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  • Clifford Chance will merge with Romanian firm Badea & Asociatii from May 1 2009, subject to a partner vote.
  • Shearman & Sterling has relocated one of its New York lawyers to Hong Kong. Lorna Xin Chen joins the office as counsel, specialising in asset management and fund formation. Elsewhere in Asia, the firm has also consolidated. M&A specialist Huang Ling becomes a partner in the Beijing office while Sanja Udovicic, a project finance specialist, made partner in Singapore.
  • China is allowing direct acquisition financing for the first time – and welcoming the complex documents needed to govern these transactions
  • Linklaters is to relocate three partners to reinforce its Hong Kong team. Tom Lidstrom and David Ludwick move from the London office, where Lidstrom specialised in litigation and Ludwick focused on US work. Jon Gray will also be joining the Hong Kong team, but arrives from the New York office where he has advised investment banks and private equity funds.
  • As companies fret about refinancing their convertibles, the Reserve Bank of India has said it will let issuers buy back foreign currency convertible bonds before they mature
  • Paul Hastings Janofsky & Walker has hired three partners to its European banking and finance practice.
  • Cleary Gottlieb has advised BNP Paribas and Crédit Agricole on €2.55 billion and €3 billion respectively of deeply subordinated perpetual hybrid securities.
  • Allen & Overy has advised Bayerische Hypo-und Vereinsbank as arranger on a deal by UniCredit Jelzálogbank to create a €2 billion mortgage securities programme.
  • FoxMandal Little has increased its presence in New Delhi.
  • Allen & Overy has relocated Alan Ewins to lead the firm’s financial services group in Asia.