Allen & Overy - Studio Legale Associato houses several debt capital markets (DCM) specialists in Italy. Recent work covers securitisation and derivatives, along with project bonds, hybrid green bonds and sustainability-linked bonds. The practice is co-led by English and Canadian-qualified lawyer Craig Byrne, structured finance transactions expert Stefano Sennhauser, and Cristiano Tommasi who acts on bond issues and programmes, hybrid capital instruments, and liability management transactions. Other key practitioners are senior counsel Lisa Curran, counsels Pietro Bellone, Emiliano La Sala and Alessandra Pala, and senior associates Sarah Capella and Luca Di Lorenzi.
Capital markets: Debt in Italy
Allen & Overy - Studio Legale Associato
Practice head(s):
Craig Byrne; Stefano Sennhauser; Cristiano Tommasi
Testimonials
‘Specialised teams that are always available in order to satisfy clients’ requests.‘
‘The team is available to discuss and explain issues promptly and is well versed in different subjects. It also helps originators with different aspects of transactions.‘
‘The team is always up to date with the latest research and regulations, and is proactive in updating clients with mailing lists and promptly organising direct meetings (if needed).‘
Key clients
Agos Ducato
Algebris Investments
Banco BPM
BNP Paribas
Cassa Depositi e Prestiti
Crédit Agricole CIB
Enel
FCA Bank
Intesa Sanpaolo
Banca IMI
M&G Investments
Mediobanca
Natixis
PIMCO
Santander
Société Générale
UBI Banca
UBS
Work highlights
- Advised JP Morgan and Santander, as lenders and bookrunners, on a €518m project bond issued by a special purpose vehicle called Salerno Pompei Napoli.
- Advised Enel and its subsidiary Enel Finance International on a €3.5bn triple-tranche sustainability-linked bond.
- Assisted UniCredit and UniCredit Bank with the structuring of a securitisation platform for the origination by (and/or distribution through) Agorà Finance, a special purpose vehicle.
Clifford Chance
Fielding Italian, English and US-qualified practitioners, Clifford Chance‘s ‘dedication to clients is unrivalled‘. The practice consistently acts on the market’s most significant transactions, with its recent experience including advising on large-value green bonds, and sustainability-linked bond issuances under Euro medium-term note (EMTN) programmes. Filippo Emanuele‘s broad expertise covers DCM work, Gioacchino Foti specialises in debt issuances and regulatory capital, and Tanja Svetina is Italy structured finance head. Counsel Laura Scaglioni assists with bond issuances and liability management transactions, while Jonathan Donald Astbury and Alice Reali are active senior associates.
Practice head(s):
Filippo Emanuele
Other key lawyers:
Gioacchino Foti; Tanja Svetina; Laura Scaglioni; Jonathan Donald Astbury; Alice Reali
Testimonials
‘A very knowledgeable team that is always available and willing to assist clients.‘
‘Extremely experienced and talented lawyers.‘
‘Its dedication to clients is unrivalled. The lawyers work really hard and go the extra mile with their problem-solving attitude and creative solutions.‘
‘Filippo Emanuele is an expert in the Italian market. A very safe pair of hands, who is always reliable and always available – a real pleasure to work with.‘
‘Unlike partners from other Magic Circle firms’ local offices, Filippo Emanuele is always involved and always available to discuss clients’ needs and concerns.‘
‘Filippo Emanuele’s polite approach, sound judgement and market knowledge are his secret weapons, and they really make a difference, particularly when it comes to tough negotiations.‘
‘Jonathan Astbury is a very talented senior associate.‘
‘Jonathan Astbury puts so much energy and hard work into everything he does, from the smallest of matters to the most complex transaction; and he really knows what clients need/want.‘
Key clients
Goldman Sachs International
J P Morgan
Banca di Credito Finanziario
UniCredit Corporate & Investment Banking
Maire Tecnimont
ABN AMRO Bank
Morgan Stanley
Credemholding
European Investment Fund
BNB Paribas
Work highlights
- Assisted the joint global coordinators and joint bookrunners in relation to Industrie De Nora’s listing on Euronext Milan.
- Advised Maire Tecnimont on its first Euro commercial paper programme.
- Advised the joint lead managers on the placement of Banco BPM’s first green covered bond issue (aimed at institutional investors).
Latham & Watkins LLP
Providing both Italian and US law advice, Latham & Watkins LLP‘s Italian practice routinely assists with high-stakes transactions. In recent highlights, the team acted for a bank consortium, led by Barclays, on Enel Finance International’s issuance of a multi-tranche sustainability-linked bond to institutional investors. The Italian team is headed up by capital markets transactions specialist Antonio Coletti. The firm also houses a US department, which includes cross-border deal expert Jeff Lawlis; Milan and London-based DCM practitioner Ryan Benedict, and recently promoted Paolo Bernasconi, who assists with high-yield debt securities issuances.
