Being down, the Spanish bow out (5)

I believe the answer is:

below

'being down' is the definition.
(thesaurus)

'the spanish bow out' is the wordplay.
'the spanish' becomes 'el'.
'out' is an insertion indicator.
'el' going 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" .)

I've seen this clue in the Evening Standard.

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