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The Czech subsidiary of Slovak electrical company Slovenske elektrarne has issued Kr3 billion bonds (US$97.6 million). This is the first ever bond issue by a foreign issuer to be fully documented in and solely designed for the Czech Republic. The lead underwriter in the deal was ING Barings Capital Markets advised by US firm White & Case, Prague. Lead partner Ivan Cestr (primary issues/securities) was assisted by associates Kvetoslav Krejci and Josef Otcenasek.

Opportunities exist within the Arabian Gulf states for equity investment in large projects. But the creation of bankable project structures requires effective security over project assets. By Martin Amison of Trowers & Hamlins, London

UK firms Herbert Smith and Freshfields have been hired to represent electric companies in a recent £2.7 billion ($4.38 billion) merger. Scottish Hydro-Electric, and Southern Electric announced their merger on Tuesday, September 1. The companies are the only two privatized regional electricity suppliers not to have been involved in a takeover or merger. Scottish Hydro-Electric, which operates chiefly as a generator, has the controlling stake, in line with its larger market capitalization. The merged groupwill be called Scottish and Southern Energy and will be based in Scotland.

The Monetary Authority of Singapore (MAS) has announced measures to relax the restrictions on the use of the Singapore dollar while adhering to its basic policy of not encouraging the internationalization of the Singapore dollar.

Though the country’s equitization process in theory dates to 1987, Vietnam is only now passing some of the necessary framework legislation. The process should begin to accelerate. By Damian Clowes and Eric Sedlak of Deacons Graham & James, Ho Chi Minh City and Singapore

A recent Court of Appeal decision (Russell McVeagh McKenzie Bartleet v Tower Corporation) provides a useful indication to New Zealand law firms of the judiciary's approach to Chinese walls in large firms.

For some years money laundering prevention measures of considerable effectiveness have applied to banks in Switzerland. These measures did not, however, cover the rest of the financial sector, and as a result the regulatory framework had large gaps. One of these was filled on April 1 1998 when the Federal Statute for the Combating of Money Laundering entered into force. It extends the standard of care exacted in the banking sector to financial intermediaries operating in the non-banking sector. If an attorney-at-law chooses to act as a financial intermediary within the meaning of the statute, he or she is fully subject to its regulatory requirements and may not, in particular, invoke professional secrecy if requested to disclose details of his or her financial activities.

The equities markets have seen some interesting deals despite the cold Russian winds spreading the Asian flu across the emerging markets. Nick Ferguson reports

Under Article 22 of Legislative Decree No. 58 of February 24 1998, securities and cash belonging to third parties and held for whatever purpose by investment firms or by financial intermediaries and banks, constitute an autonomous patrimony separate from that of the intermediary and from those of other clients. No attachment by or on behalf of creditors of the intermediary, as well as by or on behalf of creditors of a possible depository or sub-depository, can be levied on the patrimony.

Simmons & Simmons, London is representing First Active, due to be listed on the London and Dublin stock exchanges in early October. First National Building Society became First Active, a public limited company, in preparation for the share issue. The price range prospectus gives First Active a potential market capitalization of between IR£387 and IR£510 million ($552-$718 million). Simmons & Simmons is representing First Active in the UK. The team is led by partner William Charnley, head of corporate finance. He is assisted by partners Alan Karter (corporate) and Nick Cronkshaw (tax).