Capital Markets: Italy

THE FIRM This highly esteemed capital markets team is a key player in both debt and securitisation matters. It advises on the complete range of domestic and international debt instruments, such as equity linked bonds, Tier 1 issues and the establishment and maintenance of debt programmes. Clients include UniCredit, Merrill Lynch and JPMorgan. The group is also involved in several high-profile corporate bond issues and is notably active in liability management transactions. On the derivatives side, the team recently advised Credit Suisse, financial adviser to luxury goods firm Bulgari, on the transfer of a majority shareholding in Bulgari to the LVMH group. Clients praise the group's incredible depth of knowledge and ability to deliver excellent results in complex, cross-border deals.

Sources say: "We are extremely pleased with the team's expertise and the level of service received."

KEY INDIVIDUALS As head of the Italian international capital markets group, G Massimiliano Danusso is acclaimed by both clients and competitors as a top-notch practitioner. His expertise extends to debt and securitisation issues with sources describing him as "greatly knowledgeable and experienced. He produces work of an excellent standard." Debt and derivatives expert Paola Leocani invites praise for her "client-oriented approach." She maintains sound working relationships with several industry regulators and is, therefore, always up to date with changes in relevant legislation. Stefano Sennhauser is best known for his work in securitisation and covered bond deals and remains an essential member of the team. UK and Canada-qualified lawyer Craig Byrne represents investment banks and issuers in hybrid capital and liability management transactions. Interviewees regard him as "highly intelligent and business-focused." Cristiano Tommasi continues to build his market reputation and is increasingly experienced in advising local and international investment firms on Italian regulatory issues.

THE FIRM This independent Italian powerhouse remains a firm favourite for capital markets work due to the broad expertise of its staff. The 17-partner team deals with all aspects of capital markets transactions but is particularly strong in equity matters. The group handles everything from IPOs and rights issues to private placements and tender offers. It frequently collaborates with the firm's corporate department in order to provide an integrated service. Amongst its many mandates, the team continues to represent Banca IMI and Merrill Lynch on the IPO of Fideuram. It also counsels a variety of domestic and international clients on securitisation and covered bonds, and is currently advising Citi, Banca delle Marche and Terna on several bond offerings.

Sources say: "A highly competent and well-qualified team."

KEY INDIVIDUALS Carlo Montagna is a prominent member of the capital markets team and is consistently rated as an outstanding practitioner. He is regularly involved in key equity transactions, including recently an IPO on behalf of luxury brand Prada. Securitisation specialist Emanuela Da Rin lends her considerable experience to the department. "She always strives to achieve the best outcome for her clients," states one source. Alberto Saravalle is similarly praised for his client-oriented approach and in-depth knowledge of capital markets practice. He is notably skilled in employee offerings.

THE FIRM One of the leading Italian independents, Chiomenti boasts an exceptional capital markets department, comprising five partners and around 20 associates. It is generally regarded as strongest in equity matters but also offers a robust service in debt and securitisation. It acts on behalf of international banks and financial institutions but also maintains a significant presence in the energy sector. A recent highlight saw the team assist Enel Green Power with the public offering and listing of its shares on the Spanish stock exchange, a transaction worth EUR2.6 billion. On the debt front, the group advises both issuers and arrangers of covered bond programmes and counts big names such as Credem, Banca IMI and Lottomatica Group amongst its clients.

Sources say: "An excellent firm. It is always committed to getting the best results."

KEY INDIVIDUALS Francesco Ago is repeatedly cited as a top name in debt and securitisation practice. He has a huge amount of experience in finance law and leads on several key M&A deals. Sources describe him as "a successful and highly regarded practitioner." Practice head Enrico Giordano is similarly recognised for his expertise and in-depth knowledge of capital markets practice. As one client states: "He examines the bigger picture and doesn't get bogged down by details. He's proactive and quick to suggest solutions." Manfredi Vianini Tolomei is another key figure in the department. He also focuses on equity matters, acting on behalf of Italian and foreign clients.

THE FIRM This team maintains its reputation for excellence in capital markets work. It continues to win new high-profile mandates, in addition to serving a number of long-standing clients, such as Italian automotive giant Fiat. The group is heavily involved in equity transactions but is also active on debt and restructuring matters. It recently advised Jefferies International and Banca IMI as joint bookrunners of a rights offering worth around EUR58 million. It provided both international and Italian counsel on this matter, which illustrates the team's ability to provide a complete multi-jurisdictional service. Indeed, many of the team's clients regard this global reach as a major advantage. With regards to debt matters, the team assisted the Republic of Argentina with an exchange offer relating to defaulted bonds. This multimillion-dollar transaction required close collaboration with the firm's US and German offices. 

