Magazine - May 2009

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

Cover Story

  • You won't get our money again

    Offshore investors in China did so without protection, because they had no choice. They are now being burnt in insolvencies. China must fix its investment restrictions, and the practice of its Bankruptcy Law, if it ever wants foreign investment again

  • Transparency creates expectations

    Professor Yong Huang says the Chinese government has to realise it can't stop transparency with the drafting process

Features

  • P-Pip: no hocus-pocus

  • Gas Natural's rights issue; Gazprom purchases 20% stake from ENI; $3 billion Indonesian MTN programme

  • Increase the ABI placing threshold?

    Lawyers believe that pre-emption rights should be re-examined to give companies more flexibility

  • Transparency is in Mofcom's interests

    The Coke decision was political but backed by some promising antitrust analysis. Mofcom now needs to explain it in greater depth

  • Chasing inspiration and sleep

    Adam Meshel is juggling golf, rest and taking on the investment banking group

  • Protect me from the market

    Rights offerings have never been popular in the US. But now that they are the only option for some, both sides are arguing over legal protections should deals go wrong

  • The real reason for blocked Pipes

    Private investment in public equity is popular in the US and Asia, but not in Europe. The reasons often given for this do not hold up. It’s largely a question of culture

  • This is how local law works

    There haven't really been liquidations in the GCC before. Understand this and you’re half way to grasping how restructurings will work after the real estate boom

  • New ways using Luxembourg

    Legally novel and attractive routes to access Russian investors through a securitisation undertaking in Luxembourg

  • Why deals fail

    Though there are very few unsolicited takeovers in Hong Kong, the time for them is now ripe. Here's how to manage the hurdles

  • More Macs, bigger caps

    This is distressed M&A today: more Mac clauses, completion accounts and warranties. No longer timetables though

  • Mofcom delegates authority

    Chinese companies may become more competitive in foreign M&A, as a result of Mofcom reforms to the approval process

  • How to manage sell down

    An unexpected law change on public takeovers has affected new deals. There are a few ways to address the impact though

  • Toxic tactics compared

    P-Pip's pricing of toxic assets provides an innovative solution to a problem preoccupying governments around the world, but first they need to know if it works

  • Changing their ways

    Ratings agencies are shifting away from historic bank ratings methods in response to US capital injections and new tactics by banks

  • Create a governance fund

    Japan has rules that make nominating independent directors easy, but no one uses them. Someone must set up a Governance Improvement Fund

  • Regulator accountability

    Debate over the collapsed minibonds in Hong Kong has focused on regulatory architecture and more regulation. An accountability review of regulators' performance is also needed

  • Don't assume

    There will be hundreds of debt workouts in emerging markets in the next year. The former general counsel of an emerging markets fund explains how to mitigate the problems for lenders

  • Untested options

    What to do if a borrower doesn't float and can't afford the stepped-up interest rate

News analysis

International briefings