Local Insights

After ratification of the first sustainable investment facilitation agreement, between the EU and Angola, Carla Gonçalves Borges, Mariana França Gouveia, and Assunção Cristas of Vieira de Almeida analyse ESG considerations in African states’ investment treaties

ESG considerations are becoming an increasingly important factor in investment decisions in Ghana. Lady-Ann Essuman, Ewurama Osam Tawiah, and Verissa Odame-Koranteng of VINT & Aletheia, Attorneys and Consultants explain why, and how, the new reality should be embraced

As the financial services ecosystem in Nigeria continues its rapid development, DealHQ Partners provides a guide to the latest regulatory initiative regarding contactless payments

João Nuno Riquito and Hália Cerqueira of Riquito Advogados explain how Macau’s new Civil Aviation Act and airport expansion will open the market, boost competition, and modernise the region’s commercial aviation framework

Ning Zhu, Wenhui Luo, and Yang Li, Chance Bridge Law Firm

Tung Nguyen, VILAF

Libor [London interbank offered rate] is the primary benchmark, along with Euribor, for short-term interest rates around the world. Libor rates are calculated for five currencies and seven borrowing periods, ranging from overnight to one year, and are published each business day. Libor is based on submissions provided by a selection of large international panel banks. These submissions are intended to reflect the interest rate at which banks could lend one another unsecured funds. Many financial institutions, mortgage lenders, and credit card agencies set their own rates based on this. However, in 2017, the UK's Financial Conduct Authority (FCA) announced that after 2021 it would no longer require the panel banks to submit the rates needed to calculate Libor. Libor will no longer be published after the end of 2021, and market participants are urged to transition to alternative reference rates (ARRs).

Another set of measures came into force in Slovakia on May 12 to protect business operators from the fallout caused by Covid-19. These measures implement interim bankruptcy protections for business operators. These measures are temporary and as it stands, will expire on October 1 2020, with an option for the government to extend them through December 31 2020.

Switzerland is generally an attractive business location from a tax perspective, however not when it comes to interest withholding tax on notes and bonds. The Swiss 35% withholding tax on interest payment is imposed not only on notes and bonds issued by Swiss borrowers, but can also, in certain circumstances, apply to notes and bonds issued by foreign group companies guaranteed by Swiss group companies.

Decreased availability and increased costs of funding have altered the behaviour of borrowers and lenders in the Peruvian leveraged finance market. Thomas Thorndike of Garrigues highlights the main themes and considers the outlook

Rita de la Guardia and Patricia Cordero, Alemán, Cordero, Galindo & Lee

Jaime Trujillo Caicedo, Alexandra Montealegre and María Camila Vargas, Baker McKenzie

Hossam Gramon, Karima Seyam, and Nour El Kholy of ADSERO – Ragy Soliman & Partners report that Egypt’s capital markets are undergoing structural reform and product diversification, reshaping the debt, ESG, and fintech sectors

Simone Del Nevo and Rahul Sud, ASAR – Al Ruwayeh & Partners

Ezekiel Tuma, John Cunha, and Luis Cunha, ASAR – Al Ruwayeh & Partners

Robert Katz and Charles Ruck, Latham & Watkins

Robert M Katz and Charles Ruck, Latham & Watkins

Robert Katz and Charles Ruck, Latham & Watkins