Firms To Watch: Capital markets: Debt

Eversheds Sutherland Associazione Professionale's DCM practice in Italy is led by Milan-based DCM specialist Umberto Mauro, whose workload covers securitisation matters, as well as aviation finance; Mauro is supported by Rossella Severi, an adviser on structured finance and securitisation.
Studio Professionale Associato a Baker & McKenzie's Milan-based DCM team is co-led by Italy and New York-qualified Alberto Fornari, and Eugenio Muschio, who brings strength to EMTN work, standalone bonds and liability management matters.

Capital markets: Debt in Italy

Allen & Overy - Studio Legale Associato

Delivering ‘dedicated solutions alongside extremely high-level advice', Allen & Overy - Studio Legale Associato has an enviable market reputation for Italian DCM and securitisation work. The team is jointly headed by recently-appointed partner Pietro Bellone; Craig Byrne, an expert in hybrid capital instruments, liability management transactions, bond issues and debt programmes; renowned securitisation specialist Stefano Sennhauser; and Cristiano Tommasi, who brings over 20 years of experience in the capital markets arena. The group also features senior counsel Lisa Curran, along with counsels Emiliano La Sala and Alessandra Pala. Senior associates Sarah Capella and Luca Di Lorenzi are other names to note.

Practice head(s):

Pietro Bellone; Craig Byrne; Stefano Sennhauser; Cristiano Tommasi


Other key lawyers:

Lisa Curran; Emiliano La Sala; Alessandra Pala; Sarah Capella; Luca Di Lorenzi


Testimonials

Allen & Overy is just the best in terms of resources, availability, precision, commitment and knowledge.’

‘Deep knowledge of the market and financial structures, and the ability to manage difficult processes.’

‘The team is always up to date in relation to new rules/laws, and is very reactive in its discussions with clients over potential impacts and opportunities.’

Key clients

Agos Ducato


Algebris Investments


Banco BPM


Cassa depositi e prestiti


Crédit Agricole CIB


Glennmont


Enel


FCA Bank (now CA Auto Bank)


Intesa Sanpaolo


Banca IMI


M&G Investments


Mediobanca


Natixis


PIMCO


Toyota


Work highlights


  • Advised the lead managers, Intesa Sanpaolo and UniCredit, which coordinated and directed the placement and guarantee syndicate of banks for Eni’s first sustainability-linked bond.
  • Advised on a public securitisation of green auto loans in Europe, which was completed by Toyota’s Italian subsidiary, Toyota Financial Services Italia.
  • Advised Glennmont Partners on a first-of-its kind on-balance sheet securitisation over a portfolio, predominantly comprising green energy and sustainable infrastructure projects in 14 different sectors.

Clifford Chance

Clifford Chance's Italian, English and US-qualified lawyers consistently advise on standalone bonds, EMTN programmes and covered bonds. Other specialist areas range from corporate hybrid bonds and liability management transactions to covered warrants, Italian Government bonds, securitisation and exchangeable and convertible bonds. Corporate finance expert Filippo Emanuele jointly leads the firm's global finance and capital markets practice; Gioacchino Foti is a highly-regarded hybrid bond expert; and Tanja Svetina heads the structured finance team in Italy. Laura Scaglioni also brings expertise to DCM matters. Key support is provided by senior associates Jonathan Astbury, Francesco Napoli, Alberto Maero and Alice Reali.

Practice head(s):

Filippo Emanuele


Other key lawyers:

Gioacchino Foti; Tanja Svetina; Laura Scaglioni; Jonathan Astbury; Francesco Napoli; Alberto Maero; Alice Reali; Enrico Giordano


Testimonials

‘The Clifford Chance team is very strong and ranks at the top in Italy. The team provides high-quality and timely advice.’

Knowledgeable, always able to assist, and willing to discuss fees.’

‘Great team that’s always going the extra mile to solve problems; it facilitates negotiations and ensures that transactions run smoothly.’

‘Filippo Emanuele is extremely knowledgeable and always available.’

‘Filippo Emanuele is always willing to assist and go the extra mile.’

‘Laura Scaglioni and Jonathan Astbury are hard-working, dedicated to their clients, thorough, and very experienced.’

Key clients

Goldman Sachs International


J.P. Morgan AG


Mediobanca Banca di Credito Finanziario


UniCredit Corporate & Investment Banking


ABN AMRO Bank N.V.


