Capital markets: Debt in Italy

Allen & Overy - Studio Legale Associato

Advising on the full spectrum of debt capital markets (DCM) products, Allen & Overy - Studio Legale Associato stands out for its handling of ground-breaking work, such as its advice on the Italian market's first Covid bond. One of Italy’s leading capital markets lawyers, Craig Byrne has particular expertise in hybrid capital instruments, liability management transactions, bond issues and debt programmes. Also recommended are structured finance specialist Stefano Sennhauser and DCM expert Cristiano Tommasi, along with senior counsel Lisa Curran, counsels Pietro BelloneEmiliano La Sala and Alessandra Pala, and senior associate Sarah Capella.

Practice head(s):

Craig Byrne; Stefano Sennhauser; Cristiano Tommasi

Other key lawyers:

Lisa Curran; Pietro Bellone; Emiliano La Sala; Alessandra Pala; Sarah Capella

Testimonials

Efficiency, professionalism and 360-degree coverage.

Expertise, in-depth skills and quick feedback, as well as excellent interaction with counterparts.

Clear, immediate and professional communication on all questions raised.

‘Excellent organisational skills, with a great proactive and problem-solving approach.

The team is very structured and specialised, and its strengths include quality of advice, speed in completing work, and the ability to solve problems quickly and effectively.

The team is very proactive and needs very little guidance from the originator.

Cristiano Tommasi, Craig Byrne and counsel Alessandra Pala represent real reference points for our sector. They are always available, super-competent, and you know you can rely on them.

Counsel Pietro Bellone is always available to provide accurate answers to the various issues submitted.

Key clients

Agos Ducato

Algebris Investments

Arrow Global

Banco BPM

BNP Paribas

Cassa Depositi e Prestiti

Crédit Agricole CIB

Enel

FCA Bank

Goldman Sachs

Intesa Sanpaolo

Mediobanca

Morgan Stanley

Natixis

PIMCO

Santander

Société Générale

UBI Banca

UBS

Work highlights

  • Advised CDP, the Italian Treasury-controlled financing agency, on its issue of a high-value, Italian Covid-19 Social Response Bond, which focuses on the Covid-19 emergency and the recovery of the Italian economy.
  • Advised JP Morgan and Banca IMI, and the other bookrunners, on an approximately €1.68bn issue of a series of landmark project bonds.
  • Advised Arrow Global and the group’s companies, Zenith Service and WhiteStar Asset Solutions Italia, on the acquisition from 35 credit institutions of a portfolio of receivables.

Clifford Chance

Fielding a team of Italian, English and US-qualified lawyers, Clifford Chance's 'best-in-Italy' practice consistently plays a leading role in the market's most significant transactions. Alongside highly rated banking and finance specialist Charles Adams, DCM expert Filippo Emanuele jointly heads the Italian finance and capital markets practice, which includes Gioacchino Foti, a debt issuance and regulatory capital specialist, and Tanja Svetina, who heads the structured finance team in Italy. Also key to the group are counsel Laura Scaglioni, a US law expert, and senior associates Jonathan Donald Astbury and Alice Reali.

Practice head(s):

Filippo Emanuele

Other key lawyers:

Charles Adams; Gioacchino Foti; Tanja Svetina; Laura Scaglioni; Jonathan Donald Astbury

Testimonials

Very strong expertise in real estate financing and capital markets structuring – the best in Italy.’

Extreme dedication and excellent communication.

Key clients

AMCO

Banca IMI

Credito Emiliano

Dedalus Holding

Expert System

Eprice

Intesa Sanpaolo

Mediobanca

Municipality of Rome

RAI – Radio Televisione Italiana

UniCredit

Work highlights

  • Assisted the joint lead managers and joint bookrunners with the issue of the high-value, Covid-19 Social Response Bond, which was brought to the Italian market by CDP.
  • Assisted the underwriters with the issue of a five-year bond (for a total nominal value of €1.25bn) by Intesa Sanpaolo.
  • Assisted RAI – Radio Televisione Italiana, as issuer, with a senior unsecured €300m bond issue.

