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Chiomenti remains one of the strongest Italian practices in capital markets managing to balance debt and equity side mandates to create a rounded offering across the board. "Chiomenti is fine as a tier one firm in the capital markets," says one peer.

There was much praise for the capital markets team from rivals and clients alike. "Chiomenti is very good in equity, and also good at debt," says one rival, while another adds: "I think Chiomenti is a domestic firm with a strong equity markets practice; outside equity, they do get involved in some international debt issues."

One of the firm's associates Gregorio Consoli was also singled out for specific praise: "Consoli is the guy who really has a high IQ, above average. He's not only technically prepared, he also knows how to answer legal matters, and he brings both sides to the transactions," says one client. "The guy is exceptional, and a genius. One of the best lawyers I've met in my career in capital markets."

Where the firm is limited, in the same way as other domestics, is in terms of international ability, which falls short of that offered by UK and US competitors according to some clients: "If you want to do international trade across the markets, we need a worldwide law firm," says one.

One of the key figures involved in most of the firm's equity capital markets transactions is the lead partner Enrico Giordano. A substantial mandate saw him advise a banking group, Intesa Sanpaolo, on its rights issue for a €5 billion capital increase to comply with the new Basel III capital requirement. The transaction involves the new ordinary shares offering to its existing ordinary and saving shareholders, and includes an offering to US investors pursuant to Rule 144A.

December 2010 saw Giordano involved again advising Enel green power on the €2.6 billion public offering on the Italian and Spanish Stock Exchanges. The offering is believed to be the largest European IPO over the last three years, and the retail offering was passported to Spain under the EU Directive 2003/71/EC.

In a similar deal the team acted on a share capital increase transaction valued at €2.5 billion, Giordano advised Banca Monte Dei Paschi di Siena (BMPS) on its rights issue. The proceeds will be used, among other things, for the buy back of the floating rate equity linked subordinated hybrid convertible into ordinary shares of BMPS issue in 2003.

The team's integral capacity impressed its clients. "They tick all the boxes, innovation ability, technicality, understanding of the law issues, and problem solving," says one. "They're really top-tier lawyers."

On the debt side, Giordano acted for issuer Lottomatica group in the private placement to qualified investors of €500 million in 5.375% guaranteed notes due 2018, guaranteed by the companies from the group.

Another key player advising on debt capital markets work at the firm is Francesco Ago. A client was quick to praise him: "Francesco is certainly a top lawyer." One example saw him act for Credem on the establishment of the €5.5 billion covered bond programme and on a subsequent €1 billion covered bond issuance. He also advised Veneto Banca on the structuring and placement of an RMBS transaction, which issued four tranches of notes worth €1.3 billion.

Chiomenti's banking team is described as "exclusively active" and "very strong" by its peers, and they define it as "a borrowers' firm". The majority of peers agree with its top-tier ranking, with one saying that it is a "fair representation of the market" to place Chiomenti among the leading banking practices in Italy. Though one rival points out that the firm's reputation "directly depends on the domestic market" and "we rarely see them on the international deals".

The banking & finance partner Francesco Ago led the team advising borrower Ferrovie dello Stato in relation to the structuring and executing of a €1.1 billion secured lending transaction, concerning the financing of certain infrastructural projects.

Another highlight saw Carmelo Raimondo act for the Falck group in relation to its €300 million financing to fund the group business development and the business plan. The financing was closely linked to the rights offering carried out on the Italian stock exchange and involved security packages and corporate issues concerning Italian and English law aspects.

Again Raimondo acted for a group of mandated lead arrangers, including BNP Paribas, UGF Banca, Monte dei Paschi di Siena, in the syndicated secured loan granted to Cooperativa Edil Stradale Imolese. The transaction process involved a complex security package over receivables arising from different building tender contracts with different employers.

Vincenzo Troiano, the regulatory and financial services partner, advised CDPI SGR on the approximately €1.5 billion fund raising and relevant closings of the closed-ended investment fund of funds for the qualified investors, the Fondo Investimenti per I'Abitare.

Alongside Bonelli, Chiomenti's market position has been recognised by its rivals. "Both firms [Chiomenti and Bonelli] are the leaders in M&A," says one, while another adds: "If you look at Chiomenti or Bonelli. They're more comparable [to each other]."

One of the firm's biggest M&A deals in 2011 saw Michele Carpinelli and Francesco Tedeschini lead the team advising Bulgari, an Italian jeweller and luxury good manufacturer, on the sale of a majority stake to a France-based luxury goods group LVMH Moet Hennessy Louis Vitton. The mandate was worth approximately €3.9 billion. "Mr Carpinelli's a very strong lawyer," says one rival.