Practice head(s):
Antonio Coletti; Jeff Lawlis; Ryan Benedict; Paolo Bernasconi
Key clients
Azimut Holding
Bain Capital
Bank of America Merrill Lynch
Barclays
BNP Paribas
Cerved Group
Citigroup
Credit Agricole
Credit Suisse
CVC Capital Partners
Deutsche Bank
Equita SIM
Evoca
F C Internazionale
Fabbrica Italiana Sintetici
Goldman Sachs
Hellman & Friedman
HSBC
International Design Group
Intesa Sanpaolo
Investindustrial
Italmatch
Jefferies
JP Morgan
KeyBanc Capital Markets
Marcolin
Mizuho
Morgan Stanley
OVS
Partners Group
Rekeep
Sabaf
SMBC Nikko
Société Générale
TeamSystem
The Carlyle Group
UBS Investment Bank
Unicredit
Wells Fargo Securities
William Blair
White & Case (Europe) LLP
White & Case (Europe) LLP‘s US, English and Italian DCM practice covers EMTN programmes, Eurobonds, private placements, high-yield bonds, Yankee bonds, and green, social and sustainable bonds. It also routinely advises on regulatory capital, hybrid securities, project bonds, liability management transactions, structured products, and derivatives. Giuseppe Barra Caracciolo and Gianluca Fanti are securitisation experts. Ferigo Foscari, Tommaso Tosi, Francesco Scebba, and Milan and London-based Michael Immordino and Evgeny Scirtò Ostrovskiy (a recent recruit from Kirkland & Ellis International LLP) are also DCM specialists. Pietro Magnaghi and Alessandro Picchi are experienced associates.
Practice head(s):
Giuseppe Barra Caracciolo; Gianluca Fanti; Ferigo Foscari; Michael Immordino; Tommaso Tosi; Francesco Scebba; Evgeny Scirtò Ostrovskiy
Other key lawyers:
Pietro Magnaghi; Alessandro Picchi
Key clients
Acea
Adler Pelzer
Aéroports de la Côte d’Azur
Aeroporti di Roma
AMA
AMCO
Amissima Vita
Amplifon
Astaldi
ASTM
Atlantia
Atlas Capital Markets
Autogrill
Autostrade per l’Italia
Azimut
Banca Akros
Banca IMI
BC Partners
BFF Bank
Banca Ifis
Banca Popolare di Vicenza
Banco BPM
Bank of America Merrill Lynch
Barclays
Biverbanca
BNP Paribas
Cassa di Risparmio di Asti
Cassa di Risparmio di Biella e Vercelli – Biverbanca
Cedacri
Citigroup
Corporation America Italia
Crédit Agricole
Credit Suisse
Credito Fondiario
CVC Capital Partners
De’Longhi
Deutsche Bank
doBank
doValue
Enel and Enel X
Esselunga
E.s.tr.a.
European Investment Fund
Fire
FIS – Fabbrica Italiana Sintetici
Gamenet
Glennmont Partners
Goldman Sachs
GSO Capital Partners
GVS
Hippocrates Holding
Hoist Finance
HP Pelzer Group
HSBC
Ion Analytics, Ion Corporates, Ion Markets
Intercos
International Game Technology
IMA
Intesa Sanpaolo
Jefferies International
JP Morgan
Kedrion
Lone Star Funds
MARR
Mediobanca
Moncler
Morgan Stanley
MPS Capital Services
MotorK
Natixis
NatWest Markets
Oaktree Capital Management
Pemberton Asset Management
Philogen
Piaggio
Pininfarina
Pitagora
Plenitude
Reply
Republic of San Marino
SECO
Standard Chartered Bank
Ruffini Partecipazioni
Salcef Group
SIA
SICIT
Société Générale Corporate & Investment Banking
Società di Progetto Brebemi
TCP Lux Eurinvest
Technoprobe
Toscana Aeroporti
UBI Banca
UniCredit
Wind Tre
Work highlights
- Advised Autostrade per l’Italia (as issuer) on a consent solicitation launched on nine series of outstanding bonds (guaranteed by Atlantia).
- Advised BNP Paribas and Credit Suisse (as joint global coordinators and joint physical bookrunners) and Banca Akros – Gruppo Banco BPM, IMI-Intesa Sanpaolo and UniCredit (as joint bookrunners) on the debut issuance of €350m sustainability-linked senior secured notes by FIS- Fabbrica Italiana Sintetici.
