The result of a May 2024 merger between Allen & Overy LLP and Shearman & Sterling, A&O Shearman advises on bonds, liability management, private placements, hybrid capital, derivatives, and structured finance. Pietro Bellone advises on high-end securitisation and structured finance work; Craig Byrne is an experienced capital markets lawyer; Stefano Sennhauser is a renowned structured finance expert; and Cristiano Tommasi specialises in hybrid capital instruments, liability management, and bond issues and programmes. Additional key figures are Emanuele Trucco, Lisa Curran, Emiliano La Sala, Alessandra Pala, Sarah Capella, Luca Di Lorenzi, and Elisabetta Rapisarda.
Capital markets: Debt in Italy
A&O Shearman
Practice head(s):
Stefano Sennhauser; Pietro Bellone; Cristiano Tommasi; Craig Byrne; Emanuele Trucco
Other key lawyers:
Lisa Curran; Emiliano La Sala; Alessandra Pala; Sarah Capella; Luca Di Lorenzi; Elisabetta Rapisarda; Martina Gullino
Testimonials
‘The market point of reference for structured finance. The team is exceptional at supporting clients in every capital markets topic and regulatory requirement.’
‘Always available and willing to help and facilitate closings. Enters deeply in the mechanics of the transaction and also assists with the analysis and regulation compliance.’
‘The professionals from A&O deliver high-quality solutions. Always available to support arrangers and originators during all phases of deals.’
Key clients
Agos Ducato
Algebris Investments
Banco BPM
Crédit Agricole CIB
CA Auto Bank (former FCA Bank)
Ferrovie dello Stato Italiane
FinecoBank
Intesa Sanpaolo
Banca IMI
Leasys
M&G Investments
Mediobanca
Natixis
PIMCO
Toyota
Work highlights
- Advised Intesa Sanpaolo, as sole institutional investor, on a blockchain digital bond in Italy.
- Advised CVC on the financing for the extension of its partnership with Multiversity through a CVC-managed continuation fund.
- Advised UniCredit and UniCredit Bank on a leveraged finance transaction, structured through the issue of asset-backed securities by Agorà (a securitisation vehicle company established for the origination and syndication of loans of the UniCredit Group).
Cappelli Riolo Calderaro Crisostomo Del Din & Partners
The Italian and UK-qualified lawyers at Cappelli Riolo Calderaro Crisostomo Del Din & Partners assist banks, financial institutions and companies with high-end deals for the Italian market. Recent examples include the issuance of Eurobonds in dematerialised form and a liability management transaction addressed to retail investors. Paolo Calderaro is a structured finance expert; Alberto Del Din works between the Milan and London offices; and Michele Crisostomo has extensive experience in banking, insurance and financial regulatory matters. Other experienced figures are Marcello Maienza, Elio Indelicato, Camilla Giovannini, Fabio Zambito and Martina Baldi.
Practice head(s):
Paolo Calderaro; Michele Crisostomo; Alberto Del Din
Other key lawyers:
Marcello Maienza; Elio Indelicato; Camilla Giovannini; Fabio Zambito; Martina Baldi
Testimonials
‘This team stands out for its ability to handle highly-complex transactions with remarkable efficiency, particularly in the field of debt capital markets.’
‘The team excels in addressing intricate legal, structural and commercial challenges, offering swift and effective solutions that ensure the timely execution of transactions without compromising on precision.’
‘The ability to resolve sophisticated issues in a fast-paced environment is one of the practice’s key strengths, making it a go-to choice for clients seeking dependable, results-driven legal counsel.’
‘What truly sets this practice apart is its innovative approach. The team doesn’t just follow established procedures; they proactively propose and introduce innovative solutions that enhance the overall structure of transactions. This is especially true in real estate securitisation deals, where their forward-thinking mindset has led to the successful implementation of pioneering structures, creating significant value for clients.’
‘Alberto Del Din is widely recognised as a leading authority in securitisations, bringing unmatched technical knowledge and strategic insight to every transaction.’
‘Alberto Del Din’s ability to navigate the most complex structures and provide innovative solutions has positioned him as a top expert in the field, and his guidance is indispensable in ensuring the success of high-stakes deals.’
‘Fabio Zambito is highly valued for his availability, responsiveness, and practical approach to solving problems. He has a remarkable ability to simplify complex issues and find workable solutions that benefit all parties involved.’
‘Fabio Zambito’s hands-on involvement and willingness to go the extra mile make him an invaluable asset, particularly in situations that require swift resolution and thoughtful strategic planning.’
Key clients
Unicredit Bank
Unicredit
Crédit Agricole CIB
Hoist Finance
Hoist Italia
Intesa Sanpaolo
Swiss Reinsurance Company
Illimity Bank
Astra Partners
Work highlights
Chiomenti
Acting for both corporate and financial institutions, Chiomenti covers a large number of products, such as EMTN notes, stand-alone issuances, covered bonds, hybrid instruments, and high-yield, ESG, project and catastrophe bonds. The team additionally advises on minibonds, certificates and domestic programmes. Gregorio Consoli is particularly focused on transactions involving financial entities and regulated sectors; Gianrico Giannesi's practice encompasses securitisation and bond loans; and Benedetto La Russa advises on hybrid, high-yield, equity-linked and exchangeable notes. Anna Maria Perillo, Ludovica Cipolla and Salvatore Maria Sardo are also experienced structured finance practitioners.
