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The bank’s latest RMBS deal sidesteps the collateral and cost associated with the usual swap solution

The country's financial sector must address its large volume of non-performing loans. Gianni Origoni Grippo's Giuseppe Schiavello analyses a recent reform that could make it easier for banks to offload these portfolios

Stephen Crosswell, Baker & McKenzie Anna-Marie Slot, Ashurst In Hong Kong we have seen early signs of horse trading as KIRKLAND & ELLIS recruited leading Asia restructuring lawyer Neil McDonald and rising star Damien Coles from Hogan Lovells. In return, the UK firm poached corporate partner Steven Tran from Kirkland. As competition law continues to develop in Hong Kong and China, BAKER & MCKENZIE bolstered its offering in the city-state by hiring Clifford Chance partner Stephen Crosswell.

Azleen Mohammed Saleh The guidelines on sukuk and private debt securities in Malaysia were recently revised and took effect on August 28 2014. One of the revisions made was on the tradability and transferability of unrated sukuk and private debt securities. Effective from January 1 2015, unrated sukuk and unrated private debt securities may be traded and transferred provided that: (i) they have been in the market for at least two years; (ii) they are offered only to sophisticated investors; and (iii) the requirements for revision of principal terms and conditions as specified under the guidelines on sukuk or private debt securities have been complied with. Alternatively, for rated sukuk and rated private debt securities, the issuer may discontinue the credit rating of the sukuk or the private debt securities and maintain their tradability and transferability provided that: (i) they have been in the market for at least two years; (ii) they are offered only to sophisticated investors; (iii) the requirements for revision of principal terms and conditions as specified under the guidelines on sukuk or private debt securities have been complied with; and (iv) at least one annual rating review has been completed after January 1 2015.

Fabrice Cohen, Clifford Chance Alex Bafi, Clifford Chance In London the most active firm in the past month turned out to be JONES DAY. The US firm has been steadily adding to its ranks for the past year but late summer saw a flurry of hires across the finance and corporate teams. Arguably the most high-profile addition was that of high-yield specialist Jonathan Bloom who joined from Ropes & Gray. The New York qualified partner was a founding member of Ropes & Gray's London base in 2009. Joining him at Jones Day are M&A specialist Benedict O'Halloran, who moved from an in-house position at GE, and structured finance and securitisation partner Neil Hamilton who made the switch from Paul Hastings. Another high-yield partner on the move was Gil Strauss. The former Weil Gotshal partner re-joined SIMPSON THACHER & BARTLETT at the end of August. Strauss had only been with Weil since 2012, and with his previous firm – Freshfields – for two years having moved from Simpson Thacher in 2010.

This October marks the one-year anniversary of the city-state’s sweeping sponsor regulations. Slaughter and May's John Moore assesses how the they’ve changed the market

Isil Ökten Aslihan Özbey The Capital Markets Board of Turkey (CMB) published the Communiqué Serial: III 59.1 on Covered Bonds (new Communiqué) in the Official Gazette on January 21 2014. The New Communiqué is part of regulatory improvements to Turkey's bonds and securitisation market. It introduces a consolidated legal framework regulating asset-covered bonds and mortgage-covered bonds. In order to clarify certain issues under the new Communiqué and to make the issuance of covered bonds more effective in Turkey, the CMB recently published an amendment to the new Communiqué (amended Communiqué). According to the new Communiqué, if any cash collection is made from the assets in the pool, the issuer must either: (i) record the proceeds to the cover registry; (ii) remove the cash from the cover registry for the payments of the covered bonds; or (iii) replace the cash with the new security assets. One of the major amendments to the new Communiqué introduced by the amended Communiqué is that now the issuer is free to use the cash proceeds provided that it complies with the statutory tests and all other liabilities.

The country's restrictions on promoting offshore products are vague at best. Here’s how foreign marketers can solicit investors, without falling foul of the rules

On August 1 2014, the President of the Republic of Congo authorised the ratification of the Double Taxation Avoidance Agreement (the DTAA) with Mauritius. The DTAA was signed on December 20 2010 and will come into force in Mauritius on the date as specified by the Minister in a notice published in the Government Gazette.

Volumes in Europe are up this year. But trading issues are damaging liquidity, and hampering the market’s full revival