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In the months since the controversial Welcome Break restructuring, bondholders have been analyzing multi-tiered security packages of corporate securitizations with extra care. Bodo Schaar explains how documentation should evolve

Saudi Arabia recently issued implementing regulations to the Commercial Mortgage Regulations (the CMR). The CMR addresses mortgages on commercial movable property and does not cover real property.

Hong Kong is one of the few common law jurisdictions to still operate a deeds registration system for recording interests in land and property, rather than a system of registration of title. In a property transaction, a solicitor has to review the deeds for at least the past 15 years to establish title, unlike a system of registered title, where the register itself gives the evidence of ownership and interests in the property.

HKMC adapted an existing debt programme to achieve the first retail offering of mortgage-backed bonds in Hong Kong. Adrienne Showering and Lydia Lye explain how

Freshfields Bruckhaus Deringer and White & Case helped structure a recent securitization for Rosbank to achieve a rating higher than that of the originator. The Eurobond backed by credit card receivables won a B-plus rating, a level higher than that assigned to the parent bank thanks to the negation of Russian currency risk and a solid security package to protect investors.

Japanese issuers must overhaul their reporting practices to avoid the attention of increasingly intolerant regulators intent on improving investor confidence. Andrew Crooke reports

General counsel at international companies are going to increasing lengths to ensure compliance with corporate governance codes.

Bankers in Asia are tapping markets from Thailand to Taiwan amid regulators' growing acceptance of credit derivative products, reports Andrew Crooke

Linklaters has advised Deutsche Bank on securitizing public-private partnership (PPP) road construction contracts in Portugal.

Bryant Edwards: high-yield chair Latham & Watkins partner Bryant Edwards has been appointed chairman of The European High Yield Association (EHYA). Edwards is a corporate partner at the firm specializing in high-yield and mezzanine finance. He is joined on the EHYA board by three new directors: James Amine, co-head of global leveraged finance at Credit Suisse First Boston; Eric Capp, managing director of high-yield capital markets at JP Morgan in London; and Tim Flynn, managing director and co-head of leveraged finance at Goldman Sachs in London. The EHYA was set up in 2000 to promote knowledge about non-investment grade debt instruments and work towards standardizing products.