Latham & Watkins LLP

Particularly noted for its Italian high-yield market expertise, Latham & Watkins LLP's Italian offices field a widely respected capital markets department that consistently advises on high-profile transactions. The Italian team is headed by experienced partner Antonio Coletti, who is recommended for major Italian capital markets transactions; and the US team includes high-yield bond and loan product specialist Jeffrey Lawlis. Working from the firm's Milan and London offices, Ryan Benedict, who has a broad capital markets practice, 'distinguishes himself through excellent technical competence'. Paolo Bernasconi is the associate to note.

Practice head(s):

Antonio Coletti; Jeff Lawlis

Other key lawyers:

Ryan Benedict; Paolo Bernasconi

Testimonials

Ryan Benedict is an expert in capital markets, who distinguishes himself through excellent technical competence, great practical sense, and constant presence on the deal when some partners at other firms tend to be less and less present once the operation has started. He also has the ability to provide assistance in Italian, and even at night without ever complaining and for reasonable fees.

Key clients

ENI S.p.A.

Credit Suisse

Bain Capital

The Carlyle Group

Investindustrial

F.C. Internazionale

International Design Group

Italmatch

Team System

Marcolin S.p.A.

JP Morgan

Rekeep (formerly known as Manutencoop)

Goldman Sachs

Evoca S.p.A.

Forgital S.p.A.

Morgan Stanley

Unicredit

Work highlights

  • Advised on a single-tranche sustainable development goal-linked bond.
  • Advised on the issuance of a high-yield bond, which was in relation to the financing of the €1bn acquisition of Forgital Group, an Italian manufacturing company.
  • Advised Evoca, a Lonestar portfolio company, on the high-yield issuance of €550m senior secured notes.

White & Case LLP Italy

White & Case LLP Italy' large US, English and Italian capital markets team regularly works on complex and sizeable DCM and high-yield transactions. Iacopo Canino is experienced in high-yield matters; Gianluca Fanti is a structured finance expert; Ferigo Foscari's broad practice includes DCM matters; and London and Milan-based Michael Immordino has extensive capital markets expertise. Other key members are experienced partners Tommaso Tosi and Giuseppe Barra Caracciolo, and associate Robert Becker. Francesco Scebba  was made partner in 2020, while former local partner Paul Alexander left for an in-house role.

Practice head(s):

Iacopo Canino; Gianluca Fanti; Ferigo Foscari; Michael Immordino; Tommaso Tosi; Giuseppe Barra Caracciolo; Francesco Scebba

Other key lawyers:

Robert Becker

Key clients

Acea

Aeroporti di Roma

Amplifon

Astaldi

Atlantia

Atlas Capital Markets

Autostrade per l’Italia

Banca Akros

Banca IMI

Banca Farmafactoring

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.

Citigroup

Crédit Agricole

Credit Suisse

Credito Fondiario

CVC Capital Partners

De’Longhi

Deutsche Bank

doBank

doValue

Enel

Esselunga

Fire

Gamenet

Glennmont Partners

Goldman Sachs

GSO Capital Partners

GVS and GVS Group

Hoist Finance

HP Pelzer Group

HSBC

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

Piaggio

Pemberton Asset Management

Pitagora

Pro-Gest

SECO

SIA

Société Générale Corporate & Investment Bank

Work highlights

  • Advised doValue on a €265m senior secured notes issuance, which related to the prepayment of an outstanding €265m senior secured bridge facility loan that was granted to doValue in June 2020.
  • Advised an institutional investor on the securitisation, co-arranged by Crescitalia Holding and Zenith Service, of trade receivables, which were originated by Italian SMEs through an innovative platform called FinTech CrescItalia Lab Platform.
  • Advised Società di Progetto BreBeMi, the Italian toll road that runs from Brescia to Milan, on its approximately €1.68bn project bond financing.

