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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.