Studio Legale Cappelli RCCD > Rome, Italy > Firm Profile

Studio Legale Cappelli RCCD
Via Panama, 58
00198 Roma

Italy > Capital markets: Debt Tier 2

Studio Legale Cappelli RCCD‘s practice advises Italian and international corporations, banks and financial institutions on extraordinary transactions, and on an ongoing basis. The group is experienced in new issuances, offerings and listings of debt securities, and liability management transactions under domestic and international documentation. It is also focused on sustainable finance and the issuance of ESG products, such as green bonds. The department is co-led by banking, insurance and financial regulation specialist, Michele Crisostomo; and Federico Morelli, who routinely advises on DCM matters. Martina Baldi is an experienced associate.

Practice head(s):

Michele Crisostomo; Federico Morelli

Other key lawyers:

Key clients


Intesa Sanpaolo

Banco BPM

Assicurazioni Generali

BPER Banca

Unipol Gruppo

Unipol SAI Assicurazioni



Poste Italiane

Poste Vita


MCC – Mediocredito Centrale

CDP – Cassa Depositi e Prestiti

Work highlights

  • Advised Gruppo Poste Italiane on a full recapitalisation of the group’s entities.
  • Advised Banco BPM on its €300m additional tier 1 notes to be negotiated on the Euro MTF.
  • Advised Intesa Sanpaolo on its standalone issuance of €1bn additional tier 1 notes.

Italy > Banking and finance: Bank regulatory Tier 4

Studio Legale Cappelli RCCD‘s team advises domestic and international financial institutions on banking, insurance and financial regulation, along with compliance issues. Silvio Riolo and Michele Crisostomo act on regulatory matters, while Federico Morelli is on hand for capital markets work. Regulatory expert Gabriele Buratti joined in October 2021 from Chiomenti.

Practice head(s):

Silvio Riolo; Gabriele Buratti; Michele Crisostomo; Federico Morelli

Other key lawyers:

Alessandra Davoli


Extremely competent lawyers, who are able to read facts, deals and negotiations from different perspectives.

Ability to provide excellent advice during negotiations and alternative views on single issues.

The firm showed the utmost availability, responding well to urgent matters and with extreme care for the client’s needs.

Always punctual and responds to the client’s satisfaction.

Key clients



Hines Italy RE

Cassa Depositi e Prestiti

Nextalia SGR

Fondo Italiano Investimenti SGR

Blue SGR

Mediocredito Centrale


Poste Italiane

Poste Vita

Assicurazioni Generali


ITAS Mutua

Work highlights

  • Assisted AMCO with the second phase of a project involving the setting up of a platform for the management of loans classified as unlikely to pay.
  • Assisted UniCredit with the aborted acquisition of MPS Bank, which included an analysis of regulatory and state aid issues.
  • Assisted Mediobanca with a process carried out by Deutsche Bank, in relation to a potential transaction concerning a going concern operated by Deutsche Bank.

Italy > Banking and finance: Borrower side Tier 4

Studio Legale Cappelli RCCD advises domestic and international corporations and groups on acquisition, corporate, real estate and project finance. Co-led by structured finance specialists Paolo Calderaro and Marcello Maienza, the practice features Morena Bontorin, who acts for listed and private companies, and Giuliana Durand, who assists with transaction financial structures.

Practice head(s):

Paolo Calderaro; Marcello Maienza

Other key lawyers:

Key clients

York Capital Management Europe (UK)

Cedar Capital Partners

Kryalos SGR

21 Investimenti SGR

Route Capital Partners

Aussafer Due

Hines Italy RE

Nexi Payments


Italy > Real estate and construction Tier 4

Studio Legale Cappelli RCCD‘s practice covers residential property, offices, industrial facilities, logistics and retail. It also advises in relation to hotel groups, resorts, sports centres and infrastructure. Alberto Del Din is a banking, finance and real estate expert, while Alessandro Vespa is a recent partner hire from ADVANT Nctm.

Practice head(s):

Alberto Del Din

Other key lawyers:

Roberto Cappelli; Alessandro Vespa; Veronica Vitiello; Emma Berdini


‘Veronica Vitiello always responds on time and is available to resolve any issue.’

