Orrick Advises on Minibond Transaction Recognized for Financial Innovation

September.29.2020

We advised Finint Investments SGR, Banca Finint Group’s asset management company, on an innovative new financial structure that gives smaller companies access to the capital markets. Finint was recognized with the Innovation & Development Award during the 2020 Private Debt Awards, sponsored by AIFI (Associazione Italiana Private Equity, Venture Capital e Private Debt) and Deloitte.

Last year, our Italian Finance team helped Finint structure the innovative Trentino Minibond transaction, a €10.2 million basket bond issued by nine companies located in the Trentino Alto Adige area. A basket bond combines several bonds with similar characteristics, issued by a group of companies to create a larger bond issue for investors. We worked with Finint to create a more flexible structure that didn’t require a securitization of the underlying minibonds while also, for the first time, allowing smaller companies to access the capital markets at competitive costs.

“This award recognizes the daily work taking place to support small businesses and the Italian economy, as well as the ability of our client, together with the Orrick Finance team, to be a driver of financial innovation,” said Patrizio Messina, who led our team.

In addition to Patrizio, our team included Annalisa Dentoni-Litta, Sabrina Setini and Roberto Percoco.