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Top Capital Markets Legal Dealmakers in Spain


Legal Dealmaker is honoured to present its list of the Top Capital Markets Legal Dealmakers, a selection of 65 lawyers in alphabetical order in Spain´s private practice. Our study, based on publicly available information, includes Financial Markets lawyers who have been selected for their expertise and experience in a wide range of Capital Markets matters, handling relevant deals dealing with Equity and Debt Capital Markets, Securitisations, Capital Increases, Bonds and Commercial Paper Programmes, public takeover bids and IPOs and listings on both national and international stock exchanges. They all stand out for their market-leading practice, either with a long track history record of advising on landmark Capital Markets operations or having been really active on recent Capital Markets deals, including admissions on MARF and AIAF, IPOs and delistings from a law firm in Spain. Some of them are even experts in specific or innovative transactions, like Green Bonds, Hybrid Bonds, Convertible Bonds, High Yield transactions, International Capital Markets, Digital Bonds, SEC and 144A/Reg. S, etc.

Many of them are veterans and longtime recognised Capital Markets lawyers by renowned international Legal directories (Chambers & Partners, Legal500, Best Lawyers, IFLR1000, WWL…), who have advised deal managers, underwriters and issuers on landmark transactions in Spain. They either advise from a dedicated Capital Markets practice or act from a Financial Markets or Banking & Finance practice, along with their expertise in other Financing matters. Academic experience in the field has also been one of the factors for the inclusion of lawyers on this list.

The list is mostly focused on partner-level practitioners, but some mid-level lawyers have been recognised for their ample experience and leadership on relevant deals on their (possible) path to partnership.

As with every recognition list, it cannot include all the best lawyers and as many women as we would like to include, but this media can attest that the ones included here are part of the best Capital Markets Legal Dealmakers in Spain.

Congratulations to all of them!

Alberto Campo | Evergreen Legal

Alberto Campo

Alberto Campo is co-founder and managing partner of Evergreen Legal and heads the firm´s Banking & Finance and Restructuring & Insolvency practice areas. He is not only specialised in all kinds of Financing deals, but also represents renowned companies in Capital Markets transactions. He has helped many companies with their debut on BME´s MARF and acted for clients such as Opdenergy, Grenergy, Inveready, Bankinter, Ontime, Avatel, Másmovil or Euskaltel, among others. He is one of the most active advisors in relevant Commercial Paper Programmes registration on BME´s MARF, Green Bond Programmes and convertible bonds deals.

Alejandro Fernández de Araoz | Araoz & Rueda

After five years as an associate at Estudio Legal (1987-1992), where he acquired experience in Corporate, Banking, Capital Markets and Competition, Alejandro co-founded Araoz & Rueda in 1994. Since then, he has developed his practice advising in general Corporate and Commercial matters and, especially, in Mergers and Acquisitions and Capital Markets, where he has extensive experience. Shortly after its launch, the firm advised on the first IPO in which a Spanish company dedicated to the fast food business participated. Alejandro advises numerous listed companies, regularly participating in operations related to the stock market.

Alfonso de Marcos | Freshfields

Alfonso is a Corporate/M&A partner at Freshfields Madrid office. His practice ranges from advising on Capital Markets deals and M&A transactions to the provision of general advice to Spanish public companies in Corporate, Regulatory and Governance matters. He has recently advised on the IPOs acting for the book-runners or the issuer, including those of Parques Reunidos, Euskaltel, Merlin Properties and Hispania Activos Inmobiliarios, among others. He also advised JP Morgan and Morgan Stanley, as book-runners, on Caixabank’s €1.3 billion accelerated book-building offering of treasury shares and Amadeus on its €250m floated rate bond issue.

Alfonso Gutiérrez-Allén | Allen & Overy

Alfonso is a counsel in Allen & Overy Madrid office. Alfonso has extensive experience in the Capital Markets and Banking fields. In Capital Markets, Alfonso has wide experience in asset Securitisation transactions, including RMBS, SMEs, trade receivables, credit cards, auto loans, etc. He has advised on some of the most relevant asset securitisation transactions in Spain in recent years and is recognised as one of the experts in the Spanish market. He advises leading financial institutions on CRR, STS, SRT and other securitisation regulatory matters. He has advised Credit Suisse Securities (Europe) Limited and Banco Santander as Arranger and Lead Manager on RMBS transactions and securitisation transactions. Other clients include Cajamar and BNP Paribas, among others.

Alfonso Ventoso | Uría Menéndez

Alfonso Ventoso

Alfonso is a partner in Uría Menéndez Madrid office since 2013, having joined in 2002. Alfonso’s practice is focused mainly on Equity Capital Markets (including listings and delistings, public offerings and block trades) and on providing general advice to financial entities and listed companies on the regulatory aspects relating to securities markets and corporate governance. In addition, Alfonso has ample expertise in M&A deals involving listed or financial companies, takeover bids, and the issue of debt securities, especially hybrid instruments. He recently advised eDreams ODIGEO, S.A. on the issue of the new ordinary shares to be issued and sold and a capital increase for an effective total amount of c. €75 million. He has also advised on EDP Renováveis´shares offering and represented Cellnex on its €7 billion capital increase.

Alfredo de Lorenzo | Simmons & Simmons

Alfredo is a partner and heads Simmons & Simmons’ Financial Markets practice in Spain. He specialises in Capital Markets, structured products, derivatives and distressed debt, advising investment banks, commercial banks and corporates on a variety of large transactions, such as debt issues, MTN and ECP Programmes, repackagings, securitisations and other complex structured finance transactions. He is a recognised practitioner with extensive expertise in advising issuers/arrangers and institutional investors on a wide range of deals. He also advises hedge funds on the acquisition and disposal of secured and unsecured NPL portfolios. He recently represented Santander, as Arranger, on REE´s €1 billion CP Programme on AIAF.

Álvaro Barro | ONTIER

Álvaro Barro

Álvaro is a partner and head of the firm´s Banking & Finance department. He joined ONTIER Spain in 2021 from WFW, bringing an extensive experience in project bonds and bond financing in the Energy sector. He specialises in innovative projects and transactions with banks, investment funds and multilateral institutions, and throughout his career, he has been involved in numerous corporate finance, project and acquisition finance, Capital Markets and financial restructuring transactions. He advised Atlantica on a €326 million bond issuance and Q-Energy and FSL Solar on a €304m bond issuance, Banco Santander and Banco Sabadell as arrangers for a €130m bond issue by Q-Energy (all for PV refinancing), and Grupo Elecnor on refinancing via the issuance of project bonds. 

