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Chambers & Partners Europe - The Client's Guide 2016

“RCC has the unique capacity of combining very deep legal knowledge with a business-oriented view, always providing time-efficient and creative solutions to complex problems”

What the team is known for

“The team is co-operative, friendly and available at any time”

 

Chambers & Partners Europe - The Client's Guide 2015What the team is known forHandles a wide array of capital markets deals including EMTN programmes as well as consumer loan and residential mortgage loan securitisations. Acts for issuers, arrangers, originators and underwriters.
Strengths (Quotes mainly from clients)"The team is extremely close to its clients and provides a personalised service."
"The lawyers are punctual and concise."

Chambers & Partners Global - The Client's Guide 2015Paolo Calderaro is an experienced practitioner, especially in structured finance. He is also very well known in areas such as loan assignments, debt restructurings and covered bonds. Paolo has a stand-out reputation for securitisation, with one source stating: "He was among the first lawyers in Italy to study securitisation so he is one of the most experienced lawyers in the field." He is also well renowned for his debt practice.

Michele Crisostomo is widely regarded for his expertise in liability management, convertible bonds and hybrid instruments. One client notes: "He has a real talent for technical, innovative solutions."

Marcello Maienza is "really technical and able to manage an incredible amount of work," according to interviewees. Recent work includes securitisations of non-performing receivables and receivables from consumer loans and mortgage loans.

Pasquale Cardellicchio "combines a strategic vision with great attention to detail," according to one satisfied client. He often acts on regulatory investigations as well as damages and claw-back claims.

Chambers & Partners Europe - The Client's Guide 2014What the team is known forAn up-and-coming boutique rapidly establishing itself as a key market player, covering a full range of domestic and cross-border transactions including covered bonds, derivatives, structured finance and regulatory issues.
Strengths(Quotes mainly from clients) "It is well equipped and organised."

Chambers & Partners Global - The Client's Guide 2014Name partner Paolo Calderaro handles a large proportion of the firm's highest-value deals, and is acknowledged by observers as "an excellent lawyer - a very experienced market player."

Michele Crisostomo leads the firm's DCM practice and takes on a wide range of work, including buy-back transactions. Sources identify him as "the best for all regulatory aspects of capital markets."

Marcello Maienza continues to be of central assistance to this close-knit team, with clients commenting: "He is very able; we were impressed with his ability."

[Banking & Finance] Practice head Paolo Calderaro of Riolo Calderaro Crisostomo e Associati is "very good at executing a deal and has a wide range of expertise", agree interviewees.

Chambers & Partners Europe - The Client's Guide 2014The FirmSince its formation in 2009 this firm has developed an excellent reputation in capital markets, and wins widespread admiration for its quality and depth of expertise. Its emphasis is on domestic bond and securitisation matters, and liability management transactions for financial institutions. […] The firm also handles equity capital markets transactions, with notable experience in share capital increases.

Sources say: "Very helpful from a technical point of view; I use the team for the most complicated transactions."

Chambers & Partners Global - The Client's Guide 2013Department [Capital Markets – Debt] head Michele Crisostomo excels in complex bond and hybrid transactions, and is considered "one of the most knowledgeable professionals for complex transactions" in the jurisdiction - "if you want to do a hybrid deal you have to have him on board." He recently handled Banca Monte dei Paschi di Siena's EUR471 million share capital increase, and a related tender offer for the repurchase of outstanding hybrid securities from Mediobanca.

Sources highlight Paolo Calderaro's expertise in the field of securitisation and covered bonds. He combines "very deep knowledge" with an "incredibly commercial" approach, according to impressed interviewees. Recent highlights include advising Banca IMI and Intesa Sanpaolo as arrangers on the securitisation of a portfolio of receivables and connected rights with a value of EUR5.8 billion.

Securitisation specialist Marcello Maienza enters the rankings this year thanks to consistently strong feedback from interviewees. He was promoted to partner in January 2012 and is noted for his proactivity and efficiency. "He is amazing – he can address any question with poise throughout the day and night," say sources.

Chambers & Partners Europe - The Client's Guide 2012The FirmThis boutique firm continues to attract a variety of domestic and foreign clients as it increases its presence in the debt and securitization markets. It is notably active in corporate bonds, rights issues and liability management, and counts international financial institution, as well as regional banks, amongst its clientele. It recently advised Mediobanca on the restructuring of corporate bonds. Other clients include Banca Monte dei Paschi di Siena, Natixis and UBS. The group ha continued to expand lately and now includes several dual-qualified professionals who are able to serve clients on multi-jurisdictional requirements. “This small firm houses some great young professinals. It provides both quality and value-for-money”
Key IndividualsLauded as “experienced and reliable”, Paolo Calderaro maintains his reputation as a top-notch capital markets practitioner. He specializes in securitization and debt transactions and leads on a number of the team’s most prominent deals. Michele Crisostomo is equally praised for his wealth of experience combined with his “excellent technical skill”.

