Capital Markets: Equity | Europe

With its international network, Freshfields Bruckhaus Deringer regularly handles major ECM capital market transactions on behalf of its clients from the energy, technology and real estate sectors. The law firm has a notable strength in equity-related mandates, with experience in high-profile corporate spin-off transactions as well as listings. Besides its strength in ECM, the practice demonstrates prowess in handling debt mandates ranging from note and bond issuances to large EMTN programmes. Based in Madrid, the capital market practice at Freshfields regularly cooperates with offices in London and across Europe to offer comprehensive cross-border advice.

Linklaters boasts outstanding capabilities in both debt and equity capital markets transactions, drawing on a strong bench. The team regularly advises on large capital increases, block trades and IPOs, acting for Spanish corporates and international financial institutions. Besides its excellence in ECM mandates, the firm demonstrates prowess in handling debt deals ranging from bond and note issuances to the establishment of ECP and EMTN programmes. Furthermore, Linklaters is widely considered to be one of the top choices for Spanish financial institutions seeking to issue regulatory capital instruments. With its international office network and expertise especially in UK and US law questions, the law firm is well placed to advise on cross-border mandates.

Uría Menéndez is widely considered a powerhouse in the Spanish capital markets world, with undisputed expertise in equity transactions ranging from IPOs and large capital increases to share buy-back programmes and voluntary tender offerings. The ECM team predominantly acts for Spanish issuers, including corporate clients and real estate investment trusts. Furthermore, the law firm is well equipped to handle DCM mandates, including green and hybrid bonds as well as note issuances and commercial paper programmes, often acting for Spanish banks. Increasingly the firm is present in securities transactions including rate-guaranteed and convertible instruments. Headquartered in Madrid, Uría Menéndez frequently collaborates with UK and US firms on matters that have a key foreign law component.

Cuatrecasas houses a well-reputed capital markets team with capabilities in both debt and equity transactions. The team regularly handles large IPOs, private placements and share listings, acting for Spanish and international real estate developers and international manufacturers as well as coordinators and underwriters. Cuatrecasas demonstrates additional prowess in handling DCM mandates ranging from bond and note issuances to commercial paper programmes. The law firm also has particular expertise in securitisation-related mandates including the setting up of securitisation funds and bonds. It leverages established relationships with local counsel in other European jurisdictions to advise on cross-border mandates.

With its wide-ranging offerings across DCM and ECM, Garrigues provides holistic services to its clients. The law firm regularly advises on commercial paper programmes and complex bond and note issuances, assisting well-known international financial institutions. Additionally, the firm has expertise in securitisations including large ABS transactions. In addition to its strength in DCM, Garrigues handles ECM mandates including capital increases, listings of SOCIMIs and other equity-related work. While Madrid-based, the team regularly works on cross-border cases facilitated by the law firm's own international office structure and cooperation with other international law firms.

Baker McKenzie's team ECM offering has significantly strengthened in 2023 with the joining of a top-ranked ECM partner. The group also handles various DCM mandates. Due to its global network, the firm is well positioned to assist with green bond issuances and commercial paper programmes, acting for arrangers and issuers. Additionally, the team is well placed to handle capital increases, private placements and rights issuances.

With outstanding expertise in DCM as well as supporting clients on ECM mandates, Allen & Overy is well positioned to assist with a broad range of capital markets transactions. The team regularly advises on complex green, social and hybrid bond issuances as well as blockchain bonds. Additionally, clients benefit from the firm's prowess in handling ECP, EMTN and note programmes, evidencing strong debt capital markets capabilities. The firm's ECM expertise covers capital increases, rights issuances and private placements. The firm demonstrates additional strength in derivative transactions, synthetic securitisations and mortgage loans as well as RMBS. As a global law firm, Allen & Overy caters predominantly for well-known international financial institutions.

Clifford Chance houses a strong team that handles a broad spectrum of capital markets transactions. The team particularly stands out in debt capital markets mandates including complex issuances of notes and bonds such as green and high-yield bonds. Additionally, the law firm advises banking clients on compliance with new regulatory instruments such as the STS regulation. While being involved in highlight DCM mandates, the team also evidences a strong track record in securitisation transactions, with experience in synthetic securitisations and fixed-rate reset securities, where Clifford Chance predominantly acts for prestigious international financial institutions as originators and arrangers. Furthermore, clients enjoy a growing expertise in ECM mandates such as rights issuances. With its excellent international capabilities and expertise in both English and Spanish law aspects of deals, the firm offers a holistic service.

Ramón y Cajal Abogados houses a well-reputed practice with wide-ranging expertise in capital markets matters. The firm is particularly active in both ECM and DCM mandates, acting for known players from the energy and real estate sector as well as financial institutions on bond and note issuances and commercial paper programmes. The team also assists with buy-back programmes and corporate transactions involving capital markets components. The firm is particularly well placed to handle mid-cap mandates, for which it utilises its offices in Madrid and Barcelona.