Leading role in first of its kind Sovereign liability management exercise

02 Jun 2017

International law firm Simmons & Simmons has advised on the Republic of Italy’s buy-back for the record amount of EUR 4.2bn of its EUR 22.418bn BTP Italia issuance, the largest sovereign bond in Europe to date.

Concurrently to the buy-back, the Republic of Italy placed, through a syndicate, an additional five tranches of BTP and CCTeu in the aggregate amount of EUR 4.2bn.

Banca IMI S.p.A. and UniCredit S.p.A. acted as Dealer Managers and Joint Lead Managers in relation to both the buy-back and the syndicated placement.

This represents a complex transaction and a first-of-its-kind for a sovereign bond.

The Simmons & Simmons team assisting Banca IMI and Unicredit in the structuring of the deal as well as on the related documentation was led by partner Paola Leocani assisted by associate Pietro Magnaghi while partner Charles Hawes and associate Daniel Maalo acted for the US law aspects.

Paola Leocani, partner from Simmons & Simmons’ Milan office, commented: "We are very pleased to have acted on this important deal for the country. This is a further confirmation that our clients very much appreciate our broad DCM offering and capabilities, especially on complex and sophisticated mandates.”

Paola Leocani and Pietro Magnaghi also assisted on the Jumbo issuance of the BTP Italia that has now been bought back.

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