The latest deal to grip the Italian market has gifted US firms Davis Polk & Wardwell and Sullivan & Cromwell key roles on a $4bn (£2.39bn) bond issue and a medium-term note programme for up to e10bn (£6.98bn).
Telecom Italia has brought in favoured US adviser Davis Polk to work with Gianni Origoni Grippo’s Antonio Segni on the Rule 144A offering, to be made primarily in the US to qualified investors. Gianni ally Linklaters gains a smaller role with its Luxembourg office.
London-based partner Jeffrey Oakes is leading at Davis Polk, where Telecom Italia is one of two key Italian clients, together with bank Sanpaolo IMI.
Sullivan & Cromwell and Chiomenti are advising the underwriter, JPMorgan. The joint bookrunners are Citigroup, Credit Suisse First Boston and Lehman Brothers.