BonelliErede

BonelliErede's DCM practice is regularly called upon to advise on complex debt financing structures. Emanuela Da Rin is experienced in securitisation, project bonds, and investment grade and high-yield bond issues; and Antonio La Porta is a securitisation, covered bond, and bond issue specialist. Federico Vezzani is also a key member of the DCM focus team, which is headed from London by Massimiliano Danusso, an expert in bond offerings, covered bonds, securitisation, and credit-linked notes and derivatives.

Practice head(s):

Massimiliano Danusso

Other key lawyers:

Emanuela Da Rin; Antonio La Porta; Federico Vezzani; Francesca Marchetti; Ilaria Parrilla

Testimonials

Seriousness, clarity, high levels of professionalism, competence and passion – these are the values that I found at this law firm.

These are professionals to rely on (and to trust), with the certainty of being protected in the best possible way.

These are skilled, motivated, responsible and precise professionals.

Key clients

Barclays

BNP

BoAML

Banca Intesa Sanpaolo

Deutsche Bank

JP Morgan

Ferrovie dello State Italiane

Morgan Stanley

Natixis

Unicredit

Work highlights

  • Advised Morgan Stanley on a groundbreaking dispute involving derivatives.
  • Assisted Eurofima with the issue of Trenitalia’s approximately €1bn green bond.
  • Assisted various national and international banks with derivative transactions that were entered into with local Italian entities.

Chiomenti

Chiomenti's large banking and finance department is active in structured finance work (including securitisation), bond issues, and Euro medium term note (EMTN) programmes. Gregorio Consoli, whose broad practice includes structured finance, heads the firm's finance and regulated entities department, which includes highly regarded partner Giulia Battaglia, senior of counsel Francesco Ago, and managing counsel Benedetto La RussaGianrico Giannesi, who brings additional experience in securitisation deals and bond loans, was hired from Orrick, Herrington & Sutcliffe in 2020.

Practice head(s):

Gregorio Consoli

Other key lawyers:

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

Testimonials

This firm’s capital markets team is unique.

A high-quality team that is always on hand to help, even after the deal closes.

Full commitment to achieving the result, with maximum availability from the entire team. The firm does not just provide the client with the analysis or document requested, but stays close to the client to ensure the success of the transaction.’

Gregorio Consoli is exceptional at finding solutions that are out of the box.

Gregorio Consoli has an ability to identify and solve critical points that I have not found in any other professional.

Gianrico Giannesi is an excellent professional who specialises in structured finance.

Gianrico Giannesi is a super professional for structured finance.

Managing counsel Benedetto La Russa is a great negotiator.’

Key clients

Intesa Sanpaolo S.p.A.

JP Morgan

Mediobanca

Banco BPM S.p.A.

UniCredit

BNP Paribas

Credito Fondiario S.p.A. (Elliot)

Deutsche Bank AG

Enel S.p.A.

European Investment Bank

Alba Leasing S.p.A.

Banca Carige S.p.A.

Banca Popolare di Sondrio S.c.p.A.

Saipem S.p.A.

Unione di Banche Italiane S.p.A.

IGD SIIQ S.p.A

Alerion Clean Power S.p.A.

Work highlights

  • Advised Intesa Sanpaolo on an Unlikely To Pay (UTP) partnership in Italy with Prelios, which included the assignment of a portfolio of UTP receivables.
  • Advised Unicredit on the first phase of the Project Resi securitisation, which involved the sale to special purpose vehicle, Prisma, of a €4.1bn portfolio of non-performing residential mortgage loans (owned by Unicredit).
  • Advised Enel S.p.A. (as guarantor) and Enel Finance International N.V. (as issuer) on the issuance of three series of sustainable development goals bonds, under an EMTN programme.

