Firms To Watch: Capital markets: Debt

Having recently returned to Italy from London to co-ordinate the Milan structured finance and distressed assets team of iLS (Milan) Società tra Avvocati, partner Fabrizio Occhipinti advises on structured lending transactions, bond issuances commercial mortgage-backed securitisations.

Capital markets: Debt in Italy

Allen & Overy - Studio Legale Associato

Allen & Overy – Studio Legale Associato‘s debt capital markets (DCM) and securitisation lawyers ‘always go the extra mile and are very commercial‘. The firm also showcases a leading derivatives practice. Craig Byrne is an expert in hybrid capital instruments, liability management transactions, bond issues and debt programmes; Stefano Sennhauser works on innovative deals that combine banking tools with structured finance techniques; and Cristiano Tommasi has longstanding DCM experience. Also highly active are senior counsel Lisa Curran, counsels Pietro BelloneEmiliano La Sala and Alessandra Pala, and senior associate Sarah Capella.

Testimonials

The team assisted us with the different structures to be adopted, providing us with much food for thought – very useful for making the best economic-financial choice.

Always available to meet our requests.

We have a strong relationship with the A&O Milan team; they always go the extra mile and are very commercial.

Unique technical qualities and ability to grasp the client’s needs immediately.

Ability to propose innovative and non-obvious solutions, and negotiate the best terms for clients.

Craig Byrne is super-commercial and a pleasure to work with. We have worked on some really tricky transactions together, and he always helps us to navigate difficult waters and big client characters with apparent ease!

Stefano Sennhauser has unique technical skills and market experience, and is a professional of absolute standing.

Counsel Pietro Bellone is always ready, courteous and available to answer our questions and doubts.

Key clients

Agos Ducato

Algebris Investments

Arrow Global

Banco BPM

BNP Paribas

Cassa Depositi e Prestiti

Crédit Agricole CIB

Enel

FCA Bank

Intesa Sanpaolo

Banca IMI

Mediobanca

Natixis

PIMCO

Santander

Société Générale

UBI Banca

UBS

Work highlights

  • Advised JP Morgan and UBS on the structuring and execution of the financing agreements surrounding a partial, non-proportional demerger, which included a non-performing asset portfolio from Banca Monte dei Paschi di Siena in favour of Amco.
  • Advised international energy company Enel (and its subsidiary Enel Finance International) on a triple-tranche €3.25bn sustainability-linked bond.
  • Advised Glennmont Partners, as protection seller, on a synthetic securitisation over a large portfolio of renewable energy projects.

Clifford Chance

Clifford Chance's team of Italian, English and US-qualified lawyers cover all aspects of capital markets work, including standalone bonds, EMTN programmes and draw-downs, and hybrid, exchangeable and convertible bonds. Other areas of focus are liability management, retail structured products, and Italian government bonds and draw-downs. DCM specialist Filippo Emanuele co-heads the Italian finance and capital markets practice; Gioacchino Foti has expertise in hybrid bonds; Tanja Svetina leads the structured finance team in Italy; and counsel Laura Scaglioni  advises on bond issuances. Jonathan Donald Astbury and Alice Reali are key senior associates.

Practice head(s):

Filippo Emanuele

Key clients

AMCO

Ardian

Crédit Agricole Corporate & Investment Bank

Credito Emiliano Holding

EPrice

ERG

Poste Italiane

Prysmian

PolyPeptide Group

Work highlights

  • Advised the joint bookrunners on a triple-tranche issue of €3.25bn sustainability-linked bonds issued by Enel Finance International.
  • Advised a banking syndicate on the Republic of Italy’s inaugural €8.5bn green bond.
  • Assisted Poste Italiane with the issue of a dual tranche senior unsecured bond (for a total amount of €1bn).

