Confidential Enquiries · Institutional Counterparties Only
United Kingdom & Europe One Exchange CNMV Regulated EUR

Stock Loans Against Spain-Listed Equity

Institutional securities-backed lending against shares listed on Spain’s principal equity exchanges — for controlling shareholders, founders, and family offices holding positions on the CNMV-regulated market.

01 · The Country
United Kingdom & Europe

Spain equity markets.

The firm structures stock loans against shares listed on Spain’s one principal cash equity venue. The instrument allows founders, family offices, controlling shareholders, and concentrated single-stock holders to release liquidity against their Spain-listed position — without selling, and without disturbing voting control or the share register. Beneficial ownership remains with the borrower throughout. The full position is recovered on repayment.

Indicative terms are calibrated to the specific position. Loan-to-value is set against the underlying’s single-stock liquidity and free float. Tenor typically runs twelve to thirty-six months for institutional transactions. Recourse profiles span non-recourse, limited-recourse, and full-recourse — chosen against the borrower’s downside-protection objectives. Loans can be denominated in EUR or in cross-currency structures (USD, EUR, GBP, or another major currency) depending on the borrower’s redeployment requirements.

Spain stock loans at a glance:

Listed venueBolsas y Mercados Españoles (Madrid)
RegulatorComisión Nacional del Mercado de Valores (CNMV)
CurrencyEUR, with cross-currency options
Principal indicesIBEX 35, IBEX Medium Cap, IBEX Small Cap
Tenor12–36 months (institutional)
Recourse profileNon-recourse, limited-recourse, or full-recourse
Loan-to-valueCalibrated per position

Regulatory references for any specific transaction are mapped at the structuring stage with the borrower’s chosen counsel. The information above is published for general orientation and is not legal advice.

03 · FAQ
Spain Stock Loans

What people most often ask about Spain.

Q · 01 What is the typical loan-to-value for a stock loan against BME-listed positions?
LTV on BME is calibrated to the specific position. The principal drivers are the underlying’s free float, average daily trading volume, volatility, and the borrower’s regulatory profile. For a large-cap, high-volume BME name, LTV is materially higher than for a thinly-traded or recently-listed position. A non-recourse structure runs at lower LTV than a full-recourse structure on the same underlying. Indicative ratios are issued only after a review of the specific BME position; there is no published rate sheet.
Q · 02 Which BME-listed segments are eligible for stock loans?
Eligibility is assessed case by case. The firm considers positions across the segments operated by Bolsas y Mercados Españoles (Madrid): Continuous Market (Mercado Continuo); BME Growth (SME); BME MTF. Higher-tier (premium / large-cap / main-market) segments are typically more straightforward to structure than growth / SME segments, principally because of free-float and liquidity differences.
Q · 03 In which currency can a BME stock loan be denominated?
The default is EUR, the listing currency. Cross-currency structures, for example, financing an EUR-denominated BME position with a USD or EUR loan, are common and routinely available. The cross-currency element introduces hedging, settlement, and tax considerations that are addressed in the documentation.
Q · 04 Are there foreign-ownership constraints on BME-listed shares relevant to a pledge?
Foreign-ownership rules vary by issuer and by sector on BME; regulated sectors (banking, telecoms, defence, natural resources, and others) commonly carry ownership caps and notification requirements that interact with collateralised structures. The firm’s structuring review addresses these expressly for any specific position.
04 · Other United Kingdom & Europe
Adjacent Markets

Countries adjacent to Spain.

United Kingdom · Europe (Euronext) · Germany · Switzerland · Italy · Sweden · Finland · Denmark · Poland · Austria

All countries →

A specific Spain position to discuss?

Submit a confidential enquiry. A senior principal will respond within one business day.