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Increasing numbers of Indonesian obligors are trying to nullify their obligations under certain internationally practiced bonds issuance structures by claiming that the bonds and the underlying structure are invalid and thus unenforceable in Indonesia. Danareksa Jakarta International, Tri Polyta Indonesia, Indah Kiat Pulp & Paper (these are public companies) and Lontar Papyrus Pulp & Paper are among those obligors. The creditors, mostly international financial institutions, allege that these are merely the efforts of such obligors to avoid having to honour their obligations by taking advantage of the much-doubted Indonesian legal system.

On March 9 2004 a new law was approved in parliament that creates a complete and comprehensive legal framework for securitization transactions.

Global corporations can now list on the Indian Stock Exchange by offering Indian Depository Receipts (IDRs). In February the government of India passed the Companies (Issue of Indian Depository Receipts) Rules 2004, building on the amendments in December 2000 to the Companies Act, 1956 to allow foreign companies to sell securities to Indian investors.

The International Swaps and Derivatives Association is surveying its members on whether to write a set of standard definitions for credit derivatives referenced to asset-backed securities (ABS).

Proposed changes to the Basel Capital Accord's securitization framework leave issues unresolved, says Mark Nicolaides

The Finnish Act on Financial Collateral Arrangements (the Act), which entered into force on February 1 2004, implements Directive 2002/47/EC on financial collateral arrangements.

The NOREX Alliance has created a single Nordic securities market and harmonized application procedures, making it easier to apply for admission to one or more of the Nordic exchanges. By Claus Thorball

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.

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