Archive

Deal analysis

  • Royal Group: Boost for onshore deals in Cambodia

    01 Dec 2009

    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

News analysis

  • US covered bond amendment welcomed

    16 Dec 2009

    The amendment to proposed legislation governing covered bonds has been welcomed by both Republicans and Democrats

  • Banks endorse HK listing committee’s Rusal stance

    15 Dec 2009

    As Rusal’s proposed IPO in Hong Kong was delayed again last week, those close to the company have endorsed the listing committee’s approach

  • Dubai World in quotes

    10 Dec 2009

    From schizophrenic investor presentations to the UAE’s immature insolvency regime, IFLR spoke to the lawyers closest to Dubai World and found out what they really think about the default in the Middle East

  • Eurobonds saved by US tax amendment

    10 Dec 2009

    An amendment to proposed US tax legislation has provided foreign bearer bonds with an exemption to excise tax

  • First US sukuk boosts Islamic finance

    10 Dec 2009

    GE Capital’s $500 million sukuk programme is the first investment grade sukuk by a US corporate and it will increase the appetite amongst US companies for Islamic finance

  • Grandfathering provisions offer US bearer bonds reprieve

    10 Dec 2009

    Concerns that the proposed Foreign Account Tax Compliance Act would severely hamper the ability of US companies to issue bearer bonds have been eased by an amendment

  • IPO underwriters exposed by Indonesian regulations

    10 Dec 2009

    Indonesia’s first international initial public offering (IPO) this year has revealed the impact of Bapepam’s new offering regulations on underwriters

  • Why Dubai World should not taint sovereign debt

    10 Dec 2009

    Investors holding sovereign bonds in Asia should not be alarmed by the struggles for recourse in Dubai World’s Nakheel bonds

  • Chinese regulator could prompt more derivatives advice

    04 Dec 2009

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

  • How Nakheel could test UAE restructuring laws

    04 Dec 2009

    The international investment in Nakheel’s bond will mean UAE legislation and restructuring tools could be used for the first time

  • Nakheel: getting your money back

    04 Dec 2009

    Recourse on Dubai World's Nakheel bonds could depend on what creditors are holding, and the law their lending documentation was structured in

  • Rating agencies to downgrade hybrids

    04 Dec 2009

    Rating agencies are beginning to remove systemic and regional support from the way they assess hybrid securities and subordinated debt. Alongside wider notching, this means likely downgrades

  • SFC’s Wheatley warns of sovereign debt risk

    02 Dec 2009

    Overpriced sovereign debt could be the next burst bubble, according to Hong Kong’s top regulator, Martin Wheatley

  • ECB ratings change could cause deal flood

    01 Dec 2009

    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

  • Chinese regulator prompts more derivatives advice

    01 Dec 2009

    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

    01 Dec 2009

    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

  • A welcome easing of Talf

    01 Dec 2009

    The Federal Reserve Bank of New York (NY Fed) is considering easing its stance on granting loans through the Term Asset-backed securities Loan Facility (Talf) for commercial mortgage-backed securities (CMBS)

  • Fears on fraudulent Chinese offering documents

    01 Dec 2009

    Counsel in Hong Kong and China are concerned that the quality of disclosure on some Chinese company offering documents is being sacrificed in a bid to catch the latest stock market rally

  • Building a department

    01 Dec 2009

    A new legal team in a new bank, launched in the middle of a financial crisis. It was a big challenge for Noor Bank's head of legal, Omar Rahman

  • Nakheel: get your money back

    01 Dec 2009

    The position of creditors depends on the bonds they hold, and how local law plays out with hedge funds involved

  • Legislation, quick

    01 Dec 2009

    It's looking good for legislation to provide certainty for US covered bonds. But European banks are also pushing to issue dollar-denomiated versions. The race is on

  • CoCo bonds could be one-off

    01 Dec 2009

    Lloyds's exchange offer was popular with both investors and regulators. But any future deals will have to deal with several areas of legal uncertainty

  • New pools, but new rules

    01 Dec 2009

    As Asia's first exchange-backed dark pool launches, the US and Europe are proposing rules to crack down on them

  • The possible solutions

    01 Dec 2009

    How Indonesian bonds could avoid new tax regulations

  • There's just no one else

    01 Dec 2009

    Why are US mortgage Reits so popular, given that so many failed during the financial crisis? Because there are no banks

  • Hybrids down and banks not up

    01 Dec 2009

    Rating agencies are downgrading hybrids due to the removal of systemic and regional support from their process. And although banks are recovering, upgrades are unlikely

  • Will anyone use it?

    01 Dec 2009

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

  • Similar objectives, subtle differences

    01 Dec 2009

    The treatment of secondary trading of transferred loans is different in England and New York in some surprising ways

  • Don’t lose dark pools in Mifid

    26 Nov 2009

    Cesr's plan to review the regulation of dark pools has left some worried that it may be bundled into next year’s Mifid review and neglected

  • Europe ABS ratings change could cause deal flood

    26 Nov 2009

    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

  • US dark pool rules divide opinion

    24 Nov 2009

    The US Securities and Exchange Commission’s proposed rules on dark pools may limit the frequency of transactions between institutional investors

  • Vietnam’s first international convertible dissected

    24 Nov 2009

    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

  • What Singapore’s dark pool means for banks

    24 Nov 2009

    Asia’s first exchange-backed dark pool, (the Chi-X/SGX joint venture) is preparing to launch. Here it explains why retail investors won't be negatively affected and how it differs from banks' own dark pools

  • Europe wholesale market fears retail regulation

    23 Nov 2009

    EU regulation designed to streamline investor protection documentation across Europe could encroach on the wholesale market, and limit access to certain investor groups

