Search results for

The latest corporate law changes are too prescriptive

My crystal ball has not been working perfectly lately. But based on information provided by clients, banks and the market in general, it is possible to make some predictions of how capital and financial markets will perform in 2013.

KKR's $200 million investment into Masan Consumer highlights private equity's renewed interest in Vietnam

The sponsor’s role in the petrochemical complex funding heralds a new role for private capital in the country

Jaime de la Torre Viscasillas Law 9/2012 on the restructuring and resolution of credit entities was approved on November 14 2012. The law was approved based on Royal Decree-Law 24/2012, on the restructuring and resolution of credit entities, which implemented commitments of the Spanish government assumed in its Memorandum of Understanding (MOU) agreed with the international authorities on July 20 2011. The MOU established, among others, that real estate-related assets of banks that require state aid must be transferred to an asset management company. For this purpose, in December 2012, an asset management company named Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (AMC or Sareb) was incorporated. The AMC, through the Fund for Orderly Bank Restructuring (FROB), had a public participation lower than 50%. The purpose of this company is the tenancy, management, acquisition and transfer of so-called troubled assets. It is also authorised to issue obligations or other debt instruments (with no limits on the amounts).

With many hailing contingent convertible securities (CoCos) as the capital instrument of the future, issuers and investors are comparing the 2009 inaugural issuances and today's deals, to understand how the market will develop.

The shortlist for IFLR’s 2013 Europe awards has been announced

A Greek company has issued high-yield bonds without exposing investors to a Grexit or broader currency risks. Here’s how

The first Indian equity offering to include a safety net provision since 2006, has called into question regulatory proposals on safety net norms. Here's why

In the United States, we've long distinguished between the requirements applicable to private offerings and those applicable to public offerings. In fact, there were clearly delineated lines that couldn't be crossed in the context of a private offering. A private offering was understood to be an offering made principally to institutional or sophisticated investors that had a pre-existing relationship with the issuer or the financial intermediary, and had access to financial or other information about the issuer. General solicitation was strictly forbidden, and the securities sold in unregistered offerings were subject to transfers restrictions such that they were not fungible with the issuer's securities trading on an exchange. Over time, the lines between private and public have become increasingly blurred. The rising popularity of hybrid offering techniques, like Pipe transactions, which have as their objective making privately offered securities more liquid and less private in character have contributed to this. Also, the holding period for restricted securities to become freely transferable has been shortened, and private secondary trading markets are becoming more important venues. Of course, the biggest changes to our first principles of securities regulation have been brought about by the JOBS Act, which permits general solicitation to be used, and permits social media and the internet to become capital raising tools for exempt offerings. So, it is easy to see that private offerings are becoming more, as it were, public.