Álvaro López-Jorrín | Garrigues

Álvaro López-Jorrín

Álvaro López-Jorrín has been a joint partner in charge of the Garrigues Corporate/Commercial Law department since July 2013. He is an expert in Corporate M&A Law and other commercial restructuring processes at both private and listed companies (private equity transactions, tender offers, etc.), particularly in relation to financial institutions. He is also very active in Stock Market transactions and issues of both fixed-income and equity securities and financial instruments, having recently participated in the first issue of perpetual contingent convertible bonds in Spain by a financial institution (BBVA). He advised International Consolidated Airlines Group on its capital increase to raise gross proceeds for €2.74 billion. Álvaro is co-author of the book “The Preemptive Subscription Right and its Disapplication at Listed Companies”.

Antonio Henríquez | Clifford Chance

Antonio Enriquez

Antonio Henríquez is a partner at Clifford Chance Madrid office. He specialises in international Equity and Debt Capital Markets transactions. Antonio has acted for both underwriters and issuers in international capital raisings and public offerings, exchangeable and convertible bonds issues, hybrid capital and contingent capital issues, stand-alone multijurisdictional bond issues, medium-term note programmes, euro-commercial paper and certificate programmes, warrant programmes as well liability management and debt recovery work. His most recent work includes advising Morgan Stanley on MXN 750 million UDI-linked notes issuance by Corporación Andina de Fomento and Citigroup on the issuance of USD200 million Notes listed in Panama by Corporación Andina de Fomento. Prosegur, BNP Paribas, REN, Bank of America or Société Générale are among his clients.

Armando Albarrán | Freshfields

Armando is a partner and heads the firm´s Corporate/M&A and Capital Markets groups in Spain. He specialises in public and private M&A, Private Equity transactions, Securities offerings, Restructurings and Corporate Governance issues. Armando has been involved in many landmark transactions with a Spanish element. His regular clients include corporates such as Airbus Military, Gas Natural and Amadeus, investment banks, financial institutions and financial investors. He advised on the IPOs of Parques Reunidos, Euskaltel, Merlin Properties and Hispania Activos Inmobiliarios, and subsequent capital raisings for them, as well as on multiple debts and hybrid-bond issuances for Gas Natural, Repsol, Iberdrola, Amadeus, Merlín Properties and Metrovacesa.

Augusto Piñel | Gómez-Acebo & Pombo

Augusto is a Corporate M&A partner at Gómez-Acebo & Pombo. He specialises in Securities markets, Securitisations, Corporate Governance and Mergers and Acquisitions. He has recently advised Técnicas Reunidas on the registration of various Commercial Peper Programmes on MARF, and advised Solventis group as underwriter in the process of Seresco’s incorporation to BME Growth. Other deals include advising on EiDF´s debut on MARF with a GBP and on the agreement entered into by Substrate AI with Alpha Blue Ocean for the issuance of convertible bonds. He has also advised Labiana on its IPO on BME Growth and Cajamar on the launch of a €900m securitisation fund, admitted to trading on the AIAF.

Beltrán Gómez de Zayas | PwC Tax & Legal

Beltrán is the partner in charge of Banking and Finance at PwC Tax & Legal Spain. He has extensive experience in the financial sector, having advised on the design and execution of a large number of deals, including issuance of debt securities, securitisations and other structured finance transactions. He also advises on asset securitisation and other structured finance and mortgage market transactions (including RMBS, CMBS, pan-European ABS or ABCP, CLOs, CDOs), as well as other transactions in the debt securities markets (bonds and notes), advising both lead arrangers and issuers. We have recently witnessed his advice on several CP Programme registrations (Opdenergy, Izertis, Solaria and Cunext, among others).

Carlos Lao | Ramón y Cajal

Carlos Lao is a partner in Ramón y Cajal´s Capital Markets practice. He has extensive experience advising issuers, and listing companies in Spanish and international securities market transactions (144A/Reg. S) both in regulated markets and in multilateral trading systems, including flotations, listings, private placements, securities exchange offers, green bonds, high-yield bonds and promissory notes, etc. He has over 20 years of experience in the handling of these transactions before the various national and international regulatory bodies (CNMV, AIAF, MARF and SEC, etc.). He has recently acted for Grupo Amper, Grenergy, Colonial or Montepino, among other clients.

Carlos Martín | Baker McKenzie

Carlos is a team leader in the firm´s Corporate group of the Madrid office. His main fields of practice are Capital Markets, M&A and general Corporate Law. He regularly advises on domestic and international Capital Markets transactions, including IPOs, capital increases and debt offerings. Some of his recent advice include representing book-runners in the IPO of Aspy and Holaluz on BME Growth, Telepizza in the context of the public takeover bid launched by KKR, All Iron RE SOCIMI on its €57 million capital raising process, and direct listing on BME Growth, Bankia in the annual updates of its €10 billion EMTN Programme registered on Euronext Dublin and its €1 billion Tier 2 notes issuance under the Programme and leading Alquiber Quality´s €30 million Commercial Paper Programme on MARF.

Carlos Pazos | King & Wood Mallesons

Carlos Pazos is the founding and managing partner of the Madrid office of King & Wood Mallesons. He is a lawyer with more than 30 years of experience and specialises in Corporate and M&A, Capital Markets, Private Equity, M&A-related litigation and international arbitration, and special situations. He regularly acts for both bidders and targets, advising them on all types of Corporate deals such as acquisitions, disposals, private equity and venture capital investments and divestments, fund formation, takeovers, IPOs, and Corporate Restructurings. Throughout his professional career, Carlos has been involved in some of the major corporate deals in Spain, many of them with a high multi-jurisdictional feature.

Carlos Pérez Dávila | Pérez-Llorca

Carlos joined Pérez-Llorca in September 2019 as a partner in the firm´s Debt Capital Markets practice. Prior to joining the firm, Carlos worked in the capital markets practice at Clifford Chance Madrid office. Carlos has extensive experience in the finance sector, having advised financial institutions, funds, corporations and multinational companies throughout his professional career, in all types of DCM transactions, including securitisations, structured finance transactions, issues of corporate bonds, regulatory capital, high-yields and mortgage market instruments, as well as in portfolio acquisitions, including distressed assets. He has participated in many of the most innovative fixed income, securitisation and structured finance transactions that have taken place in Spain in recent years, including the first-ever credit card securitisation carried out in Spain. He recently advised Santander Consumer Finance on a €707 million securitisation relating to a portfolio of Spanish auto-loans and the European Investment Fund on the securitisation of Aquisgrán.

