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Africa’s debt capital markets offer both high yields and safety from western market volatility, according to panelists at this week’s IFLR Africa Forum. Here’s how foreign investors can best tap opportunities in this expanding market

Carlos Fradique Mendez Cesar Rodriguez A positive investment cycle and the consolidation of the country's macroeconomic framework have underpinned Colombia's sustained growth over the last decade. This was reflected in the investment grade rating in 2011 and the further upgrade in April 2013. Despite the significant improvement in Colombia's economic fundamentals, some issues remain pending in the country's transport infrastructure. In response, the Colombian government has launched an ambitious public–private partnership (PPP) programme with an estimated investment of approximately $20 billion, which is generating an unprecedented demand on local financing sources and the need to adopt new approaches to project finance. Institutional investors, supranational and international financial institutions are likely to play a paramount role: traditional sources of banking finance are fairly limited given the dramatic increase in financing needs.

Jeffrey Oakes and Connie Milonakis of Davis Polk & Wardwell outline the key features and disclosure considerations for European banks issuing into the US

Bumkyu Sung and Ik Hwan Cho of Kim & Chang explain the impact and future of South Korea’s law separating banks and securities firms

El Salvador enacted its Competition Law (CL) by Legislative Decree No 528, which entered in effect as of January 1 2006. Reforms to the law were introduced in 2007 to grant the competition authority more powers for the enforcement of the legislation.

Clive Cunningham, Pat Horton and Nish Dissanayake of Herbert Smith Freehills explore the impact of the AIFM Directive on marketing alternative investment funds

With interest rates still low, yield-hungry investors are flocking to global debt capital markets. Freshfields Bruckhaus Deringer’s Peter Allen, Mark Trapnell and Denise Ryan discuss the key market drivers and reveal the next high-yield product

Philippos Aristotelous In accordance with its commitment to its international lenders, Cyprus has made a number of changes to tax rates. With effect from January 1 2013 the corporate income tax rate has been increased from 10% to 12.5%. The rate of special defence contribution (SDC) on interest has also been increased, from 15% to 30%. The increase will take effect from the date of publication of the law in the official gazette, probably during May 2013. SDC tax is payable only by tax residents of Cyprus; non-resident individuals and companies are completely exempt, and interest on corporate financing or loan arrangements is subject to income tax rather than SDC tax.

Michael M Wiseman and Elizabeth T Davy of Sullivan & Cromwell explore the increasingly hostile US enforcement climate for financial institutions

International banks face regulatory uncertainty when underwriting India block trades