HK bank resolution consultation: four key points Yesterday the Hong Kong Monetary Authority released its second consultation on its resolution and recovery regime. Here’s what you need to know
Quick poll: board priorities in proxy season With shareholder activism likely to make this proxy season a hot one, IFLR asks what companies should prioritise to best prepare
HK bank resolution: no creditor worse off than liquidation needs clarity The HKMA's second consultation has clarified its bail-in regime, including a mechanism to determine the no creditor worse off than in liquidation principle. But more detail is needed
Four crucial tips for managing a crisis Running mock scenarios is key to developing an effective crisis management strategy within an organisation, according to speakers at IFLR's European In-house Counsel Summit
China PE to go cross-border Local private equity funds are increasingly looking at assets outside their home country, with Hony Capital’s acquisition of UK restaurant chain Pizza Express setting an important example
New strategies for Chinese private equity Private equity in China must innovate beyond exits in the capital markets, according to panellists at a recent industry conference
PE’s wish list for Indian regulation Investors are increasingly optimistic about India’s investment regime following the election of Prime Minister Narendra Modi in 2014. But while sentiment has improved, burdensome regulations remain
Renhe trilogy reveals liability management focus A Chinese real estate developer's three-part deal to manage debt due this year may pave the way for similar transactions
Kaisa won’t test keepwell structures While Kaisa is the first Chinese real estate developer to default, its bonds won’t directly test the credit enhancement structures frequently seen in the market
76% of institutional investors support activism Investors are supporting the actions of traditional activists as well as using their own tactics, according to a recent global survey
What will drive M&A in 2015 Commodity price pressure, divestments in the financial services sector and upcoming UK elections will drive dealmaking this year
China FDI consultation signals structural shift Lawyers agree that Mofcom's recent consultation introduces game-changing reforms that will facilitate foreign investment
Are bank holdcos inevitable in Europe? In a bid to avoid setting up holding companies, Europe’s biggest banks are pushing for legislation that would introduce a statutory identification of TLAC instruments
TLAC: the rating implications Fitch has explained the rating implications of key aspects of the FSB's new total loss-absorbing capacity rules
FSB’s TLAC proposals explained Rating agency Fitch has explained how the Financial Stability Board’s total loss-absorbing capacity proposals might look when implemented by Europe’s biggest lenders
US P3 to get new financing tool The Obama administration has proposed a new type of bond to fund infrastructure developments in the US
Chinese developers to diverge post-Kaisa Investors’ recent experience may challenge other lower-rated Chinese developers hoping to refinance in 2015
Basel plan to curb banks’ sovereign debt faces challenges Global banking watchdogs are to review a controversial rule that allows banks to hold little or no capital against their government debt. The plan faces significant opposition
First US bitcoin exchange draws new investors US investors have a new option for buying and selling bitcoin, as Coinbase launches a US-based virtual currency exchange
Dry powder drives new PE trends The growing volume of unspent funds held by private equity firms is driving new strategies and business models
What India’s Companies Act means for ECM While the law has been praised for raising corporate governance standards in India, questions remain over its capital markets regulations
India ECM: what the market wants Here are the top four issues highlighted by speakers at the IFLR India Capital Markets Forum in Mumbai last week
Why Greenko’s high-yield structure won’t be replicated Indian counsel are unsure whether Circular 41 applied directly to Greenko’s high-yield bonds, but agree the structure will likely be a one-off
CFTC commissioner slams swap rules The regulator's commissioner has called for a re-think of the regulations governing the US swaps market
How ETMFs could lead to US copycats New issuers are expected to adopt the partially non-transparent ETF structure
Brazil's hard lessons in public M&A The combination of telecommunication companies Oi and PT has taught Brazilian investors the downside of public M&A. Local investors have called for more thorough disclosures going forward
What S&P’s ALAC consultation could mean for bank ratings The ratings agency has given more detail on how it plans to incorporate additional loss-absorbing capacity into its bank rating methodology
S&P: government support uncertainty in EU, Asia may prompt bank downgrades Last week the rating agency downgraded banks in four European countries following doubts over government support. Banks in Asia may be similarly affected
IFLR’s 2015 European awards: shortlist revealed The nominations for this year's European awards have been announced. The ceremony will take place in London's Grosvenor House hotel on April 16
How EQT bought Siemens’ €2 billion business EQT’s acquisition of a majority stake in Siemens’ Audiology Solutions is notable for its use of a new-style management participation vehicle and novel warrants
