Cappelli Riolo Calderaro Crisostomo Del Din & Partners‘s DCM team acts for major Italian and foreign banks and financial institutions on a range of deals, including senior debt matters, subordinated instruments, liability management work and derivatives. Other key areas include securitisation transactions and covered bond programmes. The group’s principal advisers are structured finance specialists Paolo Calderaro and Alberto Del Din, along with banking, insurance and financial regulation expert, Michele Crisostomo. Other names to note are Federico Morelli, who focuses on debt securities offers and listings, and securitised derivatives, and associate Martina Baldi. Fabio Zambito was promoted to partner in June 2023.

Delivering ‘dedicated solutions alongside extremely high-level advice', A&O Shearman has an enviable market reputation for Italian DCM and securitisation work. The team is jointly headed by recently-appointed partner Pietro Bellone; Craig Byrne, an expert in hybrid capital instruments, liability management transactions, bond issues and debt programmes; renowned securitisation specialist Stefano Sennhauser; and Cristiano Tommasi, who brings over 20 years of experience in the capital markets arena. The group also features senior counsel Lisa Curran, along with counsels Emiliano La Sala and Alessandra Pala. Senior associates Sarah Capella and Luca Di Lorenzi are other names to note.

Clifford Chance's Italian, English and US-qualified lawyers consistently advise on standalone bonds, EMTN programmes and covered bonds. Other specialist areas range from corporate hybrid bonds and liability management transactions to covered warrants, Italian Government bonds, securitisation and exchangeable and convertible bonds. Corporate finance expert Filippo Emanuele jointly leads the firm's global finance and capital markets practice; Gioacchino Foti is a highly-regarded hybrid bond expert; and Tanja Svetina heads the structured finance team in Italy. Laura Scaglioni also brings expertise to DCM matters. Key support is provided by senior associates Jonathan Astbury, Francesco Napoli, Alberto Maero and Alice Reali.

Latham & Watkins LLP's Italian offices feature both Italian and US law specialists. The practice is jointly led by public and private cross-border deal expert Jeff Lawlis, who is well-known for his advice on high-yield bond and loan products; Paolo Bernasconi, who regularly acts for major corporate clients, investment banks and private equity sponsors on capital markets transactions, particularly issuances of high-yield debt securities; and Antonio Coletti, who acts on a broad range of securities deals. Another name to note is counsel Giorgio Ignazzi, who focuses on international capital markets transactions and securities regulation.

The US, English and Italian capital markets practitioners at White & Case (Europe) LLP cover EMTN and GMTN programmes, Eurobonds and Euro and private placements, along with high-yield and Yankee bonds, and green, social and sustainable bonds. The practice also brings expertise to matters involving hybrid securities, project bonds, liability management deals and structured products. The department is co-led by securitisation specialists Giuseppe Barra Caracciolo and Gianluca Fanti, along with capital markets experts Ferigo Foscari, Michael Immordino, Tommaso Tosi, Francesco Scebba and Evgeny Scirtò Ostrovskiy. Also of note are Pietro Magnaghi and Alessandro Picchi, who were promoted to partner in January 2024.

BonelliErede's DCM team comprises experts in corporate debt instruments, medium-term notes, standalone eurobonds, domestic bonds, high-yield bonds and hybrid bonds. It also assists arrangers and originators with securitisation transactions, and acts for Italian banking groups to establish covered bond programmes. Massimiliano Danusso, a capital markets expert, heads the practice from London, and is supported by Emanuela Da Rin, who focuses on project bonds, bond issues and the securitisation of public administrations’ loans, and by structured finance specialist Antonio La Porta. Francesca Marchetti is another key team member to note.

Harnessing the bench strength of ‘a very strong team with outstanding professionals‘, Chiomenti remains a go-to for structured finance work, including securitisation transactions. The practice also handles EMTN notes, standalone issuances, minibonds, hybrid instruments, high-yield bonds, and covered, ESG, project and catastrophe bonds. The team is headed by Gianrico Giannesi, who brings experience in securitisation deals and bond loans; and Benedetto La Russa, a specialist in securitisation work, and hybrid, high-yield, equity-linked and exchangeable notes. Managing partner Gregorio Consoli brings expertise to matters involving financial entities and the regulated sector. Counsels Anna Maria Perillo and Ludovica Cipolla are other names to note.

Gianni & Origoni brings strength to advising underwriters and issuers on the issue of bonds and other debt instruments. The team also assists clients with the structuring, restructuring and unwinding of securitisation and structured finance transactions. Richard Hamilton advises issuers, banks and private equity funds on securities offerings, including MTN programmes and bond issues. Other key figures include Giuseppe De Simone, who counsels on structured finance and NPL deals; and structured finance and securitisation expert Domenico Gentile. Hired in September 2023 from Chiomenti, Alessio Palumbo is experienced in transfers of receivables and securitisation transactions.

