Bank of England: how to solve Too Big To Fail In an IFLR video exclusive, the Bank of England’s Andy Haldane reveals why he hasn’t ruled out imposing limits on the size of big banks
Bank of England’s Andrew Haldane: an IFLR video series exclusive The Bank’s head of financial stability assesses the implications of 'zero interest rates', outlines his priorities for bank and non-bank regulation and reveals why he believes leverage ratios are the bank solvency metric for the future
Anti-corruption adds value for PE Private equity firms are starting to use anti-corruption compliance as a way to add value to their investments. Here's how
PE to benefit from Asia's wave of restructures An AlixPartners survey has revealed that more restructurings are expected in the Asia-Pacific, particularly Korea and Japan. Private equity is well-placed to take advantage of distressed spin-offs
How Etihad/Jet sidesteps India FDI caps Etihad's acquisition of a 24% stake in publicly-listed Jet Airways shows how a minority stakeholder can gain influence in an Indian company
Liikanen reveals why he had to split the banks The chairman of the high level expert group charged with examining possible structural reforms to the EU’s banking sector, has revealed why he believes structural separation is the best way to save Europe’s banks
India recognising put/calls would boost FDI The Securities and Exchange Board of India (Sebi) is considering easing restrictions on put and call options, which may lessen M&A uncertainty
India block trades: underwriting clarifications needed International banks face regulatory uncertainty when underwriting India block trades
The IPO that clarifies New Zealand securities law Mighty River Power's dual-listing was New Zealand's largest-ever. It also marked the first offering in the New Zealand's contentious mixed-ownership model
AsiaCo term loan B deals expected to continue Quantitative easing measures have enabled Asiacos to take advantage of cheap borrowing in the term loan B market. Here's how a QE taper should affect the market
ECB: how to make Europe's banking union work According to the ECB's executive board member, Benoît Cœuré, a single resolution mechanism must be in place, if a genuine EU banking union is to be achieved. Here he outlines the key components required for the SRM to be effective
Revealed: the future for asset management Key industry figures have outlined the major trends impacting the asset management industry since the financial crisis, and what they mean for its future development
EU turnaround on pension capital helps project finance The European Commission’s decision to exclude pension funds from Solvency II-style capital rules has removed a potential hurdle to the investor-class becoming more active project financiers
Bank of England: financial sector must hedge against rates spike risk The Bank of England’s head of financial stability has urged the market to remain wide-awake to the potentially adverse unintended consequences of low interest rates
ADB outlines Asia’s investment future Asia is a region rich in opportunities. But an Asian Development Bank vice president has warned would-be investors to be mindful of its challenges
ADB: Asian leaders fear Abenomics more than eurocrisis Asian leaders' concerns about Europe's recession-plagued economies have now been usurped by the Bank of Japan’s quantitative easing measures
PT Bhakti Investama sets holdco high-yield precedent PT Bhakti Investama’s high-yield offering in May was the first from an Indonesian holding company
IMF wants tough new CAC for sovereign debt The IMF is tipped to recommend single-step aggregation clauses for sovereign bonds to overcome holdout creditor problems in sovereign debt restructurings
Industry calls for new secondary trading model Secondary debt capital markets face a game-changing and unsustainable situation, industry leaders have said
What new US-China accounting MoU really means The PCAOB’s Memorandum of Understanding with China's Securities Regulatory Commission is a step in the right direction. But issues with the SEC remain
Bill threatens Swiss bank secrecy model A recent bill permitting Swiss banks to share information with US tax authorities will prompt a new Swiss banking model – even if the bill is not passed
SEC and ASIC reveal Emir equivalency concerns Although Dodd-Frank has attracted frustration about its extraterritorial regulation of OTC derivatives, the market is now turning its attention to its European counterpart
How Ahlibank designed Oman’s first Islamic fund Ahlibank has become the first Omani bank to roll out a Shariah-compliant fund, creating the only Omani fund focussed on the Middle East and North Africa. Here’s how the bank launched the bellwether fund in the absence of a regulatory framework
Americas Women in Business Law Awards: 2013 winners The best female lawyers from across the continent congregated at Essex House in New York last night to celebrate Euromoney Legal Media Group's second annual Americas Women in Business Law Awards.
