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Financing sweeteners are being used in Brazil to encourage local borrowing by inbound investors.



In recent weeks, speculation has escalated about whether it's in the UK's best interest to stay in the EU, or to cut its losses and leave. In debating the pros and cons, many have come to the unhelpful conclusion that the UK is caught in a catch 22.

David Johnson, K&L Gates Christopher Tan, K&L Gates Debaroh Bean, K&L Gates Alastair MacAulay, Clifford Chance K&L GATES was particularly active in the region's laterals market last month, with new hires in Australia, Hong Kong and Singapore. In Hong Kong, arguably the most high profile of the three moves was the capture of securities expert David Johnson from Allen & Overy. The new partner specialises in equity and debt issues, and also acts on broader corporate matters including acquisitions and privatisations. In Singapore the firm added corporate counsel Christopher Tan from Allens Arthur Robinson. His practice focuses on M&A and restructuring, with a specialisation in work emerging from China, Mongolia and Vietnam.

The German bank’s hybrid debt instrument could revolutionise SME lending in Europe, and is a test case for securitising non-traditional assets

The privatisation of ANA, a Portuguese airport concession company, has revealed the country's ability to attract foreign investment notwithstanding its precipitous debt crisis.

The EU's proposed financial transaction tax (FTT) would be so disruptive to securities markets that it could render some FTT zone trading desks uneconomic.

Susan Alker, Winston & Strawn James Stevens, Toutman Sanders Peter Birkness, McCarthy Tetrault Last month saw a balance of hiring activity on both US coasts. For COOLEY it was the Los Angeles office that was looking to expand, with a double addition to its corporate ranks from Sheppard Mullin. Both C Thomas Hopkins and Ian Smith joined the team, with Hopkins a particularly notable hire given his previous position as global head of corporate. Elsewhere in the City of Angels, VENABLE increased its corporate capacity with the addition of private equity partner Ronn Davids and corporate counsel Jennifer Cappelletty from Klee Tuchin Bogdanoff & Stern. Both lawyers focus on mid-market and emerging companies. WINSTON & STRAWN meanwhile enhanced its corporate finance team with the addition of Susan Alker from Reed Smith.

Who took home what from IFLR’s annual Asia awards

Oscar Arrús Over the past 10 years, infrastructure and public service projects in Peru have increased both in number and in size. These projects are mostly carried out through concessions: government contracts signed with private companies through which they are granted the right to operate such projects and receive the cash flows they generate. The start-up capital required to perform these contracts is usually provided by private investors, either through offerings in the securities market or syndicated loans provided by multilateral entities or private banks, and secured by the cash flow generated by such projects.

Iñigo Rubio Lasarte It seems that Spain may see a solution in the coming weeks to the nine Spanish highways that filed for insolvency within recent months. The Government is working on a plan to finally rescue the insolvent concessions, with the acceptance of the financial lenders. According to various government sources, the proposal consists of nationalising the insolvent concessions (AP-41, R-2, R-4, R-3 and R5, AP-36, Aucosta, Ciralsa, M-12 and Ausur) by contributing the equity of the concessions to a public company. After the Government takes control, it will agree on a restructuring of the debt with the financial lenders, including substantial write-offs. The plan will need the support of both the equity sponsors and the financial lenders, and it is here that a substantial discrepancy may appear between the Spanish and foreign lenders.