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Taylor Wimpey has renegotiated the terms of several of its debt agreements, totalling £2.47 billion ($3.68 billion), in a complicated transaction involving five law firms. The restructuring includes replacing financial covenants on its £1.65 billion revolving credit facility, as well as an agreement from private placement bondholders in the US to similar amendments. Slaughter and May and Davis Polk acted for Taylor Wimpey, with Sidley Austin advising the Eurobond trustee. The committees of Eurobond holders were counselled by Ashurst, with Allen & Overy acting for the banks.

GlaxoSmithKline and Pfizer have created a new company focused solely on the research, development and commercialisation of HIV medicines.

US regulators have to decide the future of the Troubled Asset Relief Programme (Tarp) as the first wave of distressed banks start to return their Tarp borrowings

Brynn Peltz has joined Latham & Watkins’s New York office from Clifford Chance.

Term Asset-Backed Securities Loan Facility (Talf) subscriptions have fallen as investors fear additional strings will be attached to the government securitisation programme

Cayman Islands law firm Conyers Dill & Pearman is opening its first office in Brazil with two partners moving to Sao Paulo.

Skadden Arps Slate Meagher & Flom represented Express Scripts in a $4.675 billion acquisition of WellPoint’s NextRx subsidiaries.

Former Securities and Exchange Commission Director of Enforcement Linda Chatman Thomsen has chosen to return to Davis Polk & Wardwell after leaving the SEC earlier this year.

Alston & Bird added three new financial services litigators to its New York and North Carolina offices.

Paul Krugman fills me with a sense of despair. The Nobel-prize winner doesn’t understand structured finance. Yet he persists in shouting about it in The New York Times.