Merrill Lynch has won its first lead role on a Spanish initial public offering since 2001 after drafting in a new country head last year. The US bank is one of four global co-ordinators of the IPO of Cintra, the toll road operator, which could raise at least €1bn ($1.2bn).

Merrill Lynch is working alongside Banco Bilbao Vizcaya Argentaria (BBVA), Citigroup and Grupo Santander on the issue.