Carolina Albuerne | Uría Menéndez

Carolina Albuerne is a partner in Uría Menéndez´s Corporate and Commercial practice area, having joined the firm in 2005. In her professional practice, she mainly focuses on company and Securities Law and is highly specialised in the field of banking regulation. Carolina advises on transactions involving hybrid debt and other qualifying capital instruments under banking regulations, as well as on the design of efficient capital structures from a regulatory perspective. In 2022, she advised Santander on a dual-tranche SEC Registered Senior transaction consisting of a $1.25 billion Senior Preferred 3-year bullet and $1.5 billion Senior Non Preferred 6NC5, and has been recurrently advising Santander on notes issuance on NYSE.

Charles Poole-Warren | Allen & Overy

Charles is a partner at Allen & Overy Madrid. He is an expert in Capital Markets financings, including debt programmes, hybrid capital and equity-linked issues, also involved in emerging markets work involving Iberian clients. He is an expert in DCM mandates including large bond issuances, note programmes and hybrid bonds, where he acts for prominent international deal managers and underwriters. His clients include financial institutions, private equity and infrastructure funds, public and governmental bodies, corporate borrowers and issuers. He led the advice to Santander on the first bonds issue of the BEI 2020 project. He advised Cepsa and global travel technology company Amadeus on their respective tender offers for the repurchase of senior bonds, and he also advised on The Principality of Andorra´s first international global debt issuance programme of up to €1.2 billion.

Eduardo García | Clifford Chance

Eduardo García is the head of the Global Financial Markets practice of Clifford Chance Spain. Eduardo has a broad experience in all types of structure debt, securitisation, as well as general lending, real estate finance, project finance (including project bonds) and restructurings. Some of his recent work includes advising Aedas Homes in connection with a €360 million High-Yield issuance, Lead Arrangers on the X-Elio PV portfolio project bond, Lead Managers on the Vela solar portfolio project bond and Blackstone on the acquisition of a €6.4 billion portfolio of loans from Catalunya Caixa and later securitisation take-outs of that portfolio.

Enrique Carretero | Baker McKenzie

Enrique Carretero has been a partner in the Madrid office of Baker McKenzie since 2001 and has over 35 years of experience in the area of M&A, Corporate Law and Securities. He represented Minor International in its public takeover bid over the Spanish-listed company NH Hotel Group and the Board of Directors of Cemex Latam Holdings in the context of the public takeover bid launched by Cemex España, as well as Spanish-listed company Telepizza Group on the public takeover bid launched by KKR and All Iron RE I Socimi on an €18 million capital increase. He also advised the banks Neinor Homes’ first green bond issuance for €300 million and purchasers on Vía Célere´s 300 million bond issuance.

Enrique Nieto | Uría Menéndez

Enrique joined Uría Menéndez in 2009, is a partner since 2020, and is currently part of the firm’s Capital Markets practice area. His professional practice is specialised in advising on initial public offerings (IPOs) and stock exchange listings, rights issues and offerings of shares by listed companies, block trades, takeover bids and delistings (equity capital markets). In addition, he has extensive experience advising Spanish real estate investment trusts and their investors, both on the Spanish regulated market and alternative market. He also regularly advises clients, both issuers and investors, on matters related to Capital Markets regulations (investments in listed companies, transparency, market abuse, etc.). He recently acted as Legal advisor to Emperador Properties SOCIMI on its incorporation to BME Growth and advised OK Mobility Group on its incorporation on MARF.

Federico Briano | Linklaters

Federico is a partner in the firm´s International Capital Markets group. He has extensive experience in Securities Law as well as Securities Market transactions and products, including IPOs, equity and equity-linked issues, rights offerings, accelerated placements, convertible and exchangeable issues, note and programme issues, repackagings and restructurings (liability management). He worked at Clifford Chance before joining Linklaters in 2004. He advised Ibercaja on its IPO plans, Iberdrola on €450 million green bond issue, the managers on the Initial Public Offering of Opdenergy, and most recently Santander on the issue of €5 billion in senior preferred debt in three tranches, the largest senior preferred debt operation issued by a financial institution in euros since 2009.

Fernando Torrente | Allen & Overy

Fernando Torrente is a partner at Allen & Overy Spain, with more than 30 years of experience is specialised in Spain in M&A and Equity Capital Markets, including takeovers, IPOs, flotations, securities issue and placement, secondary offerings and follow-on capital offerings. Additionally, he is an expert in Corporate Governance and formed part of the group of lawyers that advised the CNMV in preparing the Code of Good Governance of Listed companies approved in February 2015. Fernando is one of the leading practitioners of Corporate and Equity Capital Markets Law in Spain. Over his career, he has provided advice on some of the most important transactions carried out in Spain. He advised AZ Capital and STJ Advisors, as sponsors, on the IPO of Spear Investments I, B.V., in Euronext Amsterdam.

Francisco Palá | Ramón y Cajal

Francisco is founding partner of Ramón y Cajal Abogados and managing partner of the firm. He is a State Attorney on leave of absence. He holds long experience, both in Spain and internationally, in all kinds of transactions related to capital markets, such as initial public offerings (IPOs), capital increases of listed companies, issuance of all manner of debt securities (plain vanilla or structured bonds, convertible bonds, high yield bonds, securitisation bonds and promissory notes), trading of listed securities (takeover bids, asset-backed obligations and others), securities repurchase and exchange offers, mortgage and asset-backed securitisations and admission to trading in the Spanish Alternative Securities Market (MAB) or in the Spanish Alternative Fixed Income Market (MARF), among others. Francisco Palá, throughout his long career, has directed and coordinated numerous IPOs, capital increases in listed companies and debt issues.

Gabriel Núñez | Uría Menéndez

Gabriel Núñez joined Uría Menéndez in 1994 and he is a partner of the firm since 2004. He focuses on Capital Markets, Mergers and Acquisitions, Banking & Finance and Corporate Governance of listed companies. Gabriel has over 25 years of experience advising domestic and foreign companies on a large number deals such as public offerings and IPOs, takeovers, project finance and M&A involving listed and unlisted companies. Gabriel is an officer at the International Bar Association´s Securities Markets Committee. He recently advised Greenalia on a delisting takeover bid launched by Smarttia Spain and Alazady España and on the voluntary tender offer launched by Lorca Telecom over MasMóvil.

