Spain has created the new category of senior non-preferred debt.
In case of insolvency (concurso) of credit entities and investment services companies, ordinary claims will be classified into preferred ordinary claims and non-preferred ordinary claims, the latter having a lower ranking than the former.
An ordinary claim will only be considered as non-preferred if it meets all conditions under RDL 11/2017.
The possibility for Spanish entities to issue senior debt instruments which meet the subordination requirement is now expressly acknowledged in the law
Clifford Chance