Legance - Avvocati Associati

Legance - Avvocati Associati's work covers issues of bonds and other debt securities, securitisation of performing and non-performing receivables, and securities lending transactions and other structured products. Senior partner and structured finance and DCM specialist Andrea Giannelli co-ordinates the banking and finance and DCM departments, which also showcases Vittorio Pozzi, who is experienced in securitisations of performing and non-performing receivables. Antonio SicilianoAntonio Matino and Roberto Mazzarano are the senior counsels to note, while Matteo Pierotti is an experienced senior associate.

Practice head(s):

Andrea Giannelli

Other key lawyers:

Vittorio Pozzi; Antonio Siciliano; Roberto Mazzarano; Matteo Pierotti

Testimonials

Legance is made up of highly trained and experienced professionals, whose certain availability is their strong point.

A team of very competent and well-organised professionals at both senior and junior resource levels – high-quality of work is perceived at all levels.

Preparation, competence, availability and the ability to find innovative solutions.

Senior counsel Roberto Mazzarano is a very prepared and serious professional; he works with tireless commitment, and places the client and its needs at the centre of his work.

Key clients

Aeroporti di Roma S.p.A.

AEW Europe SA

Agos Ducato S.p.A.

Aim Vicenza S.p.A.

A2A S.p.A.

Banca IMI S.p.A.

2i Rete Gas S.p.A.

Cassa Depositi e Prestiti S.p.A.

CheBanca! S.p.A.

Compass Banca S.p.A.

Credito Fondiario S.p.A.

Fortress Investment Group LLC

illimity Bank S.p.A.

Hera S.p.A.

ING Bank N.V.

J.P. Morgan

Leonardo S.p.A.

Mediobanca – Banca di credito finanziario S.p.A.

Mediobanca SGR S.p.A.

Natixis SA

Nexi S.p.A.

Unipol Gruppo S.p.A.

Tper S.p.A.

Tpg Sixth Street Partners

Trophaeum Asset Management ltd.

Quaestio Capital Management SGR S.p.A.

Quarantacinque S.p.A.

Cad It S.p.A.

Sace S.p.A.

Amundi SGR S.p.A.

Unicredit S.p.A.

BPER Banca S.p.A.

Work highlights

  • Assisted Cassa Depositi e Prestiti and SACE, as anchor investor and guarantor (respectively), with the establishment of the Export Basket Bond Programme.
  • Assisted with a consumer loans transaction that was carried out by Agos Ducato in compliance with Regulation (EU) 2402/2017 on simple, transparent and standardised securitisation.
  • Assisted illimity Bank in relation to the acquisition, through a securitisation structure, of a portfolio of secured non-performing loans that were originated by UniCredit.

Linklaters

Linklaters' highly regarded counsel Linda Taylor leads the DCM practice in the firm’s Milan office. An English law specialist in DCM transactions, Taylor advises on a broad range of deals, including medium term note programmes, bond issues (secured and unsecured), block trades, exchangeable and convertible bonds, and regulatory capital and liability management exercises.  Experienced partner Dario Longo heads the Italian structured finance practice.

Practice head(s):

Linda Taylor

Other key lawyers:

Dario Longo

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe's large finance team in Italy has a strong track record in structuring DCM programmes and ensuing bond and note issuances, as well as large and innovative securitisations. Providing senior expertise in DCM transactions, Patrizio Messina heads the finance team in Italy; Annalisa Dentoni-Litta is an expert in securitisations and covered bonds; Madeleine Horrocks leads the English finance practice in Italy; and Alessandro Accrocca's practice includes structured finance. Nicolò Del Dottore and Sabrina Setini are experienced of counsels.

Practice head(s):

Patrizio Messina

Other key lawyers:

Annalisa Dentoni-Litta; Madeleine Horrocks; Alessandro Accrocca; Nicolò Del Dottore; Sabrina Setini

Testimonials

The team is perfectly synergised and able to extend this synergy to the client. It is also always available and receptive to any request, both at legal and practical levels.

