Thai infrastructure fund first to change energy-related financing The Amata B. Grimm infrastructure fund IPO represented the first listing of an energy-related infrastructure fund and only the second listing of an infrastructure fund in Thailand. It is expected to spark copycat transactions
ICBC Asia’s USD Basel III-compliant Tier 2 bond first explained On October 3, ICBC became the first Asian bank to issue USD-denominated Basel III-compliant Tier 2 notes, establishing a pricing benchmark for future issuances from Asian banks
Asia bank capital series: China’s Basel III regime explained China’s Basel III regime is stricter than that of the Basel Committee on Banking Supervision’s international framework, and involves an aggressive timeline
Grupo Lala's rare spinoff sets LatAm IPO precedent The October 16 initial public offering of Mexican dairy company Grupo Lala represented the country’s largest such offering this year. Its rare spin-off structure could set a precedent for other would-be LatAm listcos looking to raise their valuation
London’s first sukuk: how to make it happen Before the UK can become the first non-Muslim country to issue an Islamic bond, there remain some structural issues to iron out
POLL: How should HKEx change its listing rules to encourage 'innovative' companies to list? This month IFLR is polling readers on the Alibaba IPO debate. Should HKEx change its listing rules to accommodate certain issuers? Vote now
What Hyundai Rotem means for the Korean IPO market The $587 million IPO of Hyundai Rotem was the largest IPO in Korea since 2010 and marked a move away from two-tranche Korean offerings
IFLR’s 2014 awards: the submission forms Submission forms for the IFLR 2014 European, Americas, and Asia awards are accessible here
EU’s new failing firm defence benchmark Aegean Airlines’ buyout of Olympic Air, the first deal to be blocked and then subsequently cleared by the EU competition authority, has closed
Aussie litigation funding to change APAC class actions Australia has seen an increase in class actions following the growth of its third party litigation funding model. And it’s a model that may spread throughout Asia
Suntech’s lessons for China’s bankruptcy regime The solar panel producer reveals shortcomings in China's insolvency regime and reminds investors to adequately price default risk into ChinaCo bonds
Airport privatisations: investment’s hottest tip The last two years have seen an increase in privatisations, asset sales and PPPs of European airports. But there are risks that would-be investors need to look out for
Maxcom restructure and tender offer explained Maxcom Telecomunicaciones’ simultaneous restructure and tender offer has allowed it to take advantage of regulatory changes that will open up Mexico's telecom market
What to expect from a Chinese credit crisis China’s recent credit crunch revealed the latent risks in its banking system, and why a future crisis would have global implications
Project bonds fund construction of French PPP A public-private partnership in France has unlocked the country's institutional investor financing market for greenfield projects
RBI foreign bank rules analysed The Reserve Bank of India's regulations regarding foreign banks that establish wholly-owned subsidiaries in India raise key questions for institutions that don’t convert
Bank resolution: why Asian regulators must act now Regulators in Asia need to act fast to catch up with international standards on bank resolution, and address market fragmentation
Shariah-compliant Basel III: structural issues explained Shariah-compliant regulatory capital issuances from banks in the GCC are becoming more prevalent. But several challenges lie in wait in the drive to create shariah-compliant bank capital structures
Banks and cloud computing: the risks assessed Banks and financial institutions are increasingly looking towards cloud computing as a cost efficient means by which to store data. But the trend raises a host of regulatory and compliance issues
Asia bank capital series: why Malaysia hasn’t yet seen a Basel III-compliant sukuk Malaysia is the largest Islamic finance market in the world. But its Islamic banks have yet to issue a shariah-compliant sukuk. Here’s why
China CITIC’s tier 2 first explained China CITIC Bank International issued a USD-denominated Basel III-compliant tier 2 bond on October 31. It represented the first tier 2 issuance in Asia with a partial write-down feature.
