Search results for

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.

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.

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 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.

The Romanian parliament has recently adopted a package of four laws that aims to develop the Romanian capital market. The package consists of: (i) Law 31/2006 on securitization; (ii) Law 32/2006 on mortgage bonds; (iii) Law 33/2006 on mortgage lending banks; and (iv) Law 34/2006 amending Law 190/1999 on mortgage loans for real estate investments.

After the recent tax reform imposed since 2004, Norway has become a favourable domicile for institutional investors investing in shares (and other objects covered by the exemption method). According to the new tax legislation, dividends and capital gains on shares are exempt from taxation for limited liability companies and similar entities (companies). So dividends and capital gains on shares are only taxable when received or gained by individuals.

Halil Ercüment Erdem of Erdem & Erdem Law Office compares the relatively young competition regime in Turkey with that of Brussels

Hakan Hanli of Pekin & Pekin explains the mechanics of Turkey's privatization programme and tracks its progress

As bank mergers become more commonplace, Esin Taboglu and Burcu Sener of Taboglu Ates & Demirhan illustrate why they think the procedure is unnecessarily complicated