Practice head(s):
Benedetto La Russa
Other key lawyers:
Gregorio Consoli; Gianrico Giannesi; Anna Maria Perillo; Ludovica Cipolla; Salvatore Maria Sardo; Federica Scialpi; Irene Scalzo;
Testimonials
‘Chiomenti has a unique team that is very committed.’
‘Gregorio Consoli is by far the best in the market. He always makes the difference.’
‘Benedetto La Russa – great knowledge and commercial approach.’
Key clients
Intesa Sanpaolo
JP Morgan
Mediobanca
Banco BPM
UniCredit
BNP Paribas
Credito Fondiario
Deutsche Bank
Enel
Pirelli & C
Banca Mediolanum
European Investment Bank
Alba Leasing
Banca Carige
Banca Popolare di Sondrio
Saipem
IGD SIIQ
Alerion Clean Power
AS Roma
Aedes SIIQ
Banco Desio
Creval
Terna
Goldman Sachs
Credemvita
Banca Akros
Credit Agricole Investment Bank Milan Branch
Citigroup
ION Group
Polynt Group
Banca Cesare Ponti
Work highlights
- Advised Eni (as issuer) on a sustainability-linked bond.
- Advising Gardant in relation to the sale by BPER Banca of a portfolio of receivables, classified as unlikely to pay (in the context of a securitisation transaction).
- Advising La Doria (as issuer) on a new €525m high-yield bond.
Clifford Chance
The Italian, English and US-qualified lawyers in Clifford Chance‘s Italy offices cover the gamut of DCM products. Co-heading the global financial markets practice, Filippo Emanuele is a renowned capital markets and corporate finance specialist; and debt issuance and regulatory capital expert Gioacchino Foti advises on hybrid bonds and retail structured products. The team also showcases Tanja Svetina, who leads the structured finance department in Italy; and bond issuance and liability management deal practitioner Laura Scaglioni. Jonathan Astbury, Alice Reali, Alberto Maero and Francesco Napoli are other names to note. Giuseppe Barra Caracciolo and Gianluca Fanti are other key team members.
Other key lawyers:
Filippo Emanuele; Gioacchino Foti; Tanja Svetina; Laura Scaglioni; Jonathan Astbury; Alice Reali; Alberto Maero; Francesco Napoli, Enrico Giordano: Giuseppe Barra Caracciolo; Gianluca Fanti
Key clients
Carel
Italian Ministry of Economy and Finance
JP Morgan
Mediobanca
Intesa Sanpaolo
UniCredit Corporate & Investment Banking
Cassa Depositi e Prestiti
Banco BPM
Terna
ING Milan Branch
Banca IFIS
Barclays
Citigroup
BofA Securities
Crédit Agricole CIB
Natixis
Work highlights
- Advised the dealer managers and the joint bookrunners on the placement of an additional Tier 1 bond loan by FinecoBank.
- Advised BNP Paribas, Equita, Goldman Sachs International, Mediobanca, Santander and UniCredit on the placement of a senior preferred unsecured bond issue by Banca Ifis.
- Advised UniCredit Bank, Citi, Deutsche Bank, HSBC, Natixis, RBI, Santander, Alpha-Bank, Belfius Bank, BPER Corporate & Investment Banking, and Hypo Noe Landesbank on the placement of a senior bond issued in dematerialised form.
Latham & Watkins LLP
In addition to its extensive US law experience, Latham & Watkins LLP's Milan team has longstanding Italian and international capital markets expertise. It is particularly well known for high-yield bonds. The group is co-led by Jeff Lawlis, who has enviable experience in public and private cross-border deals; Paolo Bernasconi, an adviser on issuances of high-yield debt securities; and Antonio Coletti
, who is experienced in an array of securities transactions. The department further includes Ryan Benedict, who divides his time between Milan and London; and international capital markets practitioner Giorgio Ignazzi.
Practice head(s):
Jeff Lawlis; Paolo Bernasconi; Antonio Coletti
Other key lawyers:
Ryan Benedict; Giorgio Ignazzi
Testimonials
‘Very strong and commercial.’
Key clients
TIM (Telecom Italia)
Marcolin
UniCredit
Lottomatica
Evoca
BNP Paribas
Progest
Goldman Sachs
Deutsche Bank
SNAM
EuroGroup Laminations
Design Holding
Equita SIM
D Marinas Hellas
Italmatch Chemicals
Interpump Group
Banca Intesa
TeamSystem
JP Morgan Chase
Work highlights
- Assisted TIM, Telecom Italia Finance and Telecom Italia Capital with making three separate (but concurrent) offers to exchange certain series of their respective existing Euro and US dollar-denominated notes with corresponding new notes.
- Advised L Catterton on a bridge-to-bond deal to finance the acquisition of KIKO Milano.
- Advised Eni on its successful issuance of a dual tranche fixed rate bond in the US market (for a total principal amount of $2.25bn).
Linklaters Studio Legale Associato
In addition to securitisation and structured finance, Linklaters Studio Legale Associato's Milan team advises on green, social and sustainability-linked bond issuances. It also has significant experience in debt, fixed rate, hybrid, convertible and exchangeable bonds, as well as EMTN programmes. Dario Longo's workload encompasses structured finance and securitisation transactions; Ugo Orsini advises on a range of debt matters; Linda Taylor is an English law specialist in debt capital markets transactions involving Italian issuers; and Lorenzo Dal Canto ‘demonstrates deep commitment’. Laura Le Masurier is also an experienced practitioner.
