Simmons & Simmons has landed a key role advising regular client Capitalia on the A2.5bn (£1.7bn) securitisation of its mortgage assets.

The deal sees Simmons' Milan office act for the Rome-based banking giant as sole arranger and joint lead manager on the transaction.

The top 10 City firm is also advising Banca di Roma, part of the umbrella Capitalia group, as originator as well as joint lead managers HSBC and Morgan Stanley.

The deal, dubbed 'Capital Mortgages 2007-1′, saw the securitisation of a portfolio of mortgage loans by Banca di Roma amounting to around A2.5bn (£1.7bn).

Unusually, Simmons advised both the lead managers and the originator on the securitisation.

Milan financial markets partner Federico Del Monte led the team for Simmons with support from assistants Furio Samela, Diego Conti and Laura Milesi.

The instruction marks the second notable securitisation mandate that Simmons' Italian arm has handled for Capitalia during the last 12 months. The UK firm also advised the bank last May on its A1bn (£676m) deal over leases originated by another of Capitalia's subsidiaries, Fineco Leasing.

Commenting on the latest instruction, Del Monte said: "Capitalia is a major client for us and it is good to do two big transactions for them in a year. This is also one of the largest securitisations to have been completed in Italy this year."