The Legal 500

With the ‘best industry knowledge in Italy’, Allen & Overy – Studio Legale Associato continues to be a leading player for issues of international debt instruments by Italian banks and corporations. The team is counsel to ISDA in Italy, has a leading derivatives practice, as well as a dominant Italian domestic debt practice. Recently, the group advised UniCredit on its new generation hybrid tier 1 security and also advised on a large number of trades under debt programmes of Italian issuers, including three trades by Fiat under its €4bn GMTN programme and fixed-rate notes issued by TERNA. The team also advised on the high-profile bonds issued by Italcementi and Telecom Italia, as well as Prysmian’s crossover bond. Intesa Sanpaolo was advised as issuer on the establishment of a €20bn covered bond programme backed by mortgage-backed securities (MBS) and mortgages assigned by Intesa Sanpaolo, the first programme in Italy to include MBS in its initial cover pool of assets. Stefano Sennhauser is an experienced securitisation lawyer and Massimilano Danusso is ‘an outstanding practitioner’.

Bonelli Erede Pappalardo’s debt work is handled by its banking and finance group. The practice acted on the issues of convertible bonds and mortgage-backed notes issued in the framework of a securitisation of mortgage-backed receivables. Emanuela Da Rin is ‘an outstanding practitioner’.

Chiomenti Studio Legale’s ‘brilliant and responsive’ Enrico Giordano assisted issuer Enel with the pan-European retail offering and listing on the Italian Stock Exchange of fixed and floating rate bonds, and advised dealers Deutsche Bank, JPMorgan, BNP Paribas and Citigroup in Enel and Enel Finance International’s headline global medium term notes programme. The ‘deeply respected’ Francesco Ago assisted issuer Banco Popolare in connection with the structuring of a €1bn covered bonds programme.

The ‘best house for EMTN-related work’, Clifford Chance has been active assisting underwriters, arrangers and issuers in corporate bond transactions, EMTN establishments, retail offerings and complex private placements. Citigroup Global Markets, JPMorgan Securities and Banca IMI were advised, as arrangers and dealers, on the establishment by Intesa SanPaolo of the first rule 144A medium-term note programme, valued at $15bn. Franco Grilli and Filippo Emanuele are recommended.

Latham & Watkins LLP ‘translates innovative solutions into actual structures – a rare ability’. Jeffrey Lawlis recently moved to Milan from London, further boosting the local practice’s capabilities. The practice represented Intesa Sanpaolo on the establishment of its $15bn medium-term note programme for the issue of senior or subordinated notes.

Legance Studio Legale Associato recently finalised several corporate bonds transactions, issued both as private placements and public offering, as well as working on numerous structured finance transactions. The practice advised Edison, as issuer, in connection with the issue on the Euro market of EMTN programme notes.

Linklaters recently acted on the largest Italian covered bond programme, as well as advising on Italy’s first project bond. In structured finance, the team advised Banco Popolare on all its securitisation transactions for 2009. Dario Longo is recommended.

Freshfields Bruckhaus Deringer recently acted for arrangers Mediobanca and Banca IMI in the €1.3bn bond issue by Telco and advised Société Générale, as arranger, on the securitisation of trade receivables originated by Wabco Italia. Corrado Angelelli is recommended and Daniela Terno was recently appointed counsel.

Since Corrado Fiscale and Federico Del Monte’s arrival in 2009 from Simmons & Simmons, Hogan Lovells Studio Legale has increased its involvement in structured finance transactions. BNP Paribas and Finanziaria Internazionale were assisted as arrangers in connection with a securitisation of a portfolio of mortgage loans receivables. This marked one of the first-ever mortgage-backed Italian securitisations in which no hedging agreement was entered into in order to hedge the issuer’s interest rate exposure in relation to the ABS notes. RBS is a client. Del Monte is ‘precise and thoughtful in his document preparation’.

Orrick, Herrington & Sutcliffe remains involved in significant securitisation and debt capital markets transactions in Europe. The practice advised Cassa Centrale Banca di Credito Cooperativo del Nord Est, as arranger, in a securitisation transaction of claims arising from a portfolio of mortgage loans in bonis. The team also advised Banca Akros, as arranger, in a €120m securitisation transaction of receivables arising from a portfolio of residential mortgage loans originated by BancaSai. Patrizio Messina has broad experience in principle finance and structured finance transactions, with particular emphasis on Italian securitisation, derivatives and public finance.

Paul, Hastings, Janofsky & Walker (Europe) LLP provides ‘strong, in-depth analysis’. The team represented Nomura International with a proposed securitisation of receivables. Ex-Bonelli Erede Pappalardo partner Alberto Del Din is recommended.

The ‘best boutique in Milan’, Studio Legale Riolo Calderaro Crisostomo e Associati spun off from Clifford Chance in 2009. Recently it advised Banca Nazionale del Lavoro as sole arranger, and BNP Paribas’s London branch as solo lead manager, on the €2bn-plus securitisation of a portfolio of receivables derived from residential mortgage loans. The team also acted for Intesa Sanpaolo on the issuance of €1.5bn tier 1 notes. Paolo Calderaro and Silvio Riolo are key contacts.

Since ex-Lovells Studio Legale’s capital markets partner Marco Lantelme joined Carnelutti Studio Legale Associato, the firm has a stronger structured finance, securitisation and derivatives practice. Lantelme is a ‘strong professional who pays attention to the client’s needs’. The team advised entities from the BNP Paribas group in the setting up of a €5bn covered bonds programme. Fiat Auto is a client.

d’Urso Gatti e Bianchi Studio Legale Associato’s Francesco Gatti advised Italcementi and Italcementi Finance on the establishment of a €1.5bn EMTN programme.

Gianni, Origoni, Grippo & Partners’ Marco Zaccagnini heads the debt team. The team assisted Goldman Sachs with the establishment of two progammes for the offering and listing of plain vanilla and structured notes in Italy.

Best known for its equity talents, Labruna Mazziotti Segni recently acted for Telecom Italia on the issue of maximum €2bn notes addressed to retail investors.

‘Excellent’ partner Umberto Mauro joined Norton Rose Studio Legale from Macchi di Cellere Gangemi in 2008. Mauro has been successful in consolidating his securitisation and derivatives practice. Grimaldi Compagnia di Navigazione was advised in connection with a private offering of €350m perpetual subordinated notes.

Simmons & Simmons is noted for securitisations but has also entered into the covered bonds market. The practice advised KPMG Fides in connection with the Adriano securitisations carried out by Intesa Sanpaolo group.