Thai Tier 2 innovates Basel III write-down mechanisms Krung Thai Bank’s Tier 2 offering has become the first internationally-sold Basel III-compliant offering from Thailand. Here's how
Tender option bond structure could revive muni market Tender option bonds have been boosted by an innovative structure that takes advantage of securities law loopholes in the US
Greenland bond clarifies new China onshore guarantees Real estate developer Greenland Hong Kong has sold the first bond under Safe’s new onshore guarantee regulations. More deals are expected to follow
French RMBS first sparks calls for regulatory rethink Credit Foncier’s offering of €1 billion RMBS has been hailed as the deal that could reopen the French securitisation market
Frankfurt RMB bond to transform German capital markets Frankfurt’s first offshore renminbi bond by a Chinese issuer has signalled its ascent as a European renminbi hub
Sanctions’ impact on Russian JVs and M&A At first glance, restrictions imposed by the EU and US seem somewhat mechanical. But as Linklaters' Dominic Sanders explains, many questions arise when considered in the context of a transaction
POLL: global effect of Argentina’s sovereign debt crisis IFLR’s quick poll asks the market what the long-term global effects of Argentina's holdout creditor standoff - and subsequent default - could be
Competition sparks new PE tactics Increased regulation and competition from traditional limited partners is forcing global private equity firms to use more innovative financing solutions
Indian FDI in the balance The Reserve Bank of India’s relaxation of rules for foreign investment further signals the central bank’s desire to increase outbound investment. But the country still faces challenges in its bid to channel inbound investment
Questions under Myanmar’s competition bill Myanmar’s recently released competition bill broadly follows global standards, but counsel are awaiting implementing regulations to assess the country’s merger review regime
Why UK Takeover Code changes won't work UK business secretary Vince Cable’s plans to strengthen Britain’s Takeover Code have been described by London partners as ‘posturing’, with any tangible change in approach deemed unlikely
How Argentina’s lock law caused debt debacle The country's 2005 lock law which prohibits the government from paying holdout creditors has brought the country to the edge of default once again
Foreign AIFMs to sidestep private placement The EU’s major fund centres have made private placement under the incoming AIFMD a non-issue for US and Asian asset managers.
India QIP risk factors reveal banking sector woes India’s equity markets are taking off, with heavily indebted corporates completing equity placements to deleverage. But market participants are concerned about risk factors in their offering documents
Peru project bond pushes local currency limit The Rutas de Lima toll road project reveals the growing trend of combining local fundraising and international investors in Latin America
Japanese solar sets foreign investor precedent Gestamp Solar is a rare example of a project in Japan having both a foreign lender and sponsor
India domestic IPOs to overshadow foreign listings India’s capital markets have returned following the election of Narendra Modi last month. Domestic IPOs are expected – perhaps at the cost of foreign listings
India’s budget sinks tax clarity expectations Prime Minister Modi's budget announcement wasn’t as bold as expected. But market participants hope the changes were enough new foreign investors’ interest in India
World’s first regulated Bitcoin fund analysed Jersey is keen to position itself as a Bitcoin hub. But launching the bellwether exchange presented supervisors with some difficult decisions
E-money firms: the next shadow banks? Electronic payment services firms could be poised to capitalise on the UK's plans to make it easier for SMEs to borrow from non-traditional lenders
Nuclear sector’s first limited-recourse financing A uranium enrichment plant in France has become the world’s first nuclear power project to receive limited-recourse financing
Sifma calls for rules on US market structure Sifma's recommendations to address equity market structure in the US have focussed on addressing exchanges’ relationships with investors
RMB swap deal first step in Swiss hub plan Following the signing of a currency swap deal with China, the success of Switzerland's plans to be an offshore RMB hub now rests with the Asian powerhouse
European high yield tussles over change of control Investors in European high yield are once again unhappy at the erosion of safeguards in the region’s booming debt markets
LCR and ‘high quality securitisation’ to align? There is speculation that the EC's delay in approving the liquidity coverage ratio means it will reflect the outcome of the BoE and ECB consultations on securitisation