Morgan Stanley


Credemholding


European Investment Fund


BNB Paribas


Amco


Work highlights


  • Advised Terna on the placement of a senior unsecured bond for a nominal value of €750m.
  • Advised Cassa Depositi e Prestiti on its debut on the American capital markets, through the launch of its first Yankee bond.
  • Acted, as sole transaction counsel, on the restructuring by Banca Ifis of a securitisation carried out through vehicle Indigo Lease.

Latham & Watkins LLP

Latham & Watkins LLP's Italian offices feature both Italian and US law specialists. The practice is jointly led by public and private cross-border deal expert Jeff Lawlis, who is well-known for his advice on high-yield bond and loan products; Paolo Bernasconi, who regularly acts for major corporate clients, investment banks and private equity sponsors on capital markets transactions, particularly issuances of high-yield debt securities; and Antonio Coletti, who acts on a broad range of securities deals. Another name to note is counsel Giorgio Ignazzi, who focuses on international capital markets transactions and securities regulation.

Practice head(s):

Jeff Lawlis; Paolo Bernasconi; Antonio Coletti


Other key lawyers:

Giorgio Ignazzi


Key clients

UniCredit


Equita SIM


Goldman Sachs


BNP Paribas


JP Morgan Chase


Sabaf


Pro-Gest


Sol


Industrie De Nora


Banca Intesa


IVS Group


Mediobanca


Euro Group Laminations


Deutsche Bank


Inter Media and Communication


TeamSystem


Credit Agricole


Citigroup


Work highlights


  • Advised Italmatch Chemicals on its issuance of senior secured fixed and floating rate notes.
  • Advised a pool of banks on the offering of €385m of senior secured fixed rate notes by Centurion BidCo.
  • Advised the joint bookrunners on Cassa Depositi e Prestiti’s $1bn bond issuance (Yankee bond).

Studio Legale Cappelli RCCD

Studio Legale Cappelli RCCD's DCM team acts for major Italian and foreign banks and financial institutions on a range of deals, including senior debt matters, subordinated instruments, liability management work and derivatives. Other key areas include securitisation transactions and covered bond programmes. The group’s principal advisers are structured finance specialists Paolo Calderaro and Alberto Del Din, along with banking, insurance and financial regulation expert, Michele Crisostomo. Other names to note are Federico Morelli, who focuses on debt securities offers and listings, and securitised derivatives, and associate Martina Baldi. Fabio Zambito was promoted to partner in June 2023.

Practice head(s):

Paolo Calderaro; Alberto Del Din; Michele Crisostomo


Other key lawyers:

Federico Morelli; Martina Baldi; Marcello Maienza; Stefano Agnoli; Camilla Giovannini; Elio Indelicato; Nicolò Piccaluga; Federico Di Lorenzo; Nicola Baresi; Alessandra Davoli


Testimonials

‘A legal firm with an attentive and individual approach to each transaction.’

‘Deep view of specific and complex matters, and oriented to finding practical solutions to meet stakeholders’ requests within a proper legal framework.’

‘Sound knowledge of legal matters, always framed within a global overview of the transaction from different angles (operational, commercial, etc).’

‘Marcello Maienza is a great partner to work with, thanks to his fair and constructive approach.’

Key clients

Alba Leasing S.p.A.


AMCO S.p.A.


ARECneprix S.p.A.


Assicurazioni Generali S.p.A.


Banca Finanziaria Internazionale S.p.A.


Banca Generali S.p.A.


Banca Nazionale del Lavoro S.p.A.


Banca Popolare dell’Alto Adige S.p.A.


Banco di Sardegna S.p.A.


Banco BPM S.p.A.


Barclays


BPER Banca S.p.A.


Cassa depositi e prestiti S.p.A.


Crédit Agricole CIB


Gardant S.p.A.


Goldman Sachs


Intesa San Paolo S.p.A.


Unicredit Bank AG


UniCredit S.p.A.


Vertex Partners


Work highlights


  • Advised BPER Banca S.p.A. on the issue of a bond by an Italian bank under its EMTN programme.
  • Advised Banca Finanziaria Internazionale, as arranger of a basket bond securitisation exercise to finance investments by 22 Italian SMEs and mid-caps.
  • Advised UniCredit S.p.A. and UniCredit Leasing S.p.A. on a de-risking transaction, which related to the sale of several separate portfolios of bank and leasing receivables.

