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Italy > Capital markets > Debt > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Capital markets: debt
  2. Leading individuals
  3. Next generation lawyers

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Next generation lawyers

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Who Represents Who

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Go-to firmAllen & Overy - Studio Legale Associatomakes the difference in structuring complex deals and dealing with difficult negotiations’. The practice advises on the full spectrum of debt capital markets (DCM) products, including international and domestic bonds, liability management, private placements, hybrid capital and derivatives, as well as structured finance transactions. Recent highlight work includes assisting Banca IMI, Credit Suisse, Deutsche Bank and Natixis with the secondary market placement with institutional investors of €1.35bn notes that were issued by Veneto Banca and guaranteed by the Italian government. Craig Byrne is ‘very business oriented’ and Cristiano Tommasi ‘has excellent technical skills’. Other key advisers include Stefano Sennhauser and counsels Emiliano La Sala and Pietro Bellone.

Clifford Chance’s ‘great service is provided by a strong team of professionals’, which regularly acts in ground-breaking deals involving regulatory capital, liability management, covered bonds, and securitisation transactions. The team advised the joint lead managers on five placements of new BTPs (treasury certificates) by the Italian Ministry of Economy and Finance, including assisting Banca IMI, BNP Paribas, Goldman Sachs International Bank, HSBC France, JP Morgan Securities and Unicredit on the issue of a €5.6bn BTP. Lucio Bonavitacola is highly rated; Filippo Emanuele ‘has deep knowledge that is difficult to equal’; and Tanja Svetina ‘has excellent project management skills’. Counsels Massimiliano Bianchi and Gioacchino Foti are also recommended.

Latham & Watkins LLP stands out for its high-yield practice and ability to advise both on Italian and US law matters. The ‘excellent team’ assisted UniCredit with the issuance of high-value notes, which marked the inaugural transaction under a newly established $30bn global medium term note (MTN) programme. It also advised J.P. Morgan on a multi-tranche bond issue launched by Enel Finance International; the Enel-guaranteed issuance was the largest-ever US bond backed by an Italian corporation. Antonio Coletti is ‘a well-established lawyer with longstanding experience’; and Jeffrey Lawlis and Ryan Benedict are ‘smart, focused and fair’. Maria Cristina Storchi and counsel Isabella Porchia are other key names.

Linklaters has a ‘truly fantastic’ securitisation practice and the team recently acted in numerous covered bond programmes, as well as several MTN programmes. Notable highlights included advising the arrangers, Banca Generali and BNP Paribas, on the 2017 update of the €15bn Euro-MTN (EMTN) programme of Assicurazioni Generali and assisting the dealer managers and joint lead managers with an intermediated tender offer regarding Aeroporti di Roma’s €600m notes issue. Dario Longo ‘has excellent knowledge’ and Linda Taylor and Elio Indelicato are highly regarded counsels.

BonelliEredeprovides an excellent service level’ and is adept at assisting with high-yield bond issuances and advising Italian banking groups on the establishment of covered bond programmes on the issuance of bonds in the context of MTN programmes. Additional areas of strength include securitisation transactions involving receivables. In other matters, the team acted for Deutsche Bank in various derivative transactions with Italian counterparties. London and Rome-based Massimiliano Danusso is the capital markets focus team leader and Emanuela Da Rin ‘has deep expertise and excellent negotiating skills’. Stefania Aristei is another name to note.

Chiomenti Studio Legale advises on EMTN and covered bonds programmes and has extensive experience advising on the issuance of corporate bonds in Italy; the group also advises issuers and subscribers of mini-bonds and assists with securitisation transactions. Highlights included advising UBI Banca, as issuer, on the annual update of a €15bn covered bond programme. Manfredi Vianini Tolomei, Giulia Battaglia, Carmelo Raimondo, Francesco Ago and Gregorio Consoli are all recommended.

Legance - Avvocati Associati is experienced in high-yield, investment grade and sub-investment grade bonds; securitisations of various asset classes, including non-performing loans (NPLs); covered bonds; liability management transactions; and derivatives. The team advised 2i Rete Gas on the update and increase of its EMTN programme, and acted for the arranger and the initial subscriber of a mini-bond, listed on the multilateral trading facility that is managed by Borsa Italiana. Andrea Giannelli is highly rated.

Securitisation is a core practice for Orrick, Herrington & Sutcliffe, but the team is also highly reputed for its assistance with covered bonds, EMTN programmes, corporate bonds, and Italian mini-bonds. It advised Fortress Investment Group, as notes subscriber, on the €17.7bn securitisation of NPLs originated by UniCredit. Patrizio Messina, Gianrico Giannesi and Annalisa Dentoni-Litta are experienced practitioners, as is Madeleine Horrocks.

