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The UK Ministry of Defence completed the £1.34 billion ($2.35 billion) refinancing of the Skynet 5 private finance initiative programme. The deal restructures the original 2003 project and removes insurance risk by producing a reserve satellite. Freshfields, led by partner Nick Bliss, acted for defence contractor EADS and subsidiary Paradigm. Allen & Overy advised Citigroup and Goldman Sachs as joint lead managers, as well as Dexia as co-lead manager. The A&O team was jointly led by securitization partner David Krischer and project finance partner David Lee. Lovells acted for contractor EADS Astrium on the deal and Burges Salmon represented the MoD.

Espirito Santo Financial Group completed a Lehman Brothers-managed £500 million ($880 million) debt security issue. Linklaters, led by partner Keith Thompson, acted for Lehman on the fixed-rate note issue with warrants. The deal represents the first listing of notes with warrants since the implementation of the Prospectus Directive and the first issue of bonds with warrants by a European issuer since 2001. Freshfields Bruckhaus Deringer represented Espirito Santo Financial Group on the deal.

A recent decision by the High Court of England and Wales has further strengthened the position of creditors seeking to recover moneys owed by defaulting sovereign debtors. In Kensington International Limited v Republic of the Congo [2005] EWHC 2684 (Comm), the Court held that private creditors of the Republic of Congo could enforce their judgments in England against assets of numerous entities that it held to be emanations of the Congolese state.

Recent amendments to the Personal Income Tax Law of the Republic of Slovenia introduce a number of changes with respect to calculating different categories of income, which are taxed differently depending on their source and origin. Accordingly, income derived from dividends, interest and capital gains is no longer aggregated to other sources of income and then taxed at a progressive rate ranging from 16% to 50%, but rather is computed separately from other sources of income and taxed at a flat rate. This change will lower the taxable income of individuals.

In December 2005, the Serbian parliament passed the new Law on Banks, introducing numerous changes in the regulatory framework of the Serbian banking sector. Although it has officially come into force, the Law will start to apply in two phases – the first set of its provisions will apply as of July 1 2006, while the rest of the Law will start to apply on October 1 2006. Meanwhile, the old law, which dates back to 1993, will continue to apply.

Hong Kong's first real estate investment trust backed by Chinese assets required tough negotiations over foreign exchange, tax, corporate and land title issues. By Raymond Li and Vivian Lam

IFLR is pleased to announce the short-listed deals and law firms for the Americas Awards. Presentations will be made to the winners at the IFLR Awards Dinner to be held at the New York Palace Hotel, 50th Street and Madison Avenue, New York, on the evening of March 16.

The UK Defence Ministry achieved efficient pricing and avoided carry costs in the refinancing of its satellite communications project. By Dan Andrews

IFLR is pleased to announce the short-listed deals and law firms for the European Awards. Presentations will be made to the winners at the annual IFLR Awards Dinner to be held at The Dorchester, Park Lane, London on the evening of March 22.

It will soon be possible to securitize property in Sweden. Jan Litborn and Jonas Gombrii outline the opportunities this creates for investors