White & Case (Europe) LLP

The US, English and Italian capital markets practitioners at White & Case (Europe) LLP cover EMTN and GMTN programmes, Eurobonds and Euro and private placements, along with high-yield and Yankee bonds, and green, social and sustainable bonds. The practice also brings expertise to matters involving hybrid securities, project bonds, liability management deals and structured products. The department is co-led by securitisation specialists Giuseppe Barra Caracciolo and Gianluca Fanti, along with capital markets experts Ferigo Foscari, Michael ImmordinoTommaso TosiFrancesco Scebba and Evgeny Scirtò Ostrovskiy. Also of note are Pietro Magnaghi and Alessandro Picchi, who were promoted to partner in January 2024.

Practice head(s):

Giuseppe Barra Caracciolo; Gianluca Fanti; Ferigo Foscari; Michael Immordino; Tommaso Tosi; Francesco Scebba; Evgeny Scirtò Ostrovskiy


Other key lawyers:

Pietro Magnaghi and Alessandro Picchi


Testimonials

‘The team is able to assist clients by leveraging both its international network and multidisciplinary skills and competencies.’

‘The individuals are very competent and always available for clients.’

‘Able to assist clients with different approaches depending on who the counterparty is.’

Key clients

Autostrade per l’Italia


Bank of America Merrill Lynch


Barclays


BNP Paribas


Cassa di Risparmio di Asti


Cassa di Risparmio di Biella e Vercelli – Biverbanca S.p.A.


Citigroup


Crédit Agricole


Credit Suisse


CVC Capital Partners


Deutsche Bank


Enel


Enel X


Goldman Sachs


Hertz


HSBC


Intesa Sanpaolo


JP Morgan


Morgan Stanley


Mundys


Oaktree Capital Management


Stellantis


Société Générale Corporate & Investment Banking


Work highlights


  • Advised Enel Group in connection with a $4bn issuance of Yankee bonds.
  • Advised Autostrade per l’Italia S.p.A., as issuer, on the update of its €7bn EMTN programme.
  • Advised Cassa Risparmio di Asti S.p.A., as originator, in connection with a €40m, multi-originator securitisation (arranged by Illimity Bank S.p.A.) of receivables granted to Italian SMEs.

BonelliErede

BonelliErede's DCM team comprises experts in corporate debt instruments, medium-term notes, standalone eurobonds, domestic bonds, high-yield bonds and hybrid bonds. It also assists arrangers and originators with securitisation transactions, and acts for Italian banking groups to establish covered bond programmes. Massimiliano Danusso, a capital markets expert, heads the practice from London, and is supported by Emanuela Da Rin, who focuses on project bonds, bond issues and the securitisation of public administrations’ loans, and by structured finance specialist Antonio La PortaFrancesca Marchetti is another key team member to note.

Practice head(s):

Massimiliano Danusso


Other key lawyers:

Emanuela Da Rin; Antonio La Porta; Francesca Marchetti


Testimonials

‘Seriousness, clarity, high levels of professionalism, competence, passion, and altruism – these are the values that clients find at BonelliErede.’

‘The team members are all very competent, as well as being flexible with their schedules.’

Key clients

Barclays


BNP Paribas


Bank of America


CFE


Dexia Crediop S.p.A.


Deutsche Bank


Ferrovie dello Stato Italiane S.p.A.


Generali


Intesa Sanpaolo


JP Morgan Asset Management


Morgan Stanley


Trenitalia UK


UniCredit S.p.A.


Work highlights


  • Assisted Barclays, as co-arranger and joint book runner, with the update of an existing €10bn multi-seller covered bond programme.
  • Assisted Deutsche Bank Mutui with the sale of its portfolio of secured non-performing loans.

Chiomenti

Harnessing the bench strength of ‘a very strong team with outstanding professionals‘, Chiomenti remains a go-to for structured finance work, including securitisation transactions. The practice also handles EMTN notes, standalone issuances, minibonds, hybrid instruments, high-yield bonds, and covered, ESG, project and catastrophe bonds. The team is headed by Gianrico Giannesi, who brings experience in securitisation deals and bond loans; and Benedetto La Russa, a specialist in securitisation work, and hybrid, high-yield, equity-linked and exchangeable notes. Managing partner Gregorio Consoli brings expertise to matters involving financial entities and the regulated sector. Counsels Anna Maria Perillo and Ludovica Cipolla are other names to note.

Practice head(s):

Benedetto La Russa; Gianrico Giannesi


Other key lawyers:

Gregorio Consoli; Gianrico Giannesi; Benedetto La Russa; Anna Maria Perillo; Ludovica Cipolla; Federica Scialpi; Irene Scalzo; Salvatore Maria Sardo


Testimonials

A very strong team with outstanding professionals. Always available, fast and accurate.’