Gonzalo García-Fuertes | Garrigues

Gonzalo García-Fuertes is a partner in the Corporate/Commercial Department of Garrigues, where he has spent his entire career. He specialises in Corporate/Commercial Law, mainly Banking & Finance Law and Securities Market Law, and is regarded as an expert in asset Securitisation, issues of fixed- and variable-income securities and tender offers. He has taken part in many of the most innovative fixed-income, securitisation and structured financing transactions performed in Spain. He has been a lecturer on Securities Market Law at Centro de Estudios Garrigues for eight years and is a member of ESMA (European Securities and Market Authority). He recently advised Arquimea and Agotzaina on their CP Programmes on MARF and Alsea on the closing of €300 million senior notes offering issued by the Food Service Project.

Guillermo Guerra | Gómez-Acebo & Pombo

Guillermo is a Corporate M&A partner, co-head of Capital Markets and head of Corporate Governance at Gómez-Acebo & Pombo. He specialises in Corporate Governance, Capital Markets and Mergers and Acquisitions. In addition, he has experience in the implementation of sustainability programs for companies and investment funds, as well as in the issuance of green bonds. He recently advised ATRYS on its entry into the Continuous Market and on its capital increase for the acquisition of Initia and ChileRad, and Bienzobas Salud, Energy Solar Tech and Hannun on their incorporation to BME Growth. He also advised Agile Content on the incorporation of a bond programme on MARF, Nueva Pescanova on its BGP, and on OTIS Worldwide Corporation´s tender offer launched by one of its Spanish subsidiaries over all the issued shares of Zardoya OTIS, among others.

Guillermo Muñoz Alonso | CMS Spain

Guillermo Muñoz-Alonso heads the Financial Markets & Services department at CMS Albiñana & Suárez de Lezo, specialising in advice to financial institutions, as well as private equity and investment funds. Admitted to the bar in Spain and England & Wales (the latter as a solicitor), he has vast international experience in Bank Financing, Corporate Finance (including debt restructuring, recapitalisation and Capital Markets transactions, including intermediate formulas comprising convertible, subordinated or preferred instruments), as well as trading loan portfolios. He recently advised  Atlantica Sustainable Infrastructure plc on the renewal of its €50 million Commercial Paper programme on MARF.

Ignacio Corujo | Dentons

Ignacio is a partner in the Madrid office and head of Dentons’ Capital Markets Practice Group in Spain. Ignacio has more than 19 years of experience in Capital Markets, in both equity and debt transactions. Ignacio has advised large corporate and financial entities in all kinds of Capital Markets transactions, including initial public offerings for both issuers and underwriters and issuance of debt instruments (international and local issuances), including EMTN and ECP Programmes, project bonds and convertible bonds. His practice also includes advising listed companies on Corporate Governance matters. Some of his clients include Banca March, Actividades de Construcción y Servicios (ACS), Sacyr and Grupo Cajamar, to which he has provided Legal advice on Capital Markets-related deals. He advised on Holaluz´s IPO before joining Dentons from Baker McKenzie.

Ignacio Gómez-Sancha | Latham & Watkins

Ignacio Gómez-Sancha, the managing partner of Latham & Watkins Madrid office, advises and represents institutional investors, investment banks, and public companies on Capital Markets, M&A, private equity and takeover transactions, as well as restructurings and special situations. He served as the general counsel of Bolsas y Mercados Españoles (BME), the Spanish stock exchange operator, and as a member of the Consultative Committee of the Comisión Nacional del Mercado de Valores, the Spanish Securities and Exchange Commission. He has advised Ecoener and Enerside on their IPO on BME Growth, and Solarpack on the listing of its ordinary shares on the Bilbao, Madrid, Barcelona, and Valencia Stock exchanges, as well as BofA Securities as underwriter on the offering of ordinary shares of Atlantica Sustainable Infrastructure.

Ignacio Ruiz-Camara | Allen & Overy

Ignacio is co-managing partner of Allen & Overy Spain. He specialises in all types of Financing transactions, both at a national and international level. He has extensive expertise in restructurings, leveraged finance, real estate and project finance, particularly in renewables and infrastructure. He has taken part in some of the largest financing transactions arranged in Spain over the last years. He led the advice from Spain to a consortium of banks in connection with a €1.8 billion loan and high-yield bond to finance the acquisition by KPS Capital Partners, LP of Crown Holding Inc’s tinplate steel packaging business in EMEA, and was part of the team advising Santander on the first bonds issue of the BEI 2020 project. He also advised BNP Paribas on the financing to IFM Investors in its €5.06 billion bid for 22.69% of Naturgy’s shares, and most recently, Glennmont Partners on its landmark €1 billion securitisation, one of the first transactions known to the market on this type of asset.

Íñigo Berrícano | Linklaters

Iñigo Berricano is a partner at Linklaters Madrid office. He is an expert in Capital Markets and Banking Law, and has advised commercial and investment banks and corporates in a variety of transactions and products including, among others, rights and bond issues, block trades, tender offers, IPOs and securitisations. He helped Ibercaja with its IPO plan, the dealer managers on Pan American Energy’s $105m exchange offer, advised on the €9.4 billion initial public offering of Porsche AG, Europe’s largest IPO by market cap, on Opdenergy´s and Acciona Energía´s IPO, and most recently Caixabank on its first debt placement in dollars in the US market (placing US$1.25 billion), among others.

Íñigo Gómez Jordana | Alarde

Íñigo is managing partner of Alarde Law, a firm he founded after leaving DLA Piper in 2021, where he headed the firm´s Capital Markets practice and was senior partner. He has over 25 years of experience on capital markets transactions including derivatives, debt and equity, and in corporate finance and corporate transactions, specially in cross-border Mergers & Acquisitions and in numerous public takeovers. He has taken part in some of the largest transactions arranged in Spain over the last years in these areas. He has lectured Corporate Law at various universities (including Universidad Complutense de Madrid, IE, IEB) and is author of over 50 research papers and publications. Since 2005, Iñigo Gomez-Jordana has advised on 44 public transactions with a total value of $245,562 billion. These transactions include public takeovers (Altadis, Endesa, Clickair, Infingen, ALbertis Insfraestructuras and Itinere, among others).

