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  • US firm Simpson Thacher & Bartlett advised Lehman Brothers and Morgan Stanley on Sweden’s first ever high-yield bond issue.
  • UK law firm Cameron McKenna has joined with five European firms to form an alliance covering 19 countries and 31 offices.
  • As part of their joint effort to support the development of small and medium-sized enterprises (SMEs) in central and eastern Europe, the European Commission and the European Bank for Reconstruction and Development (EBRD) have reached an agreement to establish a euro125 million SME Facility for the 10 central and eastern European countries that are candidates for European Union (EU) accession.
  • A consortium including British Gas and Shell has bought a $1 billion controlling stake (53%) in Gas de Sao Paulo, Brazil’s largest natural gas distributor*. This was the Brazilian government’s first privatization since the devaluation of the real in January. Gas de Sao Paulo serves around 300,000 mainly industrial customers in Sao Paulo, Brazil’s most populous state. The consortium’s bid was chosen in preference to several rival consortia, including one led by Enron and Agip of Italy.
  • The new regulations on securitization in Italy allow for more flexible structuring of deals. Raffaele Rizzi of Baker & McKenzie, London explains how to match the right structure to the securitized assets
  • New York-based firm Paul, Weiss, Rifkind, Wharton & Garrison has appointed a firm chairman for the first time, with the aim of focusing on long-term issues and studying international opportunities. Alfred Youngwood, who is both chair of the firm and chair of the firm’s management committee, reveals that the first option being considered is a London office.
  • The $920 million sale in November of a 15% stake in state telecoms company TPSA doubled the capitalization of the Warsaw exchange overnight and affirmed the new government’s commitment to privatization. Ben Maiden reports as lawyers compete for further deals in banking, airlines, oil and steel
  • Italy enacts new law on securitization
  • Pillsbury Madison & Sutro, a San Francisco firm, has lost its executive director, a substantial group of compensation and benefits lawyers, and has had to fire another nine partners.
  • UK firm Denton Hall has opened an office in Almaty, Kazakhstan.