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As 2015's debt markets heave into life, European high yield's ceaseless covenant war continues. The pushing and pulling over change of control provisions, restricted payment baskets and their ilk is detailed in our annual high yield special focus on page 51.

Yesterday the Hong Kong Monetary Authority released its second consultation on its resolution and recovery regime. Here’s what you need to know

With shareholder activism likely to make this proxy season a hot one, IFLR asks what companies should prioritise to best prepare

Law firms ushered in 2015 with a spate of lateral hires. KING & SPALDING's New York office bolstered its cross-border transactional capability with the addition of Ye Cecilia Hong, who was previously a partner at Kirkland & Ellis. Fluent in Mandarin Chinese as well as English, Hong advises public and private borrowers and lenders on multijurisdictional distressed financings and restructurings.

A new UK framework designed to hold parties to their promises means care must be taken before making statements in the course of a takeover battle

The loosening of US travel and trade restrictions on Cuba opens new opportunities for US financial institutions.

As useful as a Russian bailout Rushing through emergency legislation to prop up its troubled lenders is not enough to save Russia from a financial crisis in 2015. On December 22 its central bank had to intervene after a deposit run threatened to bankrupt midsize lender National Trust Bank.

Norton Rose Fulbright partners Nigel Dickinson and Daniel Franks, and associate Charlotte Brown explain the key distinctions between European institutions' plans to regulate securities lending and repo transactions

Luis Gabriel Morcillo-Méndez Lyana De Luca A new collective investment scheme for real estate investments was recently created to manage and develop real estate projects in Colombia. Foreign real estate managers now have the opportunity of creating this type of vehicle in Colombia to be managed from their countries of domicile (without requiring local licensed presence but acting in cooperation with a local fiduciary entity or stock broker that remains liable before the superintendence of finance for the fund's investments). Decree 2142 of 2013 introduced the Real Estate Collective Investment Funds (RECIF), which are closed-end investment collective vehicles that hold at least 75% of their total value in real estate assets. This is a break-point in the local industry. Since 2007, real estate funds have been incorporated under the form of private equity funds (fondos de capital privado) managed by a local administrator and a general partner, which could be either a local or foreign unregistered entity. RECIFs are a separate investment vehicle with specific requirements in governance and managing structure.

The long-awaited changes promise to create a more evolved business environment for foreign participants