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By the end of fiscal 2000, a momentous series of reforms should have opened the Japanese financial markets. The government’s programme is reviewed by Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts of Tokyo Aoyama Law Office-Baker & McKenzie, Tokyo

The London office of New York's Debevoise & Plimpton has won Arthur Marriott from rivals Washington DC-based Wilmer Cutler & Pickering. A leading English advocate, Marriott was one of the first two solicitors made Queen's Counsel in March this year. He takes two assistants with him "Having Marriott will be of great benefit to our clients, for now we will have leading professionals in the international dispute-resolution field on both sides of the Atlantic," says Debevoise's presiding partner Barry Brown. "This move also reflects the firm's overall commitment to our international practice, and to London in particular." International arbitration and litigation issues were formerly handled largely from the firm's New York and Paris offices.

The Republic of Côte d'Ivoire has signed a restructuring agreement with its foreign commercial creditors providing for the repurchase and cancellation of 30% of the country's external commercial debt at a discount. The remaining 70% of the debt will be exchanged for partly secured bonds in dollars and French francs. The agreement covers US$6.8 billion of debt, and is the second of its kind to be completed in Africa.

US firm Shearman & Sterling has poached Holland West from rival Cadwalader, Wickersham & Taft. West, head of derivatives and asset management at Cadwalader, will now lead Shearman & Sterling's global derivatives and structured finance group.

US firm Kaye Scholer Fierman Hays & Handler has lost corporate partners in New York and Los Angeles including vice-chair of the firm Robert Finley. Finley, who was co-head of the corporate and finance practice, has joined the New York office of Clifford Chance. The English firm is seeking to develop a New York banking practice having built a team of 40 US securities lawyers in New York, London and Hong Kong.

Private sector finance is increasing in France. But undertaking projects with local government will require foreign companies to bridge a cultural gap. By Jacques Bertran de Balanda and Gilles Heude of Clifford Chance, Paris

Battery manufacturer Exide Europe has recapitalized its existing debt through a Ffr1.718 billion (US$287 million) syndicated loan, a US$175 million receivables securitization and a Dm175 million (US$99 million) high-yield bond. The proceeds will be used to pay down existing bank debt and to fund the acquisition of German battery manufacturer Deta. Bankers Trust acted as lead arranger, agent and security agent for the 33-member syndicate in connection with the French franc loan.

In 1996, AT&T Corporation (AT&T) closed the sale of its equipment finance and leasing subsidiary, AT&T Capital Corporation (AT&T Capital), to management and Hercules Holding (Cayman) Limited, which is owned by a group of companies led by GRS Holding Company. The acquisition, which closed on October 1 1996, was followed , two weeks later, by the issue of approximately US$3.2 billion of equipment-lease-backed-notes ('the notes'), approximately US$1.2 billion of which was used to finance the acquisition.

A recent case in New South Wales seems to have resolved the doubts surrounding the creation of fixed charges over receivables raised by Royal Trust Bank. By John Stumbles and Scott Farrell of Mallesons Stephen Jaques, Sydney

Jean-Pierre Mattout, general counsel of Banque Paribas, Paris, talks to Samantha Wigham