Capital Markets: Italy

Massimiliano Danusso heads the practice and has broad expertise, especially in debt capital markets and securitisation. Interviewees highlight his strength in disputes relating to derivatives agreements, and describe him as "a fantastic guy: an extremely responsible, helpful and skilful lawyer."

Paola Leocani regularly advises on high-profile mandates, and recently acted for the banks in relation to SNAM's new bond programme. She has strong relationships with the domestic regulatory authorities, and worked alongside Italian and international banks to promote changes to the law regarding the issue of bonds by unlisted Italian companies.

Co-managing partner Craig Byrne wins excellent feedback from clients, who admire his "proactivity, promptness, availability and excellent understanding of capital markets dynamics." Qualified to practise English and Canadian law, he is well known for advising pools of banks across multiple jurisdictions.

Cristiano Tommasi concentrates on bond issues; recent highlights including advising the joint lead managers on Telecom Italia's EUR1.5 billion fixed-rate Luxembourg-listed Eurobond issue. "He's done so many different deals that he knows all the tricks and the potential issues that you will face," say sources.

Structured finance expert Stefano Sennhauser focuses on securitisations and covered bonds. Often at the forefront of innovation, he advised Deutsche Bank regarding the first securitisation of a portfolio of reverse mortgage loans in Italy.

Carlo Montagna's position as a leading equity capital markets lawyer remains undisputed. "He is one of the best known lawyers in Italy for capital markets and has extensive experience," say interviewees.

Securitisation specialist Emanuela Da Rin continues to be a prominent figure in this area. She was the lead partner advising JPMorgan and Banca Popolare di Vicenza on an issue of EUR1.4 billion mortgage-backed notes.

Alberto Saravalle's practice encompasses corporate law, capital markets and M&A. He took a lead role advising the banks on Avio's proposed IPO and private placement, and also recently advised Schneider Electric on an offering to employees of the group.

Francesco Ago comes highly recommended by sources for securitisation, an area in which he is described as a "leader." A recent work highlight was advising UniCredit's London branch in relation to UniCredit's EUR25 billion covered bond programme.

Maintaining his dominant position on the market for Italian equity deals, Enrico Giordano recently advised Immobiliare Grande Distribuzione SIIQ on a EUR19 million rights issue.

Practice head Manfredi Vianini Tolomei has a solid practice and specialises in convertible bonds. He recently acted for Banca Apulia and HDI Assicurazioni on their public bid for all outstanding publicly listed shares in Apulia Prontoprestito.

Senior associate Gregorio Consoli is a covered bond expert and wins recommendations from market commentators.

Antonia Cosenz has recently advised on such high-profile deals as Enel's EUR3 billion public retail bond offering and Unipol's EUR1.1 billion rights issue. Interviewees describe her as an "up-and-coming" but "important" member of the team.

Claudio Lichino is a Milan-based structured finance and securitisation expert who can draw on considerable international experience thanks to his former role at the firm's London office.

Pietro Fioruzzi is a hugely respected equity capital markets practitioner. Sources describe him as "one of the most experienced guys on the Italian market and absolutely available 24 hours a day." He also handles bond work and recently took a lead role in Fiat Finance & Trade's EUR600 million notes offering.

Rome-based lawyer Claudio Di Falco is a prominent member of the team and was recently involved in the Hellenic Republic's EUR206 billion bond exchange. He is US-qualified and offers considerable international expertise.

The New York-based Michael Volkovitsch has a wide-ranging practice that incorporates M&A, debt and equity offerings, and derivatives transactions. He previously practised in the firm's Milan and Frankfurt offices, and has an impressive pedigree in international and cross-border work.

A leading figure in the team, Alberta Figari inspires confidence in clients thanks to her extensive experience on topics including IPOs and other equity-linked deals. She has strong relationships with a number of major financial institutions.

Interviewees confirm Filippo Emanuele's position as a prominent UK-qualified debt capital markets lawyer. Clients are quick to praise him, pointing out that he "knows the arguments well and is very practical. He's a smart and quick lawyer."

Tanja Svetina is a high-profile presence in the market and receives strong feedback from clients. She recently advised Barclays in the context of Mercurio's issue of EUR7 billion RMBS. Sources indicate her "commercial approach" as a particular asset.

Franco Grilli Cicilioni wins recognition as a leading Italian-law debt capital markets partner in the team. A recent work highlight was advising Deutsche Bank on two simultaneous senior secured notes issues by Lecta totalling EUR590 million.

Described by clients as a "very skilful and promising" lawyer, senior associate Carlo Lichino recently assisted with several key securitisation and covered bond deals.

Francesco Maria Aleandri arrived at the firm in 2010 and has quickly established himself as a key figure in the capital markets practice, advising top clients such as UniCredit. Sources note his experience handling transactions with UK elements.

Leading US law expert Michael Bosco recently joined the team from Shearman & Sterling. He is described as a hands-on partner.

The Milan-based Betty Louie is highly experienced in helping Chinese companies and investors carrying out transactions in Italy. A recent highlight saw her take a lead role advising Industrial & Commercial Bank of China on the financing of Weichai Group's widely reported acquisition of a 75% stake in Ferretti.

Head of department Corrado Angelelli regularly acts for arrangers and issuing banks on large securitisation transactions. His recent work includes advising RBS as arranger on a CMBS transaction, secured by a mortgage on a shopping centre in the south of Italy, for a EUR170 loan to Comes. Sources note that "his knowledge is deep and consolidated."

Emiliano Conio enjoys recognition in this area thanks to a strong flow of transactions and impeccable client service. He is dual-qualified in Italy and the UK.

