Clifford Chance becomes the world’s largest firm The proposed three way merger between Clifford Chance, Rogers & Wells and Pünder is set to create the world’s largest law firm. Ben Maiden reports on the reaction of City firms
Inside US firms in London The leading US firms in London talk candidly about the strengths and weaknesses of their capital markets practices. By Rob Mannix
Clifford Chance completes first PFI Eurobond programme Clifford Chance and Freshfields advised Schroders and Rotch Property on the setting up of a £1 billion ($1.5 billion) Eurobond programme allowing for flexible refinancing of the future projects sponsored by Rotch.
Skadden Arps advises on record European high yield issue US firms have been hired to advise on Europe’s biggest and most recent high yield issue.
Cutting Edge-Skadden advises NTL on purchase of CWC US firm Skadden Arps Slate Meagher & Flom is advising UK Cable company NTL on its aquisition of part of the business of Cable & Wireless communications. Travers Smith Braithwaite are advising NTL on UK law.
Cutting Edge-Brobeck and Herbert Smith get banks’ vote on Freeserve IPO Internet provider Freeserve, advised by Shearman & Sterling and Linklaters, launched its much-anticipated IPO on July 26. The offering included an institutional tranche and a US tranche and closed at a 37% premium on the offer price at the end of its first day of trading in London.
Morgan Stanley answers Formula One critics In a letter to IFLR, Morgan Stanley, underwriter of Formula One’s $1.4 billion asset-backed Eurobond, responds to the European Commission’s statement of June 30 — in which it outlines its objections to F1’s business. Rob Mannix reports
News-Osler Hoskin leaves London Canada’s Osler Hoskin & Harcourt has closed its London office. Its resident lawyers will go their separate ways; partner Mark Trachuk is headed back to Toronto while associate Rob Stewart has joined Allen & Overy.
France seeks to create its own Pfandbriefe market The success of the German Pfandbriefe market has inspired new legislation in France on mortgage-backed bonds. Joseph J Smallhoover and Christian Cano of Dechert Price & Rhoads, Paris describe the vehicles and securities available to issuers
Is leasing the key to European projects? Dean M Colucci of Cadwalader Wickersham & Taft, New York, examines why the leveraged lease has become an attractive alternative to traditional non-recourse financing
The renaissance in European securitization In the last three years the European securitization market has flourished. This growth has not been restricted to just one country — the UK, France, Germany and Spain have all been very active. Leading lawyers, investment bankers, monolines and issuers discuss what has caused this phenomenon
The art of securitizing catastrophe risk Tokyo Disneyland is the first corporate to seek cover through a catastrophe bond rather than traditional insurance. Jonathan Shann of Wilde Sapte, London outlines the structure and presents the firm’s report on alternative risk transfer
Comment Frederick L Feldkamp of Foley & Lardner, Chicago reviews the US securitization developments and suggests some possible limits
News-Loeff splits to go separate ways Benelux firm Loeff Claeys Verbeke has split into three factions. One group of around 35 partners are set to merge with Allen & Overy and another group of 26 partners will link with Dutch tax firm Loyens & Volkmaars.
News-Linklaters & Alliance gains Italian member Gianni, Origoni & Partners, Italy’s second largest Italian law firm, is to join the Alliance Linklaters effect from September 1 1999.
News-Standard & Poor’s appoints new general counsel Ratings agency Standard & Poor’s has appointed Petrina Dawson as general counsel. Dawson will step into the vacancy left by Joanne Rose after her promotion to executive managing director for Standard & Poor’s structured finance ratings unit.
News-Legal issues in structured finance Sometimes the magnitude of issues involved in specific transactions does not become clear immediately. To avoid being overwhelmed by legal issues Standard & Poor’s recommend deal parties confront certain legal issues in advance.
