Commended for its ‘deep knowledge and interdisciplinary skills’, A&O Shearman continues to cement its place among the leading DCM players in Spain. A go-to destination for both underwriters and issuers, the practice provides Spanish and English law advice on the entire spectrum of DCM mandates, including standalone bonds, debt programmes, hybrid capital, derivatives and structured finance. Salvador Ruiz Bachs, ‘an exceptional, close and technical’ partner who brings together expertise in regulatory and contractual issues involving a wide range of financial products, and English law-qualified Charles Poole-Warren, a name to note for sophisticated debt offerings in Iberia, are at the helm of the practice. On the securitisation front, the team is often instructed by originators, issuers, arrangers and collateral managers; Ignacio Ruiz-Cámara, whose areas of expertise include covered bonds, and counsel Alfonso Gutiérrez, who focuses on asset securitisation deals and debt issuance programmes, take the lead on this type of work. Cristina Pablo-Romero, a key contact for DCM, derivatives and fintech matters, and Alvaro Rojo, who regularly handles green bonds, hybrid instruments and commercial paper programmes, stand out at the senior associate level.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

‘Salvador Ruiz Bachs is an excellent partner and has a team of committed and technical lawyers who are always available and respond quickly to the most complex issues.’
‘Salvador Ruiz Bachs is an exceptional, close, and technical lawyer.’
‘Solid knowledge and a reliable team, who are always willing to assist and anticipates clients' needs.’
‘I have been working with the debt capital market team for many years and they are always reliable and willing to assist. They stand out for their knowledge of different instruments and market experience. Álvaro Rojo is always on the ball ’
‘Salvador Ruiz Bachs is a pleasure to work with, he has a rare combination of enthusiasm and great knowledge of the subject.’
‘A&O Shearman is a firm recognised for its excellence and experience in various legal areas. Its team stands out for the quality of its work, its deep knowledge, interdisciplinary skills, as well as its close relationship with the in-house team.’
‘A&O Shearman lawyers are characterised by their deep legal knowledge, close treatment with the lawyer, full availability and quality of advice. They stand out for their international experience and ability to provide international legal solutions. The firm has outstanding partners and associates, including Salvador Ruiz Bachs.'
‘International firm with solid knowledge of local law.’

Key clients

Banco Santander
Nomura
Santander Consumer Finance
Goldman Sachs
Govern d’Andorra
European Investment Bank
Bankinter
Societé Générale
Fomento de Construcciones y Contratas, S.A.
PSA Financial Services Spain, E.F.C., S.A.

Work highlights

Acted as sole legal counsel in connection with the establishment of Ferrovial, S.A. Sustainability Target Euro-Commercial Paper Programme for the issuance of up to €1.5bn in aggregate principal amount of commercial paper notes.
Acted as legal advisers to BBVA in connection with the issuance of its € 1bn AT1 convertible securities.
Advised BNP Paribas and Banco Santander as Arrangers and Joint Lead Managers on the first green securitisation in Spain and one of the very few in the European Union.