06 March 2025
A solid year for bank financing: BBVA CIB drives business growth in 2024
Almudena López Blas, Head of Investment Banking & Finance Spain
BBVA Corporate & Investment Banking (CIB) closed 2024 with a strong performance in the Spanish loan market, consolidating its position as a key player in financing economic growth. The bank has led numerous transactions across different sectors such as telecommunications, energy, infrastructure, consumer goods and services, reinforcing its commitment to business development.
A Transforming Market: Increased Investment and Financing
The year 2024 marked a turning point in Spain’s financing market. Lower interest rates spurred a paradigm shift that encouraged companies to invest and expand. This trend accelerated towards the end of the first quarter and remained strong through the year-end. In this context, BBVA CIB played a key role, supporting its clients with tailored financial solutions and strengthening its leadership position through underwriting and coordination mandates in strategic transactions.
BBVA closed the year with a total volume of €5.160 billion, leading 86 transactions and securing the second position in Spain’s syndicated loan ranking, according to LSEG. This performance reflects the bank’s commitment to business growth and its ability to offer competitive financial solutions in a dynamic environment.
Financing strategic and sustainable projects
BBVA led in numerous key transactions throughout the year, demonstrating its expertise and commitment to core sectors of the economy.
The bank underwrote several major deals, including the €6.6 billion MasOrange transaction, in which it also acted as fronting bank, as well as transactions with Aleática, Alvinesa, OnTime and Punta Negra, among others. The Corporate Loans unit has led significant transactions, e.g. the corporate financings of Cepsa and Naturgy in the energy sector.
In Project Finance, BBVA led renewable energy projects such as Repsol Renovables' Gallo portfolio (€383 million) and the refinancing of the Monegros wind project in Aragón. Additionally, in the real estate sector, BBVA acted as bookrunner in key transactions, including the Mandarin Oriental Barcelona hotel, Gerunda, and Bluespace.
The Structured Trade Finance team served as bookrunner and structuring bank for Siemens Gamesa’s guarantee facility supported by CESCE, in the largest ECA-backed transaction of the year.
Optimistic outlook for 2025
Looking ahead to 2025, we foresee greater financing opportunities in the Spanish market, driven by increased investment, primarily fueled by heightened M&A activity. Additionally, we expect refinancing activity to remain strong. In project finance we expect significant activity in greenfield renewable energy and clean tech sectors. In real estate financing, we anticipate transactions in hotel construction, renovations, and repositioning, as well as logistics assets and student residence.
We started the year with significant activity and a solid pipeline. In the first two months alone, we have led financing transactions for Prosegur and Prosegur Cash, Eje Diagonal, as well as several renewable energy projects, including Renertia, Ence Lepanto, and Solarpack Trajano.
At BBVA, we are prepared to tackle challenges and seize market opportunities. We will continue working closely with our corporate and institutional clients, offering them comprehensive and innovative financial solutions, along with expert advisory services to support their strategies. Our goal is to keep underwriting, leading, and coordinating transactions while maintaining our leadership across various products and leveraging BBVA’s competitive advantages. Thanks to our global capabilities, we provide integrated solutions spanning multiple products and geographies, delivering a unique value proposition.
Our commitment to excellence and sustainability empowers us to remain at the forefront of the investment banking industry in Spain, driving business growth and broader economic development.