 

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The Legal 500 - 2015Banking and financeStudio Legale Riolo Calderaro Crisostomo e Associati’s team ‘sets high standards for quality’. It advised the European Investment Fund on the structuring of a facility agreement, which provided Finmolise with the liquidity to fund micro-credit transactions. Paolo Calderaro, Michele Crisostomo and Marcello Maienza are recommended.
Capital markets – debtStudio Legale Riolo Calderaro Crisostomo e Associati’s ‘overall level of service is remarkable and the advice is tailored to clients’ needs’. The team provided local law advice to arranger BNP Paribas (Milan) on a securitisation of consumer loan receivables. Paolo Calderaro ‘selects the most appropriate legal tools and techniques’. Michele Crisostomo, Marcello Maienza and Guido Masini are also highly rated. Counsel Federico Morelli joined from White & Case LLP.
Capital markets – equityStudio Legale Riolo Calderaro Crisostomo e Associati is ‘appreciated for its technical skills’. The team acted as Italian legal advisers to Fincantieri in its IPO and listing on the Mercato Telematico Azionario. Michele Crisostomo, Paolo Calderaro, and Marcello Maienza are recommended. Guido Masini is also a key contact. Counsel Federico Morelli joined from White & Case LLP […].
Dispute resolutionOther recommended firms
Restructuring and insolvencyOther recommended firms

The Legal 500 - 2014Banking and financeRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati’s Paolo Calderaro, Michele Crisostomo, and Marcello Maienza are the firms’ key contacts. The practice assisted Cassa Depositi e Prestiti with the structuring of substantial lending programmes, implementing the regulatory framework approved by the Italian government in order to grant subsidised loans to undertakings and individuals affected by northern Italy’s earthquake in May 2012.
Capital markets – debtRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati recently advised the dealer-managers on Prysmian’s €300m equity-linked bond issuance.
Paolo Calderaro, Michele Crisostomo and Marcello Maienza are highly regarded.
Capital markets – equityRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati advised Banca Popolare di Bari Società Cooperativa on its recent recapitalisation through the issuance of ordinary shares and soft mandatory convertible bonds, offered to existing shareholders and holders of subordinated notes issued by BP Bari; it represented the first liability management transaction in Italy which involved the exchange of subordinated instruments for equity instruments.
Michele Crisostomo […] recommended. Guido Masini joined from Grimaldi Studio Legale.
Corporate and M&ARiolo Calderaro Crisostomo e Associati, Studio Legale
Dispute resolutionRiolo Calderaro Crisostomo e Associati, Studio Legale
Restructuring and InsolvencyRiolo Calderaro Crisostomo e Associati, Studio Legale

The Legal 500 - 2013Banking and financeRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati’s “service is always excellent”. The team advised UniCredit, Mediocredito Italiano and Deutsche Bank on the structuring of a subsidised loan platform created to facilitate access to funding for Italian SMEs that submit innovative projects based on new patents, industrial designs and utility models. Marcello Maienza is noted for structured finance transaction, and Paolo Calderaro and Michele Crisostomo are also recommended.
Capital markets – debtRiolo Calderaro Crisostomo e Associati, Studio Legale
“Simply outstanding”, Studio Legale Riolo Calderaro Crisostomo e Associati delivers “rocket-fast response times, unique business knowledge, industry insight, and quality advise”. The practice advised Intesa Sanpaolo on its cash tender offer for €3.75bn of Tier 1 debt instruments, which represented one of the more important liability management exercise conducted by Italian banks in early 2012. Paolo Calderaro and Michele Crisostomo are recommended.
Capital markets – equityRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati represented Banca Popolare di Milano on its €800m share capital increase, which was offered to existing shareholders and convertible bond holders. Michele Crisostomo [...] and Fiona Chung are the principal practitioners.
Corporate and M&ARiolo Calderaro Crisostomo e Associati, Studio Legale
Dispute resolutionRiolo Calderaro Crisostomo e Associati, Studio Legale
Restructuring and InsolvencyRiolo Calderaro Crisostomo e Associati, Studio Legale
Studio Legale Riolo Calderaro Crisostomo e Associati recently advised BNL, UniCredit Group and Natixis on the Delta Group’s restructuring proceedings. Team head Paolo Calderaro is recommended.

 

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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.