Archive

Deal analysis

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

  • IFLR puts minibond-victims’ concerns to SFC

    14 Dec 2009

    Minibond investors approached IFLR with criticisms of the SFC's approach to prospectuses, mis-selling and enforcement. Here are those complaints, with the SFC's responses

  • 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

  • How Indian companies are investing overseas

    10 Dec 2009

    As Indian companies begin the second wave of outbound M&A, counsel expect more hybrid deals and earn-out provisions structured within them

  • 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

  • The problem with HK’s class actions proposals

    04 Dec 2009

    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

  • 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

  • The future of Hong Kong

    01 Dec 2009

    The top regulators give their views on how the law, and market products, will develop in Asia

  • The problem with HK's class actions proposals

    01 Dec 2009

    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

  • Europe wholesale market fears retail regulation

    01 Dec 2009

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

  • Hong Kong, Singapore fight off Shanghai

    01 Dec 2009

    Counsel in Singapore are concerned that the rise of Shanghai could cause a decline in the number of Chinese companies listing on their exchange. But while other exchanges in the region are trying to attract foreign issuers, Singapore may have fewer options

  • 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

  • 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

  • Case studies in realising value

    01 Dec 2009

    Recent company rescues in the UK and US hold a lot of lessons for lawyers advising on similar deals

  • 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

  • Would you take the risk?

    01 Dec 2009

    Chances are New York's amended statute does not invalidate proxy votes. But if you were closing a large merger would you take that chance?

  • Five big pitfalls in Asia

    01 Dec 2009

    Companies are often like a frog in a well: a narrow perspective of the FCPA means they lose sight of local law and hide behind local practices

  • A culture, not a programme

    01 Dec 2009

    The compliance leader, Asean of GE Capital gives his thoughts on creating effective internal compliance

  • How the Finco buy-back worked

    01 Dec 2009

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

  • SFC’s Wheatley sceptical on class actions

    30 Nov 2009

    Martin Wheatley, CEO of the Securities and Futures Commission, has expressed concern about introducing class action litigation to Hong Kong

  • 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

  • Key quotes from the Asia Capital Markets Forum

    23 Nov 2009

    The problem with PN 21, why structured products won't eat your children, and more

  • 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

  • Agreement close on HK arrangement letters

    19 Nov 2009

    Standardised arrangement letters for the domestic portion of Hong Kong IPOs are close. The letter should be available by the end of the year and could change the way that deals are done in Asia

  • CoCos solve regulators' capital concerns

    19 Nov 2009

    Contingent convertible (CoCo) bonds could be the product that regulators are looking for to ramp up capital reserves at banks, as part of the effort to dampen the effect of future market disruption

  • 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

  • SFC would consider rules-based regulation

    19 Nov 2009

    The Securities and Futures Commission is committed to principles-based regulation, but could consider some rules-based requirements if necessary

  • 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

  • HK regulator proposes more structured products changes

    02 Nov 2009

    As the industry drafts responses to the Securities and Futures Commission’s (SFC) September consultation on structured products, the regulator has come out with new changes which require statutory amendments

  • Banks fear Prospectus Directive amendments

    01 Nov 2009

  • Capital charges for derivatives trades must be low

    01 Nov 2009

  • Equity advisers disrupt new deals

    01 Nov 2009

  • Philippine Reits structure prompts concern

    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?

  • 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

  • A debate with the SFC

    01 Nov 2009

    The Securities and Futures Commission's defence of its investigation techniques. And the market's response to that defence

  • Clearing isn't working, yet

    01 Nov 2009

    Market-driven reform of derivatives has been impressive. But the most controversial instruments have yet to be dealt with. A solution must be found, fast

  • 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


 

 

close Register today to read IFLR's global coverage

Get unlimited access to IFLR.com for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice

register

*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb

register