VIEs remain an issue for Chinese tech IPOs Chinese technology IPOs have made a successful return to the US markets. But it seems that investors have forgotten about their risky variable interest entity structures
CFTC's new chairman: the market responds President Obama this week announced his choice to succeed Gary Gensler as the head of the Commodity Futures Trading Commission
What new London listing rules mean for EM companies London’s FCA has released rules designed to enhance the effectiveness of London’s listing regime. The new regime has several key implications for companies seeking a London listing
What must change for India Reit success The Securities and Exchange Board of India last month announced draft rules for real estate investment trusts. But changes are needed if Reits are to succeed in the country
Vingroup high-yield bond sets SE Asia PE precedent The covenant package for this Vietnamese real estate company's debut US dollar high-yield bond required adjustment due to a private equity investment earlier this year
What to expect from European HY structures New high-yield issuance in Europe has soared to a record €78 billion over the first 10 months of the year. The market's dramatic maturation has brought with it new capital structures, and there are more changes to come
The futurisation of swaps: what’s expected New rules under Title VII of the Dodd-Frank Act have increased the regulatory burdens on swaps, leading some in the market to re-examine how the instrument is used
PIK toggles must improve transparency Credit analysts need clearer definitions in payment-in-kind (PIK) bond documentation to accurately assess deals
ICMA to publish new model CAC for non-EU sovereign debt The International Capital Market Association is to publish a new model collective action clause for use in emerging markets as well as New York and English law governed debt contracts
The covenants defining Europe’s HY surge European sponsors are looking beyond portability when negotiating borrower-friendly covenants into high-yield documentation, further bifurcating the private equity and corporate deal structures
Lord Turner’s iron law of banking Every 15 years, one of the world’s banking system extends excessive credit to the real-estate sector creating threats to the overall economy
Fund investors happy to pay for independence, oversight Offshore investors are favouring fund structures with greater independence and oversight, in spite of their increased costs
India's new Companies Act to change CSR An Indian statutory requirement for companies to spend a set percentage of their profits on corporate social responsibility is believed to be an international first. And it applies equally to domestic and foreign companies
German ruling creates new public M&A options A recent judgment by Germany’s Federal Supreme Court that makes it easier for public companies to delist is tipped to facilitate take-privates and spur new public takeover tactics
Arcapita: how non-US firms can use Chapter 11 The successful restructure of Bahrain-based investment company Arcapita has raised questions about how other non-US companies can take advantage of Chapter 11 of the US Bankruptcy Code
JP Morgan settlement explained: what it means for banks JP Morgan Chase's $13 billion settlement with the US Department of Justice has led many to question how the deal will impact the wider market
Asifma: Asia’s financial markets must harmonise regulations The Asia Securities Industry and Financial Markets Association's white paper on Asia’s capital markets has highlighted the need for transparent and harmonised regulation across the region.
What Indonesia court ruling means for local translation rules A recent Indonesian court decision has forced market participants to reconsider standard practice in translating contracts into Bahasa Indonesia
Bitcoin regulation: the latest developments assessed Market participants assess last week's US Senate hearing on the threats posed by the virtual currency
Dodd-Frank's push-out provision: the next steps US banks are already taking steps to restructure, or sell-off parts of, their derivatives operations in a bid to comply with Dodd-Frank’s controversial ‘push-out’ provision
Revealed: Hong Kong exchange to expedite IPOs The Hong Kong Exchange Group’s listing division is to undergo changes to expedite IPO applications, the exchange’s chief regulatory officer and head of listing David Graham has revealed
How to attract foreign listcos to Hong Kong Market participants outlined how Hong Kong could encourage more foreign companies to list in the city-state, at this week’s IFLR Asia Capital Markets Forum
Asia capital markets forum: the highlights Market participants outlined the challenges and opportunities ahead at this week's IFLR Asia Capital Markets Forum
