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Fernando Navarro Coderque A number of Spanish companies are nowadays struggling to get new money or to restructure their debt, but traditional financing seems to be still unavailable. In most cases the reason is not the poor fundamentals of such companies but rather that their regular lenders are not in a position to incur further risk with them. Certain companies are therefore looking for new sources of financing and at the same time for another type of financier. For this purpose, high-yield bonds are becoming popular, usually combined with a revolving credit facility, which is a structure that has been used by large Spanish companies where restructuring their debt.

Zeynel Tunc and Asli Kehale Altunyuva of Paksoy examine the continuing liberalisation of Turkey’s oil and gas market

There is little need for this in regulator-bank settlements When Judge Rakoff rejected a $285 million settlement between Citi and the Securities & Exchange Commission (SEC) in 2011, many dismissed the move as type of financial-world publicity stunt. Rakoff has long been a critic of neither-admit-nor-deny settlements, and the Citi/SEC agreement seemed to push him over the edge. Of course the bank and Commission have appealed, and of course that is still rumbling through the court system. And of course everyone expects the court to rule in favour of the appellants (a judgment is expected early this month).

The world is eagerly awaiting the internationalisation of the renminbi (RMB), but it may be further away than many believe.

Ozan Karaduman and Tugçe Avcisert of Mehmet Gün & Partners explore the likely impact of a new law on the Turkish electricity market, and the effect on the use of renewable energy

Has New Zealand found a way to keep these away from creditors?

The latest draft of the European Commission's (EC's) Financial Transaction Tax (FTT), far from forming a vital part of the arsenal of post-crisis reform, would freeze credit markets in Europe.

Last year’s M&A mechanism of choice

A better approach to keeping banks on benchmark panels? Regulatory compulsion is shaping up as a key battleground in benchmark rate reform, as more banks quit rate-setting panels. New rules governing the London Interbank Offered Rate (Libor) that took effect in April keep panel participation voluntary, for now. But the European Commission has warned banks may be forced to submit to the Euro Interbank Offered Rate (Euribor).

The final draft of the Capital Requirements Regulation (CRR) has widened the proposed definition of assets considered as top class regulatory capital. Certain covered bonds could now be treated as tier 1 capital, alongside sovereign bonds.