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Asian projects can increasingly expect to get consistent terms from guarantors of political risk coverage. Bruce Cooper of Freshfields Bruckhaus Deringer, Singapore, explains how following the success of Phu My 3 in Vietnam

Nicholas Frome and Claude Brown of Clifford Chance LLP explain the tension between the credit derivative market and bank-led insolvency workouts

The Islamic bond market took a step forward in August with a Sharia-compliant securities issue backed bymultiple assets, rather than a single leasing agreement as done previously.

India's capital markets got a boost in late July with the country's first convertible bond since 2001, and the first such deal without credit enhancement since 1997.

When Hong Kong released its first Code on Real Estate Investment Trusts (Reits) on July 30, Cheung Kong (Holdings) Limited had already launched the first ever Reit transaction involving Hong Kong properties. It chose Singapore as the listing venue.

The signing of the $4.3 billion Nanhai petrochemicals project in China took place on August 1, marking the largest-ever Sino-foreign joint venture project financing.

Chang Joo Kim has left Skadden Arps Slate Meagher & Flom to join Dorsey & Whitney as a corporate partner in its New York office. From there he will lead the firm's Korea practice group, which focuses on restructurings, corporate financings, and mergers and acquisitions.

The Brazilian Securities Commission (Comissão de Valores Mobiliários or CVM) has adopted regulations that give investment firms greater flexibility in establishing the investment policies and corporate governance arrangements of private equity funds. The new rules, adopted on July 16 2003, address the need for an enabling regulatory framework that could accommodate certain typical features of a private equity or mezzanine fund.

In 2002 the Cayman Islands government proposed legislation to regulate investment business carried out in or from the Cayman Islands. The Securities Investment Business Law (2003 Revision) became fully effective on July 29 2003. Any person in the Cayman Islands conducting securities investment business as defined in the new law must now be licensed by the Cayman Islands Monetary Authority (Monetary Authority), unless that person is exempt. Those persons conducting investment business covered by the legislation have a period of six months to apply to the Monetary Authority for a licence, or file for an exemption from licensing.

Allen & Overy has taken a big step towards increasing its share of distressed debt work across Asia by hiring Ian Johnson from Milbank Tweed Hadley & McCloy in Hong Kong.