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Project bonds are back. Banks facing new capital requirements have cut long-lending programmes – never their most profitable – and China's demand for resources has outstripped multilaterals' funds. Project sponsors are now turning to the capital markets, and in many ways they've found their perfect fit. Bondholders can get their predictable annuity locked in, and developers their long-term funds.

China's unwanted baggage Chinese companies need to give serious thought to the impact of increased protectionism in western economies if they are to successfully prosecute merger and acquisition deals in the region.

Lawyers in Australia welcomed last month's exposure draft bill on covered bonds – especially the 8% cap of net assets, up from initial suggestions of 5%.

Hong Kong's Securities and Futures Commission (SFC) will begin publishing details of offer periods and dealing disclosure end-dates online this month.

Interest in Shanghai's recently launched private equity pilot program involving Qualified Foreign Limited Partners (QFLP) may not be as strong as originally expected.

Nippon Mining/ Nippon Oil L-R: Chun Wei of Sullivan & Cromwell, Davis Polk's Jeremy Entwisle, Shearman's Matthew Bersani, Tomohiro Tsuchiya and Hiroko Yotsumoto of Mori Hamada & Matsumoto, Gordon Milner of Morrisson & Foerster Nippon Oil's management integration with Nippon Mining Holdings was one of the largest and most complex M&A transactions in Japanese history.

In-house counsel need to keep these all in the air In-house counsel in Hong Kong have urged lawyers to invest more time in bringing company employees onside.

The Reserve Bank of India's decision to allow Foreign Institutional Investors (FIIs) to invest in credit default swaps (CDS) related to their underlying exposure in credit securities has been welcomed.

Andromeda Finance project bond L-R: Carson Welsh of Linklaters, Tim Conduit and Chris Wall of Allen & Overy The framework for securitisation deals in Italy is set up for residential mortgage-backed securities, so structuring a project bond under Italian law was always going to be a challenge.

L-R: Simon Wiggs from Major Lindsey & Africa, Trevor Clark of Linklaters International firm of the year 2010 was an excellent year for Linklaters, with the firm advising on several of this year's most interesting deals. The firm assisted banks on Hong Kong's largest ever listing, AIA Group's IPO, advised the bond trustee on New Zealand and Australasia's first covered bond programme, and advised Bank of China in developing a legal infrastructure on the first renminbi offshore financing, Hopewell Highway's bond.