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Clifford Chance has advised JP Morgan Securities as the dealer manager on the first public tender offer for exchangeable bonds in Asia since the financial crisis bit last year. Korean chemical and construction materials manufacturer KCC Corporation made the offer, which involved paying cash for some of its outstanding exchangeable bonds. The transaction was a reverse book-build where investors submitted bids to JP Morgan detailing a price that they would accept for their exchangeable bonds. The Clifford Chance team was led by partner Connie Heng out of Hong Kong.

Opportunities for investment funds

Law firm strategy around the world

Hiroki Aoyama of Mori Hamada & Matsumoto outlines recent developments and legal issues, with a particular focus on hybrids that are treated as debt for tax purposes but as equity for other purposes

Under these depressed market conditions, M&A of J-Reits has been attracting attention. Nobuhiko Shimose and Yasuhiko Fujitsu of Mori Hamada & Matsumoto outline possible M&A schemes for them

On November 28 2008, a legislative package referred to as the Energy Reform was enacted. Its primary purpose, as stated by the debates in Congress, is to strengthen the Mexican oil industry, headed by Petróleos Mexicanos (Pemex), a decentralised Mexican entity, and allow the industry to continue being a driver of the development of Mexico. The Energy Reform also includes attempts to regulate and promote the use of renewable energies.

After a 15-year lawmaking process, the Enterprise State-owned Assets Law (Law) was promulgated on October 28 2008 to strengthen the supervision and administration of operational state-owned assets (equities arising from capital investment by the state in enterprises, SOEs), while other types of state-owned assets such as the assets of governmental and administrative agencies and the nation's resources are regulated by other rules. The Law will come into effect on May 1 2009.

Why Spain suffered less from short selling

Counsel debate liability from the credit crunch

An unexpected effect of short-selling ban