Why offshore RMB fragmentation increases transaction risk As moves to internationalise the Chinese currency continue, it remains unclear whether offshore RMB cleared between centres is truly convertible
Singapore securitisation 2.0: how crisis changed the market Singapore's securitisation market might be making a comeback after the financial crisis. But new-style deals are far more conservative
Tougher than Basel Basel implementation in the US continues to progress, with proposals for a liquidity coverage ratio that is tougher than the Basel Committee on Banking Supervision's standard
SME covered bonds’ dubious future Covered bonds backed by loans to small and medium-sized enterprises will remain a niche product of established issuers from mature markets
Momentum grows for EU covered bond regime Industry support for an EU-wide covered bonds framework has grown over the past 12 months, with investors and issuers agreeing that harmonisation would help safeguard the asset class’s preferential regulatory treatment
The covered bond issuers set to adopt pass-through Conditional pass-through and soft bullet structures will come to the fore in next year’s European covered bond market, as issuers look at new ways to deal with short-term liquidity gaps
Apollo/Cooper: lessons in deal protections Recent disputes regarding Indian Apollo Tyres’ acquisition of US-listed Cooper Tire underscore why Asian corporates looking to the US must understand its deal protection mechanisms and court precedents
New margin bonds to fund Asia M&A The use of high-yield bonds to fund non-controlling buyouts is tipped to be a key development for the M&A market in 2014. The structure could be transformative for deals in Asia
New-style distressed M&A benefits Spain’s corporates Distressed assets in Spain’s real-estate sector have been luring investors for a long time, but buyers’ have been engaging new strategies recently
EXCLUSIVE: Credit Suisse explains its restructuring plans Credit Suisse’s planned overhaul of its legal structure was not motivated by a desire to safeguard its Swiss operations, the bank’s vice chairman of the group executive office has said
Poll: how should HKEx change its listing rules? After the Alibaba listing saga, many are querying whether HKEx should allow dual-class share structures
Leveraged finance quarterly: intercreditors Navigating the similarities and differences between US and European intercreditors
Inside China: financial risk management An overview of financial risk management developments in post-crisis China
Asia capital markets forum highlights The challenge for Asia’s capital markets is ensuring they retain their competitive edge. Here, industry specialists reveal how the region should tackle its next phase of development
2013 Bankers’ Counsel Poll: European capital markets IFLR gives lawyers at Europe’s top investment banks and financial advisory firms a platform for candid debate on the issues that matter most to them
HK market misconduct rules after Tiger Asia A re-examination of section 213 of the Securities and Futures Ordinance in Hong Kong
2013 M&A review IFLR1000’s 2014 rankings identify the law firms shaping the most exciting M&A markets
Cross-border M&A under Spanish law In the absence of a unified legal framework, Uría Menéndez’s Juan Francisco Falcón and Catalina Chalbaud offer practical guidance on cross-border mergers under Spanish law
Trans-Pacific Partnership: what will it achieve? Navigating the risks, rights and responsibilities under the incoming Trans-Pacific Partnership
Unitranche debt creates intercreditor issues The growing prominence of European unitranche debt has led to some interesting intercreditor issues
The future of financial benchmarks How incoming regimes and changing market practices will ensure that financial benchmarks don’t risk losing their relevance
A Spanish warning to dissident creditors A court’s cramdown order on Grupo Celsa’s refinancing agreement has had a significant impact on Spain’s restructuring market
Streamlining post-deal German M&A How loan-portfolio acquirers in Germany can avoid post-acquisition troubles
Shale gas in Indonesia: an unconventional revolution? Norton Rose Fulbright's Shamim Razavi and Susandarini & Partners' Bintang Hidayanto assess the country's emerging new energy supply
New Tupe rules to help buyers on business transfers Practical changes to update the Transfer of Undertakings (Protection of Employment) Regulations are likely to facilitate the acquisitions process
Volcker Rule: the market reacts The final Volcker rule has been met with a sigh of relief by the financial sector. While the five regulators charged with agreeing the final version of the rule have not crafted a rule as strict as had been expected, there are still several negatives aspects