- Advised Goldman Sachs Bank Europe and other senior lenders on the restructuring and €150m increase of the senior tranche of Casavo’s securitisation programme.
BonelliErede
Headed up by London-based Massimiliano Danusso, the DCM practice of BonelliErede ranges from corporate debt instruments, medium-term notes and standalone Euro bonds, to hybrid bond projects, and domestic and high-yield bonds. The group also advises Italian banking groups on the establishment of covered bond programmes, and the issuance of bonds as part of EMTN programmes. Antonio La Porta focuses on structured finance within the banking, real estate, energy, infrastructure and insurance sectors, and Emanuela Da Rin advises on securitisation, project bonds and bond issues. Francesca Marchetti was recently made partner.
Practice head(s):
Massimiliano Danusso
Other key lawyers:
Antonio La Porta; Emanuela Da Rin; Francesca Marchetti
Key clients
Barclays
BNP Paribas
Bank of America
CFE
Dexia Crediop
Deutsche Bank
Ferrovie dello Stato Italiane
Generali
Intesa SanPaolo
JP Morgan Asset Management
Morgan Stanley
Trenitalia UK
UniCredit
Work highlights
- Assisted Eurofima with the global issuance of Ferrovie dello Stato’s green bond in various tranches.
- Assisted Banca Ifis in relation to the Iccrea Banking Group’s fifth securitisation.
- Assists Deutsche Bank (and other Italian and international banks) with complex derivative transactions.
Chiomenti
Chiomenti‘s ‘incredible team‘ is highly rated for structured finance, securitisation and non-performing loan (NPL) transactions. The group covers areas such as EMTN notes, standalone issuances, covered bonds and hybrid instruments, along with high-yield, ESG, project, catastrophe and minibonds. Gregorio Consoli focuses on transactions involving financial entities and regulated sectors, and Gianrico Giannesi‘s broad practice also covers securitisation deals and bond loans. A partner since 2021, Benedetto La Russa acts on hybrid, high-yield, equity-linked and exchangeable notes. Anna Maria Perillo and Ludovica Cipolla are key counsels.
Practice head(s):
Benedetto La Russa
Other key lawyers:
Gregorio Consoli; Gianrico Giannesi; Benedetto La Russa; Anna Maria Perillo; Ludovica Cipolla; Federica Scialpi; Irene Scalzo; Salvatore Maria Sardo
Testimonials
‘An incredible team that is very experienced and large.‘
‘Able to manage complex transactions in a very efficient way.‘
‘Gregorio Consoli is a true star in this market.‘
‘Gregorio Consoli is always able to think out of the box and is outstanding during negotiations.‘
‘Gianrico Giannesi is an outstanding structured finance lawyer, who is very precise and always available. It is also a pleasure to work with him.‘
‘Benedetto La Russa is an excellent capital markets lawyer – very focused on DCM matters, and he has gained significant experience in the full spectrum of DCM transactions.‘
‘Benedetto La Russa is very efficient and organised.‘
Key clients
Intesa Sanpaolo
JP Morgan
Mediobanca
Banco BPM
UniCredit
BNP Paribas
Credito Fondiario Elliot)
Deutsche Bank
Enel
European Investment Bank
Alba Leasing
Banca Carige
Banca Popolare di Sondrio
Saipem
IGD SIIQ
Alerion Clean Power
AS Roma
Aedes SIIQ
Banco Desio
Creval
Terna
Goldman Sachs
Credemvita
Banca Akros
Credit Agricole Investment Bank Milan Branch
Citigroup
ION Group
Polynt Group
Banca Cesare Ponti
Work highlights
- Advised UniCredit on a UTP securitisation transaction.
- Advised Crédit Agricole Corporate & Investment Bank (Milan Branch) and J P Morgan (as arrangers) on the implementation of a securitisation transaction.
- Advised Terna on the issuance of an Italian green, non-convertible, hybrid, subordinated, perpetual bond.
Legance - Avvocati Associati
Legance - Avvocati Associati‘s banking department comprises a team that is dedicated to corporate DCM transactions, including the issue of bonds and other financial instruments. Banking, structured finance and DCM specialist, Andrea Giannelli, coordinates the banking and finance group, and Vittorio Pozzi is well known for structured finance matters. Antonio Siciliano‘s experience includes several bond issues, whereas NPL portfolio sale and bond issue expert, Antonio Matino, was recently elevated partner. Roberto Mazzarano advises on structured finance transactions and derivatives. At the more junior end, Matteo Pierotti and Silvia Cecchini are experienced managing associates.