AsiaInfo: how a US-incorporated ChinaCo goes private AsiaInfo-Linkage’s delisting from Nasdaq is a rare example of a Delaware-incorporated ChinaCo take-private. It also signals the Asia-Pacific’s deepening acquisition finance market
The fund that unlocks Colombian VC A Spanish-backed investment fund has taken Colombian venture capital to the next level, unlocking a new funding source for a country on the verge of a technology revolution
New rules for listed companies tying the knot in India Vandana Shroff of Amarchand & Mangaldas explains the Indian securities regulator’s latest rules on M&A involving listed companies
African security enforcement improves under Ohada Foreign investors looking to Africa are reaping the benefits of greater certainty under the Organisation for the Harmonisation for Business Law in Africa’s investment framework and arbitration regime
Mauritius: the holdco gateway to African FDI For Chinese investors in Africa looking for holding company jurisdictions, Mauritius is emerging as an alternative to the typical offshore options
PPPs to deliver Africa infrastructure Panelists at IFLR's China-Africa Investment Forum discuss the new structures that are being used to address Africa's enormous infrastructure needs
India high-yield first analysed Rolta's high-yield bond has been described as the first true Indian corporate credit in the high-yield market. It may open the market for other Indian companies
CCB-VTB bank deal strengthens Sino-Russian ties The partnership between China Construction Bank and VTB, Russia's second largest bank, signifies a tightening relationship between the two so-called BRICS
Indonesian local law key for enforcing loan agreements Although Indonesian counsel prefer drafting contracts in UK and US law, local law provisions are key in a restructuring scenario
Why UK lenders must toughen up on Macs Lenders should curb the Mac concessions being granted to borrowers under English law loans, after the High Court’s narrow interpretation in a recent ruling
How Chinese real estate credits are using credit enhancement Chinese bond offerings are increasingly incorporating credit enhancement structures to enable deals to go to market faster. But investors fear such deals do not offer adequate compensation for the additional risks involved
How Vietnam refinery first overcame currency risk Vietnam’s Nghi Son was the first refinery project to involve significant foreign investment. It included a mechanism that dealt with Vietnam's volatile currency
European Commission hits back over repo reform The EC is not planning to cap repo rehypothecation. But an official has confirmed the authority is looking to address the sector’s pro-cyclical impact on the broader financial system
High yield portability becomes more aggressive Portability has become a hallmark of Europe’s 2013 high-yield market, and the lack of investor pushback suggests it is here to stay
How to establish Turkish MTNs The establishment of Turkey's first medium term note programme by VakifBank is expected to prompt a wave of copycats. Deal counsel explain the key considerations for others looking to establish an MTN in the new territory
Six repo myths debunked Repo was Lehman’s most reliable source of funding and did not experience widespread haircut increases leading up to the financial crisis. These were just some of the myths regarding repurchase agreements
Mongolia Stock Exchange: new securities law explained Mongolia’s Securities Markets Law will become effective on January 1 2014. It introduces provisions that will allow for the highly anticipated triple-listing of state-owned Erdenes Tavan Tolgoi
Sebi aggressively enforces India free float The deadline for India’s listcos to meet a 25% minimum public shareholding was June 1. The Securities and Exchange Board of India has taken swift enforcement actions to address non-compliant companies
Banks’ five-step plan to repo best practice Management of counterparty credit risk is more important to achieving a well-functioning repo market than macroprudential regulation
Euro repo rules can’t rely on US research US research on repo should not be extrapolated to Europe, as the two markets are fundamentally different and require their own regulatory agendas.
Euromoney Legal Media Group Australasian Women in Business Law Awards 2013- Shortlist announced The shortlist for the Euromoney Legal Media Group Australasian Women in Business Law Awards has now been published
Third arrow of Abenomics to challenge M&A Japan PM Shinzo Abe's so-called third arrow structural reforms largely disappointed. They come at a time inbound investors may be backing off due to currency volatility.