Available to find innovative solutions and offer outstanding advice.

‘Gregorio Consoli is a very skilled lawyer who always makes a difference, thanks to his huge expertise in the finance space.’

‘The team has solid problem-solving skills.’

‘Benedetto La Russa has the unique ability to understand and address client needs with smart solutions.’

‘Longstanding presence in the market, superb knowledge of best practices, with the ability to manage difficult process.’

‘Professional, friendly and available at any time.’

Key clients

Intesa Sanpaolo S.p.A.


JP Morgan


UniCredit S.p.A.


BNP Paribas


Deutsche Bank AG


Enel S.p.A.


Banca Mediolanum


European Investment Bank


Alerion Clean Power S.p.A.


AS Roma S.p.A.


Aedes SIIQ S.p.A.


Banco Desio S.p.A.


Creval S.p.A.


Terna S.p.A.


Goldman Sachs


Credit Agricole Investment Bank Milan Branch


Citigroup


ION Group


Polynt Group


Banca Cesare Ponti S.p.A.


Work highlights


  • Advising Eni S.p.A. in relation to the first systemic issuance of sustainability-linked bonds for the Italian retail market.
  • Advising Citigroup Global Markets Limited, as arranger and lead manager, in relation to a securitisation transaction of receivables arising from loans granted by Toyota Financial Services Italia to its customers for the purchase of new cars.
  • Advising UniCredit Bank AG and other dealers in relation to the issuance of two series of covered bonds.

Gianni & Origoni

Gianni & Origoni brings strength to advising underwriters and issuers on the issue of bonds and other debt instruments. The team also assists clients with the structuring, restructuring and unwinding of securitisation and structured finance transactions. Richard Hamilton advises issuers, banks and private equity funds on securities offerings, including MTN programmes and bond issues. Other key figures include Giuseppe De Simone, who counsels on structured finance and NPL deals; and structured finance and securitisation expert Domenico Gentile. Hired in September 2023 from Chiomenti, Alessio Palumbo is experienced in transfers of receivables and securitisation transactions.

Other key lawyers:

Richard Hamilton; Giuseppe De Simone; Domenico Gentile; Alessio Palumbo; Marco Zaccagnini; Elena Cirillo


Testimonials

‘The practice stands out due to its exceptional team, combining legal expertise with in-depth knowledge of private debt markets.’

‘Its innovation-driven approach and adaptability create a unique client experience, delivering outstanding results in the complex field of private debt law.’

‘ A team of highly skilled professionals with interdisciplinary experience. What makes them different from other legal firms is the quality collaboration with the client and within the team.’

‘Very supportive and helpful in supporting new deals.’

‘Elena Cirillo is a prominent member of the practice, who distinguishes herself through her extensive expertise in matters involving Italian and European debt and regulatory compliance.’

Key clients

Azimut Investments SA


Blackstone


Banca Akros S.p.A.


Banca Popolare di Fondi Società Cooperativa S.p.A.


Barclays Bank Ireland PLC


BNP Paribas


Carraro S.p.A.


Cassa Centrale Banca – Credito Cooperativo Italiano S.p.A.


Crédit Agricole Corporate and Investment Bank


Deutsche Bank


Equita SIM S.p.A.


Fondo Italiano d’Investimento SGR S.p.A., gestore del Fondo Italiano Consolidamento e Crescita


Goldman Sachs International


Intesa Sanpaolo S.p.A.


Investcorp Securities Limited


J.P. Morgan Securities Ltd


My Credit S.p.A.


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


Moby S.p.A.


Morgan Stanley


Poste Italiane S.p.A.


TPG Sixth Street Partners


UniCredit S.p.A.


Zetland Capital Partners


Work highlights


  • Assisted Poste Italiane (as issuer) with the 2022-2023 annual update of its EMTN programme.
  • Advising IMI-Intesa Sanpaolo, Mediobanca and (other dealers) on the re-establishment by Alperia of its EMTN programme.
  • Assisted Moby S.p.A. and Compagnia Italiana di Navigazione S.p.A with the calling of a meeting for the holders of €300m 7.75% senior secured notes due 2023.