Irian Martínez | Ashurst

Irian Martínez is a partner in Ashurst Finance practice and head of Global Markets in Spain. Irian specialises in Banking and Finance transactions with particular experience in syndicated lending, equity monetisation transactions and derivatives. Her clients include international investment banks, investment funds and local Spanish banks. Irian has advised on several real estate finance transactions (including BTR portfolios, logistic financings and office buildings), project finance, trading on carbon credits, equity transactions and financial power purchase agreements. She has experience in a wider range of Capital Markets work, including advising on collateral swaps, margin lending structures, and implementation of EMIR-related documentation for central clearing, variation and initial margin. She advised La Verdosa on Acciona’s €317 million private placement and most recently advised finance parties on the debt refinancing of Diebold Nixdorf with an exchange offer and consent solicitation.

Jaime de la Torre | Cuatrecasas

Jaime is a Finance partner at Cuatrecasas. He is a specialist in fixed-income transactions in Capital Markets, Securitisation transactions (CMBS, RMBS, CRE CDO and CDO), all types of debt issues, e.g., public, private, corporate and credit institutions (bonds, notes, subordinate debt, public-sector bonds, mortgage bonds and regional bonds), derivatives transactions, preferred shares and warrants. He advises private and public entities on debt issues in Capital Markets, public and private placings, domestic and international issues through the applicable law or the market where he bonds are admitted for trading, as well as on high-yield and direct lending transactions. He has recently advised on acquiring distressed debt and non-performing loans (NPLs) through structures associated to Capital Markets. He is one of the most active advisors on MARF´s CP Programmes (Greenalia, Urbas, OnTime, Bankinter among others) and on securitisation transactions (Autonoria, SCF, ING, Mobilize, and most recently Linkfactor). He also advised on AI Candelaria´s $600 senior secured notes issue.

Jaime Tarrero | RocaJunyent

Jaime Tarrero is a partner at RocaJunyent´s Commercial department. He has extensive experience in providing advice on Mergers and Acquisitions (M&A), IPOs, refinancings, takeover bids, rights issues, accelerated offerings and capital increases (ABBs), debt and hybrid instruments issuances and debt management exercises (LMEs), as well as in Corporate, Regulatory and Corporate Governance of listed companies. He also has extensive experience in multi-jurisdictional transactions. Throughout his career, he has advised on major company acquisitions, restructurings and IPOs of companies in different sectors such as finance, real estate, construction, energy, aviation and technology, among others. He advised on Axon Partners´ IPO on BME Growth.

Javier Carvajal | Pérez-Llorca

Javier Carvajal is a Corporate partner at Pérez-Llorca with over 20 years’ experience in Corporate Law. He joined the firm as a partner from Cuatrecasas. He specialises in takeover bids, M&A transactions, private equity, corporate restructurings, joint ventures and IPOs. He advises national and international groups on transactions in the energy, infrastructures, financial and industrial sectors. He advised LetterOne on the takeover bid for 100% of the shares of DIA, its refinancing and negotiation of a long-term capital structure (€1.2 billion), DS Smith on the voluntary public takeover bid for 100% of the share capital of Europac (€1.9 billion), Banco Pastor on the public takeover bid launched by Banco Popular (€1.3 billion), on the delisting tender offer launched by CLH for its shares and on the takeover bid for EnBW (€2.3 billion).

Javier García de Enterría | Clifford Chance

Javier is a partner at Clifford Chance, and specialises in Corporate matters and Equity Capital Markets. Javier has a broad experience in all types of M&A transactions, with a special focus on takeover bids, Corporate Restructurings, Corporate Governance, regulation of listed companies and ECM transactions, as IPOs or rights issues. A former Corporate and Commercial Law professor, he has participated in different committees of experts appointed by the Spanish CNMV, in matters as the corporate regulation for the issuance of securities by listed companies or the activity of the proxy advisors in the Spanish market. He advised DIA on the tender offer submitted by LetterOne for the acquisition of 100% of its shares, Carrefour and DIA on the listing of DIA shares in the Spanish stock exchanges, and Endesa on the successive takeover bids launched by Gas Natural, E.ON and Enel/Acciona, among others.

Javier Redonet | Uría Menéndez

Javier Redonet is a partner based in the Madrid office of Uría Menéndez. He joined the firm in 1997 and became a partner in 2008. Javier currently heads the Capital Markets practice area. Javier specialises in company, Finance and Securities Law. He advises on initial public offerings (IPOs), issues and offers of shares, issues of bonds (including convertible bonds) and hybrid securities, as well as on tender offers and Mergers and Acquisitions. He regularly assists clients with general corporate and commercial law matters, regulatory issues concerning securities law, as well as listed companies on corporate governance issues. He recently advised Holaluz-Clidom on its first Green Commercial Paper (CP) Programme on BME’s Fixed Income Market (MARF) for €100 million, and also advised ACCIONA Energía and Holaluz on their IPO.

Joe Amann | Freshfields

Joe is a counsel at Freshfields Madrid office and heads the firm´s English Law practice in Spain. He specialises in international Capital Markets and cross-border M&A, with a focus on ESG and sustainability. Joe regularly advises corporates and investment banks on a variety of equity and debt capital markets transactions, including IPOs, rights issues, bond issuances, including sustainability-linked bonds, hybrid bonds and convertible bonds. He recently advised Merlin Properties on the conversion of €4 billion of senior bonds into ‘green bonds’, and also advised Colonial on the successful conversion of all of the Colonial group’s outstanding senior bonds into ‘green bonds’. He also assisted Amadeus with its €250 million floating rate bond issue and CriteriaCaixa on its €200 million debut issuance of a senior unsecured exchangeable bond, exchangeable into ordinary shares of Cellnex.

Jorge Alegre | Linklaters

Jorge is a partner at Linklaters Spain, an one of the most reputed Capital Markets lawyer in Spain. He has extensive experience in Banking and Capital Market transactions, both equity and debt. His expertise includes equity offerings (IPOs, accelerated bookbuilt offers, rights issues and block trades), securitisations, convertible and exchangeable bonds offers, debt issues, liability management transactions and regulatory capital and hybrids securities, acting both for financial institutions and issuers. He recently advised Santander on the largest senior preferred debt operation issued by a financial institution in euros since 2009 (€5 billion), Sabadell on its €500 million CoCos issuance, the banks on Santander´s SEC-registered $2.75 billion debt issuance and Enerside´s IPO on BME Growth, among others.

José Luis Palao | Garrigues

José Luis is a partner in the Corporate/Commercial Department of Garrigues, where he has spent his entire career since 1998. He specializes in corporate/commercial law, mainly banking and finance law and securities market law, as is regarded as an expert in the issuance of equity securities, fixed and hybrid securities and tender offers. In addition, José Luis Palao advises listed companies on a range of engagements, whether on ad-hoc projects or deals or aspects deriving from the obligations specific to such entities (regulated information, market abuse, etc.). He advised Pamesa and Axon Partners on their debut issuance on BME Growth, and Red Eléctrica de España (REE) on its €1 billion CP Programme on AIAF, and Grupo Arteche on its IPO on BME Growth.

