EU banking sector reform: a definitive guide to the latest developments IFLR's coverage of regulatory changes to EU and UK bank structures features in-depth analysis and expert opinion on the reforms' legal and systemic implications
Why Vietnam's asset management company is not a silver bullet A state-owned company created to purchase the bad debt of Vietnamese banks has come into operation. But the VAMC alone will not resolve the country’s banking crisis
How Sadara-Dow will transform Saudi chemicals market The main financing for Sadara Chemical Company’s project financing has just completed. The deal is the biggest of its kind and is set to transform the Middle East’s petrochemicals sector
FDIC vote should not trump Fed’s Basel rules Since the US Federal Reserve approved rules implementing Basel III, speculation has mounted over whether the FDIC would go one step further
BA hybrid opens new funding route for airlines British Airways has become the first airline to combine a Japanese lease with an enhanced equipment trust certificate, or EETC in a landmark deal for airline finance.
German multifamily doesn’t signal CMBS revival Counsel on 2013’s first European commercial mortgage-backed securitisations have warned the deals do not necessarily signal a broader market revival
How SoftBank/Sprint overcame rating uncertainty - UPDATE SoftBank’s financing of its acquisition of Sprint Nextel, which closed yesterday, set a precedent as a quasi-high-yield Japanese credit
Mapping the future of Asian project bonds Asian lenders’ increasing activity abroad may signal a growing role for project bonds in the region. Here's why
US tender offer threshold drops to 50% A drastic but little-noticed change to US tender offer rules means from next month it will be significantly easier for private equity sponsors to takeover US-listed companies
Funds irked by general solicitation backpedal Reporting requirements to be imposed on private funds looking to take advantage of their new marketing rights negate some of the benefits of last week’s general solicitation changes
Paul Gillis: VIEs no longer viable The legality of variable interest entities (VIEs) in China is even more uncertain following unfavourable rulings in China’s highest court and a tribunal of the Chinese International Economic and Trade Arbitration Commission Shanghai
ChinaCo take-private placeholder loan first Feihe International’s recent take-private was the first to include a placeholder loan, and is an example for the growing number of small US-listed ChinaCos going private
POLL: what do US leverage ratios mean for Europe? This month's market poll asks whether US plans to impose leverage ratios double the level mandated by Basel III will embolden European regulators
How US 5% leverage ratio could catch foreign banks Speculation is growing over whether US proposals for a leverage ratio that doubles the Basel III standard will embolden European regulators
How MIGA's Chinese lender guarantee changes frontier financings The Multilateral Investment Guarantee Agency has issued a contract of guarantee to a Chinese investor for the first time. The move is expected to be a boost for projects in frontier markets
Aus privatisation signals pension fund infrastructure push Port Botany and Port Kembla's landmark privatisation is further proof of mounting interest from investment funds in infrastructure
Eratat Lifestyle private placement brings tranching to dim sum This private placement is thought to be the first asset-backed securitisation in the dim sum market. But perhaps mores significantly, it also introduces the concept of tranching
The IPO that clarifies Singapore’s mineral, O&G listing rules KrisEnergy’s IPO sets the standard for other companies with Southeast Asian mineral, oil and gas assets looking to list on the Singapore Exchange
Deutsche Bank Bao Dao bond reveals retail concerns Deutsche Bank’s Taiwan dim sum bond, or Bao Dao bond, was issued to retail investors. It may be the start of a trend, but it depends on local regulations
US/EU swaps Path Forward: the outstanding questions The saga that is transatlantic swap regulation leapt forward this month with a US/EU agreement, which scales back the extraterritorial reach of the CFTC rules
Asia bank capital series: Malaysia, Thailand Basel III-compliant bonds explained In part one of this Asia bank capital series, IFLR assesses the implementation of Basel III and the development of local bank capital regimes in key jurisdictions throughout Asia
EU regulatory capital: a guide to structuring new deals Despite a predicted influx of new-style European bank capital issuances within the next five years, the structure of instruments across the capital spectrum remains largely idiosyncratic. Here's how and where consistency will be achieved
Permanent write-down – the Rabobank example The only additional tier 1 to be issued with a permanent write-down feature is Rabobank’s January 2012 $2 billion benchmark hybrid tier 1 transaction. Here's the example it sets
Equity conversion – the BBVA example In April, BBVA became not only the first European bank to sell a CRR-compliant additional tier 1 bond, but also the first to do so with the equity conversion approach
Temporary write-down – the EBA guidelines The EBA’s June 5 standards provided some long-anticipated clarity on the conditions of a temporary write-down mechanism