This team has extensive knowledge of the capital markets.

Professionals who are accurate in the analysis, communication and drafting of documents.

‘Alessandro Accrocca and his team are always aligned, and able to give prompt assistance to the client. The relationship between quality and speed of work is also absolutely noteworthy.

Key clients

Snam S.p.A.

Telecom Italia SpA

Iccrea Banca S.p.A.

Italgas

Iren S.p.A.

Enel S.p.A.

National Bank of Greece S.A.

WRM Capinvest Ltd

JP Morgan Securities PLC

Banca Popolare di Bari S.c.p.a.

Deutsche Bank AG, London Branch

Intesa Sanpaolo S.p.A.

Mediocredito Centrale S.p.A.

Inwit

Banca Popolare di Bari in A.S.

Work highlights

  • Assisted with a non-recourse and block sale agreement for the acquisition by Amco of a portfolio of unlikely-to-pay and non-performing loans.
  • Assists SNAM with the annual update of a €11bn Euro medium term note programme.
  • Advised Enel on the update and modification of the Enel Group’s Euro-commercial paper (ECP) programme into a sustainable development goal ECP programme.

Studio Legale Cappelli RCCD

Studio Legale Cappelli RCCD's experienced team comprises a number of highly regarded partners, including Alberto Del Din, whose practice includes securitisation and structured finance; and Paolo Calderaro, who focuses on collateralised financing transactions, traditional and synthetic securitisation, covered bonds, loan assignments and debt restructuring. Also key to the group are securitisation, factoring and covered bond transactions specialist Marcello Maienza; DCM expert Michele Crisostomo; and Stefano Agnoli, who has significant experience in transfer of receivables and securitisation deals.

Other key lawyers:

Alberto Del Din; Paolo Calderaro; Marcello Maienza; Michele Crisostomo; Stefano Agnoli

Simmons & Simmons

Simmons & Simmons fields an English and Italian DCM team that focuses on Eurobonds, liability management transactions, retail debt and derivative securities offerings and listings, and regulatory matters. It is also recommended for securitisation and covered bonds transactions. With over 20 years’ experience in advising on securities transactions and regulatory matters, Paola Leocani heads the Milan DCM group; and Simone Lucatello leads the Milan office's securitisation and asset-backed finance practice. Baldassarre Battista is an experienced managing associate.

Practice head(s):

Paola Leocani; Simone Lucatello

Other key lawyers:

Baldassarre Battista

Testimonials

The S&S team is always ready to respond to the various issues that emerge during negotiations, and it is quick to focus on the problem and to propose useful solutions.

Simone Lucatello is a professional who is present and attentive during every moment of a transaction, and he is esteemed both by lenders and by companies.

Simone Lucatello is constantly recognised for his ability to be an attentive director and mediator of deals, with a view to speeding up execution and reducing negotiation tensions.

Key clients

Banca IMI

Barclays

BNP Paribas

Citigroup

Goldman Sachs

HSBC

Manuli Rubber Industries S.p.A.

Mediobanca

Monte dei Paschi di Siena Capital Services

UniCredit

Foresight

Anthilia Capital Partners

Banca Finanziaria Internazionale

Securitisation Services

Natixis

AnaCap Financial Partners

Christofferson Robb and Company

Intrum

UBS

Zenith Service

130 Servicing

DepoBank

Work highlights

  • Advised on the €22.3bn BTP Italia issuance, the proceeds of which are to be used to finance the provisions adopted by the Government in response to the Covid-19 emergency.
  • Assisted Citigroup Global Markets and Banca IMI with a public securitisation transaction involving consumer receivables.
  • Assisted Mediobanca Banca di Credito Finanziario and Mediobanca International (Luxembourg), as issuers, with the update of a certificates issuance programme.