José Luis Rodríguez | Cuatrecasas

José Luis is a partner at Cuatrecasas and a specialist in Mergers & Aquisitions and Securities Market transactions. He handles Securities Markets transactions, including the admission to listing of companies on the Spanish securities markets and on the alternative Spanish market (BME Growth), and takeover bids, as well as advising on corporate governance. He is secretary non-director of several companies. He led the advice to Santander and Caixabank as global joint coordinators, as well as to JB Capital and Berenger, on Soltec´s IPO, the only one that took place in 2020 in Spain, having advised on other important IPOs in Spain, like the one of Applus.

José Manuel Cuenca | Clifford Chance

José Manuel Cuenca is a partner at Clifford Chance Madrid office. He specialises in Banking and Finance Law, Securities and derivatives, Structured Finance and Banking Regulatory Law. He is widely recognised as leader in the Spanish market for securitisations. He regularly advises prestigious banks on structured finance mandates via overseas registered SPVs, synthetic loan securitisations and receivables transactions. He recently advised Banco Santander on a landmark €1 billion STS synthetic transaction, including a €105 million Credit Linked Notes issuance. He also advised the same bank on the €223.5 million synthetic securitisation Magdalena 6, and Santander Consumer Finance on the first early redemption of a synthetic securitisation fund in Spain, as well as European Investment Bank and European Investment Fund on a €1.2 billion auto loan transaction.

Juan Aguayo | Cuatrecasas

Juan Aguayo is a Corporate partner at Cuatrecasas specialising in Equity Capital Markets. He advises on transactions carried out by companies listed on regulated markets, including securities offers, IPOs, public M&A deals (including takeover bids), as well as on complex restructuring and investment transactions led by international funds, including alternative investment funds. As an expert in the operation of Capital Markets, he has designed Corporate Governance policies for many leading listed companies and their progressive adaptation to the new demands of investors regarding social and environmental factors. He advised Inbest VI and Inbest VIII, Adriano Care and Aeternal Mentis on their incorporation to BME Growth, and Santander and Caixabank on Soltec´s IPO, the only one in 2020 in Spain. He also advised the selling shareholders on EQT´s takeover bid for Solarpack.

Juan Manuel de Remedios | White & Case

Juan Manuel is executive partner of the White & Case Madrid office and head of the M&A/Corporate Group in Spain. He focuses on general Corporate Law, Capital Markets, Mergers and Acquisitions and Private Equity. Juan Manuel’s reputation is based on a track record of supporting corporates and private equity funds in some of the most significant M&A cross-border transactions in the Spanish markets. Clients also look to Juan Manuel for his experience advising on domestic and international Capital Markets transactions. He brings knowledge and insight to clients’ public and private equity and debt requirements, handling initial public offerings (IPOs), including SEC registered, Rule 144A and Regulation S transactions. He represented Iberdrola USA in its merger with UIL Holdings Corporation and listing on the NYSE (US$3 billion), and Caixabank as issuer in the issue of €1 billion Additional Tier 1 Preferred Securities listed on AIAF, and on the IPOs of Prosegur Cash and Parques Reunidos, among others.

Julio Lujambio | Pérez-Llorca

Julio joined Pérez-Llorca in 2005 and became a partner in 2014. He is an expert in Corporate/M&A and Capital Markets. Julio is a dual-qualified lawyer, authorised to act as a lawyer in both Spain and Mexico. He not only has experience advising on all types of  transactions for the acquisition or transfer of shares and assets of private and listed companies, negotiation of investment and shareholders’ agreements and the setting up of joint ventures, but also on the Capital Markets side, with broad experience that includes advising on IPO’s, admissions to trading on the Spanish stock exchanges and the Spanish Alternative Market, block trades and Corporate Governance of listed companies. He advised Ziloti on Santader´s €152 million takeover bid for Uro Property. He was part of the team that advised Aena on its privatization and listing (€20 billion).

Lucas Osorio | Hogan Lovells

Lucas, former head of Hogan Lovells Madrid, is a partner in the firm´s Madrid office Corporate/M&A and Capital Markets practices. He is a former State Lawyer on voluntary leave of absence who worked for many years in the Spanish public sector on matters of Administrative Law, public procurement, and Regulatory Law. He has participated in numerous corporate transactions with listed companies and transactions involving the stock market. He has advised major companies such as Metrovacesa and Grupo Ferrovial, S.A. on their IPOs, advised Testa Residencial Socimi on its incorporation to the MAB (now BME Growth), as well as on the launch of a takeover bid for the world’s main airport operator, the listed British company BAA, and Metrovacesa on its takeover bid by FCC

Lucía García | Ramón y Cajal

Lucía is a partner in Ramón y Cajal Capital Markets practice She has extensive experience in advising companies in relation to the Securities market and Corporate matters. She has advised on numerous transactions, both national and international, including admissions to trading (Secondary Public Offerings, IPOs and listings), capital increases and debt issuances, both on regulated and non-regulated markets, as well as acquisitions of listed and unlisted companies and mergers. She also regularly advises clients in matters relating to Corporate Governance. She recently advised on Grenergy´s €90 million capital increase, Montepino´s €250 million capital increase and Bankinter Logística’s €250 million capital increase, as well as Colonial on the buyback of bonds for €375 million and a subsequent issue of €500 million admitted to AIAF. She also advised on Grenergy´s IPO, the only one in 2019.

Maitane de la Peña | KPMG Abogados

Maitane is a director in the Big Four´s M&A – Capital Markets department. Maitane has extensive experience in providing legal advice on securities markets and corporate governance and has been involved in some of the most important transactions in this field. She advises on Securitisations and structured finance transactions, Issuance of convertible bonds and hybrid securities, IPOs, public offerings and share sales (continuous market and BME Growth), M&A Distressed Debt transactions (sale of portfolios of bad debts, NPLs, REOs), as well as on Regulatory issues related to securities markets. She also provides advice on Corporate Governance matters. She joined KPMG Abogados in 2012 from Garrigues. She was part of th team that advised Patrizia group on the listing of its Spanish subsidiary EuroLog Canola Socimi on Euronext Access Paris market.

