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  • Downgraded: Sainsbury's sold US subsidiary without needing consent Investors should be wary when buying bonds in companies vulnerable to leveraged buyouts because of the weakness of bondholders' covenant protection, according to Fitch Ratings.
  • Legal harmonization is welcome. But practical systems for getting information to investors could do more to encourage a European wide capital market, says Brian McCall
  • Questions remain over the rights of creditors in second lien debt transactions. Neil Cummings and Kirk Davenport explain
  • The Hong Kong government recently completed Asia's first asset-backed deal to be sold to retail buyers. Stephen Roith, Mary Matson, Connie Heng and Gareth Old look at how the transaction was structured
  • Tube Lines' £2.1 billion ($3.7 billion) bond issue last month used a novel structure that lawyers say will open a new source of investment in project financing.
  • Paul Weiffenbach assesses proposed reforms affecting asset-backed deals
  • The Federal Act on International Insolvency Law (Federal Law Gazette 2003/36) implemented Directive 2001/24/EC on the reorganization and winding up of credit institutions (Directive 2001/24/EC). Several provisions were inserted in the Austrian Bankruptcy Code (Konkursordnung-KO) and the Austrian Banking Act (Bankwesengesetz-BWG).
  • Rating agency Standard & Poor's is issuing new ratings on the chances of lenders recovering their capital in the event of a default on a European secured loan.
  • Relinquishing power: the UK has bowed to EU rulings The UK government will redeem its so-called golden shares in Britain's five biggest energy companies in the wake of a series of rulings by the European Court of Justice that the special share arrangements violate EU law.
  • New rules exempting non-US banks from insider lending restrictions came into force last month.