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Roche Holding of Switzerland is buying US company Tastemaker for an estimated US$1 billion. The transaction is planned to boost Roche's flavours and fragrances division, Givaudan-Roure.

The European Investment Bank (EIB) made the first issue of Euro-denominated bonds, under Luxembourg law. The Euro 1 billion 5.25% notes are due in 2004 and will be payable in Ecu until the third stage of monetary union (planned for January 1999), and thereafter in Euros. Banque Paribas, Caisse des Depôts et Consignations and Swiss Bank Corporation managed the issue.

International marine container lessor, passenger transport and hotels company Sea Containers has completed a securitization of marine cargo containers. This is the first securitization using equipment rather than a stream of payments as assets. The transaction involved the transfer by Sea Containers of a portion of its marine containers and related assets to a special purpose Bermuda subsidiary, Sea Containers SPC. SPC is using the equipment as collateral for up to US$200 million in notes.

Telecommunications provider Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) issued US$200 million in Yankee bonds through its Cayman Islands subsidiary CANTV Finance. This is the first issuance of Yankee bonds by a Venezuelan corporation. Chase Securities acted as lead underwriter, with Goldman Sachs as co-manager.

Chinese conglomerate CITIC Pacific acquired a 20% stake in China Light & Power, the monopoly provider of electricity to the Kowloon peninsula. CITIC Pacific, a subsidiary of the state-owned China International Trust and Investment Corporation, already has stakes in the airline Cathay Pacific and various trading and property companies. The deal may allow China Light & Power to supply the Chinese mainland with electricity.

Canadian firm Tory Tory DesLauriers & Binnington has closed its Hong Kong office after five years. The move follows the departure of partner Melissa Thomas to UK rival Freshfields.

Two articles in the November 1996 edition of International Financial Law Review featured structures for securitization and repackaging of assets which are increasingly being located in and partly governed by the laws of Jersey. The articles entitled 'Emerging markets cash flow securitizations take off' and 'Asset repackaging wins further followers' dealt with a wide range of assets which can be repackaged or securitized, often through an offshore SPV, with the funding contributed by a medium-term note or a short-term commercial paper issue.

The income tax liability of a recipient of profits on the disposal of assets has long been a grey area of income tax law. Problems arise when trying to distinguish between taxable income and non-taxable capital gains. The recent decision of the Privy Council in Rangatira Limited v The Commissioner of Inland Revenue provided an opportunity to clarify the law in this area. Hence the decision had been keenly awaited by the New Zealand investment market.

As part of an effort to encourage the development of the securities market, a key goal in the economic policy of the current administration, Congress approved an Investment Funds Act on September 17 1996. The aim of the Act is to establish the legal framework for investment funds, which thus far were not expressly contemplated within the Uruguayan legal system.

Until recently pension funds did not exist in Italy, because not all of the ministerial decrees contemplated by Legislative Decree No. 124 of April 21 1993 which introduced and regulated pension funds had been issued. Three decrees have recently been enacted, two by the Treasury and one by the Ministry of Labour, which now make pension funds fully operative in Italy.