Sources say: "The service we received from this well-organised firm was impeccable."

KEY INDIVIDUALS Pietro Fioruzzi continues to impress clients with his extensive knowledge of equity capital markets. Qualified to practise in both Italy and the USA, he advises financial institutions on corporate governance, securities regulation and M&A transactions. "He gets straight to the point and makes the effort to understand his clients' needs," says one interviewee. Claudio Di Falco is also dual-qualified and maintains significant market visibility for his contributions to several major debt and liability management matters. Clients appreciate his down-to-earth attitude and pragmatic approach. He recently advised on a huge financing transaction for major Italian telecoms company WIND.

THE FIRM This firm offers a complete capital markets service, covering debt, equity and securitisation matters with equal skill. The team has access to the firm's extensive global network, which enables it to ably represent clients with complex, multi-jurisdictional needs. It represents a number of high-profile financial institutions such as Intesa Sanpaolo, BNP Paribas and Goldman Sachs. On the equity side, the group is involved in the majority of IPOs currently active on the Italian market, as well as numerous rights issues and convertible bonds. A recent highlight for the firm's securitisation practice involved advising Morgan Stanley in connection with the establishment by Banca Monte dei Paschi di Siena of a EUR10 billion covered bond programme.

Sources say: "An efficient and highly knowledgeable team."

KEY INDIVIDUALS Debt and equity specialist Filippo Emanuele is praised for his detailed knowledge of corporate and financial matters. Qualified to practise in the UK and Italy, clients regard him as a great asset in cross-border cases. Tanja Svetina is a leading name in securitisation. She is particularly active in covered bonds and structured finance transactions. Franco Grilli Cicilioni is a valuable member of the team, noted for his extensive knowledge of high-yield bonds and liability management issues. As head of the corporate practice in Italy, Paolo Sersale makes a significant contribution to the team. He advises key clients on a number of IPOs, in addition to his work in public and private M&A deals. Alberta Figari is another key player in IPOs and rights issues, with clients applauding her technical knowledge and adaptability.

THE FIRM This compact team continues to make its presence felt in the market by advising on significant debt and equity deals. It represents a largely domestic client base across various sectors, including energy and financial services. The group is particularly active in IPOs and capital increase matters, and recently acted on behalf of a large energy investment company in relation to a voluntary public exchange offer.

KEY INDIVIDUALS Anton Carlo Frau is well-regarded by peers for his in-depth knowledge of equity issues. Founding partner Carlo d'Urso contributes a wealth of experience to the team, and remains an active player in the market.

THE FIRM This dedicated team has chosen to develop its expertise in one key area in order to offer a specialised service, and focuses mainly on securitisations. It serves both domestic and international clients and recently advised Fitch Ratings on a number of transactions relating to the securitisation of commercial mortgage loans. Sources regard the firm's solid global network as an invaluable asset which facilitates the team's cross-border work.

KEY INDIVIDUALS Clients praise Corrado Angelelli for being "flexible, well-prepared and commercially aware." He combines his capital markets experience with a detailed knowledge of banking and finance law. As a lead partner in the practice, he assists arrangers and originators with a variety of securitisation deals.

THE FIRM This 20-lawyer team offers a full service in both debt and equity transactions and, in spite of the challenging economic climate, has maintained its market visibility. It is mostly active in the real estate and financial services sectors, advising on a wide variety of matters, including capital increases and private placements. Clients include major domestic companies, which often require capital markets advice in multiple jurisdictions. The firm has made several new hires in order to accommodate the more complex needs of such clients and improve its global reach.

Sources say: "The firm has equally strong teams in both its Milan and Rome offices."

KEY INDIVIDUALS Fabio Ilacqua is described as "detail-oriented, focused and available." He advises issuers, banks and private equity funds on corporate bonds, IPOs and rights issues. Clients appreciate his depth of knowledge and find him pleasant to work with. Marco Zaccagnini heads the debt team and recent highlights include assisting Nomura International with its public offer into Italy through Banca Mediolanum. Recently arrived from Clifford Chance, Richard Hamilton is dual-qualified in Italy and the UK. He has a broad practice, counselling both issuers and underwriters on IPOs, bond issues and tender offers. Giuseppe Schiavello recently joined the firm from CDP Studio Legale and is singled out as an expert on structured real estate transactions. Clients regard him as "technically adept with sharp negotiation skills. He's always well prepared and responsive."