Gattai, Minoli, Partners

Gattai, Minoli, Partners' capital markets practice ranges from the issuance of plain vanilla products to the structuring of complex, multi-jurisdictional transactions. Experienced in securitisation-related asset classes and NPL transactions, the 'efficient' structured finance head Emanuela Campari Bernacchi is 'excellent with international clients'; Gaetano Carrello has a substantial high-yield practice; and Valentina Lattanzi is a DCM expert.

Practice head(s):

Gaetano Carrello; Emanuela Bernacchi Campari

Other key lawyers:

Valentina Lattanzi; Salvatore Graziadei

Testimonials

Market knowledge, availability and deal execution capability are all standout features of this firm.

Emanuela Bernacchi Campari has the industry knowledge and experience to provide the best advice. She is also user friendly, efficient and excellent with international clients.

Key clients

Goldman Sachs

JP Morgan

BNP Paribas

UniCredit

Credit Suisse

MBCredit Solutions S.p.A.

Prismi

Banco BPM S.p.A.

Credimi S.p.A

Axactor Group

Neuberger Berman

!30 Servicing

200 Crowd

Work highlights

  • Assisted with a synthetic securitisation transaction involving the BEI Group (formed by European Investment Bank (BEI) and the European Investment Fund.
  • Assisted Credimi with the implementation of an innovative revolving securitisation transaction, aimed at supporting micro- and small – Italian businesses affected by the Covid-19 crisis.
  • Assisted MB Credit Solutions with the acquisition from Deutsche Bank of a forward flow portfolio of NPLs.

Gianni & Origoni

Headed up from London by capital markets and financial markets’ regulations expert Marco Zaccagnini, Gianni & Origoni provides 'continuous support and assistance at all stages'. The practice is experienced in medium term note programmes; liability management transactions; and launching structured securities, derivative warrants and structured bonds. Richard Hamilton is the Milan-based DCM specialist.

Practice head(s):

Marco Zaccagnini

Other key lawyers:

Richard Hamilton

Testimonials

Continuous support and assistance at all stages of the process.

I appreciated their professionalism, seriousness, and ability always to provide a prompt reply in a short time.

Practical, commercial, but thorough, legal analysis, including criminal aspects.

Very strong regulatory advisory practice, with good links to the Italian authorities and regulators.

The firm’s strengths are its legal skills, availability of the advisers to clarify and expand on each issue, and the speed of responses to any type of question.

The team is excellent for complex and structured mandates that require the combination of wide-ranging expertise in the financial sector, including debt capital markets, derivatives, regulatory and tax.

It has a particular focus on the legal and reputational risks associated with innovative transactions.

Marco Zaccagnini carries out very in-depth analyses, and has a 360-degree view of the regulatory aspects and risks.

Key clients

Goldman Sachs International

Deutsche Bank AG, London Branch

Poste Italiane S.p.A.

IMI – Intesa Sanpaolo

J.P. Morgan Securities Ltd

UniCredit S.p.A.

Morgan Stanley

Mediobanca – Banca di Credito Finanziario S.p.A.

Citigroup Global Markets Limited

BNP Paribas

Work highlights

  • Advised on the restructuring of Astaldi’s €75m super-senior, secured PIYC floating rate notes.
  • Assisted, as anchor investor, with the issue by Linkem (by way of private placement) of €120m floating rate senior secured notes.
  • Assisted in relation to Iren’s update of its €2.5bn Euro medium term note programme.

Greenberg Traurig Santa Maria

Following a 2019 strategic alliance between Santa Maria Studio Legale Associato and Greenberg Traurig, LLPGreenberg Traurig Santa Maria boosted its DCM capabilities through the recruitment of structured finance expert Corrado Angelli and senior associate Davide Bonsi from Freshfields Bruckhaus Deringer. Experienced partner Alessio Gerhart Ruvolo has been involved in several major securitisation, financing, and assignment of receivables transactions.

