A&O Shearman’s debt capital markets team offers Spanish and English law expertise to issuers and underwriters on a broad range of mandates, including standalone bond issuances, debt programmes, hybrid capital, derivatives, securitisations, and structured finance transactions. The practice is jointly led by Salvador Ruiz Bachs, a seasoned expert in the full range of DCM work, and English law-qualified Charles Poole-Warren, a key figure for sophisticated debt offerings across Iberia, and Ignacio Ruiz-Cámara, who brings notable expertise in covered bonds and securitisations. The latter is a key area of activity for Alfonso Gutiérrez. Alvaro Rojo contributes significant experience in green bonds, hybrid instruments, and commercial paper programmes. Cristina Pablo-Romero is no longer at the firm.

With a strong following of banks, financial investors and major corporations, Clifford Chance stands out for its ability to advise on the issuance of all types of instruments by Spanish banks. In addition to its strong capabilities in debt issuances, the firm ‘has an outstanding team in the structured finance space‘ which is often engaged in high-end and innovative securitisation matters. Its broader capital markets offering covers corporate securities, sovereign bonds, as well as green, social, sustainable, and sustainability-linked offerings. Global financial department head Eduardo García, who specialises in structured debt and securitisations, oversees the department with Antonio Henríquez, who has significant experience in ECM and DCM transactions, including convertible bond issues, hybrid capital, and medium-term note programmes. Jesús Quesada and Leonardo Fernández are also noted for their structured debt and securitisation acumen.

Cuatrecasas is renowned for its robust expertise in securitisation transactions, regularly advising originators, management companies, arrangers, joint-lead managers, and rating agencies on high-profile deals. The team’s capabilities extend beyond securitisations to a broad range of capital markets matters, including commercial paper programmes, high-yield bonds, and debt issuances, with a strong focus on green and sustainability-linked instruments. Jaime De La Torre, who leads the fixed income and derivatives practice, is a key figure in securitisation and structured finance, while Miguel Cruz contributes significant experience in high-yield transactions, commercial paper programmes, and note issuances. The team is further strengthened by Jaime Juan Rodríguez’s expertise in debt issuances and securitisations, Jerónimo Poza’s skill in debt placements and NPL securitisations, and Gonzalo Terceño’s extensive work on commercial paper programmes.

Recognised for its 'incredible technical knowledge and closeness to the client', Garrigues boasts a strong reputation in debt capital markets, offering expert advice to financial institutions and issuers on complex debt placements. The team excels in handling a diverse range of matters, including EMTN programmes, high-yield bonds, hybrid products, commercial paper, and, notably, securitisations, which remains a core area of expertise for the firm. Gonzálo García-Fuertes, a veteran in high-yield transactions, securitisations, and debt issuances, plays a central role, alongside José Luis Palao Iturzaeta, who acts for corporates and financial institutions in DCM and ECM transactions. Marta López-Brea focuses on securitisation deals, while Li Jun Chen Lin advises on standalone bonds, commercial paper, and debt issuance programmes.

Maintaining a strong presence in Spain’s debt capital markets, Linklaters is home to an ‘excellent fixed income practice with a very high technical and working capacity‘. The team regularly advises major issuers and financial institutions on a wide array of matters, from standalone bond issues and MTN programmes to regulatory capital instruments, convertible bonds, high-yield offerings, and securitisations. Jorge Alegre, Federico Briano, and Pablo Medina jointly lead the practice; Alegre’s experience spans both equity and debt offerings, Briano provides specialised knowledge in complex cross-border transactions as an English law-qualified partner, and Medina offers deep insight into equity offerings, debt issues, hybrid instruments, and M&A deals with capital markets components. Juan María Lamo stands out for his experience in securitisations, a key area of activity for the team. Yiannis Kyriakides is also a notable name within the group for his work on debt issues and structured finance. Former co-head Iñigo Berricano is no longer at the firm.

