The 2004 Guide to Structured Finance

  • Editorial

  • Overview

  • Credit monopolies harm lenders and borrowers

    Frederick Feldkamp of Foley & Lardner LLP voices his views on the natural price of competition and how corporate credit monopolies are negatively affecting worldwide finance

  • Asia

  • Asian overview

    Asian securitization: an overview Neil Campbell and Michelle Taylor of Paul, Hastings, Janofsky & Walker LLP consider some of the issues in the main Asian jurisdictions and assess the future of securitization in Asia

  • Asia-Pacific region

    Asia-Pacific adopts future flow structures Christopher Chau of Nomura assesses the pros and cons of future flow securitization in the Asia-Pacific region

  • Asia-Pacific region

    A true Asia-Pacific securitization market emerges Diane Lam of Standard & Poor's examines the securitization market in the Asia-Pacific region and looks at areas of potential growth

  • Hong Kong

    How reforms can help issuers tap Hong Kong debt market Susie Cheung, Nicholas Chan and Alison Leung of The Hong Kong Mortgage Corporation Limited, the most active corporate debt issuer in Hong Kong, explain efforts to overcome procedural barriers and develop the local bond market

  • India

    India warms to structured finance Shardul Thacker and Dipti Rambhia of Mulla & Mulla & Craigie Blunt & Caroe describe some of the structured finance options available in India

  • Indonesia

    Structuring Sharia finance in Indonesia Rahmat Bastian and Satrya Wijaya Teja of BT Partnership look at how Indonesia has applied Sharia principles to its legislation

  • Japan

    Japan seeks new securitization techniques Hiroyuki Nezu and Reiko Saito of Atsumi & Partners outline how asset securitization is being used in project finance initiatives and business restructuring

  • Korea

    Korea creates new investment vehicle Min Han, Yon Mi Kim and Hyekyung Christy Lim of Kim & Chang highlight some of the legal developments that affect financial structures and introduce the ship investment company concept

  • Taiwan

    Real estate securitization a first for Taiwan David Chuang and Vicky Lee of LCS & Partners describe the legal issues and risks encountered when acting on Taiwan’s first real estate securitization project

  • Europe

  • European Union

    EU Collateral Directive simplifies structured transactions The new EU Collateral Directive changes the rules for dealing with collateral. Dermot Turing of Clifford Chance discusses how it will affect finance structures

  • Finland

    Pan-Nordic commercial property securitization emerges Tarja Wist and Mirjami Kajander of Waselius & Wist provide the details of a complex pan-Nordic commercial mortgage-backed securitization

  • France

    The barrier of seller's insolvency in securitization deals Fabrice Faure-Dauphin of Allen & Overy LLP explores the impact of insolvency risk on securitization transactions and the traditional or innovative instruments that can be used to limit this risk

  • Ireland

    How to set up an SPV in Ireland Cormac Kissane and Conor Hurley of Arthur Cox outline some of the issues to consider when using Ireland as the jurisdiction for an SPV

  • Luxembourg

    Two new laws provide clarity for securitizers Alex Schmitt and Laurent Lazard of Bonn Schmitt Steichen focus on the latest structured finance legal developments in Luxembourg

  • Portugal

    2003 a landmark year for Portuguese securitization The securitization market in Portugal is still young, but it is already producing innovative structures. Pedro Cassiano Santos and Paula Gomes Freire of Vieira de Almeida & Associados describe its progress

  • Spain

    Private finance initiatives thrive in Spain The public-private partnership is becoming the obvious choice for infrastructure financing in Spain. María Fernández-Picazo of Garrigues explains why

  • Switzerland

    A year of change for Swiss securities Markus J Kroll, Johannes A Bürgi and Evan M Spangler of Walder Wyss & Partners highlight the main Swiss securitization transactions and developments in 2003

  • United Kingdom

    UK considerations in 2004 Michael Dodson of Simmons & Simmons examines some of the main developments in English law and in the market over the last 12 months that are relevant to originators and arrangers of structured finance transactions

  • United Kingdom

    Uncertain house values hold key to UK RMBS Annabel Schaafsma of Moody's Investors Service analyzes the trends in the UK residential mortgage-backed securities market

  • United Kingdom

    Monoline insurance in pub securitizations Ron Dadina of MBIA discusses the benefits of monoline insurance when securitizing the UK’s pubs

  • United Kingdom

    Accounting for securitizations in the UK David Barnes and Edward Marshall of Deloitte & Touche LLP look at how changes to international accounting standards are affecting UK securitizations

  • Americas

  • Canada

    Finance deals overcome withholding tax obstacles Martin Fingerhut of Blake, Cassels & Graydon LLP sums up structured finance activity in Canada over the past year and looks at ways to reduce the likelihood of withholding tax on cross-border deals

  • Cayman Islands

    Reforms provide new structural challenges for CDOs Mark Matthews of Maples and Calder gives an offshore perspective on how EU and US regulatory reforms will affect CDOs

  • Offshore

    Managing offshore vehicles after Enron Increased scrutiny from accountancy bodies means that offshore administrators are going to need to be more on the ball than ever, says Phillipa White of Maples Finance

  • United States

    Is securitization legitimate? Steven L Schwarcz of Duke University has researched the validity of securitization. He presents his findings

  • United States

    Demand for middle-market loans increases David Burger and Jack Chen of Moody's describe how Moody’s rates US middle-market collateralized loan obligations