Europe Italy Capital Markets: Debt

Allen & Overy is a market-leading practice with considerable prowess in debt capital markets and structured finance deals. The law firm has a wide offering in the DCM space, including green and hybrid bonds, retail bonds and issuances under EMTN programmes, with additional expertise in covered bonds. The team's impressive client portfolio of both Italian and international financial entities includes lending institutions. The law firm often acts for arrangers or dealers.

Clifford Chance has a highly reputed full-service capital markets offering encompassing debt, equity and structured finance. The law firm is skilled at handling the full gamut of DCM mandates, including green bonds, sustainability-linked bonds and Yankee bonds. The team is also experienced in all sorts of equity-related mandates, such as capital increases, IPOs and share deals. Clifford Chance has a strong offering in securitisation, particularly in connection with synthetic securitisations and non-performing receivables. The highly respected law firm is able to advise clients on UK, US and Italian law. Its impressive cross-border capabilities enable the team to represent global financial institutions, and its strong internal ties provide notable assistance in tax.

Latham & Watkins' leading DCM practice is predominantly noted for its outstanding experience in high-yield bonds and sustainability-linked bonds. The team also has considerable skill in ECM mandates, including IPOs and the establishment of SPACs. The law firm is widely recognised for its international strength, showing further capabilities in UK and US law and close links to its office in London, as well as US-qualified lawyers based in Milan. The team's clients include financial entities acting as bookrunners or arrangers, as well as issuer corporates.

White & Case is an impressive international firm displaying distinct prowess in equity as well as debt capital market transactions, stretching from IPOs, tender offers and accelerated bookbuild offerings to EMTN programmes and Yankee bonds. The team has a very strong focus on high-yield products. It is also frequently seen advising on structured finance matters, involving mortgage loans, securitisation transactions and restructurings. The law firm boasts outstanding cross-border capabilities, offering additional advice on UK and US law, bolstered by its global network. The team's clients come from a variety of sectors including banking, manufacturing and private equity.

Chiomenti is a widely reputed national outfit with a broad capital markets practice covering equity and debt, as well as structured finance. The team is very well suited to handle NPL portfolio transactions in the context of complex securitisation. The law firm is also skilled at assisting with green, hybrid and covered bonds, EMTN programmes and other DCM mandates as well as IPOs, voluntary tender offers and share capital transactions. Chiomenti offers UK law capabilities thanks to its London office, and clients benefit from the firm's full-service offering, with tax partners frequently seen acting on complex capital markets transactions.

Legance is a strong Italian outfit well equipped to handle DCM, securitisation and equity-related capital markets mandates. The law firm's broad offering includes high-yield transactions, mini-bonds and securitisation of non-performing receivables and EMTN programmes, as well as IPOs, share deals and voluntary tender offers. The team advises a mix of domestic and international banks as well as financial institutions, both issuers and investors.

Linklaters provides a strong and wide-ranging capital markets practice with offerings in ECM, DCM and structured finance. The expert team shows considerable prowess in connection with IPOs, capital increases, accelerated bookbuilding offerings and rights issues, as well as securitisation transactions, NPL deals and covered bond programmes. The law firm also advises on debt mandates such as sustainable bonds and EMTN programmes and is able to assist with different facets of deals, with notable activity representing arrangers. Linklaters' impressive international offering is bolstered by the firm's far-reaching global network.

Studio Legale Cappelli RCCD is a leading Italian boutique showcasing remarkable strength in connection with a wide range of complex structured finance mandates, including synthetic securitisations, covered bond programmes and NPL deals. The law firm also provides advice on hybrid bonds and other debt instruments, and complements its capital markets offering with strong regulatory expertise. The team advises an impressive roster of prominent national and international names from the financial, banking and insurance sectors.

BonelliErede is a strong team well suited to advise on the whole range of capital markets deals, boasting expertise across debt, equity and securitisation matters. The team is also skilled at handling derivatives mandates. The law firm handles a broad range of matters, including sustainability-linked bonds, covered bond programmes and non-convertible bonds, in addition to advice on IPOs and NPL securitisations. The capital markets team often acts in coordination with the firm's corporate and tax departments.

Dentons enters this year's rankings thanks to its highly regarded activity in DCM. The law firm has a broad practice that encompasses green bonds, EMTN programmes, government bonds and other debt instruments. The team advises a mix of national and international banks, as well as state-owned holding companies. It also fields highly regarded lawyers in ECM, particularly IPOs and ordinary share listings.

Gianni & Origoni is a national firm covering the full spectrum of capital market transactions, from equity-related mandates to DCM and structured finance deals. The law firm combines a strong offering in IPOs and share listings with experience in Eurobonds, EMTN programmes, green bonds and other debt instruments. The team is also adept at assisting with the securitisation of various assets including non-performing receivables. Gianni & Origoni's international reach is strengthened by strong associations with independent law firms worldwide. The law firm offers UK law capabilities with dual-qualified lawyers and strong ties to the dedicated office in London.

Orrick is a solid player in the securitisation arena with particular prowess in large NPL-related mandates, acting on behalf of arrangers or originators. The law firm has further strength in DCM matters, including social and green bonds. The experienced team also advises on EMTN and covered bond programmes.