Iron fist in a velvet glove Maurizia Angelo Comneno, Director of the legal department at Credito Italiano, Milan, talks to Barbara Galli
Capital markets developments favour US firms Riding high on London’s boom, foreign lawyers are benefitting from increasing US interest in Europe ahead of European Economic and Monetary Union. Barbara Galli reports
Mezzanine debt offers added funds for project finance Mezzanine debt, until recently a feature only of US project financings, is spreading to projects in other markets. The Asian crisis has increased interest in alternative funding sources. By Alistair MacRae of Norton Rose, Singapore
How to negotiate the subordinated lender’s position With the increased use of subordinated debt in projects, lawyers are faced with novel negotiating situations. This article considers the problem areas. By Peter Avery of Clifford Chance, Tokyo
UK firms embrace a global future UK firms have traditionally led the development of top tier international legal practices. Linklaters’ European merger may speed up the race for global dominance. Nick Ferguson reports
China opens market to foreign insurers China has launched a programme of reforms to the regulation of the financial sector. The insurance industry is already open to foreign competition, most in the form of joint ventures. By Jingzhou Tao of Coudert Brothers, Beijing
Majority action clauses may help resolve debt crises In the second of his series considering possible changes to bond documentation to ease sovereign debt problems, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York, considers the majority action clause
EU Directive cuts systemic risk Settlement systems for national and cross-border payments carry risks relating to the insolvency of participants. A new legal basis for netting systems in the EU provides comfort. By Marianne Walsh and Markus Wellinger of Van Bael & Bellis, Brussels
High-yield bonds: how to succeed in the European market High-yield debt has hit the European market running particularly for issues refinancing acquisition debt. In a two part article, IFLR presents a round table of practitioners, investment bankers and investors to discuss some of the issues that the European market has brought to the US model
New Australian netting law bolsters financial system New legislation in Australia removes doubts as to the enforceability of netting in insolvency. It should boost local financial institutions. By John Stumbles and Edward Kerr of Mallesons Stephen Jaques, Sydney
WTO agreement liberalizes financial services market The latest WTO negotiations have brought financial services under international discipline for the first time, adding an essential missing piece to GATS. By Peter Morrison* of Clifford Chance, London
