CC and Latham take lead on Italian bank's billion-dollar bond issue
Clifford Chance (CC) and Latham & Watkins have advised on Intesa Sanpaolo's $1bn (£642m) bond issue as the Italian bank gears up for a potential $15bn (£9.6bn) bond offering via a medium term note program. Latham advised Intesa with a team led by corporate partners Michael Immordino and Jeff Lawlis alongside corporate partner Antonio Coletti and tax partner Jiyeon Lee-Lim.
August 16, 2010 at 07:04 AM
2 minute read
Clifford Chance (CC) and Latham & Watkins have advised on Intesa Sanpaolo's $1bn (£642m) bond issue as the Italian bank gears up for a potential $15bn (£9.6bn) bond offering via a medium term note program.
Latham advised Intesa with a team led by corporate partners Michael Immordino (pictured) and Jeff Lawlis alongside corporate partner Antonio Coletti and tax partner Jiyeon Lee-Lim.
CC advised the underwriting banks – Citigroup, JP Morgan, Banca IMI and Bank of America Merrill Lynch – fielding a team led by banking and finance partners Bob Trefny and Filippo Emanuele alongside banking and finance partner Franco Grilli Cicilioni and tax partner Carlo Galli.
Emanuele said: "What is particularly interesting about this transaction is that it is the first time an Italian bank has been able to issue directly into the US.
"New structures have been put into place allowing US investors to receive the gross interest, potentially helping Italian banks to improve their funding options and strengthen their balance sheets, thus indirectly helping boost the economy."
The initial bond issuance has a five-year term.
CC has taken roles on a number of major deals in recent weeks, including the £5bn reverse takeover of International Power by French utility business GDF Suez, and the €2bn (£1.7bn) merger of online gambling sites PartyGaming and bwin Interactive Entertainment.
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