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Penn turnpike will lead the way

Deals change; covenants return

The problems Middle East funds have in adapting to western buyouts

Ukraine Recommended firms Tier 1 Baker & McKenzie Chadbourne & Parke Magister & Partners Sayenko Kharenko Tier 2 Grischenko & Partners Shevchenko Didkovskiy & Partners Tier 3 BC Toms & Co Beiten Burkhardt DLA Piper Frishberg & Partners Gide Loyrette Nouel Ilyashev & Partners Salans Sergiy Koziakov & Partners The Silecky Firm Vasil Kisil & Partners M&A has never been stronger in Ukraine, with both international and domestic companies showing more of a hunger, and the transactions are getting more complex and refined.

Denmark Recommended firms Tier 1 Bech-Bruun Kromann Reumert Plesner Svane Grønborg Tier 2 Accura Gorrissen Federspiel Kierkegaard Tier 3 Jonas Bruun Rønne & Lundgren The Danish M&A market has come back to earth after last year's record-breaking private-equity buyout of TDC, the leading Danish telecoms company. Deal activity has still been very strong but there hasn't been an obvious standout transaction in the market over the past year, which has led to a more even spread of work among the leading firms.

Austria Recommended firms Tier 1 Freshfields Bruckhaus Deringer Schönherr Wolf Theiss Tier 2 Binder Grösswang Cerha Hempel Spiegelfeld Hlawati Dorda Brugger Jordis Tier 3 CMS Reich-Rohrwig Hainz Fiebinger Polak Leon & Partner Graf & Pitkowitz The arrival of big private-equity funds in Austria was announced with a bang in 2005. European Directories, a Macquarie-led consortium, bought out the Yellow Brick Road telephone directories business from 3i Group and Veronis Suhler Stevenson for €1.83 billion. Since then private-equity activity has risen and risen, with funds happy to acquire stakes in companies where there is seemingly no potential. But while there have been a large number of small private-equity deals, big-hitting private-equity houses often lament that too few prime targets appear on the market.

The competitive working environment and the need to focus on core activities force today's financial institutions to outsource some services, critical to their business, for which they have limited expertise and/or limited funds. Outsourcing offers a cost-efficient business by preventing time loss. The Banking Law and the related legislation recently enacted comprise provisions with respect to outsourcing in light of global trends. The Banking Law provides the definition of outsourcing companies (supporting service providers) in Article 3; however it leaves the details of application to the secondary legislation. The rules regarding the procurement of outsourcing services by banks and authorisation of the service providers – the Outsourcing Regulation, enacted on November 1 2006 – regulates outsourcing companies and the specifications of outsourced services.

International firms that have been in Japan since 1987 are now reaping the rewards

I'm consistently surprised by how little the mainstream press understands securitisation. Admittedly it's not the easiest concept to get one's head around, with its alien terms and acronyms. What an SPV is, and where it is, can be hard to explain.

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