Marta López-Brea | Garrigues

Marta is a principal associate in Garrigues Corporate/Commercial Law department. She has spent her entire career at the firm and is an expert in Securities Market Law, and Banking and Financial Law. She has broad experience in Securitisation, a practice she has specialized in since 1997, as well as in a wide range of structured transactions (structured bonds, financial derivatives, project finance, project bonds, corporate finance) and other Banking transactions. In light of her experience, she has taken part in many of the most innovative securitisation and structured financing deals performed in Spain in recent years, garnering plaudits from various national and international publications. She acts for several of Spain’s main banks on the securitisation of consumer credit or mortgage loans. She also assists credit ratings agencies with the review of planned transactions. She advised Crealsa on the launch of a securitisation fund for €100 million, and advised on the registration of ODF Energía’s first Commercial Paper Programme with MARF.

Michael Willisch | Davis Polk & Warden

Michael is the head of Davis Polkf Madrid office. He advises U.S. and non-U.S. companies on Capital Markets transactions, M&A, Private Equity investments and Finance transactions. Michael has advised on some of the largest M&A transactions involving Spanish companies, the majority of IPOs completed in Spain over the past two decades, and some of the largest-ever Capital Markets transactions by Spanish issuers, including rights offerings by Cellnex (€7 billion in aggregate), BBVA (€5.1 billion) and Telefónica (€3 billion), Telefónica Móviles’ €3 billion IPO, Aena’s €3 billion IPO, Inditex’s (the owner of Zara) €2.4 billion IPO and Acciona Energía’s €1.3 billion IPO.

Miguel Cruz | Cuatrecasas

Miguel is a Finance partner at Cuatrecasas and a specialist in Spanish and international Securitisation transactions and debt security issues, including corporate bonds, project bonds and high-yield bonds. He advised El Corte Inglés on the renewal of its Commercial Paper (CP) programme on MARF, for a maximum outstanding balance of €1.2 billion, advised Elecnor on its €400 million multi-currency promissory note programme on MARF, guided Record Go´s debut on MARF with a €50 million CP Programme, as well as Unión de Créditos Inmobiliarios on the registration of its €565 million STS FT RMBS Prado X securitisation fund and Tilden Park on the €202.3 million bond issue to trading from the TDA TITAN Securitisation Fund.

Miguel Sánchez | ECIJA

Miguel is a partner in ECIJA´s Capital Markets practice area. He has more than 14-years’ professional practice specialised in the Securities Market, Corporate Governance and M&A. He has extensive experience advising listed and unlisted companies and leading investment banks, on domestic and international Securities Market transactions, both in regulated and unregulated markets. He has successfully carried out include initial public offerings (IPOs), takeover bids in domestic and international markets, public offers of sale (OPV) and subscription (OPS) under the supervision of the CNMV, issues of all manner of debt securities (such as high-yield bonds and green bonds), and admissions to securities trading on the Spanish Stock Exchange, the BME Growth Market and the Alternative Fixed-Income Market (MARF). He advised Prisa on its €130 million convertible bonds issuance, Squirrel Media on a €10 million capital increase and FCC on its €284 million takeover bid for Metrovacesa, amongg others.

Naiara Bueno | Garrigues

Naiara is a partner in Garrigues Corporate/Commercial Law department, where she has pursued her entire professional career. She specialises mainly in the banking industry, debt restructuring (including pre-insolvency advisory services), finance and insurance, private equity, collective investment vehicles, Capital and Debt instrument issues, as well as integral Corporate/Commercial advisory services, including advice on Corporate Governance-related matters (functioning of and/or dispute resolution on corporate bodies). She has a proven domestic and international track record of takeover bids. She advised Eurofirms on its debut on MARF, and helped Vytrus Biotech, Parlem and Solarprofit with their BME Growth IPO. She also advised Audax Renovables on a tapping of its 2020 issue of €50 to €75 million.

Pablo Medina | Linklaters

Pablo is a partner at Linklaters Madrid. He advises on the full range of Capital Markets transactions, bringing a strong understanding of business to provide commercial, practical and pragmatic solutions to clients on their most strategically important deals. He advises sponsors, corporates and investment banks on their complex, cross-border equity offerings (IPOs, rights issues, accelerated book-built offers and block trades), convertible and exchangeable bonds offers, debt and hybrid issues and liability management transactions. He spent 18 months on secondment to the firm’s New York office, advising on many Capital Markets and M&A transactions, including those involving Latin America. He advised on ACCIONA Energía´s IPO and on Ibercaja´s proposed IPO, the managers on the issue by Cellnex of €1.5 billion senior unsecured convertible bonds, J.P. Morgan, Citigroup and Crédit Agricole on the issue of €750 million convertible bonds and a simultaneous €750 million capital increase carried out by Amadeus IT Group. and most recently on the IPO of Enerside ad Opdenergy on BME Growth.

Paloma Fierro | Linklaters

Paloma is a partner at Linklaters Madrid. She has extensive experience in Financial Markets Regulation, including reorganisation of banking groups and investment services companies, corporate transactions with a regulatory component, opening of credit institutions, branches and representative offices, incorporation of hedge fund management companies and incorporation and registration of traditional and hedge fund CIIs. She is an expert in various Capital Markets instruments, advising well-known managers in large transactionsShe is also an expert in derivatives, including the structuring and negotiation of financial derivatives and structured products and the design of transactions with an insolvency protection component. She advised on the public takeover bid launched by SIX Group AG for the acquisition of BME, and most recently on Iberdrola´s €450 million green bond issue.

Pere Kirchner | Cuatrecasas

Pere is a partner at Cuatrecasas Barcelona, and a specialist in designing and implementing national and crossborder Corporate Finance and M&A transactions, including company sales, takeover bids, IPOs, public offerings of securities, and private equity and distressed M&A transactions. He was a co-chair of the International Bar Association’s Securities Law Committee and its Capital Markets Forum.  In 2012, he was a member of the group of experts appointed by the National Securities Market Commission to evaluate proxy advisors’ activity in relation to Spanish issuers. He advised SPAC Kensington Capital on its merger with Wallbox and admission to trading on NYSE, a deal valued at US$1.5 billion (€1.23 billion), being the first time that a Spanish company participated in a merger transaction with a SPAC listed on the New York Stock Exchange.