Practice head(s):
Dario Longo; Ugo Orsini; Linda Taylor
Other key lawyers:
Lorenzo Dal Canto; Laura Le Masurier; Ludovica Elena Benedetta Turrina; Matteo Pozzi
Testimonials
‘A great team, one of the best in the market.’
‘Appreciated for their expertise and ability to advise on large, complex and innovative transactions.’
‘High-quality legal analyses and deep understanding of the law. The team excels in negotiation, demonstrating both skill and strategic thinking.’
‘They truly stand out, offering insightful and well-rounded legal advice.’
‘High level of professionalism from lawyers who are always available to provide support and solutions for any kind of legal matter. Unwavering respect for deadlines. Legal processes that move forward smoothly and efficiently.’
‘Linda Taylor and Laura Le Masurier are great professionals.’
‘Lorenzo Dal Canto demonstrates deep commitment to understanding clients’ needs and providing tailored solutions. Clients particularly value his problem-solving skills, reliability, genuine dedication brought to every matter, and the ability to meet deadlines.’
‘Lorenzo Dal Canto shows great support and dedication.’
Key clients
ABN AMRO in cooperation with ODDO BHF
Banca Akros
Banco Santander
Barclays, Goldman Sachs International
BNP Paribas,
BofA Securities
Citigroup
Crédit Agricole Corporate and Investment Bank
Deutsche Bank
Goldman Sachs International
Gruppo Banco BPM
HSBC
ICBC
IMI
ING
Intesa Sanpaolo
JP Morgan
Mediobanca
Mizuho
Morgan Stanley
MUFG Securities (Europe)
Natixis
Neinver Group
Nuveen Real Estate
SMBC
Société Générale
Tamburi Investment Partners
Unicredit
Work highlights
- Advised UniCredit on the update of the €35bn covered bond programme of UniCredit.
- Advised Barclays, Goldman Sachs International, JP Morgan, BofA Securities Europe, Citigroup, Deutsche Bank and Morgan Stanley (as joint bookrunners) on the issuance by Eni of €1bn sustainability-linked senior unsecured bonds.
- Advised PGIM, as financier of a real estate portfolio, with the transaction structured as an Italian securitisation.
White & Case (Europe) LLP
Advising on the full range of debt products, White & Case (Europe) LLP‘s US, English and Italian capital markets practice focuses on international securities transactions in Italy. Working across the firm’s London and Milan offices, Michael Immordino and Evgeny Scirtò Ostrovskiy both have extensive capital markets experience and Tommaso Tosi is particularly experienced in high-yield matters. Other key capital markets figures are Francesco Scebba, Pietro Magnaghi and Alessandro Picchi.
Practice head(s):
Michael Immordino; Tommaso Tosi; Evgeny Scirtò Ostrovskiy; Francesco Scebba; Pietro Magnaghi; Alessandro Picchi
Testimonials
‘True professionals, offering product knowledge, local presence and a deal-driven approach – Michael Immordino embodies all these characteristics.’
‘On execution, the perfect blend of senior and junior people from the beginning to finish.’
Key clients
Acea
Adler Pelzer
Aeroporti di Roma
AMA
AMCO
Amplifon
ASR Media and Sponsorship (AS Roma & Co)
Astaldi
ASTM
Atlas Capital Markets
Autogrill
Autostrade per l’Italia
Azimut
Banca Akros
Barilla
BC Partners
BFF Bank
Banca Ifis
Banca Monte dei Paschi di Siena
Banca Popolare di Bari
Banca Popolare di Vicenza
Banco BPM
Bank of America Merrill Lynch
Barclays
Biverbanca
BNP Paribas
Carval Investors
Cassa di Risparmio di Asti
Cassa di Risparmio di Biella e Vercelli –Biverbanca
Citigroup
Corporation America Italia
Crédit Agricole
Credit Suisse
CVC Capital Partners
De Agostini
De’Longhi
Deutsche Bank
doValue
Enel
Enel X
Eni
Esselunga .
Europa Investimenti
European Investment Fund
Fasanara
Fidera
Fire
Glennmont Partners
Global Infrastructure Partners
Goldman Sachs
GSO Capital Partners
HSBC
Intercos
International Game Technology
Neopharmed
Piaggio
Recordati
Rino Mastrotto
Webuild
Work highlights
Bird & Bird
Bird & Bird expanded its practice through the July 2024 hire of financial services and consumer sector specialists Corrado Fiscale and Federico Del Monte from Hogan Lovells International LLP. Fiscale has a significant track record in structuring and negotiating debt securities; while Del Monte regularly advises on capital markets transactions. The wider group is particularly focused on securitisation and structured finance, its expertise also covering bond issuances and covered bonds. Providing key support, Diego Del Principe and Pietro Castoldi both routinely lead structured finance deals, while Anita Lucchini is another active practitioner.
Practice head(s):
Federico Del Monte; Corrado Fiscale
Other key lawyers:
Diego Del Principe; Pietro Castoldi; Anita Lucchini
Testimonials
‘Very hardworking and collaborative team with partners involved in all projects, and a very good list of associates.’
‘Clients appreciate the willingness of the team to go beyond the pure legal aspects of the deal – they try to understand the rationale behind every structuring decision, so as to better reflect them within the documentation.’
‘Federico Del Monte – very experienced and passionate professional who is fully involved in his projects.’
‘Federico Del Monte – clients appreciate his ability to take a stand and give advice when requested.’