A popular destination for both financial institutions and issuers, Pérez-Llorca's team is recognised for its 'great analytical and problem-solving capacity in any aspect that may arise during the development of any fixed-income transaction'. The practice is skilled in a variety of debt capital markets mandates, including domestic debt issuance programmes, standalone bond issues, and complex securitisations. Carlos Pérez Dávila, who is highly regarded for his expertise in securitisation and structured finance, leads the team alongside Yolanda Azanza, a prominent figure for issuers and placement banks in bond issuances, commercial paper programmes, and regulatory capital instruments. Key support is offered by Santiago Bertola, who specialises in the issuance of debt instruments.

The capital markets team at Uría Menéndez offers comprehensive advice on hybrid securities, regulatory capital instruments, as well as structured and project bonds, regularly assisting major corporates and financial institutions in navigating high-value transactions. The department is led by Rafael Sebastián, whose areas of expertise span capital markets, structured finance, M&A, and corporate restructuring. Carolina Albuerne, known for her banking regulatory expertise, frequently handles deals involving hybrid debt, a key area of focus for Javier Redonet. Enrique Nieto acts for issuers and investors in both ECM and DCM deals.

The capital markets team at Gómez-Acebo & Pombo is recognised for its expertise in high-yield bonds, private placements, and investment-grade debt offerings, attracting frequent mandates from issuers, lead arrangers, and underwriters. The group also maintains a significant presence in the securitisation market, while its capabilities extend to advising on sustainability-linked products. Guillermo Guerra, a specialist in corporate governance, brings extensive experience in both ECM and DCM matters, including commercial note programmes. Ferran Foix – head of the London office – often advises on bond restructurings and note issuance programmes.

'Made up of a group of lawyers dedicated solely to capital markets and characterised by great efficiency', the team at Ramón y Cajal Abogados demonstrates key expertise in EMTN and other debt issuance programmes, debt offerings, securitisations as well as regulatory matters. Carlos Lao, a key figure in the practice, brings extensive experience in cross-border transactions, particularly in the US and European markets. His areas of focus include high-yield deals, green bonds, commercial paper notes, and securitisations. Fellow co-head Lucía García Clavería is proficient in DCM and ECM matters.

Highlighted for its ‘unique knowledge of the client and its needs’, the capital markets practice at Simmons & Simmons stands out for its specialisation in derivatives and structured products – particularly securitisations, repackagings, and standalone bond issues – and is commended for its ‘great experience in MTN programmes and debt issuance, both public and private‘. The practice is led by dual-qualified Alfredo de Lorenzo (Spain and England), a key contact for issuers, global coordinators and institutional investors. Borja Carpintero provides vital support, with a focus on structured products and securitisations.

The capital markets group at Ashurst LLP is highly skilled in handling transactional, advisory, and regulatory derivatives matters. Known for being 'attentive and proactive', the team demonstrates expertise in complex financial instruments, including deal-contingent swaps, synthetic power-purchase agreements, equity derivatives and Spanish-governed master agreements for financial transactions (CMOF). The team also regularly works with leading Spanish banks on the creation of trading platforms for regulated emissions allowances and voluntary carbon credits. Practice head Irian Saleta Martínez stands out for her 'extensive knowledge of the sector, technical level, and excellent customer service'.

Commended for its ‘availability, pragmatic approach and knowledge of the sector’, Baker McKenzie’s team is well placed to advise issuers, managers and financial entities on debt issuances, commercial paper programmes, and refinancings. The group is co-led by Fernando Torrente, a seasoned practitioner who now oversees the Madrid-based capital markets and M&A teams following his mid-2023 move from A&O Shearman. Another key figure is Carlos Martín, who brings extensive experience in M&A, ECM, and DCM transactions.

Praised for its 'comprehensive work on fixed-income capital market deals', Dentons assists corporate issuers, financial institutions, and investment banks with domestic and cross-border DCM transactions. Under the leadership of Ignacio Corujo Del Valle, the group excels in convertible bonds, commercial paper programmes, and covered bonds. Corujo stands out for his 'detailed knowledge of the Spanish market' and experience across a broad range of capital markets matters, including EMTN and ECP programmes.