Simmons & Simmons and Allen & Overy (A&O) have advised on the Italian Government's €18bn (£14.4bn) bond sale, reportedly the largest-ever single debt offering in Europe.

The third issue of the four-year inflation-linked 'BTP Italia' bond raised the sum over just four days – significantly more than the previous issues under the debt programme in March and June, on which A&O and Simmons also advised.

The Italian Government relied on its own in-house legal team for advice, with both Simmons and A&O advising the four banks and various investment firms appointed as dealers on the issue – MPS Capital Services, UniCredit Bank, Banca Akros and Method Investments & Advisory.

A&O took the lead role on the issue, fielding a team led by Milan finance partner Paola Leocani and Milan head of tax Francesco Guelfi.

Meanwhile, Simmons advised the banks on the administrative and compliance aspects with Rome financial markets partner Piergiorgio Leofreddi at the helm.

Leofreddi commented: "We have never experienced an amount like this in an Italian bond issue before. It's a huge deal that marks evidence of how, even in tough times in Europe and in Italy, Italian retail investors are still ready to invest in good deals in the market."