Old bit of ceremony the Spanish do very well (5)
I believe the answer is:
Here is my best explanation:
'do very well' is the definition.
(I've seen this before)
'old bit of ceremony the spanish' is the wordplay.
'old' becomes 'ex'.
'bit of' suggests taking the first letters.
'the spanish' becomes 'el'.
The initial letter of 'ceremony' is 'c'.