Marco Zaccagnini heads the firm's debt practice from its London office. He handles complex, high-profile Italian matters and was recently involved in Monte dei Paschi di Siena's EUR1.3 billion public offer of notes through Poste Italiane. Interviewees admire his intellect, saying that he is "able to grasp the issues quickly."

Equity capital markets co-head Fabio Ilacqua impresses clients with his "outstanding" technical proficiency, ability to co-ordinate a cross-practice team, and connections in the relevant Italian capital markets institutions.

A notable expert on CMBS transactions, Giuseppe Schiavello joined the firm from CDP Studio Legale in May 2012.

Key securitisation partner Corrado Fiscale regularly takes a lead role on high-value deals involving residential and commercial mortgages, SME loans and lease receivables.

Recognised by market commentators as a prominent and highly active capital markets lawyer, Federico Del Monte has recently acted on a number of the firm's most important securitisation mandates.

Antonio Segni continues to enjoy the unequivocal admiration of the market, with observers describing him as "one of the most respected capital markets practitioners in Italy."

Clients and commentators highlight Federico Vermicelli's contribution to the capital markets work carried out by the firm. He is perhaps best known for his equity practice, but also regularly advises on securitisations and EMTN programmes.

The US-qualified Jeffrey Lawlis is commended for his "outstanding quality of service and knowledge of loan and high-yield products, including specific structuring issues inherent to the Italian market."

Clients describe Antonio Coletti as "an excellent professional with a deep knowledge of both the Italian legal framework and the international market." He recently advised Centrobanca and Intermonte SIM on the first listing of an Italian law SPAC (SPV), Made in Italy 1, on AIM Italia.

Highly recommended by clients, especially for global MTN programmes, Andrea Giannelli remains an active presence on the market. In addition to working on Enel's notes issues, he has recently advised on several securitisation transactions involving financial leasing agreements and receivables from consumer loans and personal credit facilities.

A key partner for equity deals within the firm's corporate finance department, Giorgio Vanzanelli impresses clients with his quick reactions. "He knows his stuff and always responds immediately," say sources.

Marzio Ciani recently joined the firm. He wins glowing praise from clients for his "total commitment, responsiveness and commercial attitude."

Structured finance expert Dario Longo "always has a crystal-clear picture of the whole transaction," according to interviewees. He regularly advises on the establishment of covered bond programmes for banks and recently led the cross-border team assisting Banco Popolare as issuer and seller with its EUR5 billion programme.

Claudia Parzani focuses on equity capital markets and has particular expertise in luxury goods, heading the firm's global industry group. She recently advised on UniCredit's EUR7.5 billion rights issue, co-ordinating a team of lawyers in Italy, Germany, the UK and the USA. Clients view her as a practical and commercial professional.

Teresa Triglia has a strong track record advising on US securities law. Sources especially point to her expertise in equity transactions; she has recently taken a lead role on rights issues by banks including UniCredit, Intesa Sanpaolo and Monte dei Paschi di Siena.

Paolo Daviddi heads the practice from the Milan office. Clients acclaim him as an effective, efficient practitioner who "develops good working relationships with Italian entrepreneurs."

Sources describe department head Patrizio Messina as "very smart, with extensive experience." Specialisations include securitisation and bond transactions. He recently advised Banca Iccrea on a series of large securitisations. 

Co-chair of the firm's Milan office Alberto Del Din is an experienced securitisation lawyer and one of the leading figures in the field. He recently advised Beni Stabili on various issues relating to a securitisation carried out by Imser Securitisation.

Lorenza Talpo is widely respected on the Italian market and continues to handle a variety of Italian securitisation matters from the firm's London office. Recent examples include advising Beni Stabili on the Imser Securitisation mandate.

Department head Michele Crisostomo excels in complex bond and hybrid transactions, and is considered "one of the most knowledgeable professionals for complex transactions" in the jurisdiction - "if you want to do a hybrid deal you have to have him on board." He recently handled Banca Monte dei Paschi di Siena's EUR471 million share capital increase, and a related tender offer for the repurchase of outstanding hybrid securities from Mediobanca.

Sources highlight Paolo Calderaro's expertise in the field of securitisation and covered bonds. He combines "very deep knowledge" with an "incredibly commercial" approach, according to impressed interviewees. Recent highlights include advising Banca IMI and Intesa Sanpaolo as arrangers on the securitisation of a portfolio of receivables and connected rights with a value of EUR5.8 billion.

Securitisation specialist Marcello Maienza enters the rankings this year thanks to consistently strong feedback from interviewees. He was promoted to partner in January 2012 and is noted for his proactivity and efficiency. "He is amazing – he can address any question with poise throughout the day and night," say sources.

Domenico Fanuele scores highly with interviewees, and is "able to grasp the practical issues in a deal very quickly as well as being incredibly constructive." He took a lead role advising Merrill Lynch and Mediobanca on Brunello Cucinelli's IPO.

Emanuele Trucco enters the rankings thanks to strong client feedback, with interviewees noting that he is "really good to work with: terrifically smart and extremely careful." He has acted on a number of major recent deals, including Fondiaria SAI's EUR1.1 billion rights offering. 

The Rome-based Filippo Pingue focuses on debt capital markets and is strong in securitisation. He recently worked on the securitisation of personal loans originated by IBL Banca with a value of approximately EUR1.2 billion.

Michael Immordino was hired in July 2011 to spearhead the firm's capital markets practice and has moved quickly to establish the team as an important player. Debt capital markets is his specialisation and he has a particularly strong record in US private placements. His advice is "always high-quality, balanced between technical and commercial considerations," according to clients.

Sources are quick to praise "tremendously smart, extremely careful and thoughtful" partner Ferigo Foscari. He is best known for his equity expertise, and recently played a pivotal role advising the underwriters on Unipol's EUR1.1 billion rights issue.