Key clients
Aboca
Azimut
Banca CF + Credito Fondiario
Banca Monte Dei Paschi Di Siena
Banca Popolare di Puglia e Basilicata
Banca Sistema
Banca Valsabbina
Bank of America
Cherry Bank
CNHI
Collextion
Enpal
Finanziaria Internazionale
IBL
Illimity
Intesa Sanpaolo
Iveco
Natixis
Officine CST
Opyn
Plenitude
Phinance Partners
Pollen
Saffi 1929
Satispay
Sfirs
Sigla
Sparkasse
Taulia
The Bank of New York Mellon
Very Fast People
Work highlights
BonelliErede
In addition to assisting arrangers and originators with structuring securitisation transactions, BonelliErede's 16-strong group covers corporate debt instruments, medium-term notes and standalone eurobonds, along with domestic, high-yield and hybrid bonds. Recently-returned from London, Massimiliano Danusso heads up the debt capital markets team, which showcases: Emanuela Da Rin, an adviser on securitisations and bond loans; and debt capital markets practitioner Antonio La Porta, who is ‘both an expert and a pragmatic business partner’. Structured finance practitioner Giovanni Battaglia is a recently-promoted partner, while Francesca Marchetti also specialises in capital markets.
Practice head(s):
Massimiliano Danusso
Other key lawyers:
Emanuela Da Rin; Antonio La Porta; Giovanni Battaglia; Francesca Marchetti; Ilaria Parrilla
Testimonials
‘Highly experienced and highly reputable firm with one-stop-shop capabilities.’
‘What sets them apart from other law firms is their exceptional ability to be commercial and look at transactions from clients’ point of view and anticipate their needs, as well as defend their interests in any situation. A go-to firm in Italy.’
‘The team genuinely adapts clients’ needs/structures to the local context.’
‘Continuous flexibility and availability, and always focused on deals in a pragmatic way.’
‘Antonio La Porta – competence, professionalism and ability to identify priorities and critical issues in order to resolve them.’
‘Antonio La Porta is both an expert and a pragmatic business partner, who is very much available and always proactive when alternative solutions are required.’
‘Massimiliano Danusso and Ilaria Parrilla and their team are an exceptional group with unmatched quality and technical standards.’
‘Massimiliano Danusso and Ilaria Parrilla – ability to negotiate and drive positive outcomes, incredible work ethics, high availability when necessary, and they leverage their vast personal networks to serve their clients.’
Key clients
Banca Ifis
Banca Akros
Banco BPM
Bank of America
Barclays
BNP
Citi
Dexia
Deutsche Bank
Eurofima
illimity Bank
Intesa Sanpaolo
Lynstone SSF Holdings II
Work highlights
- Represented Intesa Sanpaolo and Dexia Crèdit Local before the Court of Appeal of London in appeal proceedings involving the banks and the Municipality of Venice, which concerned derivative contracts entered into in 2007.
- Advised Banca Ifis on the placement of a €400m senior preferred unsecured bond (as part of its EMTN emissions programme).
- Advised Barclays, other joint lead managers and co-lead managers on the issuance of a €500m social covered bond by Credito Emiliano.
Dentons
Delivering ‘a wide array of solutions for clients’, Dentons' debt capital markets and structured finance practice advises on standalone bond issuances, EMTN programmes, retail offers, commercial papers, debt securities-related purchase and exchange offers, and green, social and sustainable bonds. Piergiorgio Leofreddi is a debt capital markets and structured finance expert; Annalisa Feliciani advises on a range of financial instruments; and Gianpaolo Garofalo is structured finance head. The group also includes structured finance and debt issuance practitioner Bianca Chiara Sinisi, who advises on securitisation, covered bonds, bond issuances and structured finance.
Practice head(s):
Piergiorgio Leofreddi; Gianpaolo Garofalo
Other key lawyers:
Annalisa Feliciani; Gianpaolo Garofalo; Bianca Chiara Sinisi
Testimonials
‘Availability, knowledge and commercial approach.’
‘Stands out from the competition due to the knowledge of the professionals in the team and the experience they have accumulated throughout the years with a variety of clients in different sectors of the financial industry.’
‘The team offers a wide array of solutions for clients, while its pricing approach is very mindful of competitiveness in the market.’
Key clients
Banca Monte dei Paschi di Siena
Cassa Depositi e Prestiti
CDP Reti
Citigroup Global Markets
CPI Property Group
Deutsche Bank
Enel
Equita
Ferrovie dello Stato Italiane
Generali Insurance Asset Management
Goldman Sachs
Iccrea Banca
Intesa Sanpaolo
Istituto per il Credito Sportivo e Culturale
JP Morgan
Mediobanca
Redelfi
Reffeisen bank
Snam
Société Générale
US Bank Trustees
UBS
UniCredit
Work highlights
- Advised Cassa Depositi e Prestiti on a retail public offer in Italy.
- Advised the dealers (Intesa Sanpaolo e UniCredit) and the co-dealers (Banca Akros and Banca Monte dei Paschi di Siena) on the €18bn-plus issuance of the Italian government bond BTP Valore.
- Advised Equita SIM on the launch of the Basket Bond Tech Programme, promoted by Equita SIM (as arranger), Cassa Depositi e Prestiti and Mediocredito Centrale (as investors) for a maximum amount of €100m.
