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Clifford Chance

Clifford Chance

People & Places

Italy Capital Markets


Our team successfully reflects the international and domestic dimensions and expertise of our firm, including a mix of Italian and English mother-tongue lawyers who cover both Italian and international issues and who, together with a leading in-house tax practice, constantly develops cutting-edge structures and innovative techniques for the most complex transactions in the Italian capital markets scenario.

We are leaders in the Italian ECM space, in which we have played a key role since the opening of our operations more than 20 years ago. Our team has always been at the forefront of the equity market, being active on all aspects of equity transactions and continuously involved in many headline deals in the Italian market. Our practice is the only one in Italy to cover the whole range of equity capital market products: IPOs, Privatisations, Rights issues, Exchangeable and convertible bonds and Block trades.

In terms of DCM and Securitisation work, we are at the forefront of the Italian market, standing out for the quality of advice we provide on the most complex mandates. We are always involved in the most innovative and important transactions, often acting on ground-breaking deals (e.g. regulatory capital, liability management, covered bonds, top securitisation transactions, etc.).

Our practice covers the whole range of DCM products including:

  • Stand-alone bonds (institutional and retail)
  • EMTN programmes and draw-downs (institutional and retail)
  • Covered bonds
  • Regulatory capital issues (hybrid bonds) for banks and insurance companies
  • Exchangeable and convertible bonds
  • Liability management (including intermediated tender offers)
  • Retail structured products (e.g. certificates and covered warrants)
  • Italian Government bonds and draw-downs
  • Derivatives
  • Securitisation