THE FIRM This acclaimed Italian independent has a distinctly international outlook, attracting many household name clients such as Pirelli, Telecom Italia and Goldman Sachs. The team's strengths lie in equity work but it also maintains a significant presence in the debt market, with a particular emphasis on bonds. It has developed a solid working relationship with CONSOB, the Italian commission for stock exchange regulation, and has also been engaged by Borsa Italiana to advise on trading regulation reforms. In order to combat a challenging economic climate, the team often collaborates with the firm's dispute resolution department with a view to offering clients a multidisciplinary approach. 

Sources say: "This talented team offers a high level of service and great value for money."

KEY INDIVIDUALS Peers regard Antonio Segni as an undisputed leader in the equity capital markets field. Lauded as "precise, trustworthy and highly competent," he continues to be a formidable market presence. Federico Vermicelli is also noted for his considerable contribution to the team. He specialises in IPOs, rights offerings and securitisations.

THE FIRM The capital markets team of this international firm maintains a significant market share in both debt and equity transactions. It has considerable cross-border capacity and can offer detailed advice in multiple jurisdictions. The group continues to represent high-profile clients such as Intesa Sanpaolo, BNP Paribas and Citi in a variety of complex transactions. In addition to its work in the financial services sector, the team is also notably active in a broad range of industries, including retail, healthcare, telecommunications and energy.

Sources say: "I've worked with other teams, but Latham & Watkins remains my first choice for capital markets work in Italy."

KEY INDIVIDUALS Jeffrey Lawlis continues to build his reputation as a talented practitioner with notable experience in public and private cross-border deals. As one client acclaims: "He really knows his stuff and is a pleasure to work with." Antonio Coletti receives similar praise for his knowledge of IPOs, secondary offerings and rights issues. Clients appreciate his non-confrontational approach and capacity for delivering results.

THE FIRM This firm continues to win new mandates from several high-profile domestic clients and is particularly strong in equity transactions. It recently advised Fiat Industrial following its demerger with Fiat. On the debt side, the group assisted Enel in its capacity as issuer and guarantor in relation to notes issued by Enel Finance International in a transaction worth EUR25 billion. The team is not as active in the securitisation market, but is notably present in a number of restructurings. Clients appreciate the firm for its business-focused approach and its experience in a number of sectors including energy, real estate, transport and insurance.

Sources say: "Legance is a high-quality firm capable of handling complex capital markets transactions."

KEY INDIVIDUALS Andrea Giannelli is lauded for his considerable skill in debt matters. His broader experience also covers banking law, derivatives and structured finance. He also lectures on capital markets and financial law at Milan's Bocconi university. Giorgio Vanzanelli is another well-regarded member of the team and specialises in equity deals and financial service regulations. Interviewees rate him highly for his efficiency and technical knowledge. Bruno Bartocci is renowned for his M&A experience, advising domestic and international investment banks on IPOs, equity offerings and joint venture transactions.

THE FIRM This 21-lawyer team retains its prominent market position due to a strong global network and steady stream of top-flight clients. It provides a fully integrated Italian, US and UK capability, as several of its practitioners are qualified in multiple jurisdictions. Sources attest that the group is most active in equity and securitisation matters, although it does also handle some debt work. In a recent highlight, the team assisted with the Andromeda project bond, the first of its kind in Italy, worth around EUR200 million. This was a hugely innovative deal requiring the collaboration of Linklaters offices across Europe. The group also advised Merrill Lynch and Citi as joint bookrunners of a convertible bond issued by Hera.

Sources say: "An excellent team that supports its clients all the way through a transaction. We were extremely impressed with the level of service offered."

KEY INDIVIDUALS Dario Longo attracts tremendous client feedback: "He provides deep analysis of every aspect of a transaction. His high level of knowledge is reassuring and inspires confidence." His practice covers structured finance transactions, project matters and covered bonds, in addition to consumer loan securitisations. Claudia Parzani specialises in capital increases, IPOs, secondary offerings, convertible bonds and private placements. Teresa Triglia is another noteworthy member of the team. Also US-qualified, she has advised on a number of major securitisation deals.

THE FIRM As a medium-sized Italian independent, this firm maintains a significant presence in the capital markets arena. The team caters to a majority of domestic clients and is largely focused on securitisation and debt restructuring deals. It has also built up specific expertise in certain sectors such as financial services, telecommunications and public utilities.

Sources say: "We choose this firm time and again due to the superb service we receive. It offers in-depth knowledge of Italian law in addition to great value for money."

KEY INDIVIDUALS Claudio Visco is the main contact here. 