Gianni & Origoni
Acting for both underwriters and issuers, Gianni & Origoni is home to experts in the issuance of debt products, including bonds. The team, which ‘distinguishes itself through its expertise in complex financial instruments’, also advises on securitisation deals, MTN programmes and liability management transactions. Debt capital markets specialist Richard Hamilton acts for issuers, banks and private equity funds on a range of securities offerings; and structured finance, securitisation and general banking practitioner Domenico Gentile ‘stands out for his ability’. The practice further includes Alessio Palumbo, who predominantly advises on securitisation transactions.
Practice head(s):
## INSERTED START: 10-10-2024 09:56:07
Paolo BordiEmanuele Grippo
Other key lawyers:
Richard Hamilton; Domenico Gentile; Alessio Palumbo; Marco Zaccagnini; Maria Rosa Piluso
Testimonials
‘Distinguishes itself through its expertise in complex financial instruments, particularly in structuring and negotiating high-value bond issuances.’
‘Ability to manage high-stakes transactions effectively. What makes the team unique is their ability to navigate the intricate regulatory landscape with precision, while maintaining a forward-thinking approach to deal structuring.’
‘They are highly proficient in coordinating among multiple stakeholders, ensuring that transactions are executed smoothly and on schedule.’
‘Their innovative use of technology, such as digital platforms for document management and communication, enhances efficiency and transparency throughout the deal process.’
‘This practice is unique for the excellent quality of the work and the availability of the people involved in the transactions.’
‘Domenico Gentile stands out for his ability to provide a very high-profile legal service. Clients greatly appreciate the exemplary professionalism and ability of this lawyer.’
‘Marco Zaccagnini and Maria Rosa Piluso are great in terms of knowledge and experience. They understand the needs of the clients and, in this respect, they are able to customise their professional support in such a way that makes a difference.’
‘Maria Rosa Piluso and Marco Zaccagnini are exceptional in managing the entire practice in order to achieve the goal.’
Key clients
2i Rete Gas
Azimut Investments
Blackstone
BNP Paribas
Cassa Centrale Banca – Credito Cooperativo Italiano
Cassa Centrale Raiffeisen dell’Alto Adige
Deutsche Bank
European Investment Bank
Fides
Goldman Sachs International
Intesa Sanpaolo
Kohlberg Kravis Roberts & Co
Make Your Credit
Mediobanca – Banca di Credito Finanziario
Morgan Stanley
Società Metropolitana Acque Torino
UniCredit
Zetland Capital Partners
Work highlights
- Advised Optics Bidco (as to Italian law matters) on the issuance of four US-dollar denominated and eight Euro-denominated series of notes for a total amount of €5.5bn.
- Advised Goldstory and Stroili Oro (as to Italian law matters) on the issuance by Goldstory of high-yield bonds for an overall aggregate amount of €850m.
- Assisted UniCredit, as originator, with its first consumer credit securitisation transaction (worth approximately €850m).
Hogan Lovells International LLP
In February 2024, Hogan Lovells International LLP's debt capital markets and structured finance practice welcomed 23 lawyers from Orrick, Herrington & Sutcliffe (Orrick), including renowned securitisation specialist Patrizio Messina; structured finance and covered bond expert Annalisa Dentoni-Litta; Alessandro Accrocca, whose ‘problem-solving skills are outstanding’; and dual-qualified English and Italian lawyer Madeleine Horrocks. Sabrina Setini, Salvatore Graziadei, Andrea Cicia and Daniela Pietrini also joined from Orrick. The group advises on securitisations and EMTN programmes, along with covered, basket, standalone and mini bonds. Federico Del Monte and Corrado Fiscale departed the firm in July 2024.
Practice head(s):
Patrizio Messina; Annalisa Dentoni-Litta; Alessandro Accrocca; Madeleine Horrocks; Sabrina Setini
Other key lawyers:
Salvatore Graziadei; Andrea Cicia; Daniela Pietrini; Alessandro Azzolini; Roberto Trionte
Testimonials
‘Alessandro Accrocca and his team bring exceptional expertise to the debt capital markets, specialising in bond issues.’
‘Alessandro Accrocca’s profound market knowledge and problem-solving skills are outstanding. Clients are thoroughly satisfied with his professionalism and expertise.’
‘Alessandro Accrocca consistently offers comprehensive and effective support for all clients’ needs.’
Key clients
Attica Bank
Azimut Libera Impresa SGR
Banca Cambiano 1884
Banca Popolare dell’Alto Adige
Banco di Sardegna
Banco Santander
BPER Banca
Cassa di Risparmio di Bolzano
Cepal Hellas Financial Services
Compagnia Valdostana delle Acque
Credito Emiliano
Enel
ICCREA Banca
illimity Bank
Intesa Sanpaolo
Iren
Italgas
J.P. Morgan
Natixis
Pollen Street Capital
Seer Capital Management
Snam
TIM
UniCredit
Work highlights
- Advised TIM on the structuring and finalising of a liability management exercise related to its (and its subsidiaries’) financial indebtedness.
- Advised Enel Group on its $2bn sustainability-linked Yankee bonds, issued pursuant to Rule 144A and Regulation S under the US Securities Act.
- Advised BPER Banca on a new issuance of €500m fixed-rate covered bonds.
Jones Day
In addition to advising credit institutions, financial entities and funds, Jones Day's acts for global corporate clients on financial markets transactions, including securitisation and other structured finance deals. The practice of Vinicio Trombetti encompasses securitisation and covered bonds; and Francesco Squerzoni and Marco Frattini both advise on structured finance. The next line of experienced practitioners features Giuseppina Pagano, who is experienced in securitisation, covered bonds and EMTN programmes; and Fabio Maria Guidi, an adviser on securitisation involving trade receivables, financial assets and real estate (along with other asset classes).