On another occasion Tedeschini was again involved in an approximately €1 billion transaction when he led the team advising the target company Prima Holding on its acquisition led by Anima and Prima through a combination of share capital increases and cash acquisitions. One of the purposes of the share capital increase was to allow Banca Popolare di Milano to enter the shareholding structure of the acquirers together with Lauro Quarantadue, a controlling entity of Prima Holding, and Monte dei Paschi de Siena.

Another substantial deal, worth €670 million and closed in October 2010, saw Filippo Modulo, Paolo Tommaso, and Giovanni Diotallevi lead the team advising Sun Terarid and Terna on the transfer of the total share capital of Rete Rinnovabile to Terra Firma Investments Capital Partners III.

At beginning of 2011, Carlo Croff led the team advising on a €521 million transaction when he acted for Intestindustrial on the 50.68% share capital acquisition of SNAI by Global Games, part of Investindustrial group and Palladio Finanziaria.

One of the elements that makes Chiomenti stand out is "definitely the people who work there", says one client. "It's a personal element within the relationship of the firm, if you like the way the partners negotiate and behave, in the end you tend to like the law firm as well."

Another client adds: "It's a very skilled and experienced team. I would say seniority, experience and track record are the three key [elements of the team], and also they're very reliable."

On the infrastructure side, a team led by banking and finance partner Giovanni Diotallevi advised Strada dei Parchi, Toto Costruzioni Generali, and Autostrade per l'Italia, who acted as the sponsors and the concessionaire, on the restructuring and executing of a €570.5 million project finance transaction, concerning the implementation of the investments plan.

Again Diotallevi was involved in another notable mandate in the renewable energy side. He led the team advising sponsor Terna on the structuring of investments refinancing, worth €593.8 million, made to build up a group of photovoltaic solar plants, with a total capacity up to 150MW. The owner of the project Rete Rinnovabile also acts as special purpose vehicle (SPV).

"The team's legal knowledge is extremely deep, and I always have a very good experience with them," says one client, who adds: "They've a business-minded approach, because once they're on top of the transaction, they tend to be business-minded."

In terms of the communications between the partners or associates and their clients, the feedback suggests that Chiomenti is doing very well. "I would say 100% (response rate) for the associates and 70% for the partners, which is a good number compared to other law firms," says one client.

The firm's key client on the lender side is UniCredit, who called on the team to advise a number of substantial mandates. One example saw Carola Antonini act for UniCredit Leasing, Leasint, and BNP Paribas Leasing Solution as arrangers in relation to a €100 million photovoltaic leasing deal, which aims to finance the development of a 24.2MW photovoltaic plant organised by a project company Phoenix Renewable.

The other saw Carmelo Raimondo lead the team advising UniCredit and Intesa Sanpaolo who acted as mandated lead arrangers on the secured syndicated facilities granted to Pentapoli, the project company, in order to finance the third motorway line between Rimini Nord and Pedaso. Part of the transaction includes structuring the facility through a complex security package involving receivables arising from the engineering, procurement, and construction agreement (EPC).

In relation to the legal charges, the firm "has been extremely flexible", says one client. "We could definitely come to a mutually satisfactory agreement" after "reviewing the original estimate".

Some clients pointed out that the firm could engage more outside of the transaction. "They don't promote themselves as much as other law firms. They don't chase enough clients or transactions as much as other law firms," says one client. "Giving you an example, I do receive publications for these kind of things from other law firms, but not from Chiomenti, for instance."

Along with Lombardi, Chiomenti is seen as the key player in the Italian insolvency market with several peers supporting the firm's position, one says: "Definitely Chiomenti. They're still up in the market," says one.

One of the largest mandates last year saw the team advise several companies of the Alitalia group in the ongoing extraordinary administration procedure and bankruptcy procedure in relation to the sale of assets; closure of foreign branches; the group's relationships with the European Commission and monitoring trustees and its relationship with creditors and authorities. The ongoing transaction was worth €1.5 billion.

The key partner who took on a number of major transactions at the firm is partner Giulia Battaglia. One example saw her advise a consortium of banks in relation to an approximately €250 million restructuring of the financial indebtedness of Motia - Compagnia di Navigazone and its subsidiary. The restructuring plan was pursuant to Section 67.3 of the Italian Bankruptcy Law.

December 2010 saw her lead the team advising Targetti Sankey on a €270 million restructuring of the indebtedness of the Targetti Group pursuant to Section 67.3 of the Italian bankruptcy law.

In a €70 million mandate, Battaglia also advised UniCredit and Credito Siciliano in relation to the restructuring of the financial indebtedness incurred by Off Side and Sicilia Golf Resort in connection with two real estate projects.