Tier 2: a new lease on life Under CRDIV, banks must also hold a 2% buffer of subordinated debt, or tier 2 capital. Such instruments must incorporate non-deferrable coupons and have a maturity of at least five years. Step-up coupons are also discouraged
IFLR Asia Capital Markets Forum 2013: date and speakers confirmed The ninth IFLR Asia Capital Markets Forum will be held at the Conrad in Hong Kong on November 27 2013
Vietnam property deal highlights new Asian PE model EXS Capital's $37 million investment into Vietnamese real-estate developer Son Kim Land promises a new paradigm for private equity firms looking to do deals in Asia's emerging markets
Exclusive: Moscow Exchange deputy head on next steps to internationalisation The Exchange's deputy chief executive, Andrey Shemetov, has revealed the steps being taken to unlock Russia’s local investor base, the indexes and instruments in the pipeline, and how the market is responding to the overhaul
Indonesia FDI clarification to restrict listco investment A recent announcement by Indonesia’s foreign investment regulator clarified new limits on foreign investment in listcos. But it may adversely affect foreign investors who had long believed the regulations did not apply
Can NYSE Euronext fix Libor? NYSE Euronext has been appointed as the new administrator for the London Interbank Offered Rate. Here's why the announcement has been greeted with scepticism
Dealmaking in Africa’s new M&A landscape Recent statistics suggest African M&A has reached a juncture, with activity in consumer-facing sectors set to rival the dominance of energy and resource deals
Why NYSE Euronext might not solve the Libor problem - OPINION Professor Justin O’Brien argues that the tender process for the administration of Libor reflects continued and unwarranted belief in market ordering
Myanmar’s central bank law explained The passage of a central bank law signals Myanmar is open to international cooperation. But it may not provide the boost that foreign banks were expecting
How EU private debt growth is changing leveraged lending Market participants expect a softening of UK law loan documentation to follow European private debt funds' growing involvement in regional leveraged lending. Here's why
Rare HK Reit IPO analysed New Century Reit’s IPO is the first in Hong Kong since the 2011 listing of Hua Xian Reit
Asia bank capital series: what to expect from first Basel III-compliant offerings Banks in most Asian jurisdictions are rumoured to be planning Basel III-compliant offerings. Here's how lawyers in the region expect the market to develop
IFLR Middle East and North Africa awards 2013: shortlist revealed The nominations for this year's Middle East and North Africa deal and team of the year awards have been announced
IFLR Middle East and North Africa awards 2013: the new categories IFLR is pleased to release the deal and team shortlists, as well as a host of new awards, for this year’s Middle East and North Africa awards
AFME’s Brian Harte: UK banking under Parliamentary Commission changes AFME's interim director of compliance assesses the impact of the UK Banking Reform Bill, and its impact on London's future as a financial hub
Australasia Women in Business Law Awards 2013: Winners announced The best female lawyers from across the region gathered at the Pullman Sydney Hyde Park, Sydney on August 15 to celebrate the advancement of women in the legal profession at the second Euromoney LMG Australasia Women in Business Law Awards
Central Bank of Ireland sets out funds agenda Ireland has became the first in Europe to outline a regulatory framework for direct lending by alternative investment funds. The Central Bank of Ireland’s market policy head, Martin Maloney, told IFLR he expected other governments to follow
Bitcoin: how to regulate a virtual currency With the regulatory net closing in around Bitcoin, IFLR asked the market how the increasingly popular crypto-currency will be controlled
POLL: what is the best way to regulate Bitcoin? As the regulatory net seems to be closing in around the increasingly popular crypto-currency, this month’s quick poll gauges market opinion on the best way to regulate it
HK short selling announcement confounds market An August 1 announcement from Hong Kong's SFC is set to change the way issuers and investors look at placing shares in the city-state. But the SFC is yet to clarify what market protection concerns prompted the move
EXCLUSIVE: Thai exchange's international ambitions revealed The Stock Exchange of Thailand is set to increase its profile both within Asia and around the world. Its head of corporate strategy spoke to IFLR about its international plans
Asia bank capital series: Indian Basel III implementation explained While the regulatory regimes for Basel III capital requirements differ slightly across Asian jurisdictions, the Reserve Bank of India's approach is considered especially quirky
Europe’s CMBS originators turn to bonds One of Europe’s biggest commercial mortgage backed securities originators has warned that the asset class may lose ground to unsecured bonds and bonds secured by property
Poll: US leverage ratios in Europe The US has taken a tough approach to leverage ratios. Will this embolden European regulators?