Practice head(s):
Vinicio Trombetti
Other key lawyers:
Francesco Squerzoni; Marco Frattini; Giuseppina Pagano; Fabio Maria Guidi
Testimonials
‘They are very competent, always up to date with regulators’ new provisions, and very available and open to new financial structures.’
‘Very attentive to clients’ needs and they are able to propose new solutions that the client had not thought of – above all, they are always available to support the client, even after the transaction is concluded and in relation to any issue that may arise.’
‘Jones Day stands out for its personalised approach and specialised expertise, combining years of experience with deep industry knowledge.’
‘The team, comprised of highly-qualified experts, delivers tailored solutions through diverse backgrounds and innovative technology, such as advanced case management platforms and predictive analytics tools.’
‘The team is highly specialised in DCM issues, confirming its position in the market for expertise, reliability, and ability to manage transactions brilliantly.’
‘Fabio Maria Guidi is a highly esteemed lawyer specialising in structured finance.’
‘With extensive experience in the field, Fabio Maria Guidi is renowned for his deep understanding of complex financial instruments and transactions.’
‘Vinicio Trombetti and Fabio Maria Guidi are outstanding professionals, passionate, always available and able to advise clients to the best of their ability. Always present from the beginning to the closing of every transaction, they skillfully and expertly lead every transaction they are a part of, critically and cleverly resolving any issues.’
Key clients
Alba Leasing
Banco BPM
Banca Akros
Banco Santander
Santander Consumer Bank
Stellantis Financial Services
BNP Paribas
CA Auto Bank
Crédit Agricole
IBL Banca
IBM Italia
illimity Bank
Intesa Sanpaolo
Renault Banque
Mobilize Financial Services
Société Générale
UniCredit
ViViBanca
Volkswagen Bank
Zenith Global
Work highlights
- Advised Stellantis Financial Services Italia (Santander Consumer Bank Group) on a securitisation transaction of its auto loans.
- Advised Crédit Agricole Corporate and Investment Bank and UniCredit Bank (as arrangers), on a securitisation transaction of auto loans (originated by Crédit Agricole Auto Bank).
- Advised IBL Banca and UniCredit Bank, as co-arrangers, on the annual renewal of the securitisation programme Marzio Finance, collateralised by salary-secured loans.
Legance - Avvocati Associati
Legance - Avvocati Associati is mandated by banks, financial institutions, corporations and public-sector entities for bond issues, as well as securitisations involving performing and non-performing receivables. The group also advises on covered bonds and derivatives, along with capital markets-related regulatory aspects. Andrea Giannelli is a highly-rated banking, structured finance and debt capital markets specialist; Vittorio Pozzi is a structured finance expert; and Antonio Siciliano's workload encompasses bond issues, securitisation, structured products and derivatives. Other names to note are Antonio Matino and Roberto Mazzarano, along with Giovanni Nervo and Alice Giuliano.
Practice head(s):
Andrea Giannelli
Other key lawyers:
Vittorio Pozzi; Antonio Siciliano; Antonio Matino; Roberto Mazzarano; Giovanni Nervo; Alice Giuliano
Testimonials
‘A well-balanced team – all the members have great skillsets.’
‘Extremely open to collaboration and exchange, which makes it very easy to follow and understand processes and make decisions.’
‘Very client oriented.’
‘Their prior experience in the field and with counterparts helps clients highlight issues not previously handled – great knowledge of the market.’
‘Antonio Siciliano is well prepared, with huge DCM practice know-how.’
‘Alice Giuliano is an outstanding senior associate with deep knowledge of matters, and always ready to listen to clients’ requests.’
Key clients
Aeroporti di Roma
Agos Ducato
Alperia
Amundi SGR
ASTM
Banca Finint
BPER Banca
BPM
Cassa Depositi e Prestiti
CheBanca!
Compass Banca
doValue
European Investment Bank
Fortress Investment Group
Gardant
Hera
Intrum
illimity Bank
ING Bank
JP Morgan
Kolinpharma
Leonardo
Mediobanca – Banca di Credito Finanziario
Mediobanca SGR
Mediocredito Centrale – Banca del Mezzogiorno
Mundys
Natixis
Nexi
Quaestio Capital Management SGR
Quarantacinque
Cad It
SACE
Unipol Gruppo
UniCredit
Work highlights
- Assisted Mundys with the management and update of its EMTN programme.
- Advised on a €1.3bn consumer loans securitisation transaction that was carried out by Agos Ducato.
- Advised Fiditalia on a receivables securitisation, arising from auto loans originated by Fiditalia.
PedersoliGattai
The result of a January 2024 merger between Pedersoli Studio Legale and Gattai, Minoli, Partners, PedersoliGattai's 34-strong team handles the issuance and placement of bond instruments for retail and institutional investors, both on a standalone basis and as part of EMTN programmes. It also covers high-yield bonds and liability management transactions. Emanuela Campari Bernacchi heads the structured finance department; Gaetano Carrello
is a highly-regarded financing, debt capital markets and debt restructuring lawyer; and Valentina Lattanzi is ‘a superb up-and-coming partner’. Other key team members are Mattia Valdinoci and Francesco Lucernari.
