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Brighter days ahead for the world’s former financial pariah Argentina returned to international capital markets in late April, issuing $16.5 billion in bonds. Local and US counsel are cautiously optimistic, seeing both opportunity and challenges ahead.

Iran: still not alluring enough to tempt the biggest banks

The cross-pollination of asset classes is, by now, old hat. Bonds adopt equity characteristics, there are triple recourse residential-mortgage backed securities, and with structured products it seems the only limit is your imagination. But while such tinkering – albeit more prudentially and closely scrutinised since the crisis – is fair game for most securities, there is one glaring exception.

In previous decades, economic policymakers were either coxswains or rowers. In the case of the former, they'd sit at the back, keeping an eye on where the team is heading. The latter simply row with strength.

Since China secured its special drawing rights status last December, the Xi administration has set its sights on another international accolade to boost its ever-growing stature – recognition by MSCI.

Henry Wang David Stammers Cécile Baume In Australia DLA PIPER appointed two new finance and projects partners – Alex Regan from Corrs Chambers Westgarth and Simon Huxley from Allen & Overy – to its Sydney office. NORTON ROSE FULBRIGHT meanwhile hired insurance partner Samantha Kelly from DLA Piper.

Sandra Bell One of the biggest moves in New York in the past month was the addition of Doron Kenter to ROBINS KAPLAN'S restructuring and business bankruptcy group. Kenter joined from Weil Gotshal & Manges, where he represented many notable Chapter 11 clients, including Lehman Brothers, Aleris International and Deb Shops.

Should distressed debtors cutback on their favourite past-time? A series of recent cases suggest the use of English law schemes of arrangement (SOA) by foreign companies could be at risk.

Bob Penn A new boutique was launched in Austria in May. Specialising in financial and corporate work, real estate and disputes, A20 was established by Marie-Agnes Arlt, Martin Oppitz, and Hermann Ortner. The former two joined from Grohs Hofer, and the latter moved from Kunz Schima Wallentin (KSW). All three founders were partners at their previous firms.

The idyllic Mediterranean island is modernising financially