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How leveraged finance terms have been affected differently by the credit crunch

Two US cases and their lessons for how to structure a Mac clause

It's easy to structure a covered bond, even without specific legislation. Here's how

A tour around the Loan Market Association's first guide to Islamic finance and its terms

Dubai's first securitisation had a conventional structure. Insolvency, however, was an issue

A new way to issue under Rule 144A

Loyens and LG open in Dubai Loyens and LG set up on the sunny beaches of Dubai Dutch law firm Loyens & Loeff has announced that it is to open an office in Dubai on January 1 2008. This marks the first time that a continental European legal and tax service provider has made such a move. The Loyens & Loeff Dubai team will be led by tax lawyer Stijn Janssen who will be supported by partners Philip van Hilten and Waldo Kapoen. Seven other lawyers will complete the team, but the firm intends to expand when necessary. The new office will be situated in the Dubai International Financial Centre.

Turkey Recommended firms Tier 1 Derman Düren Akol Avukatlik Burosu Hergüner Bilgen Özeke Paksoy & Co Pekin & Bayar Tier 2 Birsel Law Offices Bircanoglu Cakmak Avukatlik Bürosu Pekin & Pekin Tier 3 Caga & Caga Dogru Law Office Esin Lokmanhekim Ictem Gürkaynak Özel & Özel Reisoglu-Ensari-Budak Law Firm Serap Zuvin Law Offices Taboglu Ates & Demirhan Verdi & Yazici "A rising tide raises the boats" is the phrase a partner used to describe the present Turkish legal market. The economy is growing fast, and domestic companies and foreign investors are realizing the potential the country has to offer. In the banking and finance categories, most of the lawyers are busy working on acquisition financings and syndicated lending transactions. Another key development this year has been the increase in financing deals involving existing receivables and securitization transactions. A new mortgage law was passed this year, and lawyers believe this will result in a rise in mortgage financings.

On November 1 2007, the European Markets in Financial Instruments Directive (Mifid) replaced the Investment Services Directive (ISD). The act carrying out the Mifid in Dutch legislation also came into force on November 1. One of the main objectives of the Mifid is to obtain a more harmonised regime for investment firms in all jurisdictions of the European Economic Area (EEA). Contrary to the ISD, most provisions in the Mifid feature the concept of maximum harmonisation, which means that individual member states do not have the right to exceed the terms of the Mifid. Introduction of these harmonised rules to the Dutch financial system has led to a number of changes in the regulatory regime for investment firms providing services in the Netherlands.

Switzerland Recommended firms Tier 1 Bär & Karrer Homburger Lenz & Staehelin Niederer Kraft & Frey Tier 2 Baker & McKenzie Pestalozzi Lachenal Patry Schellenberg Wittmer Walder Wyss & Partners Wenger & Vieli Tier 3 CMS von Erlach Henrici Nobel & Hug Prager Dreifuss Python & Peter Vischer A steady economy, high standards of living and a favourable tax environment are all reasons why multinationals such as Kraft, Google, Yahoo and E-bay are choosing to set up headquarters in Zurich and the Geneva area.