Practice head(s):

Corrado Angelli; Alessio Gerhart Ruvolo

Other key lawyers:

Davide Bonsi 

Key clients

Barletta Group

Chenavari Investment Managers

J-Invest

Crif S.p.A.

Guber Banca S.p.A.

Varde

Work highlights

  • Advised the Barletta Group, an Italian developer and building company, in coordination with Cain International, as arranger, on the issue by a Barletta Group company of a €120m development bond.
  • Advised the lenders on the Italian aspects of Advent’s acquisition of Industria Chimica Emiliana, which provided for a bond issuance.
  • Advised J-Invest, a financial company predominantly focused on the distressed assets sector, on the issue of senior and junior securitisation notes.

Hogan Lovells International LLP

Hogan Lovells International LLP's 'well-structured' Italian practice regularly acts on complex, high-value securitisations and collateralised financing transactions. Federico Del Monte advises investment banks and other institutional investors, as well as national and international corporations, while Corrado Fiscale's deals involve various asset classes and financial structures. Counsel-level support is provided by Annalisa Feliciani.

Practice head(s):

Federico Del Monte; Corrado Fiscale

Other key lawyers:

Annalisa Feliciani

Testimonials

The Hogan Lovells team is one of the main legal players on the Italian market. It is a well-structured team, with top-level professionals who work well with each other.

The focus on the client is maximum, and its answers and analyses are always punctual, effective and timely.

In addition to the competence and efficiency, I believe that the infinite availability of the partners and counsel I have worked with distinguishes them, as they are available 24/7, and always display seriousness and great attention to clients’ needs.

Corrado Fiscale is always perfectly up to date and does not miss a single email during the course of the whole operation. When working with some other firms, the partners only appear at closing.

Corrado Fiscale and counsel Annalisa Feliciani anticipate clients’ needs and the issues to be addressed, demonstrating that they have great knowledge of the capital markets area.

Key clients

Apollo Global Management, Inc.

Banca di Cividale S.c.p.A.

Banca IMI S.p.A.

Banca Monte dei Paschi di Siena

Banca Popolare di Puglia e Basilicata S.c.p.a.

Banca Progetto

Banca Valsabbina S.c.p.a.

BNP Paribas S.A.

BNP Paribas Securities Services

Cassa depositi e prestiti S.p.A.

CGM

CNH Industrial Financial Services S.A.

Credit Agricole Corporate and Investment bank

Collextion Servicing S.p.A.

Daimler AG

Findomestic Banca S.p.A.

FISG S.r.l.

Ferrovie dello Stato S.p.A.

Fiancity

KPMG Fides S.p.A.

Mediobanca S.p.A.

Mercedes Benz Financial Services Italia S.p.A.

Natuzzi S.p.A.

NordLB

Porsche Financial Services S.p.A.

UniCredit S.p.A.

York Capital

Work highlights

  • Advised Banca Monte dei Paschi di Siena on both the issuance of unsecured senior preferred bonds and the issuance of Tier 2 subordinated bonds.
  • Advised Alba Leasing on a high-value STS (Simple, Transparent, and Standardised) securitisation.
  • Assisted UniCredit and UniCredit Bank AG with a large-value UniCredit Banking Group securitisation.

Jones Day

Jones Day's Milan partner Vinicio Trombetti has particular experience in securitisations and covered bonds, as well as other DCM matters. His expertise includes financings of different asset classes, including trade receivables, bonds and securities, leasing receivables, mortgage loans, and NPLs.

Other key lawyers:

Vinicio Trombetti

Ashurst

Ashurst's team fields Milan banking and finance leader, Mario LisantiCarloandrea Meacci, an expert in project bonds, including renewables-related matters; Milan restructuring and special situations head, Paolo Manganelli; and Umberto Antonelli, who is experienced in project-related bond issuances. Counsel Annalisa Santini is responsible for the structured finance practice.