Practice head(s):
Andrea Giannelli
Other key lawyers:
Vittorio Pozzi; Antonio Siciliano; Antonio Matino; Roberto Mazzarano; Matteo Pierotti; Silvia Cecchini; Alice Giuliano; Giovanni Nervo
Key clients
2i Rete Gas
Aeroporti di Roma
Agos Ducato
Amundi SGR
ASTM
Banca Finint
Cassa Depositi e Prestiti
CheBanca!
Compass Banca
Credito Fondiario
doValue
European Investment Bank
Fortress Investment Group
HERA
Intrum
illimity Bank
ING Bank
Leonardo
Mediobanca – Banca di Credito Finanziario
Mediobanca SGR
Natixis
Nexi
Unipol Gruppo
Quaestio Capital Management SGR
SACE
UniCredit
Work highlights
- Assisted ASTM with its EMTN programme update and the issue of three sustainability-linked bonds under the EMTN programme.
- Assisted Hera with its EMTN programme update, the issue of a sustainability-linked bond under its EMTN programme, and the issue of a third green bond.
- Assisted Agos Ducato with a performing consumer loans transaction.
Linklaters Studio Legale Associato
Combining Italian, UK and US legal specialists, Linklaters Studio Legale Associato's Italy practice focuses on high-stakes structured finance and securitisation work. The DCM department routinely advises corporate issuers and their underwriting banks, and in the investment grade market, the team acts for blue-chip, investment grade corporate and financial institution issuers on an ongoing basis. The main practitioners are Dario Longo, who heads the structured finance and financial regulatory practices, DCM transactions expert Ugo Orsini, and counsel Linda Taylor, an English law specialist. Lorenzo Dal Canto and Laura Le Masurier are experienced managing associates.
Practice head(s):
Dario Longo; Ugo Orsini; Linda Taylor
Other key lawyers:
Lorenzo Dal Canto; Laura Le Masurier
Key clients
Goldman Sachs International
Morgan Stanley & Co International
BNP Paribas
Equita Società da Intermediazione
UniCredit
J P Morgan Securities
Crédit Agricole Corporate and Investment Bank
Société Générale
Blackstone Ireland
CQS (UK)
Investcorp Credit Management EU
Intesa Sanpaolo
Mediobanca – Banca di Credito Finanziario
BofA Securities Europe
Citigroup Global Markets Europe
Banca Akros – Gruppo Banco BPM
Credit Suisse Bank (Europe)
Natixis
Mizuho
Banco Bilbao Vizcaya Argentaria
K-Flex
Work highlights
- Advising BNP Paribas, Crédit Agricole Corporate and Investment Bank, Société Générale, Blackstone Ireland Limited, CQS (UK) and Investcorp Credit Management EU on the restructuring of the financial indebtedness of Comdata through the establishment of an Italian securitisation structure.
- Advised the joint lead managers on Autostrade per l’Italia’s new issue of bonds (issued in two tranches under its EMTN programme).
- Advised UniCredit on its covered bond programme.
Orrick, Herrington & Sutcliffe
Orrick, Herrington & Sutcliffe‘s team has significant DCM credentials. It is particularly active in Unlikely To Pay (UTP), NPL and performing loan-related securitisations. Team head Patrizio Messina is a specialist in DCM work, green bonds, securitisations and other structured financings, Annalisa Dentoni-Litta acts on securitisation deals and covered bonds, and Madeleine Horrocks leads the English finance practice in Italy. Also key to the practice are structured finance expert, Alessandro Accrocca, and experienced of counsels Sabrina Setini and Daniela Pietrini. Andrea Cicia is the special counsel to note.
