Being down, the Spanish bow out (5)
I believe the answer is:
below
'being down' is the definition.
(I've seen this before)
'the spanish bow out' is the wordplay.
'the spanish' becomes 'el' ('the' in Spanish).
'out' indicates putting letters inside.
'el' put inside 'bow' is 'BELOW'.
(Other definitions for below that I've seen before include "Subordinate to" , "Lower than" , "as mentioned later" , "second-rate" , "Feel miserable" .)