Vue sale changes pension fund M&A Doughty Hanson’s sale of Vue Entertainment highlights pension funds’ willingness to do private equity deals directly, without buyout fund managers and their associated fees
Shuanghui-Smithfield tests US approach to private ChinaCos Shuanghui's acquisition of US pork producer Smithfield Foods is the latest deal between the two countries to provoke political furor. It could test how well target jurisdictions distinguish between private and Chinese SOEs
Australia mirrors US/ChinaCo FDI concerns US agricultural concerns prompted by Shuanghui’s acquisition of US pork producer Smithfield Foods could reignite similar Australia/China issues.
What will sustain Aussie RMBS growth Australia’s residential mortgage-backed securities market has hit a post-crisis high, but issuers must strongly market offshore to continue the sector’s growth story
Room for covered bonds in Aussie RMBS boom Australian banks have been urged to remember the unique benefits of Australian covered bonds, as statistics suggest they have shunned the instrument for residential mortgage-backed securities
Secondary liability: latest EU sanction concern Heightened activity by EU sanction authorities has pushed the regimes higher on banks’ compliance agenda. But there is a lack of clarity on key provisions
Shadow banking risk jeopardises China mid-tier banks Market watchers are increasingly focusing on shadow banking risks in China, following last week's cash crunch. Mid-tier banks are especially vulnerable
UK banking standards report: the market responds Recommendations in last week’s UK banking standards report are tipped to be implemented quickly. But market participants fear it risks eroding the competitiveness of the UK banking system
Korea securities law amendments to alter financing landscape The amendments to Korea’s FSCMA, which will come into effect on August 29, may radically change market structure and capital raisings
Let bank boards do their job, says MP The UK government's plans to investigate a possible split up of RBS adds weight to the argument that politicians should step back and let bank boards do their job, the MP for the Cities of London and Westminster has said
What’s complicating Borsa Istanbul’s tie-up plans Anti-government protests have rocked Turkey’s fledgling bourse as it finalises its search for a world-leading exchange to become a strategic partner
Myanmar capital markets: what to expect Although the Yangon Stock Exchange is not scheduled to open until 2015, Myanmar’s nascent OTC market has already drawn foreign investor interest
Impact Exchange: how it will change investing The Impact Exchange was launched on June 14. As the first platform solely for social enterprises to raise capital, it represents a new opportunity for impact investors
How Senate report changes Australia FDI An Australian Senate committee has released a report that is set to have a far-reaching effect on foreign investment in the territory
Covered bonds: RBS MD outlines the key product pressure points RBS managing director and ICMA board member, Tim Skeet, discusses recent developments in the covered bond market, and how he sees the asset class evolving
EXCLUSIVE: Borsa Istanbul CEO on strategic partnership Borsa Istanbul has named OMX Nasdaq as its strategic partner. Speaking exclusively with IFLR, the Turkish exchange’s CEO, Dr Ibrahim M Turhan, shared his hopes for the tie-up
US securities litigation moves to Japan US institutional investors are increasingly turning to Japanese courts for securities litigation. it coincides with the country's moves to introduce a class action system
Focus Media take-private explained Focus Media was the biggest US-listed ChinaCo take-private and the biggest China LBO. Its heavily-negotiated documents will set a template for smaller take-privates
The flaws of Europe’s LTIF framework To ease companies’ access to finance and champion alternative sources of lending to the real economy, the EC recently proposed a scheme for private European long-term investment funds. But there are notable flaws in the framework
Do EU hybrid rules give US competitive edge? The implementation of Basel III in Europe risks leaving regional banks at a disadvantage when it comes to competition for capital
Turkey’s first MTN VakifBank’s benchmark programme is the latest step for Turkey’s maturing capital markets
Head to head: In the case of sovereigns, should official sector debt be subordinated to private sector debt? Two sovereign debt experts take opposing sides of the debate
Head to head: postscript to June edition International firms are able to practice Chinese law more professionally than Chinese domestic firms
Women in Business Law Awards: Europe and Americas winners ‘Europe and the Americas’ leading female lawyers were celebrated at last month’s Women in Business Law awards in London and New York. The winners and highlights are here.
