GA_P advises BBVA and Santander on the first syndicated financing managed using blockchain technology

Gómez-Acebo & Pombo has advised on the €150 million transaction, which is being executed through a new blockchain-based platform developed by ioBuilders in collaboration with both banks, and represents a major technological advance in the digitization of the syndicated loan market.

Iberdrola, BBVA, and Santander have completed a €150 million syndicated corporate loan managed entirely through distributed ledger technology (DLT), commonly known as blockchain. The transaction represents a milestone for the financial market, as it is the first actual syndicated loan whose entire lifecycle—from execution and disbursement to the management of interest, waivers, amortizations, assignments, and maturity—is administered using this technology.

The team

The GA_P team that advised on this transaction consisted of Paula Zarzalejos, Iñigo Arrieta, and Juan Ferreras, a partner and senior associates in the Banking and Finance practice.

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