Firms To Watch: Capital markets: Debt

Jointly led by seasoned partners Elena Cannazza and Fabrizio Occhipinti in Milan, and Milan and London-based Norman PepeiLS (Milan) Società tra Avvocati is a specialised structured finance and NPL boutique that houses experts in securitisation matters, particularly distressed assets work.

Capital markets: Debt in Italy

Allen & Overy - Studio Legale Associato

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 BelloneEmiliano La Sala and Alessandra Pala, and senior associates Sarah Capella and Luca Di Lorenzi.

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 FoscariTommaso 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 proactiveGianpaolo 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)