The two-year alliance between leading Italian firm Chiomenti and Skadden Arps Slate Meagher & Flom has provided the top New York firm’s London office with a role on an innovative bond issue to refinance existing debt for an Italian food group.

The deal sees the issue of e175m (£114.2m) in zero coupon equity linked notes, due in 2022, for the Soparfi subsidiary of Italian food giant Parmalat Finaziaria on the Luxembourg stock exchange.