Rafael Mínguez | Cuatrecasas

Rafael is a partner at Cuatrecasas, and a specialist in domestic and crossborder transactions, including Securitisation and NPL portfolio transactions, Corporate Financing, derivatives, Capital Markets, Financial Restructuring of corporate groups and Project Finance. Before joining the firm he worked in the Directorate General of Foreign Transactions and in the Directorate General of the Treasury and Financial Policy, where he was responsible for Spanish financial legislation on Capital Markets and credit institutions. He advised Elecnor on the incorporation of Elecnor 2020 Energy Efficiency Securitisation Fund and the registration of a €300 million CP Programme on MARF, and advised PSA Financial Services Spain on setting up first Balloon loan securitisation in Spain, with issued bonds worth €605.1 million admitted to trading on the AIAF, as well as Sareb on the issue of SAREB 2020-1 senior bonds worth €4.06 billion.

Rafael Sebastián | Uría Menéndez

Rafael Sebastián is a Corporate partner in the Madrid office of Uría Menéndez. He joined the firm in 1990 and made partner in 1991. He opened the firm´s New York office in 1990 and was managing partner there until 1996. Rafael’s practice covers a wide range of Corporate and Banking work. He specialises in Capital Markets, Mergers and Acquisitions and Corporate Restructuring, and has advised on insolvency proceedings involving leading Spanish and multinational companies. He is a reputed DCM practitioner who regularly advises on large equity-linked, hybrid and green bond issuances, often acting for Spanish corporates as issuer. He advised Iberdrola on the completion of the largest green hybrid bond issue in its history, for €2 billion. The placement was made in accordance with Rule 144A and Regulation S of the SEC. He also advised on Codere Finance´s issue under the same regulation, and Telefónica, S.A. and Telefónica Emisiones S.A.U. on its $2 billion bond issuance in the USA.

Rodrigo Berasategui | Watson Farley & Williams

Rodrigo is a partner in WFW´s Finance department. With more than 20 years practice expertise, Rodrigo has a broad knowledge advising on transactions involving renewable energy including wind, electric, solar (thermosolar and photovoltaic) and biomass, as well as all types of infrastructure (highways, rails, tramways, ports and hospitals, etc.). Rodrigo advises on the full range of financing schemes, worldwide, including Latin America: project finance, mezzanine loans, corporate and acquisition finance, export and trade finance transactions. He also acts on Debt Capital Markets transactions such as EMTN programmes and green and project bonds, being very active in te issue of bonds for refinancing. He advised Natixis on first Climate Bond Certified green transaction in Spain, Atlantica on a €326 million bond issuance and Q-Energy and FSL Solar on a €304m bond issuance, both for PV refinancing, and Grupo Elecnor refinancing via the issuance of project bonds. Other clients on bonds refinancing include Banco Santander, Westbourne Capital, as mandated lead arranger and investor respectively, on the private placement of bonds to refinance

Salvador Ruiz Bach | Allen & Overy

Salvador is a partner at Allen & Overy Madrid. He has wide experience in the regulation and contractual matters of financial institutions, financial instrument markets, OTC, clearing and settlement systems, custody and a wide range of financial products. He advises to financial entities, particularly, banks, investment firms, fund management companies, private equity firms, insurance and pension funds, among others, licensing and products requirements, rules of conduct, capital requirements, investment rules, major holdings in financial institutions and listed companies, transparency requirements and AML. He recently advised Goldman Sachs Bank Europe SE, Santander Corporate and Investment Banking (SCIB) and Societe Generale on EIB’s inaugural digital bond settling in tokenised representation of euro central bank money. He also advised on European Investment Bank’s issue of a digital bond on Ethereum public blockchain. He also advised Glennmont Partners on a landmark €1 billion securitisation, and represented the banks on Cepsa and Amadeus repurchase of senior bonds.

Vicente Conde | Osborne Clarke

Vicente is a specialist in Mergers and Acquisitions, Corporate and Business Law and Capital Markets. He is managing partner of the Osborne Clarke Madrid Office. He is former head partner of Pérez-Llorca´s Capital Marlkets practice. He is an expert in M&A and Capital Narkets, particularly in the Equity Capital Markets field. He has advised national and international clients on takeover bids, public offerings and issuing of securities, IPOs, M&A deals, financing transactions and corporate restructurings. Vicente is currently a lecturer for the Master’s degree in Corporate Law at Universidad Pontificia de Comillas (ICADE) and the Master’s degree in Corporate Law at Centro de Estudios Garrigues. He also collaborates with the Universidad Carlos III on Corporate and Capital Markets Law and, as an expert on these matters, is a regular speaker at seminars and conferences and has published a great variety of articles and works related to his practice areas. He advised Xior Student Housing on its public takeover of BME-listed Student Properties Spain SOCIMI (SPS).

Yoko Takagi | White & Case

Yoko is a partner in the White & Case Corporate Group in Madrid. Drawing on her deep and wide-ranging knowledge of Corporate Law, her practice focuses on M&A, Corporate Finance and Capital Markets transactions. Her track record spans a broad spectrum of public and private transactions, mostly with an international component. Clients benefit from Yoko’s knowledge and experience of advising private equity funds, companies, sponsors and investment banks on transactions involving a wide array of industries, including energy, financial institutions, cleantech and telecommunications. She represented Axia Real Estate SA in the €360 million IPO of a SOCIMI in the Spanish Stock Exchange and a private placement to institutional investors under Rule 144A, FSI on its takeover bid for Deoleo, Deutsche Bank, Citigroup, BBVA and Banco Santander on Liberbank’s €792 million rights offering, and most recently AI Candelaria on the issuance of senior secured notes for $600 million and Germany´s Adler Pelzer Holding on the launch of an offering of €75 million of new senior secured notes on Euronext Dublin.

Yolanda Azanza | Clifford Chance

Yolanda is a partner at Clifford Chance Madrid, specialising in all aspects of debt and equity Capital Markets, representing both issuers and underwriters in cross-border transactions, including IPOs, secondary offerings and block trades, convertible and exchangeable bonds, medium-term note programmes, regulatory capital, covered bonds and hybrid instruments. She advised on Porsche AG´s IPO, the largest in Europe by market cap, counselled Brazil’s Eletrobras on a US$6.9 billion equity offering, Mapfre on its €500 million Tier 3 subordinated notes issue, Prosegur on the issue of a €500 million Eurobond and BNP Paribas and the Dealer Managers on the purchase by Abertis Infraestructuras S.A. of €920.4 million of its outstanding debt securities and a new issue by Abertis Infraestructuras Finance B.V. of €1.25 billion hybrid securities guaranteed by Abertis. Yolanda also advised the Managers on the inaugural green bond of the Kingdom of Spain.