Allen & Overy LLP

Capital Markets Department

Spain
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What the team is known for

Often leverages a superb reputation for DCM work in London to attract instructions primarily from blue-chip banking clients on mandates relating to EMTN programmes. Also advises on the issuance of Additional Tier 1 and Tier 2 regulatory capital. Has played a key role in the development of the market for project bonds and green bonds in Spain. Possesses further experience in derivatives transactions and private placements, as well as IPOs and other ECM matters. Receives additional plaudits for its ability to advise on English law considerations from Madrid.

Strengths

Clients value the team's approach, noting that the lawyers are "very proactive people who solve problems, and are accessible, pro-business and decisive."

Sources also appreciate the team's network and add: "You receive the same service from any one of their offices, they have a very good brand unity and the quality of the service and treatment is equal."

Work highlights

Represented arranger Banco Santander in the creation of Prosegur Cash's EMTN programme and subsequent debut issue.

Notable practitioners

The "fully engaged, proactive, knowledgeable and pragmatic" Charles Poole-Warren leverages his dual-qualification in Spain and the UK to act on a range of DCM mandates. His activity includes advice to issuers, dealers and arrangers on EMTN or commercial paper programmes.

Clientsdescribe Fernando Torrente as a "phenomenal" practitioner, with other sources confirming his reputation as "a very well-respected lawyer in capital markets." His broad ECM practice includes follow-on offerings, block trades and assistance with IPOs, as demonstrated in his advice to Mubadala Investment Company and Cepsa on the latter's potential IPO.

Salvador Ruiz Bachs advises on a range of DCM and derivatives transactions. His highlight work includes acting for Bank of America Merrill Lynch on the update of Banco Santander's F3 programme and subsequent issuance of senior non-preferred notes.