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Santander, BBVA and CaixaBank, medalists in loans | Markets

The banks that led in the granting of syndicated loans in 2020, according to Refinitiv’s classification criteria, talk about the main operations in which they participated during the year and share their perspectives for 2021.

Santander: Corporate operations will be the axis of the market in 2021

Banco Santander highlights the role played by the financial sector in the difficult pandemic environment: “We have been able to demonstrate the strength acquired in recent years, playing a crucial role in maintaining economic activity and employment.”

Cellnex launched 2020 by announcing the purchase of the Portuguese Omtel from Altice Europe and Morgan Stanley Infrastructure, which included a deferred payment in 2027 for the amount of 570 million. The entity fully insured the deferred amount to its sellers.

Likewise, it has played a relevant role in the structuring and coordination to obtain liquidity for El Corte Inglés and acted as an insurer, and bookrunner in KKR’s takeover of MásMóvil.

With respect to 2021, the bank comments that “the driver Main in syndicated operations will be mergers and acquisitions (M&A), although they weigh “reorganization operations in many companies as a result of the impact of the pandemic and a slower recovery than initially expected”. In addition, they predict an “exercise of refinancing, restructuring and profound changes in business models, which will be accompanied by M&A operations in some sectors.”

BBVA: More investment in digitization and sustainability projects

BBVA loan team: Pedro Ramírez, Victoria Manresa, Miguel Calvo, Isabel Lacruz, Gonzalo Pérez Ricarte, Maite Vizán, Ángel Giménez Palazón, Pablo Arsuaga, Susana de Pablo, Borja Buades, Luis Léniz and Imanol Michelena. Pablo Monge Five days


BBVA participated in the syndicated financing of Cellnex, El Corte Inglés, Iberia and Vueling, which had the endorsement of ICO, and in that of the Deposit Guarantee Fund, Gestamp Automoción and Colonial. “As a milestone, we would highlight that BBVA also led the first sustainable operations with the endorsement of the ICO in both syndicated and bilateral formats”, which were led by El Corte Inglés, Intermas and Piñero, point out.

On the projections for 2021, the entity anticipates a faster recovery of the debt markets, since the current crisis is not “strictly financial”. However, “the possible outbreaks, restrictions and consequences of new strains of the virus, if not controlled, could delay the recovery and keep sectors that are very important for the economy – tourism, automotive and retail – in a liquidity and solvency deteriorated for a time ”, they warn.

The bank is considering greater investment in digitization and sustainability projects and more M&A activity, especially in defensive and consolidation sectors, such as energy and telecoms ”. The banks await “with great interest the EU recovery plan”, they say.

CaixaBank: Ensuring liquidity after a year with the effects of Covid

CaixaBank loan team
CaixaBank loan team: Felipe Plaza, Juan Felipe Fernández, Inés Ordovás, Susana García, Javier Duro, Pablo M. Pérez-Montero, Virginia Gómez, Marisa Cobos, Javier Ricote and Lucía Fondo. Pablo Monge Five days


In addition to participating in the large syndicated financing operations in 2020, such as Cellnex, CaixaBank also stands out for its contribution to the middle market, in transactions such as Profand, the largest supplier of cephalopods, or that of Angulas Aguinaga. In sustainable financing, it signed a total volume for the sector of 2,400 million.

According to his forecast, the first semester will be dominated by refinancing or the extensions of liquidity lines, since “it will be one of the main purposes of clients to ensure cash for as long as possible given the probability that the effects of the pandemic may last throughout the year ”.

“On the other hand, it will also be a year in which attractive investment opportunities can be presented both in sectors that have been favored by the pandemic – and for which high valuations or overpricing will continue to be paid (pharmacy, hospitals, telecos, food , agri-food) – as in opportunists, in which there is potential for recovery, even though there is an adjustment in the purchase price ”. These are medium-sized shopping centers and parks, residences for the elderly and students or the automotive industry.

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