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Clifford Chance
David Neu

David Neu

Partner

Partner
David Neu

David is a partner in our Debt Finance practice, with almost two decades of experience in advising on complex, bespoke international financing transactions. He works closely with leading banks, funds, insurers and corporates, helping them structure and execute financings across Europe and emerging markets, with a strong focus on the DACH region and Italy.

His practice spans acquisition and leveraged finance, real estate finance and margin loans, as well as trade and export financings. Clients regularly turn to him for transactions that sit at the more complex or sensitive end of the spectrum.

David has a particular focus on special situations and distressed financings, and has advised on situations across a number of European jurisdictions and the Middle East, including the enforcement of security, civil and criminal litigation. He is used to navigating high pressure scenarios where technical precision, commercial judgment and cross-border coordination are critical.

He advises on a broad range of derivatives, including interest rate, FX and inflation hedging for debt financings, as well as equity derivatives and synthetic credit risk transfer transactions.

Before joining Clifford Chance's Munich office in 2021, David worked six years in the firm’s London Derivatives team and nine years in its Milan Finance team, giving him a genuinely international perspective on the legal and commercial aspects of complex financings.

David is qualified in England & Wales and Italy, and works fluently in English, German, Italian and Spanish.

Acquisition finance, corporate and sovereign loans

  • Advised Goldman Sachs as mandated lead arranger, underwriter and bookrunner on the €1.8 billion financing of Amplifon's acquisition of GN Hearing from GN Store Nord A/S
  • Advised Commerzbank and UBS on the financing of Cicor Technologies Ltd’s attempted acquisition of FTSE 250-listed company TT Electronics Plc, by way of a UK court-sanctioned scheme of arrangement
  • Advised BNP Paribas, Intesa Sanpaolo and UniCredit on the €1.8 billion cash facility for the buy-out of the minority shareholders of Italian prime supermarket chain Esselunga
  • Advised Ardian and its portfolio business Dedalus on the €270 million term and revolving facilities financing the acquisition of DXC's healthcare software business
  • Advised Banco Santander, Citi and a syndicate of 20 international bank lenders on $3 billion multi-currency revolving facilities for the Syngenta group
  • Advised UniCredit and Zagrebačka Banka on the €550 million refinancing of Fortenova, the largest vertically integrated retailer in Southeast Europe
  • Advised the lender, an ECA and a CIRR-provider on an ECA-covered financing for a Latin American sovereign, financing the acquisition of aircraft from a European aerospace company
  • Advised the lenders, an ECA and a CIRR-provider on a €500 million ECA-covered financing for an African sovereign, financing the acquisition of aircraft from a European aerospace company
  • Advised a major European bank on an ECA-covered “bank-to-bank” buyer credit financing for a borrower in Ecuador
  • Advised Standard Chartered, ING, BNP Paribas, Credit Europe Bank and HSBC on a €300 million MIGA-covered bank-to-bank financing for Türk Eximbank
  • Advised the mandated lead arrangers on a €2 billion syndicated (un-fronted) counter-guarantee facility in support of delivery obligations of a European aerospace company
  • Advised the mandated lead arrangers on a €1 billion syndicated (fronted) ECA-participated syndicated guarantee facility in support of delivery obligations of a European shipyard
  • Advised the mandated lead arrangers on a syndicated (fronted) multi-product, multi-project and multi-currency guarantee facility for Ansaldo Energia
  • Advised the mandated lead arrangers on a €1 billion syndicated (fronted) guarantee facility in support of delivery obligations of a European aerospace contractor
  • Advised a major European bank on an ECA-covered buyer credit financing of a gas-chemical plant in Uzbekistan

 

