Linklaters indispensable to banks on Spanish exchangeable bond work

Linklaters Spain has achieved a stranglehold on the banks representing Spanish companies issuing bonds on the equity capital markets.

In 2003, the Madrid office acted for the lead managers on every exchangeable bond issue involving a Spanish company. Most were led by Conrado Tenaglia, an international finance partner based in Madrid.

Tenaglia said he thought exchangeable bond issues, where bondholders can convert the debt into shares at a fixed future date, represented one of the most vibrant sectors in Spain last year.

“We’ve had an excellent year in Spanish capital markets work. While the equity markets themselves were not that active, equity-linked capital markets transactions were a lively part of the economy,” he explained.

Tenaglia, who co-manages the firm’s relationships with investment banks such as Goldman Sachs, JPMorgan and UBS, came to Madrid from the New York office in last September, replacing partner Lee Porter, who left in June.