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The Philippines hopes its new Reits law will encourage real estate investment. But success could be scuppered by an unusual structure that limits oversight

Bryant Burgher Jaffe & Roberts has hired three new partners, two of counsel and two associates.

IFLR has announced a free web seminar on US regulatory capital, hybrids and ratings

Cleary Gottlieb Steen & Hamilton represented Gazprom on its $1.5 billion acquisition of a 51% stake of SeverEnergia. The target owns Arctic Gas, Urengoil and Neftegastechnologia in joint ventures with Eni and Enel.

Latham & Watkins assisted Enel its $4.5 billion multi-tranche bond to institutional investors in the US. Latham partners Michael Immordino, Jeff Lawlis and Lene Malthasen led the firm’s advice on the bond issues under Enel’s renewed €25 billion global medium-term note programme.

Davis Polk & Wardwell advised data aggregator and provider Verisk Analytics on its $2.16 billion initial public offering (IPO) on the Nasdaq Global Select Market. This was the largest US domestic IPO since March 2008.

Freshfields Bruckhaus Deringer has advised energy provider E.on on a swap of generation capacity with France’s Electricité de France (EDF) and Germnay’s ENBW Kraftwerke, in which EDF holds a stake. Once the swap is complete, E.on will acquire nuclear power capacity in France, plus a 35% stake of EDF and Charbonnage de France to become the sole owner of French energy supplier SNET. ENBW will take over 50.4% of E.on in the Rostock power station, and also receive electricity rights in the Buschhaus power plant. Cleary Gottlieb represented EDF, and Clifford Chance assisted ENBW.

Allen & Overy has advised the National Bank of Greece on the first Greek covered bond to be offered publically to investors.

One of Jones Day’s partners in Tokyo has joined the new Japanese government.

Europe's largest travel operator, TUI Travel, has announced the refinancing of a £900 million ($1.4 million) loan from its majority shareholder TUI.