BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America. It is also the leading shareholder in Turkey’s Garanti BBVA and has an important investment, transactional and capital markets banking business in the U.S. Its purpose is to bring the age of opportunities to everyone, based on our customers’ real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests on solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2022, Banco Santander had €1.3 trillion in total funds, 160 million customers, 9,000 branches and 206,000 employees. Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.

Allen & Overy is one of the world’s leading international legal practices. Our full-service capabilities are delivered by approximately 5,500 people, including some 550 partners across 44 offices in 31 countries. A&O’s high yield practice is one of the pre-eminent practices in Europe and has been involved in the European high yield market since its inception. Our High Yield team advises on complex and high profile transactions and have led many of the deals that have shaped and continue to influence the direction of the market. The team was shortlisted for High Yield Team of the Year 2020 by IFLR Europe. Our High Yield practice is fully integrated with our market-leading practices in Banking, Leveraged Finance, European Debt Capital Markets and Restructuring, which makes us one of few firms with the ability to cover all aspects of the capital structure. For further information, please visit our website: www.allenovery.com

Bolsas Mercados Españoles (BME), a SIX Group company, is the operator of all the securities markets and financial systems in Spain. Since its inception, the Group has been a benchmark in the sector in terms of solvency, efficiency and profitability. BME offers a wide range of products, services and trading systems based on an advanced and stable proprietary technology. The company also provides global market access systems to issuers, intermediaries and investors in Europe, America and Africa. One of the strengths of the Group resides in its diversification, apparent on the company structure, organized into seven business-units that represent the broadest and most varied range of products and services that a company in its sector can offer to the financial community: Equities, Fixed Income, Derivatives, Clearing, Settlement, Market Data, Consulting and New Technologies. BME is the repository of a long tradition of financial culture and best practice as well as a dynamic and modern company that invests in innovation and development and whose state-of-the-art technology has been exported to different countries.

DBRS Morningstar is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and structured finance instruments globally. Rating more than 3,000 issuers and 60,000 securities, we are the fourth-largest credit rating agency in the world. DBRS Morningstar empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service. DBRS Morningstar is the next generation of credit ratings. To learn more, visit dbrsmorningstar.com

Euroclear is one of the world’s largest providers of domestic and cross-border settlement and related services for bond, equity, ETF and mutual fund transactions. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group includes Euroclear Bank – which is rated AA by Fitch Ratings and Standard & Poor’s – as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International and the fund platform MFEX. The Euroclear group settled the equivalent of EUR 1,066 trillion in securities transactions in 2022, representing 304 million domestic and cross-border transactions, and held EUR 35.6 trillion in assets for clients by end of 2022. www.euroclear.com

European DataWarehouse (EDW) is a Securitisation Repository designated by both the European Securities and Markets Authority (ESMA)and the Financial Conduct Authority (FCA). It was established in 2012 as the first Securitisation Repository in Europe to facilitate the collection, validation, and download of standardised loan-level data for Asset-Backed Securities and private whole loan portfolios. EDW stores loan-level data and corresponding documentation for investors and other market participants. Operating as a market infrastructure, EDW aims to increase transparency and restore confidence in the ABS market. Through EDW's data, users can analyse underlying portfolios in a more efficient way and compare portfolios on a systematic basis. Since its inception as part of the European Central Bank’s Loan-Level Initiative, EDW has collected over 3 billion loan records and relevant documentation for more than 1,600 transactions.

Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, Fitch Solutions, and Fitch Learning. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

Pérez-Llorca is a pre-eminent law firm in Spain. We provide high-end advice to international and domestic clients in connection with the largest and most complex transactions and disputes in Spain or matters with a Spanish component. We pride ourselves on offering unrivalled quality, service and long-term commitment to clients. The majority of our work is cross-border and often involves several jurisdictions. As an independent law firm, we approach multijurisdictional work by providing turnkey solutions together with other leading independent firms from Europe, the Americas and Asia. We offer full-service advice on Spanish law and operate from our offices in Madrid, Barcelona, London, New York, Brussels and Singapore.

S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is a leading provider of credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. With more than 1.1 million credit ratings outstanding, approximately 1,400 credit analysts and a presence in 28 countries, we offer a unique combination of global coverage and local insight. We provide our opinions and research about relative credit risk; market participants gain information to help support the growth of transparent, liquid debt markets worldwide. Learn more at www.spglobal.com/ratings.

Founded in 1771, Vienna Stock Exchange is one of the most active and established independent exchanges in Europe. At its inception, it was mostly focused on the debt market, providing an invaluable platform for bond trading. To this day, Vienna Stock Exchange has kept its tradition of focusing on customer and market needs making it a key player on the international scene. As of the end of the year 2022, more than 23,000 notes, certificates and warrants have been admitted to listing and trading on the Vienna Stock Exchange. By offering competitive listing solutions on the exchange regulated market “Vienna MTF”, Vienna Stock Exchange has become an attractive European debt listing venue for a growing number of global issuers.

Emisores Españoles, the association which defends the interests of the listed Spanish companies since its constitution, in 2009, provides its members with a scope of security, assistance and advice in any kind of question that may affect their interests, constituting a very useful forum for sharing the problems and doubts which appear in their daily practice. Moreover, Emisores Españoles has a privileged relationship with the Spanish supervisor, CNMV, and other public institutions and develops its activities through specific Working Groups, which study and analyze the regulations and participate in any public consultation which apply to the listed companies, also in the European scope, through European Issuers

Best Execution – where the buyside and sellside meet Best Execution’s quarterly magazine, daily online news and regular e-mail newsletters examine the impact of regulation, new market participants and new technologies on all asset classes (equities, fixed income, derivatives and FX) from pre-trade to post-trade and beyond. One of the consequences of regulation has been the changing dynamic of buyside-sellside interactions and Best Execution is now broadening its remit with Broker Review to examine the true cost of services provided by brokers to their clients. This will not only cover execution and research, but also scrutinise the shift towards sustainability with the increasing importance of environmental, social and governance (ESG) factors in investment strategy. Best Execution acts as a bridge between the buyside and the sellside, shining a light on their changing relationship and examining the evolution of the global securities markets, but never forgetting that it is not just technology, but people who are needed to hone that competitive edge. www.bestexecution.net

Talking about bonds starts at the DESK The DESK provides buy-side traders and their counterparts with precise detail on the macro-drivers, events and plans that are shaping liquidity and price discovery in fixed income markets. The DESK’s quarterly magazine, daily news, weekly newsletters and social media feeds give us a constant flow of information to the market, blending a mix of exclusive stories, in-depth trader profiles and technical analysis of trading across the cash and derivatives’ fixed income markets. The DESK is trusted by bond traders to be the best information on market structure, data and trade execution. Using a unique model of feedback via monthly off-the-record briefings and quarterly quantitative research, we help buy-side traders to navigate the evolving fixed income markets and sell-side traders to better support their clients. Our readers predominantly come from the developed financial market centres of Europe and North America, but our combination of print and digital gives The DESK a global reach. www.fi-desk.com