Spain

Best bank
Grupo Santander Best debt house
SG CIB

Best equity house
UBS

Best M&A house
Morgan Stanley

In bonds, Spain is a target market for SG CIB. It is the biggest bond house for new issues ? an achievement given the quality of competing firms including Barclays Capital, Morgan Stanley and Citigroup, and French rival Calyon. In loans, it can hold its own against the other international houses. It has handled a range of issues over the past 12 months, including covered bonds and ABS deals.