Practice head(s):
Patrizio Messina
Other key lawyers:
Annalisa Dentoni-Litta; Madeleine Horrocks; Alessandro Accrocca; Sabrina Setini; Daniela Pietrini; Andrea Cicia; Franco Lambiase; Roberto Percoco; Salvatore Graziadei
Testimonials
‘In addition to the finance team’s high-quality work, great client care is provided at partner level, as well as relentless support from all team members.‘
‘Clients appreciate the gender balance, the frictionless collaboration, and the technology resources made available to clients to speed up the drafting and reviewing process for agreements and legal documents, especially in situations where timing is essential.‘
‘Patrizio Messina is fantastic for finding creative solutions to complex legal issues. He has a mix of problem-solving and negotiation skills.‘
‘Patrizio Messina does his best to accommodate all clients’ needs, creating an environment that facilitates the mutual satisfaction of clients and counterparties.‘
‘Annalisa Dentoni-Litta is always fully committed to clients. She is an experienced lawyer, and able to anticipate issues and rapidly implement appropriate risk mitigation initiatives.‘
‘Annalisa Dentoni-Litta is appreciated for her soft approach with clients, as well as her firm and strong manner, which gets the most out of counterparties.‘
‘Annalisa Dentoni Litta and of counsel Sabrina Setini are both very qualified in finance issues and their advice is essential during negotiations – always confident and persuasive in their reasoning.‘
‘Madeleine Horrocks is an experienced English law adviser, who is very knowledgeable about the Italian market. This gives her a unique role on the market, with the necessary flexibility to adapt English law requirements to complex domestic deals and maximum commitment to the success of transactions.‘
Key clients
A2A
AMCO – Asset Management Company
Attica Bank
Banca Akros
Banca Carige
Banca IMI
Banco Santander
BPER Banca
Cassa Depositi e Prestiti
Credem Banca
Deutsche Bank London Branch
Doreca
Farmacosmo
Ferrovie dello Stato Italiane
Finlombarda
Iccrea Banca
Infrastrutture Wireless Italiane
Intesa Sanpaolo
Iren
Italgas
JP Morgan
Mediocredito Centrale
National Bank of Greece
Pancreta Bank
Snam
Telecom Italia
UBS Europe
Work highlights
- Assisted Snam with a tender offer to the holders of bonds (previously issued by Snam under the €12bn EMTN programme) and the subsequent issuance of a €1.5bn sustainability-linked bond.
- Assisted Iccrea Banca and J P Morgan (as co-arrangers and placement agents) in relation to the fifth Gacs securitisation of the Iccrea Banking Group, the €1.3bn transaction involving 77 banks.
- Acted for Attica Bank with the securitisation of its Omega portfolio, comprising NPLs with a gross book value of over €1.28bn.
Simmons & Simmons
Simmons & Simmons‘s English and Italian practice advises underwriters and issuers on a range of DCM work. Its expertise covers EMTN programmes, standalone issuances, European private placements, hybrid bonds, and sustainable finance and project bonds. The team also assists with liability management transactions, regulatory matters, and retail debt and derivative securities offerings and listings. Particularly focused on debuts and first-in-kind transactions, Paola Leocani leads the Milan DCM practice, which also features Simone Lucatello, who heads the structured finance and securitisation group in Italy with new recruit Tommaso Canepa. Baldassarre Battista is the managing associate to note.
Practice head(s):
Paola Leocani; Simone Lucatello; Tommaso Canepa
Other key lawyers:
Baldassarre Battista
Testimonials
‘A top firm providing a full service through excellent lawyers in all fields.‘
‘Great collaboration across teams in different regions and industries, technical knowledge, and responsiveness.‘
‘Simone Lucatello has the perfect mix of business acumen and deep knowledge of law.‘
Key clients
San Marino
Eni
Enel
Goldman Sachs International
Atlas
Mediobanca Banca di Credito
Banca Akros
Banco Sella
A2A
Citigroup
Credit Agricole Italia
Riello SGR
Christofferson Robb and Company
Anthilia Capital Partners
Zenith Service
Banca Finanziaria Internazionale
130 Servicing
Anacap Financial Partners
Nice Footwear
Intesa Sanpaolo
Clabo
Energetica
Mediocredito Centrale
Studio Legale Cappelli RCCD
Studio Legale Cappelli RCCD‘s practice advises Italian and international corporations, banks and financial institutions on extraordinary transactions, and on an ongoing basis. The group is experienced in new issuances, offerings and listings of debt securities, and liability management transactions under domestic and international documentation. It is also focused on sustainable finance and the issuance of ESG products, such as green bonds. The department is co-led by banking, insurance and financial regulation specialist, Michele Crisostomo; and Federico Morelli, who routinely advises on DCM matters. Martina Baldi is an experienced associate.
Practice head(s):
Michele Crisostomo; Federico Morelli
Other key lawyers:
Martina Baldi
Key clients
UniCredit
Intesa Sanpaolo
Banco BPM
Assicurazioni Generali
BPER Banca
Unipol Gruppo
Unipol SAI Assicurazioni
illimity
AMCO
Poste Italiane
Poste Vita
BancoPosta
MCC – Mediocredito Centrale
CDP – Cassa Depositi e Prestiti
Work highlights
- Advised Gruppo Poste Italiane on a full recapitalisation of the group’s entities.
- Advised Banco BPM on its €300m additional tier 1 notes to be negotiated on the Euro MTF.
- Advised Intesa Sanpaolo on its standalone issuance of €1bn additional tier 1 notes.
