The Firm has extensive expertise in every area of capital markets laws. The Capital Markets team advises domestic and international banks, financial institutions and companies, through a team of both Italian avvocati and UK-qualified solicitors. Over the course of their careers, the team’s lawyers have frequently advised on the structuring of ground-breaking transactions for the Italian market. Most recently, these have included the issuance by banks and insurance companies of Eurobonds in dematerialised form, the first liability management transaction addressed to retail investors, the first issuance of a convertible Additional Tier 1 instrument, the first hybrid issuance by an insurer that qualified as Restricted Tier 1, and the first issuance of instruments that qualified as ancillary own funds. The Firm also regularly contributes to preparatory work on major regulatory changes and to consultations by sector regulators, thereby placing itself as thought leader on such developments, a position that is generally recognised by the major market players. The Capital Markets team has far-reaching experience in advising on offerings and listings for a broad range of debt instruments (including subordinated and structured bonds, mini-bonds, certificates and covered warrants). It also frequently advises on liability management transactions, under both domestic and international documentation. The finest expertise on the documentation surrounding debt issuances is complemented by the Firm’s leadership on regulatory matters such as the application of MiFID. The Firm has been particularly focused on issues related to sustainable finance, establishing a dedicated group that regularly publishes a commentary on the major legislative and market developments. With regard to equity capital markets, the team regularly advises in connection with initial public offerings, capital increases, and convertible instruments. The Capital Markets and Corporate – Mergers & Acquisitions teams pool their respective expertise when advising on M&A transactions involving the public markets. Experience with advising on takeover bids, the market abuse rules, equity derivatives, share ownership transparency and corporate governance structures is integrated with company law expertise when advising clients on the structuring and implementation of transactions involving listed companies.