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A technical covenant breach reflects larger problems in the documentation standards underlying offerings from local government financing vehicles

Some think the changing investor base means vast parts of the market have outgrown maintenance covenants

Here's a selection of the highlights from IFLR's first white collar forum, hosted in London last month

On a recent trip to Sao Paolo, a local told me that there are three ways to get rich in Brazil: become a politician or a judge, or open a church. While this list may not be exhaustive, and likely untrue, nowhere is the sentiment more pertinent than in this country.

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.

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.

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.

Back to basics Europe’s first insurance premium loan securitisation

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

Political and regulatory appointments could drastically alter the bank capital landscape on both sides of the Atlantic