Exchange tie-up makes Chile derivatives possible A joint operating agreement between exchanges in Brazil and Chile will allow for a derivatives market in Santiago
Asia investment banks risk cannibalising themselves In-house lawyers say investment banks need to calm down efforts to boost business in Asia or risk failure
Bendigo’s three-bullet RMBS is Australia milestone Bendigo and Adelaide Bank’s innovative RMBS is a milestone in the development of the bullet market in Australia
US end-user exemptions: burdensome and useless US rules allowing exemptions to mandatory clearing for end-user swap counterparties have been attacked by capital markets lawyers
HKEx accounting rule will affect China IPO pricing HKEx's move to accept Chinese accounting and auditing standards for mainland incorporated companies is likely to lead to lower IPO valuations for mainland companies
Synthetic offshore RMB bonds will grow in 2011 Their structure appeals to those wanting to avoid the regulatory approval issues that came with remitting renminbi onshore
Project bonds not limited to refinancings OOG's $1.5 billion project bond in Brazil shows that assets under construction can be financed through the capital markets - but refinancing risk must be addressed
Ringfencing comes to Europe Brisa has used a financial ringfencing structure to complete its corporate restructuring - a first for this type of work outside the UK
More Chapter 21 listings expected on HKEx in 2011 The listing of the first investment company under Chapter 21 of the HKEx listing rules since 2004 will encourage more this year
China AML guidelines may create ambiguity New Anti-Monopoly Law implementation rules published by China’s SAIC and NDRC will create uncertainty over leniency
Bail-in plan threatens bank shareholder rights Banks’ shareholders could see their equity diluted without their consent in a bailout scenario, according to the EC’s crisis resolution plan
EC’s shareholder plan could be illegal The EC’s plan to deprive bank shareholders of their voting rights in a crisis situation could be illegal
Intra-bank asset transfers under fire The EC may be leaning towards a ban on intra-group transfers of assets among banks in Europe - with dire consequences
EC crisis framework: national rules will be ‘monstrous’ The proposed framework for crisis management is a huge undertaking that could take a decade to implement fully at member state level
Bondholders targeted in EC bank bailout plans Senior bondholders may have to shoulder the burden of losses of European banks in place of taxpayers, according to a consultation paper released by the EC
Banks lobby for India QIP clarification Banks are petitioning India’s securities regulators and stock exchanges to allow QIPs by companies with less than 25% in listed securities
Equity listing valuations must change Lawyers in Mumbai have called for the creation of pricing banners to ensure accurate equity listing valuations
Lift Indian depositary receipt restrictions Restrictions on Indian depository receipts (IDRs) should be lifted to encourage investment by multinationals
Sebi calls on banks over non-compliance costs A Sebi executive director has called for banks to agree to increased costs for non-compliance
India Capital Markets Forum – the best quotes Debates over QIPs, listing venues, Sebi’s progress and more. The best quotes from IFLR's first India Capital Markets Forum
Why Indian companies prefer UK over US listing Counsel in Mumbai are advising more Indian companies on UK listings than US
Banks say pre-crisis products will return to India Exotic products are expected to reappear in the Indian market within six to nine months
How CRA reforms will impact securitisation While there are differences in their approach, the proposed US and EU reforms will have a heavy impact on the securitisation market
Tips on US cautionary risk disclosures As US courts debate the interpretation of the PSLRA's statutory safe harbour for forward-looking statements, issuers must focus on drafting cautionary risk disclosures that are dynamic
How Asian securitisation is avoiding US pitfalls Slow but sustainable growth is the key to avoiding a securitisation bubble
European CMBS needs a restructuring mechanism Lack of a restructuring mechanism and in-built disincentives are hampering restructuring of European CMBS
Is China reforming sensitively? Hong Kong and China counsel disagree over whether the PRC government should introduce its onshore reforms with more caution
Open for business With China facing the need to enhance retirement income security, opportunities exist for foreign hedge funds
Regulators should unite In December 2010, with less than a week remaining as HSBC’s chief executive officer, Michael Geoghegan spoke to IFLR. Here, he explains why regulators must unite, exotic products will be gone for some time and the real cost of new rules
