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The sun is setting on summer 2017 (and on Libor)

Terra Firma has replaced £4 billion ($5.2 billion) of securitisations issued by portfolio company Annington Homes with a combination of new equity, bonds and bank debt.

As mentioned in the first part of this article (published in the July/August 2017 issue), stakeholders in Colombian project financings are taking certain measures to mitigate risks derived from potential corruption cases. As part of those measures, lenders are giving special attention to improving contractual structures through more sophisticated anti-corruption clauses. This course of action is affecting not only financing documents in negotiation stages, but also some agreements already executed.

The Irish High Court recently ruled on the test for determining whether the transfer of a debt is a 'true sale' or is by way of a charge. It has adopted the market analysis based on English cases which emphasise that the legal form of the transaction adopted by the parties will determine its nature, provided the contract is not a 'sham'. The decision in the Eteams (International) Limited case concerned invoice discounting, but its ramifications are important in the context of 'true sale' opinions in structured and asset finance transactions.

A brief summary of changes in legislation relevant to companies wishing to do business in Thailand.

Chinese authorities say relax (but not too much)

Recent legislation may have unified the country's insolvency and bankruptcy proceedings, but the threshold for commencing the process could be a problem

Brazil is late to the party when it comes to tackling corruption. But recent scandals involving a number of state-controlled companies have led authorities to implement the Clean Company Act, with the aim of enforcing better business practices. The Latam nation wants to change its corporate culture, but better business practices and transparency can't be built in a day

The OECD has established policies to support cooperation between jurisdictions in order to solve common problems. Among these is the exchange of financial information to reduce problems such as tax evasion and avoidance, and money laundering. This situation has been a challenge for central American jurisdictions when it comes to the approval of new regulations. As a result, several international treaties have been signed and local regulations have been enacted, and several other initiatives and bills are currently being discussed from a political and technical perspective.

The lighter side of the past month in the world of financial law