The Italy DCM practice at Hogan Lovells International LLP advises on structured notes, covered warrants, exchange traded instruments, Eurobonds and fund-linked securities. Other key areas range from mini bonds and commercial papers to convertible bonds, hybrid instruments and high-yield bonds. In a significant boost to the practice, Patrizio Messina, Annalisa Dentoni-Litta, Madeleine Horrocks, Alessandro Accrocca and Sabrina Setini, along with Salvatore Graziadei, Daniela Pietrini and Andrea Cicia, joined the group in February 2024 from Orrick, Herrington & Sutcliffe. Since publication, Federico Del Monte, Corrado Fiscale, Pietro Castoldi and Diego Del Principe left the firm.

The team at Legance - Avvocati Associati acts for banks and financial institutions, corporations and public-sector entities on bond issues, and securitisations of performing and non-performing receivables in a range of asset classes. The team also advises on covered bonds, debt restructurings, derivatives and securities-related lending. The banking and finance and DCM departments are headed by Andrea Giannelli, who utilises structured finance expertise alongside Vittorio Pozzi. Antonio Siciliano's wide-ranging practice extends to bond issues and securitisations. Other key figures include Antonio Matino, Roberto Mazzarano, senior associates Giovanni Nervo, Alice Giuliano, counsel Matteo Pierotti and managing associate Silvia Cecchini.

Linklaters Studio Legale Associato draws on the bench strength of its Italian, UK and US practitioners, who act for both corporate issuers and underwriting banks on debt matters. It also advises on securitisation and structured finance deals. Highlights include assisting UniCredit with updating its €35bn covered bond programme. Dario Longo leads the structured finance and financial regulatory practices. Other key figures include Ugo Orsini, who brings expertise to debt deals, counsel Linda Taylor, an expert in  international capital markets. In May 2023, Lorenzo Dal Canto, whose workload includes covered bonds, residential mortgage securitisations, receivables and project bonds, was promoted to counsel.

In January 2024, Pedersoli Studio Legale and Gattai, Minoli, Partners merged to become PedersoliGattai, which draws on the bench strength of its team, in a range of CMD transactions, including high-yield bonds and private placements (both in Italy and other European markets). The key figures within the practice are DCM specialist Gaetano Carrello, and Emanuela Campari Bernacchi and Valentina Lattanzi, who specialise in structured finance. Mattia Valdinoci's workload covers cross-border securitisation transactions, along with bond issuances.

The English and Italian DCM team at international law firm Simmons & Simmons routinely acts for underwriters and issuers (including sovereign, supranational, corporate and financial institutions) on a broad array of matters. Heading the DCM group in Milan, Paola Leocani brings longstanding experience in advising Italian and international clients on securities transactions and regulatory matters. Leocani is particularly focused on debuts, as well as first-in-kind transactions. Simone Lucatello and Tommaso Canepa co-head the structured finance group in Italy, while experienced adviser and managing associate Baldassarre Battista focuses on debt instrument offerings and listings.

Ashurst's Italian capital markets practice is experienced in corporate and project bond issuances. The team also advises on securitisation transactions. The structured finance group is headed by Annalisa Santini, whose practice includes bond issuances and trade receivable transactions; renewable energy project bond specialist Carloandrea Meacci; and Mario Lisanti, who leads the firm’s Italian banking team. The department further includes Umberto Antonelli, who advises on capital markets-related project financing.

Dentons' Italy team covers standalone bond issuances, EMTN programmes, retail offers, purchase and exchange offers involving debt securities, commercial papers, structured products, and green, social and sustainable bonds. The group also advises on structured finance. The firm's DCM practice is headed by Piergiorgio Leofreddi. Gianpaolo Garofalo leads the structured finance group. Annalisa Feliciani brings expertise in Italian law-issued commercial papers, debt issuances and ESG-related topics. Senior associate Bianca Chiara Sinisi is another key contact.

DLA Piper's Italy team advises across a range of debt and structured finance scenarios. Its comprehensive offering covers bank and corporate bond issuances, securitisation and covered bonds. Luciano Morello draws on extensive experience in capital markets, corporate finance and structured finance transactions. Senior associate Martina Antoniutti and associate Gilemma Nugnes bring strength to DCM and structured finance work. Associate Erik Negretto is another key contact.

Greenberg Traurig Santa Maria's team regularly advises on high-stakes capital markets matters, particularly securitisations. The department is headed by finance practice leader Corrado Angelli, who brings extensive experience in debt products, including NPL-related securitisations; and Alessio Gerhart Ruvolo, whose workload extends to structured finance. Other key figures include senior associates Davide Bonsi (who handles a broad range of securitisations involving different asset classes) and real estate finance specialist Antonio Enrico Izzi.

Jones Day's capital markets team in Italy stands out for its substantial pan-European securitisation practice. Clients additionally benefit from the firm’s enviable global network. Group head Vinicio Trombetti is an expert in securitisation work and covered bonds; and Francesco Squerzoni acts for originators, arrangers and investors on structured finance transactions. Giuseppina Pagano, who was promoted to partner in January 2024, advises on securitisation deals, while associate Fabio Maria Guidi is another key DCM lawyer.