Debt Capital Markets

Coming up with innovative solutions and structuring debt instruments is all in a day’s work for our Debt Capital Markets Focus Team.

The team understands the ins and outs of market logics, thanks to the many years of working alongside authorities, issuers and investment banks to implement various types of financial structures subject to national and foreign law.

Key areas of expertise:

  • Bonds: the team deals with a wide variety of bonds – and bond programmes with the broadest range of assets – such as covered bonds, bond loans, medium-term notes, eurobonds, domestic bonds, high-yield bonds, hybrid bonds and project bonds.
  • Derivatives: arrangers and originators request advice on transactions involving a wide variety of derivatives, such as interest rate and foreign exchange products, equity derivatives, credit derivatives and commodity derivatives – ranging from plain vanilla to the most complex structured transactions.The firm is an ISDA member and has been working closely with the ISDA for years. In fact, the team handles not only ISDA documentation and documented derivative contracts (governed by Italian law) but also matters concerning other types of documentation, such as the European Master Agreement.
  • EMTN programmes and standalone bonds: assessment of all aspects of the issuance of domestic bonds and EMTNs and preparation of all the documentation required. The team also assists clients establish EMTN programmes and implement private placement bonds.
  • Securitisation: arrangers, originators and trustees request advice on transactions involving a wide variety of asset classes and structures.
  • Structured finance: expertise in handling transactions that incorporate traditional derivatives and structured finance structures in bespoke and complex ways relevant to today’s market and regulatory environment – such as CLOs, commodity structures, equity financings and illiquid asset financings.The team handles also the implementation of EU execution platforms and trading requirements, covering EMIR, Dodd-Frank and MiFID.
  • Sustainability: thanks to a thorough understanding of the key aspects of sustainable bonds (green, social, sustainability and sustainability-linked bonds), the team is primely placed to help clients invest in the future.

Here’s what sets the team apart:

  • Multidisciplinary team with unparalleled experience in all areas involved in debt capital markets transactions.
  • Long-standing relationships with the supervisory authority of Italy’s financial markets (CONSOB) and the Italian stock exchange (Borsa Italiana).
  • Managerial and business-oriented approach – efficient handling of transactions that require process management and detailed assessment of each and every legal issue.
  • Extensive international experience – the team advises on transactions in the key European and global markets in collaboration with our international network of law firms renowned in their own jurisdictions.



ESG Insights | Between ethical finance and Italy’s mortgage crisis: exploring the potential of social value securitisations - 11 January 2024

The ESG market has seen exponential growth at EU and national level. While most investment capital and regulatory initiatives have so far focused on environmental matters, social and governance aspects are now starting to join the central stage as a necessary means to achieve large-scale goals. …

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ESG Insights | Sustainable securitisations: tapping into the ‘old’ to catch the wave of new opportunities - 25 May 2022

Financing that takes into account environmental, social and governance (“ESG”) factors has been gaining prominence for several years now, so much so that ESG assets are expected to represent a third of global assets under management by 2025. Indeed, investors are increasingly seeking produc …

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The High Court of Justice of England and Wales hands down a landmark judgment on derivative contracts entered into by an Italian local authority - 22 October 2021

On the heels of the Italian Supreme Court’s well-known Cattolica decision of May 2020, a new chapter has been written in the long-running legal debate over certain derivative contracts entered into by a small local authority in Italy. This time, the High Court of Justice of England and Wal …

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More certainty with non-possessory pledges over movable assets - 23 August 2021

Decree No. 114 of 25 May 2021 of the Ministry of Economy and Finance, which establishes a register for Italian non-possessory pledges, has finally been published in the Italian Official Gazette. Non-possessory pledges widen the possibility for entrepreneurs registered in the competent compan …

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BonelliErede appoints new board and makes up seven partners

At BonelliErede’s partners’ meeting on Saturday, 16 December, the partnership appointed the firm’s new board and made up seven new partners. As announced in October, close to the expiry of the current board’s mandate, a new board was appointed whose members are: Riccardo Bordi, Eman …

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BonelliErede announces upcoming leadership changes

At the partners’ meeting, Massimiliano Danusso was elected as Chairman and Eliana Catalano as Managing Partner of the firm. They will take office on 1 January when the current board’s mandate ends. The other members of the new board will be elected at the December partners’ meeting. As an …

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BonelliErede renews its board and executive leadership and makes up four new partners

At BonelliErede’s partners’ meeting on Friday, 28 May, the partnership was called on to renew the board and executive roles of the firm – leader in Italy for legal and tax services. Board members Andrea Carta Mantiglia, Stefano Nanni Costa and Stefano Simontacchi are now joined by Giulia …

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