Latham & Watkins LLP

Latham & Watkins LLP's Italian capital markets team consistently advises on high-profile transactions, standing out for its assistance to clients with both Italian and US law. Antonio Coletti, who has extensive experience advising on a wide variety of securities transactions, heads the Italian team. The US group is led by Jeffrey Lawlis, an expert in high-yield bond and loan products; and capital markets specialist Ryan Benedict, who works across the firm's Milan and London offices. Paolo Bernasconi, who focuses on issuances of high-yield debt securities, became partner in January 2022.

Practice head(s):

Antonio ColettiJeffrey Lawlis

Other key lawyers:

Ryan BenedictPaolo Bernasconi

Testimonials

Great team, with unique reliability and quality.

Jeffrey Lawlis, the best lawyer around for financing, has led the company with his great experience (from a legal point of view) since its first bond issue.

White & Case LLP Italy

Fielding a large US, English and Italian capital markets practice, White & Case LLP Italy consistently works on complex and large DCM and high-yield transactions across all debt products. The broad practices of Giuseppe Barra Caracciolo and Gianluca Fanti include complex securitisation transactions; Ferigo Foscari has longstanding securities experience; and Michael Immordino works across the Milan and London offices. The second line of experienced practitioners includes Francesco Scebba, who was made partner in 2020; Tommaso Tosi, who has notable high-yield capital markets experience; as well as associates Robert BeckerPietro Magnaghi and Alessandro Picchi.

Testimonials

The firm is characterised by very high levels of expertise in the Italian and international markets.

‘Deep technical knowledge gained in the context of significant and complex transactions.

Expertise and international components that allow 360-degree assistance.

The team is very present and proactive, and made up of experienced and competent professionals.

Ferigo Foscari is a strong reference point for corporate and banking issuers.

Key clients

Acea

Adler Pelzer

Aéroports de la Côte d’Azur

Aeroporti di Roma

AMA

Amplifon

Astaldi

ASTM

Atlantia

Atlas Capital Markets

Autogrill

Autostrade per l’Italia

Azimut

Banca Akros

Banca IMI

BC Partners

BFF Bank

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 S.p.A.

Cedacri

Citigroup

Corporation America Italia

Crédit Agricole

Credit Suisse

Credito Fondiario

CVC Capital Partners

De’Longhi

Deutsche Bank

doBank

doValue

Enel

Enel X

Esselunga

E.S.TR.A.

Fire

Gamenet

Glennmont Partners

Goldman Sachs

GSO Capital Partners

GVS

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

Mediobanca

Morgan Stanley

MPS Capital Services

Natixis

NatWest Markets

Oaktree Capital Management

Philogen

Piaggio

Pemberton Asset Management

Pininfarina

Pitagora

Pro-Gest

Recordati

SECO

Standard Chartered Bank

Ruffini Partecipazioni

SIA

SICIT

Société Générale Corporate & Investment Banking

Società di Progetto Brebemi

TCP Lux Eurinvest

Toscana Aeroporti

UBI Banca

UniCredit

UniCredit Leasing

Wind Tre

York Capital Management

Work highlights

  • Advised Sofima, the holding company that controls IMA, on a high-yield bond issuance of senior secured notes (issued in two tranches).
  • Advised Autostrade per l’Italia on its issuance of high-yield notes.
  • Advised Credito Fondiario, Deutsche Bank and JP Morgan (as co-arrangers and senior investors) on a securitisation of secured and unsecured claims (classified as non-performing).

BonelliErede

BonelliErede's multidisciplinary DCM focus team is headed up from London by highly rated banking and finance partner Massimiliano Danusso. Providing 'superb commercial advice', the practice houses several experts in structuring corporate debt instruments, medium-term notes, standalone euro bonds, hybrid bond projects, and domestic and high-yield bonds. Antonio La Porta is particularly focused on structured finance, securitisation operations, covered bonds, and investment grade and high-yield bond issues; and Emanuela Da Rin is another highly regarded DCM expert. Promoted to partner in June 2021, Francesca Marchetti's practice covers structured finance deals.

Practice head(s):

Massimiliano Danusso

Testimonials

Extensive knowledge and experience in the public finance sector.

