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Andrews Kurth and Vinson & Elkins helped Basic Energy Services float on the New York Stock Exchange (NYSE). Andrews Kurth advised the company, which provides services and equipment to oil and gas well sites across the southern and western US states, on the $250 million initial public offering (IPO). Vinson & Elkins acted for the lead underwriters Credit Suisse First Boston and Goldman Sachs.

Linklaters and Freshfields Bruckhaus Deringer advised on the first issue of bonds with warrants by a European issuer since 2001. The €500 million issue of fixed-rate step-up notes with warrants by Espírito Santo Financial Group (ESFG) is one of the largest non-mandatory convertible (equity-linked) deals of 2005. It is also the first Luxembourg listing of notes with warrants since the implementation of the Prospectus Directive. Linklaters, led by London partner Keith Thompson, advised manager Lehman Brothers. Freshfields acted for ESFG.

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Interviews

Hugh O'Loughlin of Walkers provides an overview of the features of Cayman Islands exempted limited partnerships and their application to investment transactions

Kazumoto Kitamura of Atsumi & Partners looks at the ways in which a recent amendment to the Perfection Law will stimulate development of the capital markets in Japan

Carol Hall of Walkers answers some of the commonly asked questions regarding unit trust structures in the Cayman Islands

New Securities Exchange rules lessen compliance burdens for securities firms, but also give the authorities power to take a tougher stance on violations. By Hiroyuki Yamato of Jones Day

Japan's new leniency programme will warrant much consideration by multinational businesses and their antitrust advisers around the globe, say Naosuke Fujita, David Litt and Kohei Yamamoto of O'Melveny & Myers

Japan is reassessing the types of targets that necessitate a tender offer and expanding the list of exemptions. Tender offer registration has gone digital and regulation of off-hours trading has tightened. By Nozomi Oda of Nagashima Ohno & Tsunematsu