THE FIRM This team combines industry-specific knowledge with a keen technical legal ability. It is, therefore, able to provide a business-oriented service to clients in a variety of sectors, including transport and energy. The group is traditionally known for its equity work, but has recently increased its activities in debt and securitisations, despite challenging market conditions. It has developed a sound working relationship with ratings agency DBRS and is increasingly present on structured finance deals. Clients regard the firm's global network as a terrific asset, as it enables them to conduct cross-border transactions without the need to hire extra counsel.

KEY INDIVIDUALS Paolo Daviddi leads the department and is well-regarded for his expertise in equity matters. He also has considerable experience in domestic and international M&A transactions, IPOs and securities offerings. Umberto Mauro is another valued member of the team. He is most notably active in securitisation and has contributed significantly to increasing the firm's visibility in this area.

THE FIRM As a leader in securitisations, this team continues to be involved in some of the most high-profile deals on the market. It boasts an impressive roster of international and domestic clients, assisting a number of banks and financial institutions. In a recent highlight, the team advised the Italian branch of ING Direct on the securitisation of certain mortgage loans. It also continues to advise Banca Akros on receivables and other matters. In addition, the group benefits from a strong European network and often collaborates with the firm's London office.

Sources say: "The team is dedicated, hard-working and takes the time to understand our business."

KEY INDIVIDUALS Managing partner Patrizio Messina heads the team out of Rome. He is described as "a top-notch negotiator who always respects deadlines and builds solid relationships with his clients." His practice covers general banking law, as well as leveraged and structured finance transactions.

THE FIRM This group continues to go from strength to strength and has attracted a number of new mandates despite the economic downturn. The team has expanded to accommodate this increased market share and contains professionals experienced in debt, equity and regulatory work, although securitisation remains the team's strongest suit. It represents Intesa Sanpaolo in a number of transactions relating to the restructuring of existing securitisations. Other high-profile clients include Deutsche Bank, UBS and Morgan Stanley Real Estate Fund.

KEY INDIVIDUALS Described as "a real star in securitisation," Alberto Del Din remains a standout figure in the capital markets arena. Clients and peers rate him highly for his extensive knowledge and long-standing experience.

THE FIRM This boutique firm continues to attract a variety of domestic and foreign clients as it increases its presence in the debt and securitisation markets. It is notably active in corporate bonds, rights issues and liability management, and counts international financial institutions, as well as regional banks, amongst its clientele. It recently advised Mediobanca on the restructuring of corporate bonds. Other clients include Banca Monte dei Paschi di Siena, Natixis and UBS. The group has continued to expand lately and now includes several dual-qualified professionals who are able to serve clients on multi-jurisdictional requirements.

Sources say: "This small firm houses some great young professionals. It provides both quality and value-for-money."

KEY INDIVIDUALS Lauded as "experienced and reliable," Paolo Calderaro maintains his reputation as a top-notch capital markets practitioner. He specialises in securitisation and debt transactions and leads on a number of the team's most prominent deals. Michele Crisostomo is equally praised for his wealth of experience combined with his "excellent technical skill." 

THE FIRM This four-partner team remains a dominant player on the Italian capital markets scene, with notable strength in equity transactions. As part of an international firm, it contains several US-qualified professionals, who contribute to the team's considerable global reach. In a recent highlight, the group acted as international counsel to a consortium of banks in connection with the IPO by Italian energy giant Enel. The transaction, worth around EUR2.3 billion, is one of the largest European IPOs of the past few years. The team is also particularly active in capital increases and rights offerings.

Sources say: "A high-quality team with in-depth knowledge of capital markets."

KEY INDIVIDUALS US-qualified Michael Bosco is described as "an excellent lawyer with a clear grasp of commercial matters." As founder of the firm's Rome office, he has extensive experience of the Italian market. His practice encompasses a broad range of matters including IPOs, privatisations and high-yield lease financings. Managing partner Domenico Fanuele is also esteemed for his detailed knowledge of both US and Italian law. In addition to capital markets work he is greatly experienced in public and private M&A transactions and strategic joint ventures.

Since publication, Michael Bosco has joined DLA Piper (UK LLP)

THE FIRM This team has grown in recent times with several new hires boosting both its debt and securitisation practices. It continues to advise Banca Monte dei Paschi di Siena on several ongoing matters. It also assists a number of local and international financial institutions in relation to derivatives and covered bonds.

Sources say: "This efficient team provides deep analysis of all the relevant issues."

KEY INDIVIDUALS Filippo Pingue is commended as "an efficient and insightful practitioner." Clients respond to his straightforward approach and appreciate his ability to establish solid working relationships with the main regulatory bodies. UK-qualified Michael Dodson also attracts praise for his client-oriented approach.