Magazine - April 2003

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • Why banks should look again at market flex and MAC clauses

    In turbulent times banks must trust material adverse change clauses to protect them from unforeseen risk. Richard Gray, Patrick Holmes and Kevin Muzilla of Milbank Tweed Hadley & McCloy examine the relative merits of these different arrangements

Features

  • Why Germany will not drop tax on corporate lending

    Following a recent ruling by the European Court of Justice, the German Finance Ministry is looking again at aspects of the country’s Corporation Taxes Act governing thin capitalization. But lending banks may be disappointed by the review say Martin Krause and Karin Hauenschild of Linklaters Oppenhoff & Rädler

  • Linklaters and Allen & Overy share tier I lead

    The number of securitization deals grew by 14% in 2002. Banks continued to tap the markets for regulatory capital through innovative tier I deals. And even the 2.5% fall in global debt issuance was bearable compared with the near disappearance of primary market equity deals. Last year was still not good for debt capital markets lawyers, but it could have been so much worse. Here IFLR publishes, for the first time, tables of the leading legal advisers on tier I debt and convertible bonds as well as its annual tables of advisers on securitization and high-yield deals. Simon Crompton and Catherine McShane report

  • How non-US issuers can survive the US reporting regime

    Recent rule-making by US regulators is placing tougher reporting restrictions on non-US issuers with shares traded in the US. Douglas Tanner of Milbank Tweed Hadley & McCloy explains what corporates should know about these requirements and how to avoid unnecessary burdens

  • What is wrong with the SEC's new rules for attorneys

    David Bernstein of Clifford Chance examines the controversy surrounding the SEC's proposed new rules for lawyers who suspect their clients of wrongdoing, and says they are likely to do more harm than good

  • Regulators make new challenge to French securitization

    French regulators have unexpectedly intervened in local convergence with international accounting standards. Richard Parolai of Clifford Chance and Xavier Paper of RSM Salustro Reydel explain why the rulemakers' stance on substance over form will complicate securitization deals in France

  • Securitization: Ireland improves tax regime

    Changes to Ireland's tax legislation in the 2003 Finance Bill overcome previous differences applying to special purpose vehicles, and will expand the scope for securitization deals in the country says Cormac Kissane of Arthur Cox

  • The need to improve due diligence in Japan

    Japanese companies have always disliked the intrusive and burdensome due diligence investigations required for international securities offerings. Piyasena Perera and Joshua Schwab of Allen & Overy explain why the need for capital raising means issuers must overcome cultural, historical and structural concerns

  • Bad debt solutions: What China can learn from Taiwan

    Foreign investors are hoping that two recent distressed asset deals in China are a sign of how the government wants the market to develop. William E Bryson, Mitch Dudek and Beth A Bunnell of Jones Day examine the lessons that China's regulators might learn from Taiwan, where the NFL market has taken off

  • How China Netcom used Chapter 11 for its telecoms deal

    When a Chinese state-owned telecoms operator chose to acquire a near-insolvent foreign company, it had to find the most protected and controlled environment within which to do so. In the first of a two-part analysis, Edward Turner, Sandor Schick and Etienne Gelencsér of Shearman & Sterling look at the buyer’s options

  • Accounting rules: saving US structured finance

    Frederick Feldkamp of Foley & Lardner says new accounting rules on the consolidation of variable interest entities show the US has learned from the Enron disaster. These rules could even enhance the prospects of the US securitization market

News analysis

International briefings