Ashurst
Ashurst‘s ‘extremely accessible team‘ is routinely involved in large project bond issues in Italy. Securitisation is also a core area for the group, while Agri-food bonds is another recently active area. Carloandrea Meacci has extensive DCM experience, particularly project bonds, including those involving renewables. Umberto Antonelli‘s recent track record includes a project bond refinancing, with Mario Lisanti serving as Italian banking head. In April 2022, Annalisa Santini was made partner.
Practice head(s):
Carloandrea Meacci; Mario Lisanti
Other key lawyers:
Umberto Antonelli; Annalisa Santini; Nicola Toscano
Testimonials
‘The team stands out for the timeliness and quality of the assistance it provides during contract negotiations, as well as during the most hectic stages of closing.‘
‘An extremely accessible team that has the ability to work with banking teams in an extremely cooperative and integrated way.‘
‘Very pragmatic and with excellent negotiation skills.‘
Key clients
Amundi
Banco BPM
BNY Mellon
Intesa Sanpaolo
Pricoa Private Capital
Work highlights
- Advised SIS Consortium and special purpose vehicle SPN on a €440m bridge financing, along with a subsequent €518m project bond refinancing.
- Advised Allianz Global Investors (as lender) on the financing of the acquisition (by a Sixth Street-owned vehicle) of 49% of the share capital of EniPower, the acquisition partially financed through bonds issued by Allianz Global Investors-managed funds.
- Advised Pricoa Private Capital, as initial purchaser of bonds issued by Italian company Ascopiave.
Dentons
Dentons‘s ‘reliable‘ practice advises on national and cross-border debt transactions, structured finance deals, and complex derivatives matters. Piergiorgio Leofreddi heads up the Italy DCM group, and the ‘extremely proactive‘ Gianpaolo Garofalo leads the structured finance team. In October 2021, Annalisa Feliciani, who advises on structured products, retail offers and Italian law-issued commercial papers, was recruited as partner from Hogan Lovells International LLP. Experienced senior associate Bianca Chiara Sinisi specialises in structured finance.
Practice head(s):
Piergiorgio Leofreddi; Gianpaolo Garofalo
Other key lawyers:
Annalisa Feliciani; Bianca Chiara Sinisi
Testimonials
‘Dentons’s team easily understands the needs of its clients and supports them accordingly.‘
‘Reliable, always available, and willing to go the extra mile.‘
‘The team is extremely available, focused on the deal, proactive and professional.‘
‘Annalisa Feliciani is very experienced, and her commitment and full availability make her a go-to partner for any DCM matter.‘
‘Annalisa Feliciani has great experience and knowledge of debt capital markets practice. She handles clients from the very beginning of a deal to the end, and clients always have a direct line to her. She is always available to assist clients to resolve any issue through great commercial skills.‘
‘Gianpaolo Garofalo is extremely proactive – immediately understands clients’ needs and proposes innovative solutions to achieve results.‘
‘Gianpaolo Garofalo and senior associate Bianca Chiara Sinisi are always available to support clients for any doubts, or to implement their requests – great lawyers who are very effective.‘
‘Bianca Chiara Sinisi is always available, and has strong written and verbal communication skills. She consistently achieves better results than clients expect.‘
Key clients
Mediobanca
BPER Banca
Société Générale
Deutsche Bank
Intesa Sanpaolo
Banco Santander
Goldman Sachs
Banca Akros
Citigroup Global Markets
illimity
CPI Property Group
Ferrovie dello Stato Italiane
Cassa Depositi e Prestiti
ABN AMRO
Generali Insurance Asset Management
Equita
US Bank Trustees
UniCredit
Work highlights
- Assisted a syndicate of banks, comprising Bofa, Crédit Agricole, Deutsche Bank, Monte dei Paschi di Siena and Nomura with the reopening of the Italian Ministry of Economy and Finance’s €5bn green bond.
- Assisted Ferrovie dello Stato Italiane with the issuance of two green bonds under its EMTN programme.
- Assisted arrangers Intesa Sanpaolo and BNP Paribas, and dealers Banco Santander, DZ Bank, Natixis, Raiffeisen Bank International, Société Générale, UBS Europe and UniCredit Bank, with the annual update of Cassa Centrale Banca’s bond issue programme.
DLA Piper
DLA Piper‘s DCM and structured finance practice has significant experience in bank and corporate bond issues, as well as structured products. The practice of team head Luciano Morello includes assisting banks and funds with asset securitisation transactions, covered bond issuances, and structured finance deals. Martina Antoniutti is a recently promoted senior lawyer, legal director Gilemma Nugnes is experienced in securitisation deals, and Fiorenza Marin is a debt issuance lawyer.
