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Canada enhances netting-friendly status

Various amended pieces of Canadian legislation now recognize and protect the enforceability of close-out netting for derivatives deals. By Margaret Grottenthaler of Stikeman, Elliott, Toronto

August 31, 1996

Dewey and Theodore complete divorce

US firm Dewey Ballantine and the UK's Theodore Goddard have broken up their four-office joint venture in central and eastern Europe, with Dewey buying Theodore out. The divorce of the former partners follows the split in the firms' London office when Dewey announced plans for a fully independent office (see International Financial Law Review, June 1996, page 4).

August 31, 1996

USAA issues unusual bonds

USAA, the US's biggest direct home and car insurance company, is planning an unusual sale of $500 million in bonds on the capital markets. The bonds would be tied to the company's hurricane losses. Holders would have to surrender their principal if USAA is forced to cover more than US$1 billion in claims caused by any single hurricane in the next year. In return, they will receive a risk premium on top of the normal bond market return.

August 31, 1996

Poland's lawyers move to general practice

In a market formerly dominated by only one practice area, privatization, lawyers are enjoying the opportunity to offer more general corporate advice. However, this is putting weaker firms under pressure and leading to consolidation. Paul Lee reports

August 31, 1996

Cyprus

Since the establishment of the official Cyprus Stock Exchange in March 1996, large financial institutions have launched investment funds whose public offerings were oversubscribed almost by a factor of eight.

August 31, 1996

France modernizes collateralization and netting

France has introduced new pledging and netting provisions which will be welcomed by participants in structured financings and derivatives deals. By Stéphane Mouy of Banque Paribas and Edward Nalbantian of Watson, Farley & Williams, Paris

August 31, 1996

Coudert opens in St Petersburg

Despite the loss of partners to Morgan Lewis, Coudert Brothers is pressing ahead with its office in St Petersburg, headed by Marian Hagler, a senior associate from the Moscow office. The office will be staffed by Hagler and a Russian associate, and will advise US companies investing in the St Petersburg region, particularly in joint ventures, privatizations and real estate transactions. Partner supervision will be from Moscow and New York.

August 31, 1996

Lovell White loses Tokyo partner

Lovell White Durrant partner Robert Lee is leaving the firm's Tokyo practice in Tokyo to set up his own practice. He joined the firm from his Hong Kong practice, Robert Lee & Fong, two years ago, and had been working from Lovell's Tokyo office for the last year. Andrew Baker, resident partner, says: "He finds operating independently more attractive than working for a large firm. There is more freedom to do what you want to do."

August 31, 1996

Ashurst Morris Crisp to open in Singapore

UK firm Ashurst Morris Crisp is opening an office in Singapore. Headed by corporate partner Richard Gubbins and project finance partner Scott Brodsky, it will concentrate on international transactions and project finance. Three associates, Clive Tucker, Shaun Lascelles and Tom Whelan, will also be based in the office, opening in October.

August 31, 1996

ScottishPower wins takeover battle for UK utility

Southern England utility Southern Water was the object of rival bids from UK utilities ScottishPower and Southern Electric. ScottishPower made a £1.56 billion (US$2.36 billion) hostile takover bid which was followed by an agreed cash and shares offer of £1.6 billion from rival Southern Electric. ScottishPower's subsequent offer of £1.67 billion went wholly unconditional on August 7.

August 31, 1996

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