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Law Decree No 351 of September 25 2001, as converted with amendments into Law No 419 of November 23, on the privatization of real estate assets owned by the state and by other public entities, including local authorities and regions, contains a major change in Article 2 relating to the securitization of proceeds arising from the divestment of assets.

January 01 2002

Asian firms collaborate on C2C cable deal

Lawyers at firms throughout Asia are advising on a 17,000km submarine cable that will connect bandwidth technology between China, Hong Kong, Japan, Korea, Singapore, Taiwan and the Philippines. On completion the cable will be able to carry 90 million voice conversations simultaneously.

January 01 2002

Canadian firms face the strategy challenge

Canadian firms may be coping well with in the present economic climate but many in the legal market are still struggling to decide on a strategy. Tom Nicholson reports

January 01 2002

Italian gas deal sparks hopes of European IPO revival

Italian blue-chip energy group Eni has kick-started European capital markets for the new year with the largest non-privatization initial public offering in Italy to date. The group's listing of Snam Rete Gas, the Italian gas transportation company it partially owns, raised almost euro 3 billion ($2.6 billion) and was the first initial public offering to raise more than euro 30 million since the mid-July listing of De'Longhi ($114 million).

January 01 2002

A&O closes Dutch synthetic CDO

Allen & Overy has advised J P Morgan Securities on a euro 300 million ($260 million) synthetic issue of collateralized debt obligations (CDOs) by Robeco CSO III.

January 01 2002

Insolvency law reforms complicate second European shopping centre securitization

Clifford Chance and Simmons & Simmons have closed the second whole-business securitization of a shopping centre in Europe. The Meadowhall Shopping Centre near Sheffield, UK, which has around 132, 000 square metres of space including 230 shops and kiosks and 27 restaurants to let, has raised £875 million ($1.3 billion) against rent receipts. The deal is larger than Europe's first shopping centre deal, the £610 million securitization of the Trafford Centre in Manchester last year.

January 01 2002

SingTel completes groundbreaking bond issue

Shearman & Sterling's Singapore association with Stamford is proving fruitful once again. The joint venture advised advised Goldman Sachs and Citicorp as joint global co-coordinators, and Salomon Smith Barney, on SingTels' successful $2.29 billion global bond issue. The deal is the largest straight corporate bond issue out of Asia. The bonds are denominated in US dollars and euros with maturities of 10 years and 30 years.

January 01 2002

UK and US firms close transatlantic cruise-line deal

US and UK firms have joined forces to advise on the creation of the biggest luxury cruise company in the world. Working with lawyers at London firm Slaughter and May, partners at "best friend" firm Davis Polk & Wardwell are advising Florida-based Royal Caribbean Cruises on its $6.1 billion merger with UK company P&O Princess Cruises. Sullivan & Cromwell is advising P&O Princess, whose UK counsel is Freshfields Bruckhaus Deringer.

January 01 2002

Canada

The Canadian Securities Administrators have adopted National Policy 46-201 (Escrow for Initial Public Offerings) setting out uniform terms of escrow applicable to IPOs when an issuer files its first prospectus in: (i) an initial distribution; (ii) a secondary offering (eg a corporate spin-off); or (iii) a distribution where no escrow has been previously imposed in connection with its existing business.

January 01 2002

In brief

Chiomenti loses four to Freshfields

December 01 2001

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