  • Covered bond amendment will boost US financing

    20 Nov 2009

    A likely amendment to the Financial Stability Improvement Act should encourage covered bonds in the US. If passed, the rules will offer similar features to European covered bonds legislation

  • The new breed of HK structured products

    20 Nov 2009

    Structured products are returning to Hong Kong, but with shorter tenders and more protections

  • Foreign listings to follow A-share model in Shanghai

    19 Nov 2009

    As China’s regulators prepare to launch Shanghai’s international board next year, counsel believe that the regulations governing foreign-company listings will mirror those of A-share IPOs

  • SFC defends structured products policies

    19 Nov 2009

    The Securities and Futures Commission has defended its approach and explained the key findings of its structured products-related enforcement of the last 12 months

  • Best practice emerges on Indonesian translations

    18 Nov 2009

    Indonesia's Law 24 on translating documents into Indonesian remains unclear, but banks are starting to develop best practice when dealing with it

  • HK listing head calls for regime reform

    18 Nov 2009

    Mark Dickens, the head of listing at the Hong Kong Stock Exchange, believes that a new listing regime is needed to attract foreign companies to Hong Kong

  • How to cope with Korea capital markets law

    18 Nov 2009

    Go slow, don't take anything for granted and treat it as a completely new market. Those are banks' recommendations for those trying to do deals under Korea's new capital markets law

  • Why HK Practice Note 21 should be abolished

    18 Nov 2009

    Practice Note 21 should be abolished in Hong Kong, according to Mark Dickens at the exchange. Though the note could be replaced by a more onerous set of requirements

  • Tax change forces Indonesian bonds to innovate

    17 Nov 2009

    Changes to regulations governing withholding tax in Indonesia could limit the appeal of issuing bonds as a financing tool

  • CoCo bonds throw up regulatory questions

    12 Nov 2009

    Lloyds Banking Group’s exchange offer for new contingent convertible has been popular with investors, but important regulatory questions must be tackled before the instrument can take off in the UK

  • US needs covered bonds

    12 Nov 2009

    A glut of maturing debt in the US would be eased by covered bonds. But new legislation and European dominance need to be addressed first

  • What is a CoCo bond?

    12 Nov 2009

    The contingent convertible structure explained

  • Reits are back, surprisingly

    10 Nov 2009

    Why are US mortgage Reits so popular again, given that so many failed during the financial crisis? Because there are no banks

  • What is a mortgage Reit?

    10 Nov 2009

    Reits and their history explained

  • What is a mortgage Reit?

    10 Nov 2009

    Reits and their history explained

  • Fed eases Talf stance for CMBS

    06 Nov 2009

    The NY Fed is considering easing its stance on granting loans through the Term Asset-backed securities Loan Facility for commercial mortgage-backed securities

  • Legacy CMBS cause Talf uncertainty

    06 Nov 2009

    The Federal Reserve Bank of New York has been granting loans for legacy CMBS. There is confusion, however, over why some applications are refused

  • Fears surround fraudulent Chinese offering documents

    05 Nov 2009

    Counsel in Hong Kong and China are concerned that the quality of disclosure on some Chinese company offering documents is being sacrificed in a bid to catch the latest stock market rally

  • Lawyers split over Chinese issuer disclosure

    05 Nov 2009

    Capital markets lawyers debate solutions to the problem of fraudulent Chinese offering documents

  • Middle East roundtable: the best quotes

    05 Nov 2009

    The problems with family-group companies, why sukuk defaults have a silver lining and American finance is like an old tree

  • Singapore lawyers debate Shanghai listing threat

    05 Nov 2009

    The rise of Shanghai could cause a decline in the number of Chinese companies listing on Singapore's exchange. But options to attract companies are limited

  • Banks fear Prospectus Directive amendments

    01 Nov 2009

  • Watch out for unsponsored ADR

    01 Nov 2009

    SEC rule changes have made it easier for banks to set up ADR facilities without the issuer's knowledge. And there's no easy way for companies to opt out

  • Which bits do I translate?

    01 Nov 2009

    Counsel are begging for clarity on Indonesia's new language requirements for deal documentation

  • Reforms that undermine themselves

    01 Nov 2009

    Proposed changes to the Prospectus Directive are unexpected, unclear and potentially counterproductive. But left unchecked they could be in place by Christmas

  • A practical response, please

    01 Nov 2009

    Don't pick apart the proposals of the Hong Kong SFC on protecting investors. Suggest practical alternatives that still fit their spirit

  • Premium or standard?

    01 Nov 2009

    UK companies may have a new choice in listing, but is there a danger the regulators have watered down standards to attract new listings?

  • Bankruptcy code trumps Isda

    01 Nov 2009

    A US bankruptcy court has required a counterparty to Lehman to continue to make payments to it. Will UK courts take the same approach?

  • Even more reassurance

    01 Nov 2009

    This was an exceptional case, but it still broke new ground on the interaction of flawed assets and close-out netting

  • Don't write off the SFM

    01 Nov 2009

    Two years after the establishment of the Specialist Fund Market, there have been few listings but the range of funds is diverse

  • The best firms in a bad year

    01 Nov 2009

    An exclusive view of the law firm rankings from the IFLR1000 directory, from the biggest jurisdictions

  • Final freedom for electricity

    01 Nov 2009

    A new law may actually succeed in getting private investment into Indonesia's electricity industry. But then these laws have been repealed before

  • SFC publishes investor education guide

    01 Nov 2009

    The Securities and Futures Commission (SFC) today published a guide for investors to help them understand how the securities and futures markets are regulated


 

 

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