Clifford Chance has advised Banco Santander on incorporating two Spanish synthetic securitisation funds “Fondo de Titulización Magdalena 11” and “Fondo de Titulización Tayrona” for the amounts of €2,700 million and €2,100 million, as well as on the related Portfolio Credit Linked Notes issuance for an amount equal to the protected tranche in each of the securitisations.

The Clifford Chance team was led by Leonardo Fernández and Timothy Cleary, counsel and partner in the Global Financial Markets area in Madrid and London, respectively, together with senior associates Virginia Jiménez, from the Madrid office, and Oliver Tully from the London office.