Real estate finance

  • Advised the senior lenders on the financing of four Italian logistics portfolios for one of the world’s leading real estate investment funds and its subsequent CMBS take-out
  • Advised various senior lenders on numerous pan-European logistics portfolio financings for one of the world’s leading real estate investment funds
  • Advised a German bank on a bridge to disposal financing for a shopping mall in Milan
  • Advised a German real estate start-up business on a mezzanine financing structured as English registered notes to be issued to a US credit fund
  • Advised an international real estate investor on the acquisition financing for an iconic office complex in Berlin
  • Advised a German bank on the refinancing of a shopping centre in the outskirts of Milan
  • Advised a leading international bank on the financing of the acquisition of an office portfolio in Italy by a leading global real estate investor through a so-called “SPV130-lending structure”
  • Advised a leading US investment bank on a financing for a UK REIT to acquire two mixed-use properties in Birmingham and Leeds
  • Advised a leading international bank on the financing of the acquisition of a logistics portfolio in Italy by a leading global real estate investor and its subsequent securitisation take-out
  • Advised a leading European bank on several financings for a European family office, secured by office, restaurant and residential properties in Central London
  • Advised a European private bank on a financing for a UHNWI secured by a villa on Lake Como and a portfolio of listed debt and equity securities

 

Special situations

  • Advised a leading US hedge fund on a post-COVID rescue financing for a pan-European leisure group, several add-on acquisitions and, finally, its distressed sale
  • Advised three leading German industrials on the rescue of a common parts supplier in the IT/Tech sector through €700 million of new equity injections and the restructuring of €500 million of bank debt
  • Advised a leading US hedge fund on the restructuring of a €300 million private placement by an Italian portfolio company in financial distress
  • Advised DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) on a liability management exercise for leading Ukrainian agricultural company NIBULON to support growth and recovery during the Ukraine War
  • Advised Banco Santander, BNP Paribas, Commerzbank, Crédit Agricole CIB, HSBC, Intesa Sanpaolo, Société Générale and UniCredit on the up to €900 million syndicated multi-project, multi-currency guarantee facility for Italian engineering company Ansaldo Energia
  • Advised the lenders on the liability management exercise of an Italian fashion group
  • Advised the lenders on €400 million liability management exercise of an Italian consumer goods company
  • Advised a Middle Eastern conglomerate on the financial restructuring of €2 billion margin loan facilities
  • Advised a European investment bank on the enforcement of financial collateral arrangements securing several margin loan facilities and connected Italian criminal proceedings
  • Advised Citibank as creditor and defendant in the Parmalat insolvency
  • Advised the super senior hedge counterparties on the restructuring of a UK CMBS

 

Credit trades

  • Advised UniCredit on a €1 billion synthetic risk transfer with the European Investment Bank
  • Advised Suedtiroler Volksbank on the synthetic securitisation of a €700 million portfolio of SME loans
  • Advised Barclays on term facilities financing the acquisition of a €1.397 billion NPL portfolio from 53 BCC cooperative and rural banks by vehicles controlled by Värde Partners
  • Advised a leading car leasing and financing business on a synthetic securitisation with three leading insurance companies structured as first loss and mezzanine insurance policies
  • Advised a leading car leasing and financing  business on three synthetic securitisations structured as credit-linked notes
  • Advised a development financial institution as investor on synthetic securitisations in numerous emerging markets jurisdictions

News and client work

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Contact details

Career & qualifications

  • Università Commerciale Luigi Bocconi, Milan (Laurea in giurisprudenza), 2004
  • Joined Clifford Chance as praticante avvocato in Milan, 2004
  • Admitted as Avvocato in Milan, 2009 (with subsequent registration as a European lawyer in Germany 2022)
  • The College of Law of England and Wales (LLB), 2009
  • Re-joined Clifford Chance as trainee solicitor in London, 2009
  • Admitted as solicitor in England & Wales, 2011
  • Senior Associate 2014
  • Moved back to Clifford Chance in Milan, 2015
  • Counsel, 2021
  • Moved to Clifford Chance in Munich, 2021
  • Partner since 2024

Professional bodies

  • Law Society of England & Wales, 2011
  • Ordine degli Avvocati di Milano, 2009

Awards and citations

  • "Senior associate David Neu possessed deep knowledge about the legal aspects surrounding the deal, as well as business and commercial matters. I felt that I had a real adviser and not just a lawyer."
    "Senior associate David Neu has a practical, solutions-led approach to resolving issues, which includes taking responsibility for delivering it."
    The Legal 500 Italy 2021
  • "Rising Star"
    The Legal 500 Italy
  • "Next Generation Lawyer"
    The Legal 500 Italy 2020 and 2021 - "Banking & Finance: Lender or Arranger Side"