Sadara-Dow chemicals plant The biggest chemicals complex to be built in a single stage was funded by the full spectrum of project financiers, including a benchmark $2 billion sukuk
Head-to-head: does US HFT need stricter oversight? Would stricter rules help prevent flash crashes, or just increase costs? Two experts have their say
Super seniors and first outs compared This instalment of Leveraged Finance Quarterly looks at the similarities and distinctions between typical features of first out revolving credit facilities in the US, and super senior revolving credit facilities in Europe
Women in Business Law: Australasia awards The region’s best female lawyers were celebrated at Euromoney Legal Media Group’s Australasia Women in Business Law awards last month
Inside China: securitisation is charting a difficult course Securitisation would greatly assist China in its efforts to deleverage its economy. Here’s what’s holding the asset class back
Will exchange alliances work? To compete with bigger international rivals, Asia’s exchanges are working together through partnerships and networks. But some disconnects must be fixed before they reach their potential
The path forward for EU-US derivatives regulation As US swap execution facilities go live, the EU’s move to mandatory exchange trading continues. Here’s what is helping, and impeding, harmonised US and EU responses to the G20 swap trading mandate
How Mongolia is regaining the frontier crown Mongolia has been burnt by some populist and poorly planned policies. Here’s how it’s rebuilding an inclusive investment environment
US and UK courts are teasing the corporate veil Recent judgments have brought to the fore differences between how UK and US courts approach piercing the veil of incorporation
EU resolution tools and Cyprus’s crisis How will the EU’s new recovery and resolution tools and related reforms work together in practice? And would such measures have avoided the problems that emerged during this year’s Cypriot banking crisis?
Bribery and corruption: enforcement risks for Australian financial services Regulatory coordination and foreign authorities’ crackdown suggest the sector should pay closer attention to corporate governance and compliance risks
Considerations in Sino-German M&A Chinese dealflow into the European powerhouse continues to rise. But investors must beware the differences between German and US law
Cfius issues in China/US M&A Foreign investment between the two superpowers has been mired in politics of late. Here are the key considerations when closing such deals
Chinese take-privates: recent Delaware guidance For special committees and advisors undertaking going-private transactions, much can be learnt from recent Delaware court rulings. Here’s the latest best practice
How US Basel III rules could impact non-US banks Recent regulations finalised by the US banking authorities could signal a rocky road ahead for foreign banks
New marketing rules for Canadian public offerings New rules that took effect on August 13 regulate marketing activities relating to Canadian public offerings
Latest considerations in Sino-German M&A Chinese dealflow into the European powerhouse continues to rise. But investors must beware the differences between German and US law
CNBV: the inside story on Mexico’s regulatory overhaul Mexico is on the cusp of a regulatory overhaul that will touch every corner of its financial services sector. Three of the country’s senior regulatory officials dissect the upcoming reforms
Energy reforms to transform Mexican economy The Mexican government has started the long and uncertain process of permitting foreign investment in its state-run oil sector. Despite significant public pushback, local lawyers believe change is inevitable
Procedure in Mexican commercial proceedings Miguel Hernandez of Bufete Hernandez Romo explores the ins and outs of commercial court proceedings in Mexico
Financing Mexico’s next infrastructure wave Hans P Goebel and Gunter A Schwandt of Nader Hayaux & Goebel on Mexico’s latest development plans and how they may be financed
Mexican property and taxes: the vital knowledge Miguel Jáuregui Rojas and Patricia Juliana Schroeder Radecke of Jáuregui y Navarrete provide an overview of two important areas for investors in Mexico: property and taxes
Euromoney LMG Asia Women in Business Law 2013: Shortlist announced The nominations for the Euromoney Legal Media Group Asia Women in Business Law Awards 2013 have been announced
