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Latest news analysis[go to Weekly News Archive]


DEBT CAPITAL MARKETS[go to archive]

  • Isda Master Section 2(a)(iii)

    First test case

    A surprising conclusion on flawed-asset conditional payments has practitioners scrambling for a solution. Here's one

  • Was it invented here?

  • Vincom: First international convertible dissected

    A Vietnamese company has sold convertible bonds on the international market for the first time, thanks to government support, regulatory flexibility and a high level of disclosure

  • Chinese regulator prompts more derivatives advice

    Banks could demand that their corporate counterparties in China seek more advice on trades, after a senior Chinese regulator criticised international banks for ''maliciously'' selling derivatives

  • More meritocratic financing in Middle East

    Granting financing to prominent borrowers based on family name or reputation has long been a common practice across the Middle East. But with liquidity stretched and the region's banks looking more carefully at their risk profile, name lending could be on the way out

EQUITY CAPITAL MARKETS[go to archive]

FINANCIAL REGULATION[go to archive]

  • Hope on Russian enforcement

    The Rentpool case should mean more foreign judgments are enforceable in Russia. But don’t get too excited just yet

  • European retail products

    A complete overhaul

    The European Commission's Prips proposal is a complete overhaul of retail investment

  • The big question

    What do you fear about living wills?

    The scope of regulation to impose living wills in the UK and the US reaches much further than originally planned. Lawyers are worried it could change the way that banks are structured, and tie up essential capital reserves

  • US price fixing

    Hyper field pre-emption

    Did the Billing case create hyper field pre-emption for US securities laws? An analysis Of the Second Circuit's Short Sale decision

  • Uk Combined Code

    Just think about it

    Many financial institutions will feel that the UK Corporate Governance Code will not change anything. But it's worth the Board debating the issues

  • Asia settlement agreements

    Don't mis-sell a settlement

    Six tips for avoiding complaints about settlement procedure, and having to do the process all over again

  • The German Investment AG

    Better than Sicav

    The legal potential of a German fund

  • US derivatives reform

    Much uncertainty to come

    Derivatives legislation has been passed by the US House of Representatives. But there's still a lot of argument and jurisdictional wrangling to go

M&A AND PRIVATE EQUITY[go to archive]

  • French distressed M&A

    Why there's more conciliation

    French conciliation proceedings are morphing successfully into aids to distressed M&A. Here's why

  • Royal Group: Boost for onshore deals in Cambodia

    A Cambodian company has successfully closed the country's largest-ever M&A deal. The deal was financed onshore by a group of international banks, showing the potential for foreign interest in south-east Asian deals that have the right structure

  • Nortel: Consortium bids can save distressed M&A

    The latest asset sale by Canadian telecoms company Nortel has proved that strong consortium bids are vital to the success of distressed M&A deals

  • Don't fret about Korean poison pills

    Korea announced a bill that would allow companies to use poison pills against hostile bidders, but observers believe that such a move is unnecessary as companies are already well protected

  • M&A Review

    Strategic if anything

    The corporate departments that weathered this downturn well, from the IFLR1000

RESTRUCTURING[go to archive]

  • Charter: A group precedent for US bankruptcies

    A court decision in Charter Communications’ bankruptcy proceeding has set an important precedent as to what constitutes a group under section 13(d) of the Securities Exchange Act. This will make it easier for other companies to retain debt they can afford under their original terms

  • KPMG case will turn on Lehman JV agreement

    As Thai police issue summonses to three KPMG partners responsible for liquidating Lehman Brothers, attention has turned to Lehman's joint venture agreement with the complainant, Destination Properties

  • The problem with HK's class actions proposals

    Banks and companies in Hong Kong could find themselves in a highly litigious environment if they fail to voice concerns over the Law Reform Commission's proposals on class actions

  • Hong Kong restructuring

    Welcome, but poorly drafted

    Hong Kong could finally have a rescue regime next year. But employee issues must be dealt with first

BANKING AND PROJECT FINANCE[go to archive]

  • LMA reforms create efficiency

    LMA revisions on secondary trading have moved par and distressed terms closer together, as well as London and New York

  • ECB ratings change could cause deal flood

    The European Central Bank's (ECB) requirement of two qualified ratings on asset-backed securitisations (ABS) could force a rush of struggling institutions to originate new deals

  • Yell Group refinancing

    How the Finco buy-back worked

    One way to get around a requirement for 100% approval from lenders for refinancing

  • LMA intercreditor agreement

    Will anyone use it?

    Mezzanine lenders have won some key concessions in the revised LMA standard form intercreditor agreement. But they might never appear

SECURITISATION AND STRUCTURED FINANCE[go to archive]

Latest Issue: February 2010

This is 2010

Despite the volume of regulation last year, 2010 will be all about deal trends. Expect covered bonds, flipper clauses and floating-rate collars. Oh, and the dreaded return of cov-lite. By Elizabeth Fournier, Rachel Evans, Nicholas Pettifer and Tom Young