Clear identification of problems with quality responses and timeliness.

Expertise and experience, including litigation aspects (civil, administrative and criminal), in relation to the management of the debt of Italian public bodies.

Strong knowledge of market players and strong knowledge of Italian local courts and Italian judges.

The ability to advise beyond pure legal matters and share market experience with clients.

Great for  its multi-disciplinary features, competence and ability to respect the given deadlines.

Massimiliano Danusso provides a great technical service with superb commercial advice and an outstanding ability to deliver on complex documentation in record time.

Massimiliano Danusso is extremely available, and has the ability to understand the needs and objectives of clients.

Key clients

Deutsche Bank

BNP Paribas

Dexia Crediop

Morgan Stanley

Barclays Bank

Unicredit

Eurofima

CFE

Euler Hermes

Intesa Sanpaolo

Trenitalia UK

Work highlights

  • Advised Barclays on the establishment of a large covered bond programme.
  • Advised Deutsche Bank on a securitisation of consumer loans originated by Deutsche Bank that is worth approximately €4.7bn.
  • Assisted Parco Eolico Casalduni House and Renexia with the structuring and documentation of a green bond.

Chiomenti

Chiomenti's finance and regulated entities department routinely acts on complex and cutting-edge structured finance deals; its recent experience includes large-value securitisation transactions. Team leader Gregorio Consoli assists Italian and international clients with extraordinary transactions, and is particularly focused on those involving financial entities and regulated sectors; Giulia Battaglia specialises in structuring complex deals; and former partner Francesco Ago has been senior of counsel since 2019. Securitisation and bond loan expert Gianrico Giannesi recently joined as partner from Orrick, Herrington & Sutcliffe, while DCM specialist Benedetto La Russa became partner in 2021.

Practice head(s):

Gregorio Consoli

Other key lawyers:

Giulia Battaglia; Francesco Ago; Benedetto La Russa; Fraser Wood ; Gianrico Giannesi

Testimonials

High-level skills in relation to the most complex structured finance transactions.

Great team organisation.

Highly renowned team.

Extremely expert and business-oriented.

Extremely versatile team that is always available to work beyond the usual hours to complete operations within the established times.

They always provide adequate answers, even when the timing is very tight; and within the firm they have all the necessary expertise to bring into play.

Gregorio Consoli is appreciated for his preparation, availability and problem-solving skills.

Gregorio Consoli and Gianrico Giannesi combine exceptional client management skills with equally exceptional knowledge of the subject.

Key clients

Intesa Sanpaolo

JP Morgan

Mediobanca

Banco BPM

UniCredit

BNP Paribas

Credito Fondiario

Deutsche Bank

Enel

European Investment Bank

Alba Leasing

Banca Carige

Banca Popolare di Sondrio

Saipem

Unione di Banche Italiane

IGD SIIQ

Alerion Clean Power

AS Roma

Aedes SIIQ

Banco Desio

Creval

Terna

Goldman Sachs

Credemvita

ION Group

Work highlights

  • Advising Intesa Sanpaolo on a UTP partnership in Italy with Prelios that includes the assignment of a portfolio of receivables (classified as unlikely to pay) originated by ISP (and other banks belonging to the ISP Group), which relate to a securitisation transaction.
  • Advised Prelios Group in relation to the Back to Bonis project, which consisted of AMCO (master and special servicer of the securitisation) and Prelios Group’s joint management of a portfolio of small/medium UTP loans.
  • Advised Enel Finance International on a sustainability-linked bond issue guaranteed by Enel under an EMTN programme.

Legance - Avvocati Associati

Legance - Avvocati Associati's banking and finance group is coordinated by senior partner Andrea Giannelli, a structured finance and DCM transactions specialist. The team covers a wide range of areas, including issues of bonds and other debt securities, securitisation of  receivables, covered bonds, debt restructurings, derivatives, securities lending transactions and other structured products. Also highly regarded are structured finance expert Vittorio PozziAntonio Siciliano, who was promoted to partner in 2021; and Antonio Matino and Roberto Mazzarano, who were recently made senior counsels. Matteo Pierotti is the managing associate to note.