Hogan Lovells International LLP

The Italy DCM practice at Hogan Lovells International LLP advises on structured notes, covered warrants, exchange traded instruments, Eurobonds and fund-linked securities. Other key areas range from mini bonds and commercial papers to convertible bonds, hybrid instruments and high-yield bonds. The team is co-led by structured finance deal expert Corrado Fiscale and Federico Del Monte, whose workload encompasses securitisation work. Associates Diego Del Principe and Pietro Castoldi are also key lawyers. In a significant boost to the practice, Patrizio Messina, Annalisa Dentoni-LittaMadeleine HorrocksAlessandro Accrocca and Sabrina Setini, along with Salvatore Graziadei, Daniela Pietrini and Andrea Cicia, joined the group in February 2024 from Orrick, Herrington & Sutcliffe.

Practice head(s):

Corrado Fiscale; Federico Del Monte


Other key lawyers:

Diego Del Principe; Pietro Castoldi; Patrizio Messina; Annalisa Dentoni-Litta; Madeleine Horrocks; Alessandro Accrocca; Sabrina Setini; Salvatore Graziadei; Daniela Pietrini; Andrea Cicia


Testimonials

‘The firm stands out for its top expertise in a wide range of securitisation transactions.’

‘Because of their strong track record, the DCM team is able to provide legal assistance for different kinds of clients (e.g. investors, arrangers, originators, sponsors, representatives of the noteholders, etc.); and the distinctive solution-oriented approach adopted by the firm allows clients to find cutting-edge solutions for troublesome negotiations.’

‘Federico Del Monte is a trustworthy advisor, who is capable of skilfully interpreting and solving complex legal issues.’

Corrado Fiscale combines his deep legal knowledge of capital markets with great business understanding.

Key clients

Banca IFIS


Banca Monte dei Paschi di Siena


Banca Progetto


Banca Valsabbina


BNP Paribas


Banca Finanziaria Internazionale


Ferrovie dello Stato


IC Financial Services


Intesa Sanpaolo


Santander


SFIRS (Società Finanziaria Regione Sardegna)


Sigla


Very Fast People


Generalfinance


Satispay


UniCredit


Ford Credit Italia


Taulia


Fasanara Capital LTD


Legance - Avvocati Associati

The team at Legance - Avvocati Associati acts for banks and financial institutions, corporations and public-sector entities on bond issues, and securitisations of performing and non-performing receivables in a range of asset classes. The team also advises on covered bonds, debt restructurings, derivatives and securities-related lending. The banking and finance and DCM departments are headed by Andrea Giannelli, who utilises structured finance expertise alongside Vittorio PozziAntonio Siciliano's wide-ranging practice extends to bond issues and securitisations. Other key figures include Antonio Matino, Roberto Mazzarano, senior associates Giovanni Nervo, Alice Giuliano, counsel Matteo Pierotti and managing associate Silvia Cecchini.

Practice head(s):

Andrea Giannelli


Other key lawyers:

Vittorio Pozzi; Antonio Siciliano; Antonio Matino; Roberto Mazzarano; Giovanni Nervo; Alice Giuliano; Matteo Pierotti; Silvia Cecchini


Testimonials

An excellent team of professionals. Very prepared and transaction oriented.’

‘Andrea Giannelli, Vittorio Pozzi and Antonio Siciliano make a fantastic team. Always available, with an outstanding ability to understand the client’s specific needs and deliver tailor-made solutions.’

Key clients

Aeroporti di Roma S.p.A.


Agos Ducato S.p.A.


Amundi SGR S.p.A.


BPER Banca S.p.A.


Cassa Depositi e Prestiti S.p.A.


CheBanca! S.p.A.


Compass Banca S.p.A.


doValue S.p.A.


European Investment Bank (EIB)


Fortress Investment Group


Hera S.p.A. (MTA)


Intrum


illimity Bank S.p.A.


ING Bank N.V.


J.P. Morgan


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


Mediobanca SGR S.p.A.


Mediocredito Centrale – Banca del Mezzogiorno S.p.A.


Natixis.


UniCredit S.p.A.


Linklaters Studio Legale Associato

Linklaters Studio Legale Associato draws on the bench strength of its Italian, UK and US practitioners, who act for both corporate issuers and underwriting banks on debt matters. It also advises on securitisation and structured finance deals. Highlights include assisting UniCredit with updating its €35bn covered bond programme. Dario Longo leads the structured finance and financial regulatory practices. Other key figures include Ugo Orsini, who brings expertise to debt deals, counsel Linda Taylor, an expert in  international capital markets. In May 2023, Lorenzo Dal Canto, whose workload includes covered bonds, residential mortgage securitisations, receivables and project bonds, was promoted to counsel.