Telcos’ pitch to Europe’s antitrust authorities Executives at some of world’s biggest telcos have offered a glimpse of how they plan to obtain merger approval in the highly regulated European sector
Indian issuers accept US reps and warranties The country's issuers no longer dispute that representations and warranties for US sanctions compliance are needed. They are now debating their nuances instead
Domaine Chanzy set to silence crowdfunding critics The winemaker has become the first company to conduct an IPO using crowdfunding, a boost for the market following the UK FCA's scathing review of the practice
IIFIm's green sukuk explained Clifford Chance partners Debashis Dey and Stuart Ure discuss why the $500 million green sukuk was a game-changer for the fledgling market
Speakers confirmed for the IFLR Bank Capital Seminar 2015 Representatives from Lloyds, Credit Agricole, Barclays, Bank of America Merrill Lynch and Morrison & Foerster have all confirmed
Cummings: transparency needed on Dodd-Frank swaps push-out House of Representatives Democrat Elijah Cummings has told IFLR why he wants US banks to explain how they will benefit from the roll-back of swaps regulations
TLAC inflexibility could force subsidiary resolution Banks that favour a single point of entry model may be at greater risk of placing one of their subsidiaries into resolution under the FSB's TLAC proposal
NSW’s NorthConnex unlocks Australia infrastructure investment The New South Wales financing was the first to close under its government’s new unsolicited proposal process
Isda: Asia’s resolution plans must protect netting enforceability The Hong Kong Monetary Authority’s bank resolution consultation included the International Swaps and Derivatives Association’s protocol on temporary stays. Other Asian jurisdictions must follow
How Euro PP templates open French market Three partners at leading French law firms explain how the Euro PP templates will facilitate financing for mid-size companies
Europe’s HY convergence: latest trends The region's leveraged debt markets have undergone fundamental changes since the global financial crisis
ICMA boosts Euro PP but Solvency II concerns linger The trade association has boosted pan-European private placements by publishing a market guide. But obstacles remain
Onshore market will determine Indian listings overseas New regulations for depository receipts in India won’t be the deciding factor in boosting offshore listings. Listco candidates will be more focused on the country's market performance
ICTSI tender success pushes liability management forward A Philippines port operator has become the first Asian corporate to complete a tender offer of US dollar perpetual bonds. It should boost liability management in region
What to look out for in EU regulation Simmons & Simmons partners Charlotte Stalin and Penny Miller explain the key regulatory themes for the year ahead
EC capital markets union paper: what happens now Leading lawyers have called for market participants to now engage with regulators in helping to shape the CMU's future rules.
POLL: boards must prioritise shareholder engagement The emphatic message from poll respondents is that shareholder engagement must be boards’ priority in the lead-up to proxy season
Deal of the month: EQT-Siemens Audiology The private equity firm’s acquisition of a majority stake in the German hearing aid business used a new-style management participation vehicle and novel warrants
Inside China: what’s next for the Stock Connect Can Hong Kong and Shanghai’s legal and regulatory systems connect as well as their trading and clearing systems?
The global backlash to TLAC The FSB’s total loss-absorbing capacity rules are still in their infancy, but market participants are worried
India Capital Markets Forum highlights Indian equities are tipped to be among the best performers in 2015. Investors and issuers have outlined what will make that prediction a reality
European In-house Summit highlights Corporate counsel and their advisors shed light on everything from new private equity trends to crisis management and debt financing
DICA: what’s next for Myanmar FDI Aung Naing Oo, director-general of DICA, reveals the next FDI developments in the frontier jurisdiction
Kick-starting India’s offshore bond market Local corporates need new financing options. If international debt capital markets are to be a solution, some long-proposed reforms must reach fruition
Covered bonds land in Brazil Brazil’s new law adapts the instrument to local financing needs, but reveals the challenges of making covered bonds work in emerging markets
UK company register: sympathy for the devils Imminent reforms will reveal the identity of those behind companies registered in the UK. The new disclosure obligations promise to create among the highest levels of transparency in the world
Asian ECAs expand equity investments The region’s multilaterals are moving beyond debt financing. Here’s what co-investors must consider
Controlling leverage: evolution or revolution? The path to new debt controls in Europe has been gradual and deliberate. Citi's Kepler Geertsema and Jackie Leggett analyse the trend in the context of the restriction on indebtedness covenant
Indigenisation of major projects: everything in moderation? Africa’s governments are pushing the indigenisation of major projects. For international sponsors and lenders, it introduces home and host country compliance concerns