Practice head(s):

Andrea Giannelli

Testimonials

Lean team and knowledge of clients’ needs.

The integration of groups, information exchange and multidisciplinary practice adds value.

Direct, practical and very prepared – nobody wastes time on formalities or banalities.

Knowledge of the industry allows them to understand potential problems and anticipate them.

High levels of expertise in the structured finance sector and ability to manage complex transactions.

Extremely available, maximum competence, innovative solutions, and the ability to facilitate operations and negotiations.

Antonio Siciliano has constant availability and knowledge of the market – extremely competent, solid and effective help in solving legal and commercial problems.

Key clients

2i Rete Gas

A2A

Aeroporti di Roma

Agos Ducato

Amundi SGR

ASTM

Banca Finint

Cassa Depositi e Prestiti

Compass Banca

Credito Fondiario

European Investment Bank

Fortress Investment Group

Banca Finint

Cassa Depositi e Prestiti

Credito Fondiario

CheBanca!

Compass Banca

Illimity Bank

ING Bank

Unicredit

Work highlights

  • Assisted Nexi with the issue of two senior unsecured high-yield notes aimed at (inter alia) refinancing the indebtedness of Nets Topco 2 and SIA.
  • Assisted Aeroporti di Roma with the annual update of its EMTN programme; the issue of a green bond under the EMTN programme; and the issue of a sustainability-linked bond under the EMTN programme.
  • Assisted UniCredit Bank, as sole arranger, with the securitisation of a portfolio of approximately €1.6bn of non-performing loans.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe has a substantial track record in DCM and securitisation transactions; and the practice includes English and US law-qualified partners. Head of the finance team in Italy, Patrizio Messina, provides senior-level expertise in DCM, asset finance and securitisation, along with other structured financings; Annalisa Dentoni-Litta advises leading international arrangers on securitisation deals; Madeleine Horrocks heads the English finance practice in Italy; and Alessandro Accrocca advises both domestic and international financial services entities. At of counsel level, Nicolò Del Dottore and Sabrina Setini act on structured finance transactions.

Practice head(s):

Patrizio Messina

Testimonials

Great professionalism and availability.

Perfect organisation of the team with excellent response times and maximum availability.

Great mediation skills to reach satisfactory meeting points – non-aggressive, but determined approach.

Great ability to understand negotiation issues, including commercial ones.

Wide and complete availability of the whole team, even at partner level.

Excellent quality of services rendered and worth noting is the great managerial skills of Patrizio Messina.

Patrizio Messina and Annalisa Dentoni-Litta guarantee particular attention to detail.

Great esteem for Annalisa Dentoni-Litta  and her team, including of counsel Sabrina Setini. Thanks to their in-depth knowledge of the law and the technicalities of complex structured finance transactions, they represent a solid presence for the client.

Key clients

A2A

UBS Group

Cassa Depositi e Prestiti

Deutsche Bank (London Branch)

Enel

Iccrea Banca

Intesa Sanpaolo

Iren

Italgas

JP Morgan Securities

National Bank of Greece

Mediocredito Centrale

Snam

Telecom Italia

Inwit

BPER Banca

AMCO – Asset Management Company

Banca Sistema

Work highlights

  • Advised the arrangers on structuring landmark NPE securitisations in Greece (totalling an aggregated value of €14bn), which aimed to decrease the significant non-performing loan exposure of Piraeus Bank, one of Greece’s four systemic banks.
  • Acted for Enel Finance International on the placement on the US and international markets of a multi-tranche sustainability-linked bond (aimed at institutional investors) for a total of $4bn.
  • Advising Banca Carige and Banca del Monte di Lucca on an innovative STS (simple, transparent, standardised) securitisation transaction (backed by a portfolio of loans).