Practice head(s):

Dario Longo; Ugo Orsini; Linda Taylor


Other key lawyers:

Lorenzo Dal Canto


Key clients

Intesa Sanpaolo S.p.A.


BofA Securities Europe SA


Citigroup Global Markets Europe AG


Deutsche Bank Aktiengesellschaft


Goldman Sachs International


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


Morgan Stanley & Co. International plc


L’Isolante K-Flex S.p.A.


Société Générale


MUFG Securities (Europe) N.V.


J.P. Morgan SE


UniCredit Bank AG, UniCredit S.p.A.


ING Bank N.V.


Banco Santander S.A., Milan Branch


Credit Suisse Bank (Europe)


BNP Paribas


Dr. Ing. h.c. F. Porsche AG (Porsche AG)


Work highlights


  • Assisting UniCredit with the update of a €35bn covered bond programme.
  • Advising the joint bookrunners on the issue of exchangeable bonds by Lagfin S.C.A.
  • Advising the managers on an issue by Autostrade per l’Italia of €750m notes.

PedersoliGattai

In January 2024, Pedersoli Studio Legale and Gattai, Minoli, Partners merged to become PedersoliGattai, which draws on the bench strength of its team, in a range of CMD transactions, including high-yield bonds and private placements (both in Italy and other European markets). The key figures within the practice are DCM specialist Gaetano Carrello, and Emanuela Campari Bernacchi and Valentina Lattanzi, who specialise in structured finance. Mattia Valdinoci's workload covers cross-border securitisation transactions, along with bond issuances.

Practice head(s):

Gaetano Carrello; Emanuela Campari Bernacchi


Other key lawyers:

Valentina Lattanzi; Mattia Valdinoci; Marcello Magro; Carlo Re


Testimonials

‘Very well positioned in the market – solution finders.’

‘Superb client skills, easy to work with, attuned to international clients.’

‘Emanuela Campari Bernacchi is a very sensible person with all-round legal knowledge.’

‘Emanuela Campari Bernacchi is at the top of her game for structured finance and general debt deals, and she has a first-class team around her.’

‘Emanuela Campari Bernacchi gets the deal done in a commercial manner; this is very attractive to English and US clients.’

Key clients

Axactor


Centurion BidCo SpA


Cerved Credit Management (CCM)


JP Morgan


NB EPL Fondo de Titulización


Unicredit


Viceversa


Lagfin S.C.A.


Cassa di Risparmio di Asti


WIIT


Cassa di Risparmio di Bolzano


Entsorga Italia


Riello Investimenti Partners SGR


Work highlights


  • Acted for Cerved Credit Management, which won the tender for the management of €8.3bn of NPEs.
  • Assisted JP Morgan with a commercial mortgage-backed securities transaction.
  • Advised Centurion BidCo S.p.A. and the Engineering Group companies, on the issuance of a bond loan.

Simmons & Simmons

The English and Italian DCM team at international law firm Simmons & Simmons routinely acts for underwriters and issuers (including sovereign, supranational, corporate and financial institutions) on a broad array of matters. Heading the DCM group in Milan, Paola Leocani brings longstanding experience in advising Italian and international clients on securities transactions and regulatory matters. Leocani is particularly focused on debuts, as well as first-in-kind transactions. Simone Lucatello and Tommaso Canepa co-head the structured finance group in Italy, while experienced adviser and managing associate Baldassarre Battista focuses on debt instrument offerings and listings.

Practice head(s):

Paola Leocani; Simone Lucatello


Other key lawyers:

Tommaso Canepa; Baldassarre Battista; Marcello Rivoir


Key clients

Republic of San Marino


Eni


Enel


Goldman Sachs International


Atlas


Mediobanca Banca di Credito


Citigroup


Crédit Agricole Italia


Riello SGR


Christofferson Robb and Company


Anthilia Capital Partners


Zenith Service


Banca Finanziaria Internazionale


130 Servicing


Veldcap Financial Partners


Barclays


Nice Footwear


Intesa Sanpaolo


Clabo


Energetica


Mediocredito Central


Ashurst

Ashurst's Italian capital markets practice is experienced in corporate and project bond issuances. The team also advises on securitisation transactions. The structured finance group is headed by Annalisa Santini, whose practice includes bond issuances and trade receivable transactions; renewable energy project bond specialist Carloandrea Meacci; and Mario Lisanti, who leads the firm’s Italian banking team. The department further includes Umberto Antonelli, who advises on capital markets-related project financing.

