Rafael Aguilera talks about the impact of financing in the current macroeconomic framework | El Confidencial

Macroeconomic uncertainty generated by aggressive US tariff policy is cooling M&A market and projects, an uncertain outlook for industry professionals in what could become a paralysed 2025.

Rafael Aguilera, partner and head of Banking and Finance, is optimistic about this scenario. “We have not yet noticed an impact on the financing market as a result of the political volatility in the US. The tariff measures were implemented only a week ago and it is premature to make an analysis at this time”.

“In the first quarter, our feeling is that the market has been relatively active, both in corporate and acquisition financings, but especially in financings with a real estate underlying. It seems reasonable to think that the establishment of the new tariffs will have an impact on the slowdown of M&A transactions, and therefore on leveraged finance transactions, as well as making it more expensive for many companies to access credit, but I think it is difficult to generalise and may generate opportunities in certain sectors”, Aguilera explains.

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