Hogan Lovells in CiviBank's first commercial paper (cambiali finanziarie) programme in Italy

Milan/Rome - International firm Hogan Lovells assisted CiviBank in setting up its first commercial paper (cambiali finanziarie) programme for a maximum amount of EUR 600 million. CiviBank is the first Italian bank to establish a commercial paper programme.

Commercial papers are a short-term financing instrument already widely used abroad and now accessible 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 prepared 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..

Hogan Lovells, as drafting counsel, assisted CiviBank with a team comprising Corrado Fiscale, partner in the International Debt Capital Markets practice, counsel Annalisa Feliciani and associates Matteo Scuriatti, Alessandro Azzolini and Alessia Cipitì. Counsel Serena Pietrosanti and senior associate Maria Cristina Conte provided assistance on the tax issues of the transaction.


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