Studio Legale RCC is recommended for its assistance to issuers, financial intermediaries, investment banks and institutional investors. The practice advises on the issue of debt securities, retail products, Eurobonds, high-yield bonds, and structured and hybrid securities, including MTN programmes on the Italian and international markets. Paolo Calderaro, Michele Crisostomo and Marcello Maienza are the names to note.

White & Case (Europe) LLP’s US, English and Italian capital markets team ‘has an extremely deep knowledge of the Italian legal system’ and regularly advises on EMTN programmes, Eurobonds, private placements, high-yield bonds, Yankee bonds, and project bonds. Other areas of strength include liability management transactions, securitisations, and derivatives. The group assisted HP Pelzer Holding with the issuance of €350m senior secured notes. Gianluca Fanti’s ‘hard-working approach and high level of commitment are impressive’ and Michael Immordino is ‘a great leader’. Other highly rated advisers include Ferigo Foscari, Iacopo Canino, Paul Alexander, and Giuseppe Barra Caracciolo. Alessandro Nolet joined from Cleary Gottlieb Steen & Hamilton (Hong Kong).

Freshfields Bruckhaus Deringer’s practice spans MTN programmes; high-yield debt offerings, securitisations of assets, including residential and commercial mortgages; consumer loans, and trade receivables as well as NPL transactions. Alongside the firm’s Madrid’s office, the team acted for Deutsche Bank, Barclays and BBVA in a bond issue by Spanish listed bank, Liberbank. Emiliano Conio ‘provides sound legal advice’ and Corrado Angelelli and Raffaele Lener are also key names.

Providing timely, value-for-money advice’, Gianni, Origoni, Grippo, Cappelli & Partners advises on the issue of bonds, including hybrid instruments and convertible bonds; MTN programmes; liability management transactions; securitisations; and NPLs. The team acted for Banca Sella in the 2016 update of its €1bn EMTN programme. Emanuele Grippo ‘demonstrates familiarity with very difficult matters’ and Stefano Agnoli ‘has great technical and commercial knowledge’. Andrea Marani, Richard Hamilton and Fabio Ilacqua are other experienced practitioners.

Hogan Lovells Studio Legalehas a well-established practice’ and is highly regarded for its assistance with high-value securitisations, the issuance of bonds, and hybrid instruments. In other areas, the practice advised Cassa Depositi e Prestiti on an up to €3bn multi-currency commercial paper programme. Corrado Fiscale is ‘determined to achieve success for clients’; and Federico Del Monte is also highly regarded. Giulia Arenaccio, who ‘identifies the factors that are critical to successful negotiations’, and Annalisa Feliciani are key counsels.

Simmons & Simmons’ ‘excellent practice’ covers the establishment and update of EMTN programmes, standalone issuances, European private placements and project bonds, and liability management transactions as well as retail debt and derivative securities offerings and listings. The team advised Azienda Trasporti Milanesi on the issuance of €70m notes. Paola Leocani ‘enjoys an excellent reputation’, managing associate Baldassarre Battista ‘impresses clients’ and Nicholas Lasagna is another key contact.

Ashurst specialises in project bonds, particularly in the renewable energy sector. The practice also has expertise in hybrid structures involving a combination of bank and bond facilities. Carloandrea Meacci and Franco Vigliano are highly rated.

CMS is experienced in Eurobonds, hybrid bonds, covered bonds, and Euro commercial paper and certificate of deposit programmes; other areas of note include liability management matters, project bonds, and retail bonds. The team was also recently active in structuring securities and NPLs. Paolo Bonolis ‘has invaluable experience’.

DLA Piper’s team regularly advises on structured products, banking and corporate bonds (including mini-bonds), and structured finance, including European asset securitisation transactions. Luciano Morello led advice to Sara Assicurazioni on the issuance of its first corporate bond.

Gattai Minoli Agostinelli & Partners is ‘very good value for money’ and recently advised an asset management company on a securitisation of NPL receivables. Gaetano Carrello is noted for high-yield deals and bond transactions and structured finance head Emanuela Campari Bernacchi joined from Legance - Avvocati Associati.

Jones Dayprovides a very good, tailor-made service’, particularly on securitisation matters. The group also features a growing covered bonds practice, where it assists issuers, arrangers and rating agencies. Vinicio Trombetti and Piergiorgio Leofreddi ‘always address clients’ needs’.

Nctm Studio Legale frequently acts in significant bond issuances; the team is also noted for NPL transactions and securitisation. Lukas Plattner assisted AIM Italia-listed Enetronica with a mini-bond issue.

Pavia e Ansaldo advises on securitisation and assists with bond issues carried out by Italian and foreign banks. The team acts as note holders’ representative during the restructuring of note issue programmes, and is experienced in derivatives. Mario Di Giulio is the key name.

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