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Securitization is increasingly being used as a source of takeover financing, giving structured finance lawyers access to M&A deals, says Ben Maiden

Scott Farrell and Michael Young analyse the impact of an Australian court decision which goes against the international trend to require more disclosure of equity swaps

Clifford Chance transferred senior associate Qudeer Latif to its new capital markets practice in Dubai. Latif will bolster the Islamic finance capabilities of the new office, as he has worked on several high-profile transactions in this field, including the $2.35 billion financing for Etihad-Etislat and the $3.5 billion sukuk for Dubai Ports. As reported last month, Clifford Chance's capital markets practice in Dubai will be led by securitization partner Debashis Dey.

Kaupthing Bank established an ISK 200 billion ($2.6 billion) covered bond programme, the first of its type by an Icelandic entity and the first debt issuance programme of any type expected to be listed on the Icelandic Stock Exchange. Allen & Overy, led by securitization partner Salim Nathoo, advised Kaupthing Bank. LM Attorneys advised Kaupthing Bank as to Icelandic law. The firms also advised on the issue of two series of inflation linked bonds under the programme.

The UK Ministry of Defence (MoD) has completed its largest accommodation private-finance initiative project yet. The deal is worth around £8 billion over its 35-year life. The project has been financed by the biggest project bond yet in the London market: around £1.8 billion of fixed-interest bonds were issued in two equal series, one wrapped by Ambac and one by MBIA. Freshfields Bruckhaus Deringer, led by partner Nick Bliss, advised the MoD on the project. CMS Cameron McKenna advised Aspire Defence Services and Clifford Chance acted for Ambac, MBIA, the lead managers and the trustees. Pinsent Mason advised the subcontractors.

The National Bank of Greece (NBG) acquired a controlling stake in Finansbank, Turkey's eighth-largest bank, for $2.8 billion. Freshfields Bruckhaus Deringer, led by corporate partner David Crook, advised NBG, with Pekin & Bayar providing Turkish counsel. Verdi ve Yazici advised Fiba Holding, which holds the untraded shares in Finansbank. Skadden Arps Slate Meagher & Flom acted for Goldman Sachs and Credit Suisse, the financial advisers to NBG.

The Islamic Republic of Pakistan completed an $800 million global securities offering, the country's first Rule 144A transaction for over a decade. Allen & Overy advised Citigroup, Deutsche Bank and JPMorgan as joint bookrunners and lead managers on the deal with Kabraji & Talibuddin advising as to Pakistani law. Arnold & Porter advised the Government of Pakistan as to English and US law with the Ministry of Law, Justice and Human Rights providing the government with Pakistani law advice.

The gist of a recent revision of the Banking Law and the enactment of the corresponding ordinance, which entered into force on August 1 2005, was to widen the competence of the Federal Banking Commission to include insolvency procedures affecting banks and securities dealers. The Commission is now solely competent for procedures including bankruptcy and reorganizations.

Electricity, natural gas and oil will no longer be solely provided by state-owned companies as Turkey amends laws to regulate privatization. By Güner Law Office

Turkey is bringing its banking system in line with the EU and international standards by developing new laws and regulatory institutions. By Güner Law Office