CLOs test limits of ‘high-quality securitisation’ June's CLO dealflow could be further buoyed if the instrument is classified as ‘high quality’ under the recently closed ECB and BoE securitisation consultation
How to take security in Myanmar Local authorities have completed the first registration of a secured interest on Myanmar assets for a foreign loan. It could facilitate lending in the jurisdiction
Bitcoin futures take crypto-currency a step forward As a Bitcoin derivatives exchange prepares to launch, the platform's founder, Arthur Hayes tells IFLR what’s next for virtual currency's development
Bitcoin might prompt regulatory shift As supervisors increase their focus on virtual currency, the fast-growing Bitcoin market has revealed a potential paradigm shift in financial regulation
Deal: Brazil first oil royalty securitisation Rio de Janeiro has become the first in the country to securitise revenue from oil royalties. The structure has the potential to grow
Russia/Yukos ruling shows BITs have teeth Monday’s $50 billion ruling against Russia for expropriating the assets of former oil company Yukos is the largest arbitral award in history
Slim sell-offs sidestep Mexico telecom reforms Mexico’s new telecommunications law is intended to curb the influence of the sector’s major players. But its future could still be dictated by how Carlos Slim chooses to downsize his holdings
Giant Interactive pushes Chinese LBO financing The sponsor-led leveraged buyout of Giant Interactive highlighted banks’ increasing comfort with borrowers’ underlying credit
Litigation funders compete for Aussie class actions There is renewed interest in Australian class actions following a ruling that found S&P negligent for its rating of poor-performing structured products. More activity is expected as litigation funders and plaintiff law firms find new opportunities in the jurisdiction
Cfius subject to new due process requirements George Wang of Haynes and Boone explains how a recent US ruling could improve foreign companies’ procedural rights in having deals approved by the opaque regulator
Mexico streamlines lien and security registration Rodrigo Castelazo of Creel analyses recent reforms that promise to reduce the cost of doing business in Mexico
Thai listing rules reveal Asean financial centre ambition Thailand’s Securities and Futures Commission (SEC) new regulations for foreign and dual listings reveal the country’s goal of becoming an Asean capital markets hub
Bankruptcy: how remote is your note? Limited recourse provisions don’t preclude an issuer from becoming insolvent. Slaughter and May's Sanjev Warna-Kula-Suriya and Eric Phillips analyse whether this is this a concern
US swaps compliance for multinationals Sidley Austin's Michael Sackheim, Ilya Beylin and Joseph Schwartz help international corporate groups navigate the maze of rules and exemptions under the CFTC swaps framework
Asia high yield covenants buck global trend Asia high yield bonds’ investor protections have diverged from a global trend of weakening covenant packages. And they're unlikely to change soon
DC Water 100-year green bond explained The issuance of DC Water and Sewer Authority's 100-year green bond signals an increasing appetite for green risk
France builds protectionist barriers Décret Alstom reinforces France’s control over inbound foreign investment. Despite its dubious motivations, the European Commission has approved the reform
Canada’s first PPP green bond Tandem Health Partners's groundbreaking deal is also the first non-recourse private sector green bond
Could Argentina restructure its bonds locally? The possibility of Argentina restructuring its US and UK bonds under local law has been met with scepticism from the country's counsel
Middle East awards shortlist The nominations for this year's IFLR Middle East awards have been announced. See below for all the deal and team of the year shortlists
Indonesia bank ownership restrictions unclear Indonesian politicians are contemplating further restrictions on foreign ownership of domestic financial institutions
Mibor use limits reform impact India has become a global leader in reforming its interbank offered rate. That would be helpful if the benchmark were more frequently used
US money market reform to consolidate industry New US money market regulation is expected to lead to consolidation in the industry
Greenko sets India HY structural precedent Indian renewable energy company Greenko’s first high-yield deal utilised an innovative structure to get investors comfortable with the credit
India high yield scarcity to drive covenant flexibility Tata Steel’s sale of $1.5 billion in unsecured bonds has underscored high-quality Indian issuers’ covenant expectations
New voting rights in Nigerian M&A Proposed changes that empower minority shareholders could have unintended side effects. Ogonna Chinedu-Eze, Ozofu Ogiemudia and Folake Elias-Adebowale of Udo Udoma & Belo-Osagie explain why
