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Allen & Overy and Linklaters advise on bond with highest conversion premium

Allen & Overy is acting as international counsel on the first cross-border asset-backed deal to launch out of the Philippines for nearly five years.

Linklaters is working on a euro 8.5 billion ($7.4 billion) takeover that could change the balance of power in the UK's energy sector.

"There has been something of a cultural change, with Japan being more welcoming of foreign investment"

Bond market participants are calling for European securities regulators to drop plans for electronic trading systems regulation. In a detailed response to revised proposals published for consultation by the Committee of European Securities Regulators (CESR), the Bond Market Association (TBMA) said that moves to regulate the e-trading of bonds are ill-timed and "raise specific and general concerns". TBMA's letter to the secretary general of CESR comes seven months after the group attacked proposals in the initial consultative document, "Proposed standards for alternative trading systems", as "inappropriate and unduly burdensome". In response to these and other criticisms, CESR produced an updated document in January for a further period of consultation that closed on March 14. Speaking for CESR in January, Financial Services Authority chairman Howard Davies said that the committee had taken these comments into account and that significant changes had been made to the definition of alternative trading systems (ATS) and to the proposed standards.

Clifford Chance will boost the Japanese-law capacity of its Tokyo office when five lawyers join the UK firm's joint venture partner. The lawyers will join the Clifford Chance joint venture firm — Tanaka & Akita — from Nakagawa & Takashina, bringing the number of bengoshi in the joint venture to 17.

Shearman & Sterling is to launch a commercial arbitration practice from its Singapore office to focus on the Asian market. Paris-based arbitration partner John Savage, who will head-up the new team, arrived in Singapore last week month packing up his desk in Europe. Savage will work with two Singapore-qualified junior lawyers initially, but is already looking to boost his team by appointing two senior associates specialized in construction arbitration.

As a further sign of increasing awareness of the need to have tight controls over the operation of banks and other financial institutions, in November 2001 the State Council promulgated the "Regulations on dissolution of financial institutions", which contained 38 articles in all.

As Portugal finally introduces legislation that specifically deals with securitization, William Smithson and Alexandra Maia de Loureiro of P Rebelo de Sousa, Simmons & Simmons in Lisbon discuss its likely impact

Late last year Pernod and Diageo overcame competition, intellectual property and financing hurdles to close their $8 billion joint acquisition of Seagrams’ wines and spirits division. Edward Nalbantian of Jones, Day, Reavis & Pogue in Paris gives the inside story on an ingenious deal