Italy > Capital markets Debt
Capital markets Debt
Allen & Overy – Studio Legale Associato was bolstered by last year’s arrival of securitisation expert Stefano Sennhauser and despite the crunch, the team remains exceptionally busy. The practice advised Deutsche Bank on a €1.3bn public offer of notes and acted on the update of Fiat’s €15bn GMTN programme. In securitisation, Gianni Luppi led Unicredit, Banca UCB and Bank of New York (Mellon) on separate high-value transactions. Massimiliano Danusso comes highly recommended and the ‘technically excellent’ team offers ‘good value for money’ while remaining ‘competent, committed and fair’. The ‘good-tempered’ and ‘first port of call’ Craig Byrne is always ‘up-to-speed and responsive on deals’ and ‘takes time to deliver the right legal solutions. It is always a smooth experience with him on board’. As for its derivatives practice, it is ‘the only firm that immediately understands what you are talking about’.
Clifford Chance is a market leader for debt work, especially in Tier 1 and hybrid issues for banks and insurance companies. The ‘very practical and knowledgeable’ Michele Crisostomo and Filippo Emanuele acted for Intesa Sanpaolo on a €1.25bn issue, and Tanja Svetina represented Barclays on a €4bn securitisation of mortgage loan receivables. On debt securities, the group advises issuers, lead managers and arrangers on pre-eminent EMTN Programmes and has become a leading player in the new covered bonds market. Filippo Emanuele’s ‘approachability, commercial awareness and legal aplomb mean that typically he is my first call for Italian-related questions’, says one international banking client. Silvio Riolo is also recommended.
The structured debt experts at Bonelli Erede Pappalardo acted on Luxottica’s $275m Guaranteed Notes issue and Banca Popolare di Vicenza’s €6bn EMTN Programme. The team also acted for Intesa Sanpaolo on an €8bn securitisation. Sergio Erede, Emanuele da Rin, and Riccardo Sallustio are all recommended. Structured finance star Alberto Del Din left for Paul, Hastings, Janofsky & Walker (Europe) LLP.
Despite the downturn, Chiomenti Studio Legale recently received two large securitisation mandates, and during the year it acted on debt transactions linked to Finnmeccanica’s acquisition of DRS Technologies.
Freshfields Bruckhaus Deringer’ debt team, headed by Corrado Angelelli advised the arrangers on a €1.1bn securitisation of performing residential mortgages loan receivables.
Structured debt expert Studio Legale Associato in association with Linklaters LLP is recommended for its supreme convertibles practice. Highlights include acting for Citigroup Global Markets as consent coordinator on the hugely complex cancellation of €3.8bn worth of securitisation transactions of healthcare receivables organised by the Lazio Region and represented Banco Santander in one of the few Italian securitisation transactions structured into EMTN form. Dario Longo is recommended for his ‘solutions to difficult negotiations’ and acted for arranger and underwriter HVB on a €23.7bn residential loan portfolio securitisation.
In structured finance, Gianni, Origoni, Grippo & Partners advised JPMorgan on a pan-European securitisation originated by Prysmian Group. Goldman Sachs and Credit Suisse have frequently instructed the firm on high-value debt issues, and CR Asti was assisted with the securitisation of receivables arising from residential mortgage loans. The ‘very focused’ Andrea Marani is recommended.
Latham & Watkins was counsel to JPMorgan in connection with the $3.5bn Enel Finance International notes offering, advised Lottomattica in the establishment of a Level I American depositary receipt program, and was counsel to RBS as guarantor and issuer on a $150m private placement of senior guaranteed notes issued by Autogrill Group. Michael Immordino, who splits his time between Milan and London, is strongly recommended.
Legance Studio Legale Associato is noted for its structured finance talents. Andrea Giannelli leads a four-partner group that advised Mediobanca on a €1.25bn securitisation of consumer loan receivables.
Before the main thrust of the crisis Lovells Studio Legale’s Marco Lantelme acted for the arranger and joint lead managers ABN AMRO and RBS in the €380 million securitisation involving the issue of rated and listed ABS notes (one of the few issues actually placed) and acted for the BNP Paribas group as paying agent in Unicredit’s €20bn covered bond programme of UniCredit (arranged by HVB).
Orrick, Herrington & Sutcliffe’s Patrizio Messina is strongly recommended for complex and high-value securitisation transactions. The practice advised arranger Claris Finance in a multi-originator securitisation transaction concerning the transfer of a portfolio of around €600m nominal value claims arising from mortgage loans.
Simmons & Simmons’ Rome-based Michael Dodson is recommended for structured finance and securitisation work. The whole team is a ‘fine example of coordination and fair play’ and advised a number of issuers, investors and joint lead arrangers on the early redemption of various securitisations of healthcare receivables. In derivatives, the Italian financial markets practice head Filippo Pingue and Domenico Gaudiello advised Dexia Crediop on an amortizing swap in relation to a €200m bond issued by the municipality of Rome. ‘Filippo Pingue and his team have been able to think out of the box and deliver sophisticated solutions’, say clients and ‘have proved to be a thoughtful and responsive one-stop-shop for a broad variety of tailored solutions. They make a difference during turbulent times’. Corrado Fiscale, Federico Del Monte and Romeo Battaglia are also well-regarded practitioners.
Susanna Beltramo at niche Rome firm Studio Legale Beltramo is known for her high-value work on local authorities’ EMTM programmes. The practice recently acted for originator Banca Agrileasing on a €1bn credit derivatives transaction.
Cleary Gottlieb Steen & Hamilton LLP’s Claudio Di Falco is recommended for securitisation transactions.
DLA Piper has recently been active in the Law 52 securitisation space. Additionally, Alessandro Corno and Marco Zechini advised on a significant structured note programme.
Dewey & Leboeuf Studio Legale’s recent structured finance work included advising the Puglia Region on its €1bn derivatives position.
Macchi Di Cellere Gangemi acted for Sorin and Pubblica Funding on separate trade receivables securitisations. Umberto Mauro left for Norton Rose Studio Legale.
McDermott Will & Emery Studio Legale Associato advised Barclays Global Investors (Deutschsland) in the €2bn listing of 30 ETFs (Exchange Traded Funds), the largest to have occurred in the Italian market. Massimo Trentino is recommended.
Norton Rose Studio Legale’s recommended structured finance expert Umberto Mauro, (whose experience includes advising Sorin on a €42 million revolving trade receivables securitisations), recently arrived from Macchi Di Cellere Gangemi.
Paul, Hastings, Janofsky & Walker (Europe) LLP recently recruited structured finance experts Alberto Del Din and Lorenza Talpo (whose recent experience includes advising UBS and Mediobanca on the issue of asset backed notes) from Bonelli Erede Pappalardo.
Studio Santa Maria acts on securitisation of receivables transactions, with Farmafactoring a regular client.