Knight showing reserve about the Spanish? Exactly (6)

I believe the answer is:

nicely

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'exactly' is the definition.
(thesaurus)

'knight showing reserve about the spanish?' is the wordplay.
'knight' becomes 'N' (chess abbreviation).
'showing reserve' becomes 'icy' (I can't justify this - if you can you should believe this answer much more).
'about' is an insertion indicator.
'the spanish?' becomes 'el' ('the' in Spanish).
'icy' going around 'el' is 'icely'.
'n'+'icely'='NICELY'

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(Other definitions for nicely that I've seen before include "In a pleasant way" , "'Amiably, pleasantly (6)'" , "well - with 16d" , "Good-naturedly" , "Agreeably, delightfully" .)

I've seen this clue in The Times.

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