IFLR 1000 - 2015
Financial and corporate
RCC is best known for its capital markets advice but also advises on banking and restructuring advice.
An insurance sector client who the team advised on capital markets matters says: “RCC’s assistance was proactive and of the highest quality. In particular Michele Crisostomo's knowledge of the business and legal issues which an insurance player has to face in debt capital market transactions is unrivalled.”
Staffing changes include the addition of finance lawyers Gianvittorio Giroletti Angeli from Pedersoli, Federico Morelli from White & Case and Norman Pepe from Paul Hastings. In the restructuring area Gennaro Arcucci joined from Freshfields Bruckhaus Deringer.
In the capital markets, highlights on the debt side include Michele Crisostomo’s work for Intesa Sanpaolo Vita on an issue of notes on the Luxembourg Stock Exchange. Crisostomo also acted for Generali Finance and Assicurazioni Generali on the tender offer made for three series of notes. Crisostomo also acted for UnipolSai Assicurazioni in relation to the establishment of an EMTN programme. On the equity side Guido Masini advised Fincantieri on its IPO.
In the structured finance and securitisation area Paolo Calderaro acted for UniCredit in relation to the securitisation of a loan portfolio. Calderaro also advised Intesa Sanpaolo on a synthetic securitisation of SME loans. Elsewhere Crisostomo acted for Banca Popolare di Bari on a synthetic securitisation of SME loans by Regione Puglia. Another highlight saw Marcello Maienza act for Banca Nazionale del Lavoro as arranger and issuer of a covered bond programme.
In the restructuring area, Calderaro advised BNL-Banca Nazionale del Lavoro on the winding up of Progetto. Calderaro also acted for the bank on the restructuring plan of a Milanese building company. The team also acted on a number of out of court debt restructuring matters.
IFLR 1000 - 2014The firm is essentially a boutique focusing on banking, capital markets, corporate and litigation matters and it has made the greatest gains so far in the areas of focus of its key partners, which included structured finance, securitisation and banking and finance.
Financial and corporateRiolo Calderaro Crisostomo & Associati is best known for its capital markets work and it is here that it continues to accrue its highest rankings.
Banking and financeThe main change in the banking and finance team in the past year saw Federico Morelli join the team from White & Case. Though most of the firm’s work is confidential it can be said that it has picked up new money bank lending and project financing mandates and restructuring mandates. The wider finance team was praised for its innovation: “The law firm has provided the bank with a very innovative solution which from now on can be a potential future “standard scheme” to deal with such a crisis. The law firm was very creative and innovative in finding a solution, which was approved by the Italian bank authority. Furthermore, the law firm successfully assisted the bank in managing the negotiations with all the involved parties,” says one client.
Capital marketsCapital markets is one of the firm’s strengths. In the securitisation space last year Marcello Maienza advised BNP Paribas as the arrangers on a securitisation of consumer loan receivables. Maienza took on similar work for Natixis on the securitisation of receivables from residential mortgage loans. In the debt area Michele Crisostomo acted for Assicurazioni Generali on an issue under its EMTN programme. Crisostomo took on similar work on an issue by Banca Popolare di Milano. In the equity space Guido Masini acted for Banca IMI and Intermonte as coordinators and bookrunners on the IPO of Triboo.
Restructuring and insolvencyThere was one staff change to report on the restructuring and insolvency space with the hire of Gennaro Arcucci from Studio Legale Bernascone & Soci. In terms of work highlights Paolo Calderaro acted for Banca Nazionale del Lavoro as a creditor of Antichi Pellettieri in the process of the latter’s liquidation. Elsewhere the firm acted for the same client in relation to a concordato preventivo (agreement with creditors) procedure of Piazza Sempione. Although much of the firm’s other work is confidential it can be said that it has acted on a variety of debt restructuring mandates.
IFLR 1000 - 2013BankingHaving opened in 2009, Clifford Chance spinoff, Riolo Calderaro Crisostomo (RCC), is a relatively young for the Italian market. In comparison to the domestic rivals it competes with for work, it is also quite small, but it has experienced partners with excellent reputations and relationships.
Belying its size and age, the firm is involved in major banking transactions and, in the last 12 months, has greatly impressed several clients. "I think that Michele Crisostomo for banking is a great guy to work with. He's really outstanding from a technical point of view, but also from a personal point of view. He's very capable of dealing and relating himself to different people: regulatory people, bankers, other lawyers. I'd say he is outstanding," says one who worked predominantly with name partner and co founder Michele Crisostomo.
With peers similarly enamoured with the firm, saying it is going from strength to strength, it joins the ranking in tier five.
Deals
A key deal for the firm in 2012 was name partner Paolo Calderaro and Tommaso Canepa's advice to state institution Cassa Depositi e Prestiti on the fourth framework agreement with ABI, regulating the provisions on banks to fund up to €10 billion for Italian SMEs as subsidised loans.
An important client of the firm is JPMorgan, which it advised as arranger of a €600 million facility for an Italian bank in 2011.
Capital MarketsDomestic boutique Riolo Calderaro Crisostomo, which was formed by a group of Clifford Chance lawyers, has a good debt and structured finance practice according to competitors who say name partners and "very polished players" Michele Crisostomo and Paolo Calderaro are the practice's best assets. The latter, in particular, is rated for his securitisation work.
Deals
While less well known for its equity advice, the firm was involved in a headline transaction in 2011. A team led by Crisostomo represented Banca Popolare di Milano on its €800 million capital increase.
The firm is renowned for its securitisation work. One example of its recent experience was its advice to UniCredit on the securitisation of a portfolio of receivables deriving from consumer loan agreements and other personal loan agreements valuing €4.1 billion.
Restructuring and InsolvencyClifford Chance spinoff Riolo Calderaro Crisostomo is well respected in the market, namely for the work of cofounder and practice head Paolo Calderaro who is said to be a "good restructuring expert". The practice joins tier four after receiving a number of positive references from major clients. "They were very good on the technical front; they were very commercial. It was very easy to work with them on a complex situation – there was lots of pressure. These guys were in the ball, they worked day and night. They were very good on the human side of things, dealing with difficult characters and trying to instil some rationality," says one. The work of Marcello Maienza is emphasised by one client. "For all intents and purposes we had one person running with various sets of documents, which he was drafting, not just reviewing what other people wrote, and he never skipped a beat. I don't know how he did it but I was really impressed."
Deals
A major case for the firm saw Calderaro and Chiara Ravina representing Banca Nazionale del Lavoro, Unicredit Group and Natixis on the restructuring of the Delta Group, an Italian banking group placed under the administration by the Bank of Italy in 2010.
A further matter for Calderaro saw he and Camilla Giovannini advising UniCredit on the administration of Banca MB. As the bank's major shareholder, UniCredit acquired almost all of the assets of Banca MB to reimburse the bondholders and customers of the bank.