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Simon Davies, Linklaters and Agnes Nardi, 3HK Linklaters' lawyers spent 2003 chalking up many firsts in Asia. Equity deals that stood out included those in south-east Asia for Astro All Asia Networks, Bank Mandiri, Fortune REIT, SingPost, Krung Thai Bank and Bangkok Bank, and in China for PICC. The firm's equity-linked tally included innovative work in China with Beijing Datang, in Singapore with SingTech, in Malaysia with Genting, and in India with Tata Motors. Linklaters showed the strength of its debt practice with roles on the record-breaking Hutchison Whampoa and Singapore Power offerings, and the firm was influential in Ford Motor Credit's retail offering winning approval in Hong Kong. In M&A, Linklaters acted on the Japan Telecom-Ripplewood and SingTel-Yellow Pages leveraged buyouts, and the creation of the inaugural Sino-foreign joint venture fund management company for ABN AMRO. Project finance firsts included the Pusan New Port, Guangdong LNG and Mindanao power deals.

Daiwa Securities Group has issued the first public and rated collateralized debt obligation (CDO) backed exclusively by equity default swaps.

Sietze Hepkema, Allen & Overy and Rob Mannix, IFLR

Cadwalader Wickersham & Taft and Allen & Overy have advised on a hybrid project financing structure in Mozambique that could serve as a model for funding complex projects in other emerging or politically volatile markets.

Commercial First is securitizing a different kind of business loan Clifford Chance's securitization practice has helped Commercial First Mortgages introduce a new asset class to the UK securitization market.

Non-banks will face an even tougher struggle to offer banking services under a bill passed by the US Congress.

Invensys surprised investors last month with a deal that seems to prove that structures recently abandoned by high-yield bankers can still work.

The European weather derivatives market is growing fast After years of lagging behind the US, the European weather derivatives market has finally taken off, according to a recent trade group report.

Securitization has taken off in most international markets, but this has not been the case in Denmark, despite it having one of the most sophisticated bond markets for retail mortgages, low levels of credit default, a relatively stable economy and no stamp duty on assignments. The failure has primarily been due to the effect of general principles of Danish law on two vital aspects of any securitization transaction.

The SEC has voted to increase corporate disclosure as part of its campaign to prevent future accounting scandals.