Practice head(s):
Emanuela Campari Bernacchi; Gaetano Carrello
Other key lawyers:
Valentina Lattanzi; Mattia Valdinoci; Francesco Lucernari
Testimonials
‘Great knowledge and very technical skills, and they combine pure debt capital markets experience with fintech.’
‘The partner team at this firm is excellent and very well-versed in all areas of capital markets law, particularly structured finance. International clients like this firm and recognise that they provide an excellent level of service.’
‘Strong collaboration with a tailor-made approach and high-level professional qualities and experience.’
‘A very positive experience with Emanuela Campari Bernacchi, particularly in relation to structured finance deals involving equity funds and leveraged transactions.’
‘The standout partner at this firm is Emanuela Campari Bernacchi. She knows her market exceptionally well and is a recognised leader in her field.’
‘Clients have no hesitation at all in recommending Emanuela Campari Bernacchi to international banks and corporate clients. Clients work very well with her and she is the best around for timely and cost-efficient work.’
‘Emanuela Campari Bernacchi has great experience in debt capital markets, but what makes her special is also her deep knowledge of fintech products.’
‘Valentina Lattanzi is a superb up-and-coming partner who provides excellent advice.’
Key clients
JPMorgan Chase Bank
Exor
Saipem
Bank of America
ING Luxembourg
FDR 1
HIG Capital
Illimity Bank
UniCredit
Coöperatieve Rabobank
Work highlights
- Assisted JPMorgan Chase Bank with the Italian law aspects of a multi-jurisdiction securitisation of trade receivables originated by PayPal (Europe).
- Assisted EXOR with the issuance of €650m notes.
- Assisted Saipem with the issuance of a €500m convertible bond.
Simmons & Simmons
Simmons & Simmons' Italy team assists underwriters and issuers with the gamut of debt capital markets transactions. Its expertise covers Eurobonds, liability management deals, regulatory matters, and retail debt and derivative securities offerings and listings. Securities transactions specialist Paola Leocani heads the debt capital markets group in Milan, which showcases Simone Lucatello, who co-leads the structured finance and securitisation alongside Tommaso Canepa. The department also includes Ugo Malvagna, who focuses on securitisation-related regulatory aspects; and Baldassarre Battista, who advises banks on the establishment of programmes for bonds, certificates and covered warrants.
Practice head(s):
Paola Leocani; Simone Lucatello; Tommaso Canepa
Other key lawyers:
Ugo Malvagna; Baldassarre Battista; Marcello Rivoir
Testimonials
‘The Italian team is great – bullet-proof on the execution side.’
‘The team is second to none for innovative advice.’’
‘Paola Leocani has a strong grip on any regulatory innovation.’
‘Paola Leocani’s ability for problem solving and her connection to regulators are key to DCM platforms.’
‘Baldassarre Battista is an outstanding professional.’
‘Baldassarre Battista is always available to support client swith deep knowledge of the market and the legal/technical features of DCM transactions.’
‘Ugo Malvagna – skills and knowledge of digital financial instruments that are key to R&D on capital markets.’
Key clients
Banco BPM
Intesa Sanpaolo
Veldcap
Crescitalia
Zenith Global
Arrow
Cap Holding
BPER Banca
Citigroup Global Markets Europe
Crédit Agricole Corporate and Investment Bank
Intesa Sanpaolo
JP Morgan SE
UniCredit
Banca Akros
Banca Monte dei Paschi di Siena
Barclays Bank Ireland
BNP Paribas
BofA Securities Europe
Goldman Sachs International
Intesa Sanpaolo
JP Morgan
Mediobanca
Banca di Credito Finanziario
Morgan Stanley & Co
Société Générale
UniCredit Bank
Work highlights
- Advised Banco BPM (as originator) on a synthetic securitisation realised through the issue of notes by an Italian securitisation special purpose entity.
- Assisted fintech company Crescitalia and a loan guarantee consortium with a securitisation transaction of SME loans.
- Assisted the dealers Intesa Sanpaolo and UniCredit, and the co-dealers Banca Akros and Banca Sella, with the issuance of the €18bn BTP Valore, a four-year bond issuing six-month coupons based on a series of step-up rates issued by the Republic of Italy.
Ashurst
Ashurst's Milan group is experienced in a range of debt capital markets, including corporate and project bond issuances, securitisation transactions and other structured finance deals. Annalisa Santini advises on a range of banking and structured finance transactions, as well as bond issuances and trade receivable deals; Carloandrea Meacci is a project bond expert; Mario Lisanti
heads the Italian banking team; and Umberto Antonelli assists with project-related capital markets financing.
Practice head(s):
Annalisa Santini
Other key lawyers:
Carloandrea Meacci; Mario Lisanti; Umberto Antonelli
Testimonials
‘The team is very strong as it is composed of lawyers who are truly qualified in debt capital markets practice, as well as being available and fully committed to meet clients’ needs.’
‘Ashurst is a very complete law firm that is able to cover not only matters relating to debt capital markets, but also areas involving other practices, such as tax and structured finance.’
‘Able to provide full assistance on both Italian and international transactions. The lawyers are highly qualified; this is really important during negotiations with other parties and the drafting of documentation.’
‘Ashurst’s team in Milan is of high quality. The people working there are extremely skilled, knowledgeable and available.’
‘They tend to give extra support if possible and not just fullfil the task they have been requested to do.’
‘Annalisa Santini is outstanding, very knowledgeable and extremely helpful.’