Simmons & Simmons

Simmons & Simmons' Milan-based English and Italian DCM team advises underwriters and issuers – including sovereign, supranational unions, corporations, banks and financial institutions – on the full gamut of transactions across the capital markets product spectrum. Milan DCM leader Paola Leocani has longstanding experience in advising on securities deals; and Simone Lucatello is the partner in charge of the structured finance and securitisation group in Italy. Baldassarre Battista is an experienced managing associate.

Practice head(s):

Paola LeocaniSimone Lucatello

Testimonials

Large strong deal teams that are well staffed and with confident, capable lawyers who are well supervised by high-quality partners.

Willingness to meet us in the middle on fees, as well as secondment arrangements – they have taken time to invest in the relationship with us and it pays off.

All too often legal advice can be just a legal statement, but we never get just that with Simmons & Simmons – great for client support, problem identification and proposal of solutions, and professionalism.

Paola Leocani has great ability and legal expertise, availability and an aptitude for solving problems.

Paola Leocani has extreme legal technical competence.

Simone Lucatello is an excellent partner. He strikes a great balance between technical legal capability and commercial practicality, and he gives high-quality, risk-based advice that we always feel is tailored appropriately for our needs.

Simone Lucatello understands who we are, and gives us not just the law but helps to guide and navigate us through unfamiliar landscapes. He reaches out proactively to maintain the relationship with interesting knowhow or cross-selling where appropriate.

Managing associate Baldassarre Battista is appreciated for his maximum availability, ability to interact and resolution of complex matters.

Key clients

Christofferson Robb and Company

Anthilia Capital Partners

Zenith Service

Securitisation Services

130 Servicing

Banca Finanziaria Internazionale

DepoBank

San Marino

Eni

Goldman Sachs International

Citigroup

Atlas

Mediobanca Banca di Credito

Securitisation Services

Ashurst

Ashurst's practice fields experts in private debt and alternative lending in the Italian market, along with project bonds and securitisation. The principal figures are project bond specialist Carloandrea Meacci; Milan banking and finance head Mario Lisanti; Milan restructuring and special situations leader Paolo Manganelli; Umberto Antonelli, a structured and capital market financing specialist; and Milan tax head Michele Milanese. Counsel Annalisa Santini is responsible for the structured finance practice.

Other key lawyers:

Annalisa Santini; Nicola Toscano

Testimonials

Works seamlessly across different jurisdictions.

Always available and willing to go the extra mile.

The team is very commercial and has a strong international network.

Mario Lisanti and counsel Annalisa Santini are always available to clients, know the market very well, and have an international perspective.

Key clients

Natixis

Banco BPM

Intertrust Trustees

Manzoni & C

Amundi

Work highlights

  • Advised Banco BPM (as senior noteholder) on the subscription of a senior tranche of notes issued by an Italian securitisation SPV (backed by project financing loan agreements).
  • Assisting the European Investment Bank with a synthetic securitisation transaction carried out by the European Investment Fund and counter-guaranteed by a guarantee issued by the European Investment Bank.
  • Advised Intertrust Trustees (as security trustee) on a securitisation transaction involving trade receivables acquired by Private Driver Italia 2020-1 and financed through the issue of fixed rate asset-backed notes.

Dentons

Dentons‘ Italy team advises on debt, structured finance and securitisation deals, along with derivatives work. DCM and structured finance specialist Piergiorgio Leofreddi was hired from Jones Day in 2020 to lead the Italy DCM practice; and Gianpaolo Garofalo, whose experience include securitisation and repackaging transactions and EMTN debt programmes, leads the structured finance group. Advising retail and institutional investors, Annalisa Feliciani joined as partner in late 2021 from Hogan Lovells International LLP.

Other key lawyers:

Matteo Mosca

Testimonials

Readiness and punctuality in responding to clients’ needs.

I particularly appreciate Piergiorgio Leofreddi and associate Matteo Mosca.

