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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.

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.

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.

Clifford Chance has advised on Hong Kong's biggest ever merger. The merger of Bank of China with 10 financial institutions in Hong Kong required legal advice in 45 jurisdictions around the world. Clifford Chance claims the deal is unprecedented, not just in Hong Kong, but worldwide.

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.

"It has become a self-fulfiling momentum as issuers try to take advantage of low interest rates and the recovery of the stock markets".

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.

The Security by means of Movable Property Act 1993 commenced on May 7 1993 and regulates the legal consequences of a special notarial bond over movable property described in the notarial bond. The effect of registration of such a bond is that the bondholder is placed in the same position as a pledgee and acquires a so-called "real right" to the movable property described in the bond, which means that the rights to the bonded property are not affected, even where the bonded property is alienated to third parties. A real right is distinguishable from a personal right, in that a real right is enforceable against third parties and not just against the person(s) privy to the security arrangements (as is the case with the personal rights).

"I am much happier that we now have a single regulator instead of what we had before which was frankly pretty ineffective"

The US securities regulator must consider revising key parts of the year-old fair disclosure regime, according to one of its own most senior figures. A report on the impact of Regulation Fair Disclosure by Laura Unger, a commissioner at the Securities and Exchange Commission (SEC), is calling for further clarity on the controversial rule.