‘Veronica Vitiello is a really skilled professional! She is fully aware of any real estate matter, determined, and capable of finding solutions anytime.’

Key clients


Blue SGR

Prelios SGR

Torre SGR

CDP Immobiliare

York Capital Management

Fidera Vecta


Reale Immobili




AQA Capital

Work highlights

  • Advised Hines on the acquisition of 20 real estate assets.
  • Advised Vastint (an international real estate organisation) on the completion of a large land acquisition in the residential sector.
  • Advised CDP Immobiliare on a framework agreement with Cinecittà, which, inter alia, includes the acquisition by Cinecittà of a large plot for the extension of the Cinecittà studios in Rome.

Italy > Restructuring and insolvency Tier 4

Studio Legale Cappelli RCCD’s ‘excellent team’ advises Italian and foreign financial institutions and investment funds on distressed M&A transactions and restructuring indebtedness. Antonio Azzarà has extensive experience of assisting companies with cross-border turnaround transactions, while Luca Magrini aids clients from the shipping, hi-tech and financial sectors in special situations. Morena Bontorin brings expertise in banking and finance law.

Practice head(s):

Alberto Del Din; Paolo Calderaro

Other key lawyers:

Antonio Azzarà; Luca Magrini; Morena Bontorin; Anna Ferrari; Martino Liva; Francesco Miranda


‘Precision and scrupulousness in the work.’

‘Well aware about all the issues, skilled and effective all the time.’

‘Experienced, professional and calm, clear mindset.’

‘The team’s strengths and key capabilities are high-level knowledge and accuracy. I recommended this team to anyone!’

‘Each team member is extremely knowledgeable, precise and punctual.

‘Alberto Del Din is an absolute legend in the Italian market and has unparalleled ability in finding solutions when no one else sees them.’

‘Antonio Azzarà and Luca Magrini are proficient in complex restructuring matters.’

‘The Team has a deep knowledge of the subject and is very responsive and available to find tailor-made solutions for very complicate situations and negotiations. They perfectly understand Clients’ needs and timing.’

Key clients

Varde Partners Europe Ltd

Pillarstone Italy S.p.A. (controlled by KKR)

Davy Global Fund Management Limited (now IQ-EQ Management Limited) as management company of the funds named “FINAV” and “RSCT”

Aperion (Apollo)


CarVal Investors

Aurora Recovery Capital

Banca Finint S.p.A.

Banca IFIS S.p.A

Europa Investimenti S.p.A.

Intesa Sanpaolo S.p.A.

Unicredit S.p.A.

Dea Capital Alternative Funds SGR S.p.A.

Illimity Bank S.p.A.

Illimity SGR S.p.A.

Prelios Credit Servicing S.p.A.




Work highlights

  • Assisted Davy Global Fund Limited, in its capacity as management company of the fund named FI.NAV, and DeA Capital Alternative Funds SGR.p.A., in its capacity as management company of the fund named Idea CCRII, in the context of an enforcement of their rights vis-à-vis the shipping company Michele Bottiglieri Armatore.

Italy > Banking and finance: lender or arranger side Tier 5

Studio Legale Cappelli RCCD advises major financial institutions on both banking law and banking transactions. Paolo Calderaro specialises in structured finance deals; Morena Bontorin acts for banks and financial intermediaries on national and cross-border transactions, including leveraged, real estate and corporate finance; and Giuliana Durand's practice includes debt restructuring.

Practice head(s):

Paolo Calderaro

Other key lawyers:

Key clients

Yanez SPV

illimity Bank

Solution Bank


Cassa di Risparmio di Bolzano

Crédit Agricole Italia

Prelios SGR

Gardant Investor SGR

Italy > Commercial, corporate and M&A Tier 6

Studio Legale Cappelli RCCD is home to a rapidly expanding team. The group is proficient in acquisitions, joint ventures, mergers, spin-offs, business sales and investments and is headed by Roberto Cappelli.

Practice head(s):

Roberto Cappelli


‘The firm is competent, skilled and has a wide range of capabilities. Roberto Cappelli is a star with the best solutions always.’