Practice head(s):

Annalisa Santini; Carloandrea Meacci; Mario Lisanti


Other key lawyers:

Umberto Antonelli


Testimonials

‘The team is composed of lawyers who are strongly qualified in the debt capital markets space – completely available and highly committed to reaching and satisfying client needs.’

‘Ashurst is a very complete law firm – able to cover a wide range of aspects within debt capital markets.’

‘The lawyers are always available to find the best solution to any issue.’

Key clients

Amundi


Anima Alternative


Antin Infrastructure Partners/Hippocrates S.p.A.


Eco Eridania/iCON Infrastructure


Oquendo Capital


Vantage


Work highlights


  • Advised Antin Infrastructure Partners and Hippocrates Holding on the debt financing package of approximately €1bn for Hippocrates Holding (through a loan and bond format).
  • Advised EcoEridania (as issuer and borrower) on the refinancing of its existing medium-long term indebtedness, through the issuance of a bond to be subscribed to by institutional investors.
  • Advised Anima Alternative and Oquendo Capital, as underwriters of a bond issued by an Italian company (indirectly controlled by Matteo Moretti) to acquire the share capital of Lumson.

Dentons

Dentons' Italy team covers standalone bond issuances, EMTN programmes, retail offers, purchase and exchange offers involving debt securities, commercial papers, structured products, and green, social and sustainable bonds. The group also advises on structured finance. The firm's DCM practice is headed by Piergiorgio LeofreddiGianpaolo Garofalo leads the structured finance group. Annalisa Feliciani brings expertise in Italian law-issued commercial papers, debt issuances and ESG-related topics. Senior associate Bianca Chiara Sinisi is another key contact.

Practice head(s):

Piergiorgio Leofreddi; Gianpaolo Garofalo


Other key lawyers:

Annalisa Feliciani; Bianca Chiara Sinisi


Testimonials

Piergiorgio Leofreddi has been always a safe pair of hands – very reliable and willing to help.’

‘Gianpaolo Garofalo and his team provide the necessary legal advice and go beyond what would normally be expected.’

‘Gianpaolo Garofalo takes the helm to drive complex transactions to the finishing line – works well under time pressure and always delivers the best results.’

‘Gianpaolo Garofalo is a first port of call for complex, highly structured transactions and he is instrumental in ensuring their completion and success.’

‘Together with Bianca Chiara Sinisi, Gianpaolo Garofalo delivers impeccable legal support.’

Key clients

Mediobanca


BPER Banca


Deutsche Bank AG


Intesa Sanpaolo


Banco Santander


Goldman Sachs


Banca Akros


Banca Monte dei Paschi di Siena


Citigroup Global Markets Limited


Ferrovie dello Stato Italiane


Generali Insurance Asset Management SGR


Equita


U.S Bank Trustees Limited


UniCredit


Istituto per il Credito Sportivo (ICS)


Snam


RiverRock


Axiom Group


CFE (UK) Ltd


Banca Capasso


Work highlights


  • Assisted Ferrovie dello Stato Italiane with the update of its EMTN programme and the issuance of green bonds.
  • Assisted a pool of banks with the issuance of the Italian Ministry of Economy and Finance’s second and third green bonds.
  • Assisted a pool of banks with the issuance of over €18bn of a four-year BTP Valore, an Italian government bond dedicated exclusively to retail savers.

DLA Piper

DLA Piper's Italy team advises across a range of debt and structured finance scenarios. Its comprehensive offering covers bank and corporate bond issuances, securitisation and covered bonds. Luciano Morello draws on extensive experience in capital markets, corporate finance and structured finance transactions. Senior associate Martina Antoniutti and associate Gilemma Nugnes bring strength to DCM and structured finance work. Associate Erik Negretto is another key contact.

Practice head(s):

Luciano Morello


Other key lawyers:

Martina Antoniutti; Gilemma Nugnes; Erik Negretto; Fiorenza Marin; Alessandro Nicolardi


Testimonials

‘The team comprises excellent lawyers in debt capital markets.’

‘DLA is a very complete law firm – always available to find the best solution.’

‘Characterised by the experience of its professionals, the knowledge shown about various legal issues and the availability and attention to the client.’

‘Erik Negretto makes himself available to clarify any legal concerns he has received about the transaction. The work done is always good and in accordance with the timing of the transaction.’

