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Creditors in Bosnia and Herzegovina (BiH) are generally comfortable with the security available under BiH law. In practice, the forms of security generally in use in BiH are mainly influenced by what is accepted by the banking sector, which in BiH is dominated by Austrian banks.

On February 15 2006, the federal government passed Provisional Measure 281, which establishes specific rules of income tax for foreign investors investing in: (i) federal government bonds; or (ii) quotas of private equity funds (FIP), umbrella funds investing in private equity funds (FICFIP) and emerging companies investment funds (FIEE).

Amy Ho, Clifford Chance The Hong Kong and Shanghai offices of Clifford Chance welcomed new partners following the firm's partnership elections. Amy Ho will be based in Shanghai, advising on corporate, M&A and private equity matters. In Hong Kong, Robert Ritchie specializes in finance while Andrew Whan focuses on corporate finance work.

James Leavy is disappointed but unsurprised that France has missed an opportunity to fully overhaul the law on security interests

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.

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.

In March 2006, the High Court rejected Ecuador's application to set aside the award of an Uncitral investment arbitration tribunal, the latest twist in the ongoing dispute between Occidental Petroleum and Ecuador.

Clifford Chance, Linklaters and Lovells helped to set a leveraged financing record in Japan by advising on the $12 billion bridge financing of Vodafone's Japanese mobile phone business. Lovells represented the buyer Softbank and Vodafone was advised by Linklaters. Tokyo partner Tim Jeffares led a multi-office team of Clifford Chance lawyers acting for lead arrangers Deutsche Bank and Mizuho Corporate Bank. The lead arrangers also appointed Mori Hamada & Matsumoto as Japanese counsel while Nagashima Ohno & Tsunematsu advised the lead arrangers on local law issues.

Thomas Heather explains how the new insolvency law in Mexico coped with its first international test in the Satmex case