‘Roberto Cappelli – absolutely outstanding.’

‘We engage other law firms but their experts are by far the best.’

Key clients

21 Investimenti SGR S.p.A.

A2A Energia S.p.A.

Alitalia S.p.A.

Ariadne Sicaf S.p.A.

Astaldi S.p.A.

Arec S.p.A.

Banca Piccolo Credito Valtellinese S.p.A.

Borio Mangiarotti S.p.A.

Bregal Milestone

Capaccioli S.r.l.

Cassa Depositi e Prestiti S.p.A.

CDP Equity S.p.A.

Cinecittà S.p.A.

Credit Agricole Italia S.p.A.

Deva Capital Servicer Company S.L.U.

Eurnova S.p.A.

Evoluzione S.r.l.

Fondo Italiano d’ Investimento SGR S.p.A.

Green Arrow Capital SGR

Guber Banca S.p.A.

Health Holding Company S.r.l.

Hope SICAF S.B. S.p.A.

ICA Industria Chimica Adriatica S.p.A.

iCON Infrastructure Partners III L.P.

Illimity Bank S.p.A.

Intrum Italy S.p.A.

Impreme S.p.A.


Leonardo S.p.A.

Magnaghi Aeronautica S.p.A.

Marcegaglia Group

Mediobanca S.p.A.

Mindful Capital Partners

Nextalia SGR S.p.A.

Olivetti S.p.A.

OVS S.p.A.

Poste Italiane S.p.A.

Reworld Media S.A.

Spezia Calcio S.r.l.

Three Hills Capital Partners

TIM S.p.A.

Värde Partners, Inc.

UniCredit S.p.A.

Work highlights

  • Advised CDP Equity S.p.A. on the acquisition of Autostrade per l’Italia S.p.A.
  • Advised Marcegaglia Steel S.p.A. on a cross-border acquisition of several plant production sites located in the UK, US and Sweden.

Italy > Tax

Italy > Investment funds

In October 2021, Studio Legale Cappelli RCCD‘s Rome office was joined by former Chiomenti managing counsel Gabriele Buratti, a specialist in banking, finance, investment, insurance and collective asset management regulation, as a partner.

Italy > Private equity

Studio Legale Cappelli RCCD is home to a rapidly expanding transactional department, and excels in acquisition, investment, spin-offs, merger and sale of business deals.

Founded in Milan in May 2009 by Silvio Riolo, Paolo Calderaro and Michele Crisostomo – who were joined in February 2017 by  Alberto Del Din and in October 2020 by Roberto Cappelli – Cappelli RCCD is a law firm of excellence, outstanding among its peers.

The firm is a strategic advisor to companies, financial institutions and private individuals in a number of areas of banking, finance and corporate law. Its precise and detailed understanding of how its domestic and international clients conduct their business enables Cappelli RCCD to provide advice that is comprehensive, integrated and well-suited to each single client. All this makes the firm stand apart for its ability to operate to the highest quality standards.

Since its foundation, Cappelli RCCD has advised leading participants in the domestic and international markets on the most important capital market (both equity and debt), structured finance and banking transactions that have been carried out in Italy, benefitting also from the complementary assistance provided by its litigation team, which regularly advises Italian and foreign clients in connection with the most complex and sensitive disputes relating to civil, commercial and corporate matters.

The Firm distinguishes itself in advising banks, financial intermediaries and insurance companies, both listed and unlisted, on the regulatory framework applicable to their respective markets and businesses, and
on the structuring and documenting of a wide range of financial derivatives.

The Firm has also consolidated its standing in the corporate, M&A e private equity sectors, by assisting foreign and Italian investment funds, undertakings and corporates in a wide scope of structures and transactions.


Banking & Finance - Real Estate Alberto Del
Corporate M&A Roberto
Litigation - Regulatory - Derivatives Silvio
Banking & Finance - Securitization Paolo
Regulatory - Derivatives - Capital Markets Michele
Office Manager : 1
Communication & Marketing Manager : 1
Front Office : 3
Administration : 3
Legal Assistant : 9