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Dieter Grünblatt, Stefan Kramer and Benedikt Maurenbrecher of Homburger explore structuring options for international and domestic covered bonds involving a Swiss issuer

It's been a few months of ups and downs for the global financial markets. Brexit and Donald Trump, as well as other government elections and reshuffles in a number of jurisdictions have all played a role in upsetting the stability of the markets.

Chinese capital markets are heating up A combination of a depreciated Chinese currency and crackdown on speculation on real estate has, among other things, pushed Chinese companies to tap the international high yield bond market. But, when IFLR reported in late April on the influx of PRC issuers – a growing number of whom are local government-owned entities based in third or fourth-tier cities – issuing high yield dollar paper offshore, the country's regulators had not publicly responded to potential default concerns. Only the Shenzhen branch of the National Development and Reform Commission (NDRC) was reported to have required corporates based in Shenzhen raising mid-to-long-term offshore dollar debt to submit credit ratings reports issued by Moody's, S&P or Fitch as supplementary documentary evidence.

Back to basics Europe’s first insurance premium loan securitisation

No rest for the EU financial markets this summer

Björn-Axel Dißars David Young A team of six lawyers left Osborne Clarke's German practice to launch a Cologne-based boutique specialising in procurement law, ESCH BAHNER LISCH. The team included partners Oliver Esch and Karsten Lisch, and counsel Hanna Bahner.

Catherine Young Hagerty Bruce Hoffman In the latest transatlantic combination, WOMBLE CARLYLE SANDRIDGE & RICE has merged with UK strategic partner BOND DICKINSON creating a firm with £340 million in combined revenues. The new firm, Womble Bond Dickinson, will go live on October 1 with 1,000 lawyers, 420 partners, 15 US offices and eight UK offices.

Siew Kam Boon In Australia, NORTON ROSE FULBRIGHT has agreed to merge with independent HENRY DAVIS YORK after partners at both firms voted in favour of a union. The combined firm will now have 160 partners in Australia, with offices in Brisbane, Canberra, Melbourne, Perth and Sydney.

Even though M&A deal flow in Africa has remained steady in the past few years, there are still some obstacles to closing a transaction, according to panellists at IFLR’s Africa Forum in London

The ambitious long-term infrastructure development plans of Middle Eastern governments and related funding requirements, together with sustained low oil prices and the resulting volatility in regional liquidity, may finally have produced the right climate for Islamic securitisation to grow