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Heard at the bar

• Geoffrey Howe, managing partner of UK firm Clifford Chance, is stepping down later this year to take up his new position of general counsel at merchant bank Robert Fleming.

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

Denmark

The Act was approved in parliament on May 1997 (Act no. 385/1997), extending an existing scheme regarding the new building of small ships. It is not yet determined when it will come into force.

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

Newcourt buys AT&T Capital

Canadian financing company Newcourt Credit Group will buy AT&T Capital for US$1.6 billion. AT&T span-off its financing arm last year to concentrate on its core telecoms business. Nomura, the Japanese investment bank, acquired 98% of the company. CIBC Wood Gundy is lead underwriter.

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

Lazio plans MTN programme

Lazio will be the first region in Europe to launch a global MTN programme. The programme has approval for US$1 billion of international debt issues.

January 01 1998

Global responsibilities

Joseph Polizzotto, Managing Director and Deputy General Counsel, Lehman Brothers, New York, talks to Richard Forster

January 01 1998

Chinese walls fall under WTO pressure

China may be ready to relax restrictions on foreign law firms in preparation for entry to the WTO. Under proposals supposedly included in a document presented to the WTO in Geneva, China's foreign firms may eventually be granted some of the freedom they enjoy in neighbouring Hong Kong, where most international firms base their China operations.

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

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