Cutting edge close-up: Japan woos new investors with managed CDO issue Zest Investments II has shown the way forward for managed collateralized debt obligations in Japan. Paul Cluley and Benjamin Pynt of Allen & Overy, Tokyo, reveal how the deal balances the added complexity of having a managed portfolio with simplified cashflows and a greater transparency of risk
Cutting edge close-up: Phu My 3 attracts new consistency from political risk guarantors Asian projects can increasingly expect to get consistent terms from guarantors of political risk coverage. Bruce Cooper of Freshfields Bruckhaus Deringer, Singapore, explains how following the success of Phu My 3 in Vietnam
Lessons from the Marconi restructuring Nicholas Frome and Claude Brown of Clifford Chance LLP explain the tension between the credit derivative market and bank-led insolvency workouts
Creditor confidence rests on bankruptcy reforms Italy must overhaul its bankruptcy law to give lenders confidence that the government is committed to widespread corporate finance reform. Without change, creditors will continue to receive what they say is unfair treatment, reports Emma Barraclough
Italian lawyers face new acquisition finance test Corporate reforms in Italy should give more clarity as to how the courts will view leveraged buyouts, but investors still need to be wary. Emma Barraclough reports
China adds hurdles to inbound M&A Instead of creating a clear roadmap for M&A in China, new rules have made doing deals more complicated and confusing for foreign investors. Doubts now over how the regulations will be enforced is creating even more uncertainty, reports Andrew Crooke
China gives certainty to derivatives contracts The release of new derivatives rules in China will help make contracts between foreign banks and domestic counterparties valid and enforceable under PRC law. Andrew Crooke reports
Why lawyers need to take a closer look at exit consents Exit consents have been hailed as an important tool in the battle to avoid Argentina-style sovereign debt defaults. But Stephen Choi and Mitu Gulati explain that lawyers must take a close look at the bond terms if they want to ensure their restructuring plans will work in practice
Why the class action strategy is worth a second look David Skeel, professor of law at the University of Pennsylvania, argues that class action remains a vital, if flawed, way of dealing with sovereign debt distress
Reits: success in Hong Kong depends on flexible regulation Whether Hong Kong can compete for a share of Asia's rapidly growing market for real estate investment trusts will depend on how the new Reit regulations are applied, say Dean Lockhart and Graham Turl of Linklaters
Restructuring corporate debt in Latin America Difficult market conditions have left many Latin American companies unable to refinance their maturing debt. In the first of a two-part series, Peter Darrow of Mayer Brown Rowe & Maw looks at how borrowers and lenders can deal with the regional debt squeeze
Greece unveils new securitization law A new Greek law has expanded securitization into the private sector. George Pergamalis of Freshfields Bruckhaus Deringer explains what market participants need to consider when doing their deals
France diverges from US on insider trading France recently overhauled its financial regulatory system, but stopped short of following the US's tough tactics towards insider trading. Eric Cafritz and James Gillespie of Fried Frank Harris Shriver & Jacobson compare the different approaches
Court ruling leaves uncertainty over secured lending International banks can no longer be certain of the effectiveness of taking a security interest in Korean assets by way of a pledge from Korean companies. Joshua Margolis and Chul Hyun Kim of Hwang Mok Park consider what can be done to avoid a chilling effect on derivatives and secured lending transactions
Insurers find strategic path for China investment Foreign insurers are increasingly making strategic investments in China. W Seung Chong of Freshfields Bruckhaus Deringer and Satoshi Naganuma of Millea Asia discuss the key issues to consider
