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  • The resurgence of mergers and acquisitions activity in the US this year is increasingly driven by private equity firms as was the case on several deals last month. Such firms are appearing behind an increasing number of deals involving companies they control.
  • In a first for the capital markets, Allen & Overy has helped structure an Islamic law-compliant bond for a European issuer.
  • Linklaters has lost a securitization partner to Sidley Austin Brown & Wood's relentless expansion in the London structured finance market.
  • The UK's High Court has ruled that German bank West LB must honour a letter of credit issued to a special purpose vehicle used by JP Morgan Chase and Enron for commodities deals.
  • Russia's Gazprom has successfully securitized over $1 billion of future gas exports, despite a local risk climate best described as uncertain and a problematic legal regime.
  • The UK's Financial Services Authority is investigating Citigroup's unusual sale and buyback activities in the government bond market. French and German regulators are also examining the trades.
  • Spain's new insolvency law comes into force this month. It increases legal certainty, but lenders must still beware. Gabriel Núñez and Cristina Pérez Cajal explain why
  • German banks are looking with increasing urgency at ways to rid themselves of their portfolios of non-performing loans, but legal hurdles remain, say Oliver Kessler and Melanie Schlage
  • Xavier de Kergommeaux and Colin Mercer describe how French regulators are on the verge of expanding and clarifying the role of the country's securitization vehicle
  • France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years. Martine Dalet and Pierre Descheemaeker explain the new securities ordinance