Work highlights

  • Assisted Ferrovie dello Stato Italiane with the issuance of its third green bond.
  • Advised Mediobanca Banca di Credito Finanziario on the update of the €40bn EMTN programme of Mediobanca and Mediobanca International.
  • Assisted a pool of banks, comprising BNP Paribas, Crédit Agricole, Intesa Sanpaolo, J P Morgan and NatWest Markets, with the issuance of the Italian Ministry of Economy and Finance’s green bond.

DLA Piper

DLA Piper‘s full-service DCM and structured finance group advises on the widest gamut of debt transactions. Heading the practice within the finance, project and restructuring department, Luciano Morello acts for banks and investment funds on asset securitisation transactions and structured finance deals. The practice also showcases legal director Gilemma Nugnes, who is experienced in structured finance and derivatives; and Martina Antoniutti, who assists with both transactional and regulatory matters.

Practice head(s):

Luciano Morello

Testimonials

Extremely strong knowledge of the market.

Great for the constant willingness to collaborate and ability to relate professionally by delivering both knowledge and expertise.

Great availability and professionalism in dealing with all work issues of interest.

Solid organisational capacity of the team.

Luciano Morello stands for excellence. His deep knowledge of the industry is outstanding.

Luciano Morello is characterised by his deep knowledge of the market.

Key clients

Intesa Sanpaolo Group

Banca Akros S.p.A. (Banco BPM Group)

Feralpi S.p.A.

Intermonte SIM S.p.A.

Officine Maccaferri S.p.A.

AS Roma S.p.A.

Unicoop Tirreno S.p.A.

Borgosesia S.p.A.

JP Morgan Securities Plc

Phinance Partners S.p.A.

Societe Generale

Banca Finanziaria Internazione S.p.A.

Unicredit Bank AG

Finlombarda S.p.A.

Banco BPM S.p.A.

Saxa Gres S.p.A.

Banca Generali S.p.A.

Iervolino Entertainment S.p.A.

Anthilia SGR S.p.A.

Bluegem Capital Partners

Iervolino and Lady Bacardi Entertainment S.p.A.

Banca di Credito Popolare

Work highlights

  • Assisted JP Morgan, as initial subscriber, in relation to the issuance of additional senior secured notes due 2022 by Inter Media Communications S.p.A. (a company controlled by Football Club Internazionale Milano).
  • Assisted Intesa Sanpaolo S.p.A. in the set-up of the pan-European issuing platform (the Notes Programme) approved by the Luxembourg Commission de Surveillance du Secteur Financier (governed by English law) – for the offer of plain vanilla bonds, structured bonds, green bonds and social bonds – to retail and wholesale investors and listing on regulated and non-regulated markets and the pan-European issuing platform (the Warrants and Certificates Programme”) approved by the Luxembourg Commission de Surveillance du Secteur Financier (governed by English law) – for the offer of structured products to retail and wholesale investors and listing on regulated and non-regulated markets.

Gattai, Minoli, Partners

Gattai, Minoli, Partners' DCM group advises on a range of  transactions, from the issuance of plain vanilla products to the structuring of complex and exotic multi-jurisdictional deals. Heading the structured finance department, Emanuela Campari Bernacchi has extensive experience in varying types of asset class securitisations and NPL transactions; Gaetano Carrello's practice also includes DCM work; and Valentina Lattanzi is a trade receivables expert. Salvatore Graziadei is a key counsel.

Testimonials

The firm provides complete, accurate and highly professional legal assistance.

The firm is characterised by its dynamism and specialised skills, in addition to its real knowledge of the market; which are measurable in terms of the service rendered to clients.

The real strength of the firm, and particularly the structured finance department, are the professionals who make it up.

Great technical competence, high specialisation levels, experience and focus on the client; but it is above all the availability and the human and emotional intelligence skills of the team members that we appreciate most, and that differentiate them from other firms with which we have had the opportunity to collaborate.

