Search results for

Can the resolution of future sovereign debt crises be eased by changes in the legal documents that evidence these obligations? In the first of a series of three articles, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York considers the sharing clause

As the securities market increasingly adopts the Internet, the SEC has issued guidelines to help foreign securities companies avoid US registration. By Winthrop Brown of Shaw Pittman Potts & Trowbridge, Washington DC

Travelers Group, the US financial services group, has announced it is acquiring a 25% equity stake for US$1.6 billion in Nikko Securities, Japan's third largest broker. Nikko is also to conclude a joint venture with Travelers' investment banking arm, Salomon Smith Barney. The joint venture will be owned 51% by Nikko and 49% by Salomon Smith Barney. US firm Davis Polk & Wardwell is acting for Nikko. The team includes corporate partners Danfort Townley (Tokyo), Robert Levine (New York) and Jordan Luke (Washington), and counsel Theodore Paradise (Tokyo).

New benchmarks in corporate loan securitization (collateralized loan obligations, or CLO) technology were set when the Structured Finance Group at the London branch of The Sumitomo Bank completed their Aurora CLO on April 8 1998. The £1.395 billion (US$ 2.3 billion) issue of floating rate notes by Aurora Funding was supported by a structure which:

The Swiss-American investment bank Credit Suisse First Boston is buying São Paulo bank Banco Garantia. New York firms Cleary, Gottlieb, Steen & Hamilton and Shearman & Sterling are advising on the US$675 million deal. Cleary Gottlieb is representing CSFB with a team headed by M&A and securities partners Peter Darrow and James Munsell.

The International Swaps and Derivatives Association (ISDA) has published its Emu protocol, an innovative answer to a number of issues raised by European Economic Monetary Union. The document, published in May, is intended to assist the modification of over-the-counter (OTC) derivatives contracts based on ISDA's master agreement. With tens of thousands of these contracts outstanding all over the world, dealing logistically with Emu is a great challenge. Parties to the contracts are facing a number of problems, such as continuation of their contracts or the disappearance of current price sources.

Clifford Chance has scored a major coup by poaching US lawyer Bruce Bean from the Moscow office of Coudert Brothers where he was managing partner. A New York and California qualified corporate lawyer, Bean joins Clifford Chance as a partner in the firm's Moscow office, which is staffed by 57 lawyers, including five partners. With experience of advising multinationals on inward investment, advising investment banks on securities issues by Russian corporates and international oil and gas companies on their activities in the country, he will be in charge of developing the office's corporate and US multinational practices.

The problems in the Indonesian economy have drawn attention to the question of how to enforce bills of exchange and commercial paper. This article provides a guide. By PDD Dermawan of Dermawan & Co, Jakarta

After a string of national mergers at the beginning of the 1990s, German firms are shifting their focus as domestic clients look to international experience. Nick Ferguson reports from Frankfurt

Without recourse to international arbitration under the BOT Decision, foreign investors have stopped financing Turkish infrastructure projects. International treaties may offer a solution. By H Elizabeth Kroeger and Timothy Kautz of Jones, Day, Reavis & Pogue, Frankfurt