‘Annalisa Santini is a dedicated professional and will never let a client down.’
‘They are always available and able to find the best solution for solving any problem or issue, particularly Annalisa Santini.’
Work highlights
DLA Piper
With significant real estate, sports and entertainment sector expertise, DLA Piper's structured products practice in Italy covers bank and corporate bond issues, as well as securitisations, covered bonds and senior financings. Italian finance department head Luciano Morello advises on asset securitisations, covered bond issuances, and real estate and energy-related structured finance; Martina Antoniutti has notable debt capital markets experience; and Erik Negretto focuses on public and private securitisation transactions.
Practice head(s):
Luciano Morello
Other key lawyers:
Martina Antoniutti; Erik Negretto; Gilemma Nugnes; Fiorenza Marin; Alessandro Nicolardi
Testimonials
‘The capital markets team at DLA Piper is an example of a practice that can conduct excellent and efficient brainstorming in relation to complex structured finance transactions.’
‘The attention to clients is one of the key factors of the practice. A partner or a senior lawyer is always available to discuss.’
Key clients
Intesa Sanpaolo Group
Banca Akros
FOPE
Generalfinance
BMP Europe
AS Roma
Banca del Fucino
Bain Capital
Sara Assicurazioni
Borgosesia
JP Morgan Securities
Phinance Partners
Société Générale
FISG (Banca Finanziaria Internazionale Group)
UniCredit Bank
Finlombarda
Banco BPM
Saxa Gres
Banca Generali
Iervolino and Lady Bacardi Entertainment
Anthilia SGR
UniCredit
Caisse de dépôt et placement du Québec
Bluegem Capital Partners
Susi Partners
Vantage Infrastructure (UK)
Terna
MENCI & C
Officine Maccaferri
PIGM
Illimity Bank
Work highlights
- Advised Banca Akros (as arranger) and Banco BPM (as senior lender) on a real estate securitisation transaction, which involves the granting of a senior loan by Banco BPM and the issuance of ABS notes.
- Advised Pricoa Private Capital on the provision of a long-term €100m financing to Fair Market Value Capital Partners UK and TD Asset Management.
- Assisted UniCredit, illimity Bank , Banco di Desio e della Brianza,Banca Cambiano 1884 and Banca Agricola Popolare di Ragusa on the contribution to the Persefone Fund of small/medium-size NPLs and UTPs through the set-up of a securitisation transaction.
Eversheds Sutherland Associazione Professionale
Eversheds Sutherland Associazione Professionale's Milan-based practice is experienced in debt capital markets and securitisation deals. The group also advises arrangers, investors and issuers on high-yield bonds and mini-bonds issuances. Heading up the group, Umberto Mauro is a debt capital markets, securitisation and aviation finance specialist; and Rosario Airò Farulla, a May 2024 hire from Giovanardi Studio Legale, acts for banks, financial intermediaries and other financial entities on structured finance transactions.
Practice head(s):
Umberto Mauro
Other key lawyers:
Rosario Airò Farulla
Testimonials
‘Availability from the entire team and the ability to explain difficult legal concepts and translate them to the requirements, coupled with huge reliability on their analysis and timelines.’
‘Umberto Mauro is always available to support transactions and really takes on the challenge from the client’s point of view – able to mediate when negotiations need to be closed.’
‘Great professional and human skills.’
Key clients
Officine CST
Polluce SPE
2RPlus SPV
Master Gardant
Alta Capital
Mercatoria
Thule
UniCredit
P&G SGR
Azimut Libera Impresa SGR
Kobus Asset Finance I, SCA SICAV-RAIF
Work highlights
- Advised Master Gardant on a securitisation transaction carried out by Brenta SPV through the issuance of three classes of notes for a nominal amount equal to an aggregate of €200m.
- Advised Kobus Asset Finance I, SCA SICAV-RAIF on a bond issue to finance the construction of a photovoltaic plant.
- Advised Master Gardant on a securitisation transaction carried out by Brenta SPV through the issuance of notes for a nominal amount equal to €50m.
Greenberg Traurig Santa Maria
Greenberg Traurig Santa Maria's 14-strong group in Milan assists public and private companies, sovereign entities, and financial institutions with the gamut of debt capital markets work. The team is particularly experienced in the non-performing loans sector. Corrado Angelli has wide-ranging experience in debt products; and Alessio Gerhart Ruvolo's practice covers real estate, corporate, leverage and structured finance. Other names to note are Davide Bonsi and Antonio Enrico Izzi.
Practice head(s):
Corrado Angelelli; Alessio Gerhart Ruvolo
Other key lawyers:
Davide Bonsi; Antonio Enrico Izzi
Testimonials
‘The uniqueness of this work team lies in their empathy and high-level professionalism.’
‘They are an extremely well-prepared and professional team.’
‘They know how to organise and solve any problem, and are always of great support to clients.’
Key clients
Rhize Capital (Pj OWN)
AMCO – Asset Management Company
KKR
Nomura International, Goldman Sachs International
illimity
Fondazione Istituto Sacra Famiglia Onlus
Castello SGR
Investcorp
CRIF
Work highlights
- Advised Banca Credito Attivo and Kinetic Capital, as arrangers, on a securitisation aimed at financing two Italian closed-end real estate funds.
- Assisted AMCO with the purchase from around 80 Italian credit institutions of portfolios of UTP and NPLs receivables.
- Advised an Investcorp group fund on a green facility agreement with Société Générale Milan Branch.