The team is highly experienced in Italian DCM transactions, particularly securitisation. They are widely knowledgeable and understand the needs of Italian clients. I often give my personal recommendation for this team due to its efficiency, expertise, in-depth analysis of issues and commerciality.

Emanuela Campari Bernacchi has a wealth of experience and is expert in this field. She really is one of the best finance lawyers in Italy and never fails to impress.

Emanuela Campari Bernacchi and Valentina Lattanzi constantly interface with the client, and are always present and immediately responsive to clients’ needs.

Valentina Lattanzi is highly recommended and a very safe pair of hands on complex deals.

Key clients

Goldman Sachs

JP Morgan

BNP Paribas

UniCredit

Credit Suisse

MBCredit Solutions

Prismi

Banco BPM

Credimi

Axactor Group

Neuberger Berman

130 Servicing

200 Crowd

Viceversa

Banca Generali

Fedrigoni Group

Gianni & Origoni

Gianni & Origoni's CMD group advises issuers and underwriters on the issue of bonds (including hybrid instruments and convertible bonds, and other financial instruments) both in the Italian domestic market and the Euromarket. Richard Hamilton assists issuers, banks and private equity funds with securities offerings, including MTN programmes and bond issues; specialist in debt issues, structured finance and derivative transactions Marco Zaccagnini leads the practice from London.

Practice head(s):

Marco Zaccagnini

Other key lawyers:

Richard Hamilton

Testimonials

High levels of professionalism, and great for the human aspects of its people.

Undoubtedly one of the most prepared firms around, with excellent knowledge of Italian DCM features.

Over time, we have created an excellent professional and human relationship with the lawyers from this firm, who have the ability to find solutions that are realistic and balanced.

The Gianni & Origoni team stands out from other firms for its ability to propose lean solutions, even in the face of complex requests.

The professionals of Gianni & Origoni’s team are highly qualified and very helpful.

Their ability to solve problems effectively, and at the same time efficiently, sets them apart from other law firms.

Experience, availability and knowledge of the products!

Richard Hamilton has demonstrated on several occasions an approach that aims to solve the problems that emerge during structuring processes.

Key clients

Goldman Sachs International

Deutsche Bank (London Branch)

Poste Italiane

Banca IMI

J P Morgan Securities

UniCredit

Morgan Stanley

Mediobanca – Banca di Credito Finanziario

Citigroup Global Markets

BNP Paribas

Santander Consumer Bank

Cassa Centrale Banca – Credito Cooperativo Italiano

Generali Investments Europe

Work highlights

  • Advised Astaldi on the debt instruments issued by it, in relation to the execution of its composition with creditors (on a direct going concern basis).
  • Assisted Goldstory and Stroili (as to Italian law matters) with the issuance by Goldstory of high-yield bonds for €620m.
  • Assisted Swiss group Selecta with the Italian law aspects of the recapitalisation of the group, which involved the restructuring of three series of senior secured notes.

Greenberg Traurig Santa Maria

Able to leverage specialist expertise from its global network, Greenberg Traurig Santa Maria's practice includes structured finance transactions, DCM and securitisation work. Corrado Angelli (a former Freshfields Bruckhaus Deringer partner) is experienced in all debt products, including securitisations and NPL trades; Alessio Gerhart Ruvolo's experience covers securitisations and assignment of receivables transactions; and the practices of both counsel Caterina Napoli and senior associate Davide Bonsi include structured finance.

Other key lawyers:

Caterina Napoli; Davide Bonsi

Testimonials

Availability, competence and flexibility.

Deep market experience, innovation and competence.

Versatility and a very commercial pragmatic approach.

Key clients

Illimity Bank

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

Work highlights

  • Advised Bain Capital on the bid for the acquisition of the television rights of the Lega Calcio, which involved plans for a high-yield offering, a revolver facility and a securitisation structure.
  • Acted for the lenders on the Italian aspects of a private equity transaction, which provided for the acquisition of Industria Chimica Emiliana, such financing providing for a high-yield offering.
  • Advised Gruppo Barletta, a major Italian developer and building company, on a complex private placement (arranged by Cain International) of a €120m development bond.

