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CSFB acted as sole bookrunner and global coordinator on the Socialist Republic of Vietnam's inaugural sovereign bond issue. The global offering consisted of $700 million in unsecured fixed-rate notes due 2016. Shearman & Sterling, led by Matthew Bersani in Hong Kong, was retained by CSFB as US counsel. Freshfields Bruckhaus Deringer acted as US counsel to the issuer with Joe Sevack leading the team. Vietnamese legal advisers included Phillips Fox acting for CSFB and the Ministry of Justice on the issuer's side.

Calyon took on the roles of arranger, security trustee, agent and account bank on a $2 billion, seven-year secured financing for Sonangol, Angola's oil and gas company. The deal marked Sonangol's first non-Export Credit Agency-supported facility to extend beyond five years. Philip Badge led the Linklaters team advising Calyon, with Global Law Office providing the PRC law advice. Calyon was also advised by Fernando Oliveira and Manuela Cueha as to Angolan law. Li & Partners acted as Hong Kong counsel to Sonangol.

China Construction Bank became the first of the big four state-owned Chinese banks to successfully list overseas. Besides being the largest ever in Hong Kong, the $8 billion initial public offering (IPO) was at the time the largest in the world for four years. Herbert Smith acted for the issuer on Hong Kong law and Skadden Arps Slate Meagher & Flom acted as US counsel. Freshfields Bruckhaus Deringer, led by China securities head Teresa Ko, advised joint bookrunners Morgan Stanley, China International Capital Corporation (CICC) and CSFB as well as joint sponsors CICC, Morgan Stanley and CCB International Capital. The joint sponsors and underwriters were also advised by Davis Polk Wardwell on US law and Haiwen & Partners on PRC law. Commerce & Finance Law Offices provided PRC legal advice to the issuer.

PRC companies' acquisition campaigns share some generic features - some of these features have facilitated, while others have militated against, offshore acquisitions. Jeremy Xiao and Frank Sun explain

France has amended its insolvency laws to create a Chapter 11-style process for troubled companies, but the new regime suffers from inflexibility and ambiguity. By Eric Cafritz and James Gillespie

Sometimes innovation turns out to have unexpected side effects. Competitive initial public offerings (IPOs) were designed to prevent repricing by encouraging banks to quote more accurate price ranges before receiving bookrunner positions. But now they are under regulatory scrutiny amid concerns that they over-inflate prices and risk compromising research.

The UK Financial Services Authority has put 25 hedge funds under daily scrutiny, becoming the most recent in a line of regulators to focus attention on the sector. James Rice reports

The UK has devised radical proposals to allow law firms to form multi-disciplinary partnerships, attract outside investment and even float on the stockmarket. Daniel Andrews gauges reaction at international firms amid fears over conflicts of interest

Proposed reform of UK company law would widen directors' responsibilities and the basis on which investors can sue on the company's behalf. But will the changes leave directors exposed to more litigation? James Rice reports

Italy's parliament is discussing a law to boost investor protection. But the market needs tougher internal corporate controls more than it needs extra laws, says ex-Parmalat counsel Bruno Cova. By Daniel Andrews