Taking the temperature IFLR’s corporate counsel survey discovered that our in-house readers are panicked about the UK Bribery Act, US whistleblower provisions and Chinese competition regulations
Time for a change European issuers and underwriters should supply investors with full credit facilities and intercreditor agreements to move the market forward
Don’t overreact May 2010’s flash crash has triggered a rush of high-speed trading rules. But while Europe’s proposed regulations are very similar to the US, its proposed liquidity requirements could be unenforceable in practice
Rabobank issues first write-down CoCo Rabobank’s Basel III-compliant hybrid bond illustrates how banks can structure capital notes with a write-down feature
Catch the wave Lefan Gong of Zhong Lun Law Firm analyses the different structures investors can use to take advantage of the boom in onshore renminbi private-equity funds
Consider notification Despite the non-binding nature of the process, voluntary notification in Indonesia is now viable. It could mitigate future sanctions in the country
Risky business The Cadbury-Kraft merger showed that US courts are not intent on resolving disputes arising under English law
Transition time for takeovers An overhaul of Ukraine’s takeover rules will soon come into effect, creating challenges for companies seeking capitalisation. And there are more changes proposed
A stricter regime The Committee’s formal rules apply a more demanding approach to determining leverage ratios and liquidity requirements than risk-weighted assets
Bouncing back The German market will make a comeback in 2011. Expect more senior facilities with mezzanine or high-yield bonds and greater mittelstand buyout activity
Greece: Merchant power returns in hybrid financing A novel hybrid financing has been used to address the demand risk arising from a rare merchant power deal in Greece
UK whistleblower bounties on the way Margaret Cole says the UK could follow the US example and introduce financial incentives for whistleblowers
Domestic threat Chinese firms could soon be mimicking India: a so-called domestic plus service would marginalise international practices
Finance first for Norway’s renewable power sector A rare project financed renewable power project in Norway has seen the state’s seminal energy fund enter a direct agreement with international banks – the first time it’s done so
Aker/Jacobs reveals M&A shifts Jacobs Engineering’s acquisition of Aker Solutions’ core process and construction businesses for $675 million signals adjustments in European and US transactions
OMV: how Turkish M&A is changing Lawyers on OMV's acquisition of a controlling interest in Turkey’s dominant petrol distributor encountered changes to foreign investment, listing and petroleum regulations
Sub-Saharan Africa project finance on the rise With Africa's energy crisis unlikely to end soon, both new and existing investment will gain traction in 2011, say lawyers
Bridge loan saves China-Brazil deal Lawyers have closed State Grid Corporation of China’s landmark Brazilian acquisition using price and debt mechanisms to overcome a last minute hurdle
First bankruptcy sale of US bank The sale of AmWest used a novel sale structure that avoids the target being placed into receivership. The deal could have set the groundwork for bigger bank sales
Financing tests Armenian security laws Redevelopment of the Caucasus region’s busiest airport has closed following through the addition of Asia ADB to the funding structure
China wind project smoothed by political backing A Wind Farm project financing in western China is the first foreign loan registered at the local State Administration of Foreign Exchange (Safe)
German high yield Following an amendment to the German Bond Act, German companies are embracing high yield. Read on to find out how the Act has changed issuances
Greece: Merchant power returns in hybrid financing A novel hybrid financing has been used to address the demand risk arising from a rare merchant power deal
High yield benchmark for French corporates Labco's complicated ownership structure introduced extra considerations under the country’s regulations
Control restrictions in Indian thermal project Funding for Dhariwal Infrastructure’s thermal project – one of India’s biggest project financings last year – features special default provisions concerning the borrower’s board and ownership structure
Two-step mergers grow with Brazil deal Brazil’s first mid-market investment into the US has used the increasingly popular top-up option to close the two-step merger
Taiwan sale suffers from heavy conditions Carlyle’s sale of a majority interest in Kbro featured a number of onerous buyer conditions – an ominous sign for future private equity deals in the country
Latin American project finance Recent developments have transformed the dynamics of doing projects in Latin America. Read on to find out how