The realities of enforcing foreign judgments in Nigeria Festus Onyia and Uzoma Azikiwe of Udo Udoma & Belo-Osagie explain the legal framework that governs enforcement in Nigeria
David Jones scheme clarifies Aus collateral benefits Woolworths South Africa’s acquisition of 100% shares in the department store has clarified Australia’s collateral benefits regime under schemes
Inversion bills spark new closing conditions M&A parties are using new conditions precedent to protect against the effects of anti-inversion laws proposed in the US earlier this year
Russia sanctions to accelerate Asia pivot The country’s corporates are looking to Asia’s financial markets following the listing of key individuals and corporates on US and EU sanction lists
Asia corporate green bond first to open market Taiwanese company ASE has sold Asia’s first labelled corporate green bond. It could spark the market in the region
Building Europe's private placement market ICMA explains how it is coordinating a wide industry effort to promote the emergence of a pan-European market
Financing and investment under Japan's casino bill The country aims to pass a casino law to boost tourism opportunities ahead of the 2020 Olympic Games in Tokyo. Masayuki Fukuda of Nagashima Ohno & Tsunematsu explains how
The crux of Argentina’s sovereign debt saga Why the government's pari passu litigation is no surprise
How Japan’s insider trading regime has changed deals Japan’s year-old insider trading regulations have caused major changes in both M&A and capital markets transactions according to counsel
Corporate Governance Quarterly: should shareholders have a voice? In this latest installment, K&L Gates' David Bernstein explains why most stockholders of public companies are temporary investors, not owners
Blurring EU merger control's bright lines The European Commission wants powers to intervene in minority acquisitions. Linklaters' Jonas Koponen and Isabel Rooms analyse the proposals
Indonesia’s offshore PE opportunities Walkers' Thomas Granger and Casheen van Halder explain why changes to Cayman Islands’ laws could help boost the Southeast Asian nation's growing private equity sector
Volcker loophole drives new loan partnerships Banks are taking advantage of an exemption to the Volcker rule to make investments through Small Business Investment Companies
ISDA derivatives protocol faces implementation challenges The industry group's drive to delay counterparties terminating swap trades with a failing bank is a complex undertaking, with widespread implications
Asian leveraged finance's small steps forward Private equity has driven the continent's leveraged finance market. But as explained by Freshfields Bruckhaus Deringer's Daniel French, US investors will be crucial to its further growth
Singapore bank reforms prioritise local depositors Although the city-state is vying to become Asia’s financial hub, its bank regulations show a bias in favour of local depositors
Poll: Argentina's sovereign debt legacy As the debt saga continues, attention has turned to its ramifications for future bond offerings and restructures
Why UK activism is here to stay Activism and engagement have long outlived the shareholder spring of 2012. Skadden's Scott Hopkins and Lorenzo Corte explain why UK boards must prepare to become more responsive
Nordic high yield comes of age BA-HR's Richard Sjøqvist analyses the rapid expansion of Norway’s high-yield market, which is paving the way for a single Nordic capital market
US derivatives regulation consolidates clearing Despite regulators’ aim to expand the number of dealers in the country's derivatives trading market, the top five banks remain the biggest players
IFLR Middle East Awards 2014: in-house shortlists revealed Nominations for the in-house shortlists for the Middle East Awards 2014 have been revealed
Nigeria GDN pilots new vehicle for EM investment Nigeria has become the first African country to issue local bonds in the form of global depository notes. The deal is set to spark further deals from the region
Why Australia doesn’t have a domestic high-yield market The country's corporates are increasingly active in the US high-yield market because their home market has no equivalent
China auto ABS revives securitisation optimism A flurry of auto asset-backed securitisation deals has sparked renewed enthusiasm for structured finance in the jurisdiction
Deal of the Month: Greenko's HY precedent Greenko’s bond shows how to capitalise on one of the country’s recent foreign investment reforms
Inside China: capitalising on QDLP and QDII The programmes have been at the forefront of outbound investment. But have foreign asset managers made the most of the reforms?
Green bonds' growing pains Corporate issuance has exploded this year. But can it become a mainstay of conventional finance?
Dissenting creditor rights in UK SOAs High profile developments in schemes of arrangement have masked the emergence of another important trend: the gradual erosion of a dissenting creditor’s ability to block a scheme