Practice head(s):
Luciano Morello
Other key lawyers:
Martina Antoniutti; Gilemma Nugnes; Fiorenza Marin; Alessandro Nicolardi; Antonio Lombardo
Testimonials
‘Fully-fledged capabilities.‘
‘Antonio Lombardo is 100% committed to delivering impeccable results and anticipating clients’ needs.‘
Key clients
Intesa Sanpaolo Group
Banca Akros
UniCredit
UniCredit Bank
NH Hotel Group
Banca di Credito Popolare
Unicoop Tirreno Società Cooperativa
Vantage Infrastructure (UK)
Milano Club
Iervolino and Lady Bacardi Entertainment
Phinance Partners
JP Morgan
Goldman Sachs International Bank
Work highlights
- Assisted Intesa Sanpaolo with the set-up of a pan-European issuing platform approved by the Luxembourg Commission de Surveillance du Secteur Financier for the offering of plain vanilla, structured, green and social bonds.
- Assisted Banca Akros, the investment bank of the Banco BPM Group, with the renewal of an Italian registration document and an issuance programme.
- Assisted Unicoop Tirreno with the offering of two bonds to its shareholders.
Gianni & Origoni
With 'excellent market knowledge', Gianni & Origoni's practice acts on MTN programmes, standalone bonds, liability management transactions, and structured securities, derivative warrants and structured bonds. The firm also has an active securitisation practice. Richard Hamilton advises issuers, banks and private equity funds on MTN programmes and bond issues; and Giuseppe De Simone's banking and finance practice also covers structured finance and NPLs. Debt specialist Marco Zaccagnini works from London. Alessio Palumbo was a new arrival as counsel in September 2023.
Other key lawyers:
Richard Hamilton; Giuseppe De Simone; Marco Zaccagnini; Domenico Gentile; Emanuele Grippo; Elena Cirillo; Alessio Palumbo
Testimonials
‘Excellent market knowledge, availability and precision.‘
‘A great, diverse team that is highly flexible and available throughout transactions – strong expertise during various stages of projects.‘
‘Very present and committed to ensuring that the work runs smoothly.‘
‘Counsel Elena Cirillo in London stands out for her ability to handle issues that arise during contract negotiations effectively and efficiently.‘
Key clients
Banca Finanziaria Internazionale
BNP Paribas
Carraro
Cassa Centrale Banca – Credito Cooperativo Italiano
Citigroup Global Markets
Crédit Agricole
Deutsche Bank
Energia Servizi Territorio Ambiente
Edmond de Rothschild group
European Investment Bank
Goldman Sachs International
Iren
Intesa Sanpaolo
J P Morgan Securities
Mediobanca – Banca di Credito Finanziario
Morgan Stanley
Optima
Poste Italiane
UniCredit Bank
Zetland Capital Partners
Work highlights
- Assisted Astaldi with the debt issues surrounding its composition with creditors proposal.
- Assisted Moby and Compagnia Italiana di Navigazione with calling a meeting for the holders of senior secured notes before a public notary, in order to resolve the appointment of the noteholders’ representative, and proposals for a composition with creditors.
- Assisted Carraro and Carraro Finance with the public offering and application for admission to listing and trading of senior unsecured and non-convertible notes.
Greenberg Traurig Santa Maria
Greenberg Traurig Santa Maria‘s Milan-based practice has extensive experience in complex NPL matters. Clients particularly benefit from the firm’s access to significant resources through its international network. Corrado Angelli‘s experience includes securitisations and NPL trades, while Alessio Gerhart Ruvolo‘s practice covers bond issuances and trade receivables securitisations in the healthcare and public procurements sector. The department also features experienced counsel Caterina Napoli and senior associate Davide Bonsi.
Practice head(s):
Corrado Angelelli; Alessio Gerhart Ruvolo
Other key lawyers:
Caterina Napoli; Davide Bonsi
Key clients
Cerberus Capital Management
J-Invest
Link Financial
The Carlyle Group
Värde Partners Europe
Guber Banca
Banca Farmafactoring
Gruppo Barletta
Carval
Barletta Group
Chenavari Investment Managers
Crif
Bain Capital
Solution Bank
Banca Monte dei Paschi
Sorec
Banco delle Tre Venezie
BAWAG P S K
Creditis Servizi Finanziari
Henderson Park
Tristan Capital Partners
Castello Sgr
Investcorp
JP Morgan Asset Management
Savills Investment Management Società di Gestione del Risparmio
Intrum
Kervis
EQT Exeter
Work highlights
- Advised affiliates of Cerberus Capital Management on the sale of NPLs, pursuant to an agreement with Banca Ifis.