‘Market knowledge, collaboration, partnership and innovation.’

‘Very competent, innovative, solution-driven.’

Key clients

Intesa Sanpaolo Group


UniCredit Group


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


JP Morgan Securities Plc


Intermonte SIM S.p.A.


Phinance Partners S.p.A.


PGIM Inc. / Pricoa


Société Générale


Banca Finanziaria Internazionale Group


Banco BPM S.p.A.


Banca di Credito Popolare S.C.p.A.


Vantage Infrastructure (UK) Limited


Milano Club S.p.A.


MENCI & C. S.p.A.


Officine Maccaferri S.p.A.


PIGM, Inc.


Iervolino and Lady Bacardi Entertainment S.p.A.


Saxa Gres S.p.A.


Bluegem Capital Partners


Caisse de dépôt et placement du Québec


Susi Partners AG


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 (governed by English law).
  • Assisted Banco BPM, which alongside GWM Group, finalised a €495m structured finance agreement with the Statuto group.
  • Assisted Phinance Partners with an innovative real estate securitisation transaction.

Greenberg Traurig Santa Maria

Greenberg Traurig Santa Maria's team regularly advises on high-stakes capital markets matters, particularly securitisations. The department is headed by finance practice leader Corrado Angelli, who brings extensive experience in debt products, including NPL-related securitisations; and Alessio Gerhart Ruvolo, whose workload extends to structured finance. Other key figures include senior associates Davide Bonsi (who handles a broad range of securitisations involving different asset classes) and real estate finance specialist Antonio Enrico Izzi.

Practice head(s):

Corrado Angelelli; Alessio Gerhart Ruvolo


Other key lawyers:

Davide Bonsi; Antonio Enrico Izzi


Testimonials

‘The team of Studio Santa Maria is characterised by the experience of its professionals, the knowledge shown about various legal issues, and the availability and attention to the client.’

‘The work done is always good and in compliance with the timing of the operation.’

‘A very comprehensive approach, from loan agreements to NPLs and special situations involving capital market aspects.’

A thorough approach displaying industry knowledge of the different products and counterparties.

‘Corrado Angelelli makes himself available to clear up any legal questions received about the transaction.’

‘Corrado Angelelli has extensive knowledge – an outstanding advisor both in traditional financing and more innovative structures/transactions for restructuring and special situations.’

Antonio Enrico Izzi is a highly esteemed professional in the industry, providing a unique mix of knowledge and availability.

Key clients

Rhize Capital


DDM


EQT Exeter


Castello SGR


Investcorp


Garbe Industrial Real Estate Italy


Threestones Capital


SFO Capital Limited


Kervis SGR


AMCO


J-Invest S.p.A


Crif S.p.A.


Creditis Servizi Finanziari S.p.A.


Manifattura Tabacchi


Solution Bank


Work highlights


  • Advised DDM Invest III AG, as investor, in relation to a securitisation programme.
  • Advised Rhize Capital, as arranger, and a special purpose securitisation vehicle, as lender, on a financing to be granted to two Italian closed end real estate funds.
  • Advised J Invest S.p.A. in relation to two securitisation platforms.

Jones Day

Jones Day's capital markets team in Italy stands out for its substantial pan-European securitisation practice. Clients additionally benefit from the firm’s enviable global network. Group head Vinicio Trombetti is an expert in securitisation work and covered bonds; and Francesco Squerzoni acts for originators, arrangers and investors on structured finance transactions. Giuseppina Pagano, who was promoted to partner in January 2024, advises on securitisation deals, while associate Fabio Maria Guidi is another key DCM lawyer.

Practice head(s):

Vinicio Trombetti


Other key lawyers:

Francesco Squerzoni; Giuseppina Pagano; Fabio Maria Guidi


Key clients

Banca Sistema


Banco BPM


Banca Akros


Banco Santander


Santander Consumer Bank


Banca PSA Italia S.p.A.


BNP Paribas


CA Auto Bank


IBL Banca


IBM Italia S.p.A.


illimity Bank


Intesa SanPaolo S.p.A.


Société Générale


UniCredit Bank AG


Volkswagen Bank AG


Work highlights


  • Advised the joint arrangers and joint lead managers on a securitisation transaction, which related to a portfolio of receivables.
  • Advised on a public SRT securitisation of receivables, arising from loans granted by Findomestic Banca for the purchase of vehicles.
  • Advised certain international banks, as arrangers and senior lenders/investors, on a ring-fenced securitisation structure.