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Clifford Chance

Clifford Chance
Yolanda Azanza

Yolanda Azanza


Yolanda Azanza

Yolanda specialises in all aspects of debt and equity Capital Markets, representing both issuers and underwriters in cross-border transactions, including IPOs, secondary offerings and block trades, convertible and exchangeable bonds, medium-term note programmes, regulatory capital, covered bonds and hybrid instruments.

  • The Managers on the inaugural green bond of the Kingdom of Spain.
  • The Joint lead Managers in respect of a new issue of Abertis Infraestructuras Finance of EUR1,250 million hybrid securities guaranteed by Abertis Infraestructuras (and in the related liability management exercise).
  • The Managers on the issuance by Banco Santander of $1,200,000 7.50 per cent. Non-Step-Up Non Cumulative Contingent Convertible Perpetual Tier 1 Securities.
  • ABANCA Corporación Bancaria, S.A. on its issuance of EUR375 million Perpetual Non-Cumulative Additional Tier 1 Preferred Securities.
  • MasMovil in connection with its share capital increase through the issue of 3,600,000 ordinary shares in an accelerated book-built offering with exclusion of shareholder's pre-emption rights.
  • Cellnex Telecom, S.A. on the issuance of EUR 600,000,000 1.50 per cent. Senior Unsecured Convertible Bonds due January 2026.
  • Mapfre in relation to its EUR 500,000,000 Fixed/Floating Rate Reset Callable Subordinated Notes due 2048 and EUR 600,000,000 Fixed/Floating Rate Reset Callable Subordinated Notes due March 2047.
  • CaixaBank in relation to its EUR 1,250,000,000 1.125 per cent Senior Non-Preferred Notes due January 2023.
  • Issuers and Managers in relation to the establishment and update of debt securities programmes for the issuance of senior (preferred and non-preferred) and subordinated debt securities (including the EMTN programmes of CaixaBank, BBVA, BCC, Enagás, ACS, Red Eléctrica, Telefónica, Amadeus, DIA, Inmobiliaria Colonial, Prosegur and Prosegur Cash, amongst others) and issuances thereunder).

News and client work

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Contact details

Career and qualifications

  • Law degree by the Universidad de Navarra 1995
  • Admitted as an Abogado in Madrid 1996
  • Joined Clifford Chance in 1996
  • Partner since 2008

Professional bodies

  • Member of the Madrid Bar Association

Awards and citations

  • “Yolanda Azanza "is very precise" and "has a really good understanding of what clients need." She is recognised among market commentators as a leading expert in debt capital markets mandates. "She has extensive experience in this area and assists us with all types questions that come up in operations." reports one client. Azanza has advised on both the issuer and underwriter sides of Tier 2 regulatory capital issuances by Spanish banks.”
    Chambers Europe 2021: Capital Markets: Debt-Spain – Band 1 
  • "Yolanda Azanza maintains a top-league reputation in debt capital markets, with a client lauding her "vast knowledge." Azanza is skilled in a broad range of mandates, and has particular experience in bond issues and GMTN programmes.”
    Chambers 2020: Capital Markets: Debt – Spain- Band 1
  • Women Leaders 2020
    IFLR1000 2020
  • "Yolanda Azanza is highly regarded for her experience in DCM transactions and products, with expertise spanning high-yield, subordinated and green bonds, amongst others. She advised Cellnex Telecom on the EUR600 million issue of senior unsecured convertible bonds. Sources confirm her to be “a very respected lawyer with a lot of experience”
    Chambers Global 2019 
  • “Yolanda Azanza "a very respected lawyer with a lot of experience."
    Chambers Europe 2019 
  • Iberian Lawyer Award 2019 was nominated from among the 50 most influential women in the legal market in Spain and Portugal. The award-winners at the InspiraLaw ceremony included women lawyers from leading multinational companies and women partners at top-ranking international law firms. This initiative aims to support the ongoing work on gender diversity in the legal profession by identifying the top women in the legal field, as chosen by their peers, who stand out in their professions as role models.
  • Client Choice 2018 Yolanda Azanza, Capital Markets partner at Clifford Chance has received the award for the best Capital Markets practitioner in Spain.
  • Ranked by IFLR1000 as "highly regarded leading individual" for Capital Markets in Spain
  • Recognised as Leading individual by Legal500 for Capital Markets in Spain
  • “Best capital markets lawyer in Spain.”
    IFLR 2017