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Clifford Chance and Herbert Smith have worked alongside Scottish firm Tods Murray to structure a £1.5 billion ($2.2 billion) collateralized loan obligation (CLO) for Bank of Scotland, the first securitization of corporate loans under Scottish law. The deal, which uses a vehicle called Melrose Financing No 1 registered in England, is a true-sale cash flow CLO backed by Bank of Scotland loans to medium-sized UK corporates. The size of the individual loans securitized distinguishes Melrose from HSBC Bank's pioneering Clover Funding No 1 deal last year, in which a large corporate loan portfolio was securitized. Melrose sold two tranches of notes in dollars, sterling and euros and the structure enables further issuance.

Even though the existence of electronic money can be traced back to 1918, when the federal reserve banks of the USA first moved currency via telegraphic means, electronic money is still a relatively new product. In general, two distinct types of electronic money can be distinguished: identified e-money and anonymous e-money (also known as digital cash). Identified electronic money contains information revealing the identity of the person who originally withdrew the money from the bank. Also, in much the same manner as credit cards, identified electronic money enables the bank to track the money as it moves through the economy. Anonymous electronic money works just like real paper cash. Once anonymous electronic money is withdrawn from an account, it can be spent or given away without leaving a transaction trail.

On February 22 2001, Brazil's National Monetary Council approved Resolution No 2817, establishing the rules regarding the opening of new current accounts by electronic means.

Weil, Gotshal & Manges and Clifford Chance have advised on the first securitization of royalty payments for a multi-jurisdictional music publishing catalogue. The deal, for Chrysalis Group, is the world's largest transaction backed by music rights and the first for an international music publisher. Jacky Kelly led the Weil Gotshal team acting for arranger The Royal Bank of Scotland, which is securitizing the publisher's share of royalties for the next 15 years. John Woodhall at Clifford Chance led the team advising Chrysalis.

Brigette Baillie at South African firm Webber Wentzel Bowens has been advising a group of South African construction companies and foreign investors on a project to build the country's third road under the government's privatization programme. The Platinum Toll Road (N4W) deal will reach financial closure during April. Dan Reynell, a banking and finance partner at Clifford Chance in London is advising the lending syndicate comprising two South African lead arrangers: Investec Merchant bank and Nedcor investment bank. The other lenders are Asba Bank, Nedcor Bank and Standard Bank.

The Singapore joint law venture between Lovells and Lee & Lee, approved by the attorney general in August 2000, took effect on March 1. The joint venture is structured as a limited company with six directors each from Lovells and Lee & Lee. An executive committee has responsibility for day-to-day management. The joint venture comprises 17 partners and 32 other lawyers all based in Singapore, covering corporate and commercial law, banking, project finance, intellectual property and information technology, as well as business reconstruction, debt rescheduling and insolvency.

Providing heartening news for Latin America's technology sector, Chile's Certifica.com this March became one of the first internet companies on the continent to attract venture capital since US tech-stocks crashed last year. Advised by Cleary, Gottlieb, Steen & Hamilton, Certifica completed its first round of financing early in March, raising $3.3 million. Compared to Silicon Valley financings the numbers are small, but according to one investor completion of the deal is a key step in developing Latin America's web economy.

Slaughter and May will lose its most senior securitization partner this month, as part of a series of wider practice head appointments at the UK firm. Securitization specialist Rupert Beaumont is to retire from the firm at the end of April, leaving Christopher Smith as the most senior partner in the group and coordinator of the capital markets effort at the UK firm.

PricewaterhouseCoopers Legal has launched a practice to help businesses manage weather-related risk using weather derivatives, claiming the new global service is the first of its kind.

Paris lawyers have reacted calmly to new rules govering initial public offerings (IPOs) published by the regulator of the Paris Stock Exchange, the Commissions Opérations des Bourses (COB). Responding to growing pressure following the collapse of technology share values and fears that venture capitalists and dot.com founders were able to exploit existing rules at the expense of public investors, the COB last month issued a statement which local lawyers say simply clarifies existing guidelines.