Lombard loans in Spain.
Private credit against Spain-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Spain-listed shares is credit secured by a pledge of equity listed on the BME. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment. Known locally in some markets as “crédito lombardo”, the instrument is the same: a loan secured by a pledge of listed shares.
- Lombard loans are arranged against shares listed on the BME (BME).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in EUR or cross-currency.
- Structured under the CNMV regime, with disclosure from 3%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Spain venue: Bolsas y Mercados Españoles (Madrid) (BME). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Spain are regulated by Comisión Nacional del Mercado de Valores (CNMV). Substantial-shareholding disclosure is triggered from 3%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in EUR or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | Bolsas y Mercados Españoles (Madrid) (BME) |
|---|---|
| Regulator | Comisión Nacional del Mercado de Valores (CNMV) |
| Currency | EUR (cross-currency available) |
| Disclosure threshold | From 3% substantial-holding disclosure |
| Principal indices | IBEX 35, IBEX Medium Cap, IBEX Small Cap |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Considering a Lombard loan against a Spain-listed position?
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Disclosure and regulation
Spain transposes the EU Transparency Directive through Royal Decree 1362/2007, with notification to the CNMV from 3% and through a long ladder of higher steps. A Lombard loan against a Madrid-listed holding leaves ownership and the vote with the client, so the pledge itself stays outside these filings. Given the low first threshold, we track where a substantial position rests against the 3% mark and account for any takeover or concert-party overlay. The credit and its collateral terms are drawn so that an enforcement transfer would not force an unexpected disclosure or unsettle the client's position in the company.
An illustrative example
As an illustration, a principal holding €25 million of an IBEX 35 constituent might draw a Lombard loan at 50% loan-to-value, within the 20–65% band we quote, unlocking roughly €12.5 million. Ownership stays with the client, dividends and voting rights are preserved, and nothing is sold. The advance can be drawn in euro or in another currency where the client's spending sits. As ever the figures are rounded and hypothetical, intended to illustrate how a facility is shaped rather than to quote any rate or commercial term.
Illustrative only — not an offer, a quotation, or a commitment to lend.