Hogan Lovells International LLP

Hogan Lovells International LLP's Italian practice has a strong track record in high-value securitisation and collateralised financing transactions. The group is co-led by Federico Del Monte, who has substantial experience in advising banks, financial institutions and corporations on capital markets, securitisation and structured finance deals; and Corrado Fiscale, who focuses on structured finance and is 'appreciated for his inventiveness'. At associate level, Matteo Scuriatti regularly assists with DCM transactions.

Testimonials

Hogan Lovells is an international firm with an Italian structured finance department that is among the strongest and most capable in Italy.

Among the first in Italy to carry out securitisation operations in relation to renewable energy.

The team is complete in terms of skills.

Extremely collaborative and responsive in handling situations during the course of the mandate.

Diversified in its composition, the team proved to be a strong performer – better than other firms.

Corrado Fiscale is appreciated for his inventiveness, continual search for innovation and simplicity, and willingness to confront and find solutions.

Key clients

Apeiron Management

Apollo Global Management

Azimut

Banca di Cividale

Banca Finint

Banca IFIS

Banca IMI

Banca Monte dei Paschi di Siena

Banca Popolare di Puglia e Basilicata

Banca Progetto

Banca Santa Giulia

Banca Valsabbina

BNP Paribas

BNP Paribas Securities Services

Borsa del Credito

Cassa depositi e prestiti

CGM

CiviBank

Citibank

Citicorp

CNH Industrial Financial Services

Credit Agricole Corporate and Investment bank

Collextion Servicing

Daimler

Equita SIM

Findomestic Banca

Ferrovie dello Stato

Fiancity

Intesa Sanpaolo

KPMG Fides

Mediobanca

Mercedes Benz Financial Services Italia

Natuzzi

NordLB

Oaktree Capital Management

P&G SGR

Porsche Financial Services

Sigla

Societe Generale

UniCredit

York Capital

Work highlights

  • Assisted CiviBank with setting up its first commercial paper programme for a maximum amount of €600m.

Jones Day

Jones Day's Italy practice houses a securitisation and debt practice that covers several asset classes, particularly in relation to consumer finance and salary-secured loans, auto financing, SME loans, and trade receivables. Francesco Squerzoni acts for originators, arrangers, and investors on structured finance transactions; and Vinicio Trombetti has particular experience in securitisation and covered bonds deals. Providing key support at associate level are Marco FrattiniGiuseppina Pagano and Fabio Guidi.

Testimonials

International presence with the ability to cover a variety of jurisdictions while maintaining homogeneity in the quality of service and processes.

Multidisciplinary approach, with different areas covered.

Recognition of the brand on the market in terms of real estate securitisations.

Partners that are very capable and attentive to clients’ needs.

Partners who are present and available both during the structuring phase and the key phases of the negotiation.

Excellent network between countries with reference partners who are well connected to the global network.

Special mention for Francesco Squerzoni.

Francesco Squerzoni is a leader in market knowledge, and with deep experience in the Italian debt and real estate market.

Key clients

Intesa Sanpaolo

Banca IMI

Volkswagen Bank

FCA Bank

Banco Santander Santander Consumer Bank

Banca PSA Italia

UniCredit

Hedge Invest SGR

AnaCap Financial Europe SA SICAV-RAIF

AnaCap Credit

Prelios

Arrow Global

AGG Capital Management

ING Capital

Banca Akros

Banco BPM

Work highlights

  • Advised investor AnaCap on the structuring and implementation of a real estate securitisation.
  • Advised Banco Santander and Banca PSA Italia (as drafting counsel) on an up-to €850m, partially paid, securitisation of receivables deriving from auto loans granted by Banca PSA Italia.
  • Advised Intesa SanPaolo (as arranger and senior investor of ABS notes) on a securitisation transaction.