Practice head(s):

Mario Lisanti; Carloandrea Meacci; Paolo Manganelli; Umberto Antonelli

Other key lawyers:

Annalisa Santini; Nicola Toscano

Key clients

UBS Infrastructure Debt Fund

UniCredit Bank AG

Bance IMI

Work highlights

  • Advised UBS Infrastructure Debt Fund on the financing of the acquisition by WRM of solar NPLs from Mediocredito Italiano, through a notes issuance structure.
  • Advised, as arrangers, on the issuance by Maire Tecnimont of an ESG-linked Schuldschein loan (non-standard debt instrument).

Dentons

In 2020, Dentons recruited Piergiorgio Leofreddi, as the firm's Italy DCM group head, from Jones Day. Leofreddi's experience includes EMTN issuance programmes, retail offers, debt securities-related purchases and exchange offers, and related regulations. Securitisation and DCM expert Gianpaolo Garofalo divides his time between Milan and London.

Practice head(s):

Piergiorgio Leofreddi; Gianpaolo Garofalo

Testimonials

Absolute availability and competence.

Piergiorgio Leofreddi is a capable professional who understands clients’ needs.’

Reliability and high technical skills with constant team availability.

Key clients

BPER Banca

Mediobanca

Società Cooperativa Sociale ONLUS – Codess Sociale

Cassa Depositi e Prestiti

UnipolSai Assicurazioni

BNP Paribas

Banco Desio

Société Générale

Banca IMI

Snam

Intesa Sanpaolo

Work highlights

  • Assisted a client with the issuance of inflation-indexed Italian government bonds.
  • Assisted a pool of banks with the dual tranche issuance of five-year benchmark Italian government bonds.
  • Assisted the dealers with the update of the Italian Republic’s Euro commercial paper programme.

DLA Piper

DLA Piper's DCM and structured finance team acts across the full range of debt transaction scenarios. With substantial experience in capital markets, corporate finance and structured finance, Luciano Morello heads the Italian DCM and structured finance practice within the finance, project and restructuring department.

Practice head(s):

Luciano Morello

Other key lawyers:

Gilemma Nugnes; Martina Antoniutti; Roberto Trionte; Fiorenza Marin

Testimonials

They have a pragmatic and timely approach.’

Key clients

Intesa Sanpaolo S.p.A.

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

JP Morgan Securities Plc

Phinance Partners S.p.A.

Societe Generale

FISG S.r.l. (Banca Finanziaria Internazionale Group)

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.

ASR Media and Sponsorship S.p.A.

Work highlights

  • Advised ASR Media and Sponsorship on a private offering to institutional investors of senior secured notes.
  • Advised Banca Generali on the securitisation of receivables that derived from loans granted to several Italian SMEs, further to the Covid-19 pandemic.
  • 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 offer of plain vanilla bonds, structured bonds, green bonds and social bonds.

Pavia e Ansaldo

Pavia e Ansaldo's key areas cover securitisations, covered bonds and derivative financial instruments. Team head Mario Di Giulio is frequently called upon by major international banks for high-value Italian DCM matters, where they are acting as agent or trustee.

Practice head(s):

Mario Di Giulio

Testimonials

Great levels of competence and network of contacts in the sector.

High levels of professional dedication.

Key clients

Banca Akros

Banca di Credito Cooperativo di Roma

Bank of New York Mellon

Deutsche Bank AG, London Branch

Deutsche Trustee Company Limited

Eco Eridania S.p.A

GPI S.p.A.

ICCREA Banca

ICCREA BancaImpresa S.p.A.

U.S. Bank Global Corporate Trust Services

Work highlights

  • Advised Deutsche Trustee Company on securitisation transactions.
  • Advised on a significant private placement involving the issuance of a €30m bond by an Italian healthcare software player.
  • Advised on the subscription of an approximately €2.73m index-linked bond issued by Spinosa, a longstanding producer of buffalo mozzarella.