- Advised Banco delle Tre Venezie (as borrower) on the securitisation of a portfolio of tax credits.
- Advised Creditis Servizi Finanziari on a listed and rated securitisation programme of consumer loans.
Hogan Lovells International LLP
Hogan Lovells International LLP‘s Milan-based practice is particularly experienced in securitisation and collateralised financing deals, while its industry expertise includes the automotive sector. Jointly heading the department are structured finance transactions specialist Corrado Fiscale; and Federico Del Monte, who acts on capital markets, securitisation, structured finance, banking, and repackaging transactions. Associate Diego Guardì is experienced in securitisation matters and other structured finance deals.
Practice head(s):
Corrado Fiscale; Federico Del Monte
Other key lawyers:
Diego Guardì
Testimonials
‘The team is very reliable, has a positive attitude, and always tries its best to bring the best solution to the table.‘
‘Every single member of the team always demonstrates great commitment.‘
Key clients
Banca IFIS
Banca IMI
Banca Monte dei Paschi di Siena
Banca Progetto
Banca Valsabbina
BNP Paribas
Borsadelcredito.it/OPYN
Cassa Depositi e Prestiti
CiviBank
Equita SIM
Ferrovie dello Stato
IC Financial Services
Intesa Sanpaolo
Hypo-Vorarlberg Leasing
Jefferies
Rabobank
Oaktree Capital Management
P&G SGR
Phinance Partners
Société Générale
Satispay
UniCredit
DBRS
Jones Day
‘Able to provide quick and complete responses‘, Jones Day‘s practice has a strong track record in securitisation work. Vinicio Trombetti‘s practice includes securitisations and covered bonds, while Francesco Squerzoni‘s structured finance expertise covers public and private securitisations, domestic and multi-jurisdictional trade finance, and NPL portfolio acquisitions. Structured finance transactions specialist Marco Frattini is a recently-promoted partner, while Giuseppina Pagano and Fabio Maria Guidi are noted as ‘brilliant senior associates‘.
Practice head(s):
Vinicio Trombetti
Other key lawyers:
Francesco Squerzoni; Giuseppina Pagano; Fabio Maria Guidi; Marco Frattini
Testimonials
‘The team is very efficient and well organised. It is able to provide quick and complete responses to the different requests of parties.‘
‘The team knows the market very well and is involved in Italy’s major securitisation transactions.‘
‘Vinicio Trombetti is an outstanding professional, and Giuseppina Pagano and Fabio Maria Guidi are brilliant senior associates.‘
Key clients
Intesa Sanpaolo
Volkswagen Bank
FCA Bank
Banco Santander
Santander Consumer Bank
Banca PSA Italia
UniCredit
BNP Paribas
Société Générale
Banco BPM
Banca Akros
Alba Leasing
Findomestic Banca
illimity Bank
Banca del Fucino
Work highlights
- Advised BNP Paribas, as arranger and senior investor, on the acquisition of consumer credit portfolios.
- Advised Santander Consumer Bank (as originator) and Crédit Agricole Corporate Investment Banking (as arranger), as drafting counsel, on a receivables securitisation transaction deriving from personal loans.
- Advised Intesa Sanpaolo and Banco BPM (as senior investors), Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, and Banca Akros (as arrangers) on the restructuring of a securitisation transaction called Perseveranza.
PedersoliGattai
PedersoliGattai entered the market in early 2024 following the merger between Gattai, Minoli, Partners and Pedersoli Studio Legale. The multidisciplinary DCM practice covers the issuance of plain vanilla products, along with complex multi-jurisdictional transaction structuring. The principal advisers are Gaetano Carrello, who has a substantial high-yield practice, and trade receivables securitisation specialist Emanuela Campari Bernacchi, who is ‘a first-class international lawyer‘. Valentina Lattanzi also advises on securitisation transactions.
Practice head(s):
Gaetano Carrello; Emanuela Bernacchi Campari
Other key lawyers:
Valentina Lattanzi
Testimonials
‘Flexible and open minded.‘
‘The team is very much focused on client delivery, managing complex matters very well.‘
‘Wide industry knowledge and very good at engagement.‘
‘Emanuela Campari Bernacchi is one of the finest finance lawyers in Italy and always delivers great work. Clients have no hesitation in going to her for advice.‘
‘Emanuela Campari Bernacchi understands Anglo-Saxon client sensitivities and is a first-class international lawyer.‘
‘Emanuela Campari Bernacchi is very reasonable and approachable.‘
Key clients
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Gaetano Carrello
Banco BPM
Fedrigoni Group (portfolio company of Bain Capital)