renting of vehicles and listed on BME Growth, has registered a new programme of promissory notes in the BME fixed income market (MARF) for €30 million.

The securities issued will be denominated in euros and may have different maturity dates up to 24 months. This programme reaffirms the growing interest of Spanish companies in alternative financing in capital markets, and Alquiber will make use of this as an alternative to bank financing.

Banca March acted as registered advisor, paying agent and placement bank. In the case of the MARF, Banca March is registered advisor in 26 of the 78 programmes, 33% of the total, while it is underwriter in 40 of the 79 programmes, 51%. In terms of volume, at the end of May, 39% of the outstanding market balance had been placed by Banca March’s institutional distribution desk.

Baker McKenzie Spain office team advising on this deal was led by team leader Carlos Martín and junior associate Isabel Rodríguez.

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