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Chadbourne loses only UK projects solicitor

Chadbourne & Parke has lost its only UK-qualified partner in its London project finance department. Martin Stewart-Smith has left the office after less than six months to join Cameron McKenna.

January 01, 1998

Landesbank state guarantees should survive EU challenge

A challenge to state guarantees for German Landesbanks by the European Commission need not worry creditors, who have acted in reliance on their protection. By Michael Gruson, Shearman & Sterling, New York/Frankfurt

January 01, 1998

Gazprom wins US$3 billion loan

Gazprom has arranged a US$3 billion loan to finance its investments in the Yamal pipeline project and to refinance a US$1.2 billion bridge loan. The eight-year facility will be secured against revenues from Gaz de France supply contracts.

January 01, 1998

Belgium

The Royal Decree expected to implement the important modifications contained in the Law of December 12 1996 (see International Financial Law Review, June 1997, page 43) was adopted on July 8 1997. Since then, a public and private scheme for securitizing receivables can be distinguished, depending on whether or not the financial instruments issued by the securitization vehicle are themselves subject to a public transaction.

January 01, 1998

Brazil eases route for pre-export credits

Pre-export credits are offered a beneficial tax rate in Brazil. The attractions are clear but rescheduling should be avoided. By Richard W Grice of Alston & Bird, Atlanta, and Ana Carolina de Salles Freire of Tozzini, Freire, Teixeira e Silva, São Paulo

January 01, 1998

How to set up a foreign bank branch in China

Bank branches are the basic way for foreign banks to operate in China. This is an explanation of the complex application and licensing process. By Philip Gilligan and Steven Blayney of White & Case, Hong Kong

January 01, 1998

How to use the collateral carousel

The use of securities held by clearing bodies as security for transactions is increasing. This can cut credit risk but the conflict of law and practical difficulties need care. By Paul Avanzato of Wilde Sapte, London

January 01, 1998

Canadian firms prepare for foreign invasion

Coudert Brothers and Ernst & Young have recently entered the Canadian legal market. Most Canadian lawyers expect other US law firms or professional services firms to follow their example, and are reviewing their position. Paul Lee reports

January 01, 1998

Who lawyered the biggest deals of 1997

The year's leading deals identified and analyzed. The deals break new ground and many are templates for future transactions. By Richard Forster, Nick Ferguson and Stephen Mulrenan

January 01, 1998

Merrill Lynch buys MAM

Mercury Asset Management, the UK's leading fund management company, has agreed a £3.1 billion (US$5.2 billion) cash offer from US investment bank Merrill Lynch. UK firms Freshfields and Allen & Overy are advising on the deal.

January 01, 1998

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