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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.

UBS is rightly proud of its Spanish equities business. It did an accelerated bookbuild for Red Electrica with Citigroup, and it was one of the many firms involved in the equity fund raising for Banco Sabadell in connection with its acquisition of a bank in Portugal. UBS wins the best equities house for two key deals ? a block trade for technology firm Gamesa and an exchangeable bond from Pemex in Mexico into Repsol in Spain. UBS was a joint bookrunner on that transaction, the largest ever Latin American equity-linked issue.

In M&A, as in equities, Citigroup has had a good run in Spain.

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