China-Africa Investment Forum highlights Infrastructure, resource nationalism and offshore investment vehicles play an important role in the next superpowers’ evolving relationship
Understanding target ecosystems in Chinese M&A How to avoid conflating inbound and outbound Chinese M&A with financing
MSE: a frontier exchange’s road to success Some ambitious ideas are driving the transformation of Mongolia’s capital markets. Here’s the inside story on what next to expect from the frontier
Fixing Europe’s funding model With growth across the continent at a standstill, the market’s focus is on developing non-bank alternatives to channel funds to where they’re needed most
Are investor protections in European high-yield notes being eroded? Are investor protections in European high-yield notes being eroded?
Beijing as matchmaker in China and Latin America’s courtship China’s courtship of Latin America has gathered pace. And the best is yet to come
The FTT and European sovereign debt Europe’s proposed FTT could have a crippling impact on governments’ ability to fund themselves
Nigeria’s rebounding capital markets Bukola Iji of SPA Ajibade & Co describes recent developments in Nigeria’s capital markets, including the April launch of the Alternative Securities Market
Taming Nigeria’s natural resources Israel Aye of Sterling Partnership discusses the importance of passing the proposed Petroleum Industry Bill in the face of increased competition from other major, and emerging, oil and gas producers
The truth about Broad-Based Black Economic Empowerment in South Africa Rather than being a source of concern, investors should understand the policy to capitalise on the significant commercial advantages it offers
New currency hedging possibilities in Cambodia’s growing market A benchmark derivative deal has shown how Cambodian institutions can manage their currency risks. Here are the factors to consider
The future of acquisition financing in Asia Focus Media’s debt financing package serves as a precedent for acquisition financing in the region, just as the market gathers steam. Here’s why
LMA’s developing market documents explained Managing director Clare Dawson explains the ins and outs of the Association’s new suite of developing market loan documentation
Outlook for foreign investment in the Indonesian banking sector On the face of its liberal regulations, the South East Asian nation’s financial sector looks open to investment. But nationalistic sentiments is proving a real threat
2012/2013 covered bonds volume and country breakdown Map and data showing issuance across the world, courtesy of Goldman Sachs, Euroweek and The Cover
ICMA: covered bonds’ next generation RBS managing director, International Capital Market Association (ICMA) board member, and covered bond specialist Tim Skeet discusses recent market developments and the asset class’s future
Why covered bonds are a clear solution Luca Bertalot, head of the European Covered Bond Council and deputy secretary general of the European Mortgage Federation, explains how funding models are evolving after the crisis, and the fundamental importance of the Covered Bond Label initiative
Covered bonds: the road to a global asset class Agustin Martin Calmarza, head of European Credit Research & covered bonds at BBVA, assesses the characteristic of different covered bond regimes and how the instrument are becoming a global asset class
Moroccan covered bonds: Africa’s new generation of finance Lofti Sekkat, chief executive officer of Crédit Immobilier et Hôtelier discusses the key features of Morocco’s covered bond law, and the process of implementing the legislation in a new jurisdiction
A guide to Norway’s covered bond legislation Johan Christian Kongsli, Karl Rosén and Børge Grøttjord of Grette offer a detailed overview of covered bond legislation in Norway
Switzerland’s covered bond market of two halves Benedikt Maurenbrecher, Dieter Grünblatt and Stefan Kramer of Homburger on Swiss law’s two different yet complementary concepts of covered bonds
Changes and challenges for UK covered bonds Clifford Chance’s Peter Voisey and Will Sutton outline the regulatory changes affecting the UK covered bond market, but remain optimistic that clarity and certainty will emerge
Time for a US covered bonds alternative Jerry Marlatt and Anna Pinedo of Morrison & Foerster ask whether it is time to stop waiting for a US statute
HK profit announcements: to warn or not to warn? The SFC’s profit warning guidelines are not crystal clear. Here’s best practice on how to comply
