Hogan Lovells assisted Intesa Sanpaolo in the Generalfinance’s Euro Commercial Paper Programme

Milan – International law firm Hogan Lovells advised Intesa Sanpaolo, as arranger and dealer, in relation to the establishment of Generalfinance’s three-year Euro Commercial Paper Programme for an amount of € 100 million.

Commercial papers are a short-term financing instrument already widely used abroad and now accessible also to Italian banks following the recent changes introduced by the so-called “Decreto Rilancio” (Italian Law Decree 34/2020, converted with amendments into Italian Law 77/2020).

The programme has been established in accordance with the criteria and requirements set out in the Market Convention on Short-Term European Paper (STEP) and has received the relevant certificate of compliance (STEP Label). In addition, the commercial papers will be issued in dematerialised form and cleared with Monte Titoli S.p.A. and the programme has been admitted to trading on ExtraMOT PRO, the Professional Segment of the ExtraMOT Market, a multilateral trading system operated by Borsa Italiana S.p.A..

The Hogan Lovells team was led by partner Corrado Fiscale with counsel Annalisa Feliciani, associate Matteo Scuriatti and trainee Pietro Castoldi. Counsel Serena Pietrosanti and senior associate Maria Cristina Conte provided assistance on the tax issues of the transaction.