Search results for

Linklaters & Paines and Sullivan & Cromwell have again risen to the top in a hectic year. Cravath Swaine & Moore and Davis Polk & Wardwell share the Yankee title. Nick Ferguson and Barbara Galli report

Continuing the programme of economic reforms started in 1989, president Menem's last full year of government before elections in 1999 will be characterized by the privatization of most publicly held companies and the selling of shareholdings in those privatized companies in which the government holds a participation, principally in the electric and banking sectors.

The development of the European asset-backed securities market took a significant step forward in October last year with the launch by Ford Credit of a highly innovative US$5billion global securitization programme. Globaldrive is the first Euro asset-backed programme to be set up by a corporate. It seeks to bring to Ford Credit's asset-backed issues the flexibility and efficiency of a medium-term note programme. The inaugural issue under the programme, an AAA rated Dm1 billion (US$550 million) floating rate issue backed by US dollar wholesale auto receivables, closed successfully on October 15 1997.

Quebec has moved to drop the requirement that prospectuses must be published in French, as well as other discouragements to foreign issuers. By Andrew Fleming of Ogilvy Renault, London

China's new foreign loans regime bars non-profitable companies from seeking international finance, and also limits the profitable ones. Worries about the Asian crisis have ensured caution. By Guanxi Zheng of Stikeman, Elliott, Hong Kong

The collapse of BCCI resulted in a number of cases. The Hong Kong Court of Appeal and the Privy Council (replaced by the Court of Final Appeal in Hong Kong since July 1 1997) have recently delivered two judgments.

The Zedillo administration continues to privatize the nation's most valued sectors, making1998 a promising year for international investors. Privatizations in 1996 and 1997, particularly in telecommunications (satellites, PCS auctions and long distance telephone competition) and transport (railways and ports), indicate Mexico's commitment to the long-term economic development model. Privatizations in 1998 will involve permits or concessions in natural gas, airports and telecommunications.

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.

US/UK automotive parts supplier LucasVarity is selling its VarityPerkins Engines business to US rival Caterpillar for US$1.3 billion. While the deal surprised some analysts, who viewed Perkins as an essential part of LucasVarity, the acquisition is seen as a good strategic fit for Caterpillar.

The Australian Mutual Provident Society recently carried out a public offering of its 9.1% interest in Westpac Banking Corporation for US$1 billion. The Westpac Corporation shares were sold by Australian Mutual Provident in the form of STRYPES (Structured Yield Product Exchangeable for Stock), underwritten by Merrill Lynch.