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Western Australia's Roy Hill iron ore project marks an important step forward for limited recourse financing for mining projects.

Sheela Moorthy, Norton Rose Fulbright Tony Harrington, Minter Ellison One of last month's biggest moves saw Vinson & Elkins' former China co-head and energy partner David Blumental join LATHAM & WATKINS. Blumental made the move just six months after the US energy firm ended its operations in Shanghai. In Beijing, K&L GATES hired corporate partner Frank Voon from Allen & Overy. Voon is experienced in cross-border M&A, corporate reorganisations and joint ventures.

Lawton Camp, Kaye Scholer Vivek Bhatt, K&L Gates The region's fervent lateral hiring of early March carried straight through into April. Offshore firm WALKERS gained Jason Allison as a partner in the global investment funds group in its Grand Cayman office. Allison, who previously worked in the London office of Freshfields Bruckhaus Deringer and with Maples and Calder in the Caymans, advises banks, companies and fund managers on Cayman Islands corporate transactional and investment funds laws and regulations. In Canada, MCMILLAN welcomed Kip Daechsel, former national co-managing partner of the now-defunct law firm Heenan Blaikie, as a partner in Toronto. Daechsel's expertise covers both M&A and financial regulatory matters. At the time of his hiring at the end of March, Daechsel was the eighth Heenan Blaikie refugee to join McMillan in recent weeks.

As China's government shifts towards a more market-focused approach, debt capital market participants must address urgent structural issues

Europe’s cov-lite frenzy could have a similar effect The growing number of covenant-lite (cov-lite) loans in Europe has prompted the question of whether the market could cut into the cov-lite deals that are completed in the US. With the number of these deals growing internationally and covenants increasingly disappearing, a second question about shrinking space between cov-lite loans and bonds is also in need of an answer. Leveraged loans in the US traditionally provided less protection than their European counterparts. This helped to attract business across the Atlantic for so-called Yankee deals. A more active capital markets sector made banks comfortable that they could sell the loans on. US cov-lite deals, which disappeared after the 2008 crash, have been making a comeback over the last two years.

Australia's regulatory capital bond market is among the most sophisticated globally. And while a framework has been established for Additional Tier 1 (AT1) offerings, more innovation is expected in Tier 2.

Privacy concerns still hamper the re-proposed rule The reopened comment period for Regulation AB II closed on March 29. But issuers and investors continue to clash over the level of disclosures in asset-backed securities (ABS) offerings and its potential ramifications. The wait for the new regulation had been extended in February following the Securities and Exchange Commission's (SEC) postponement of a vote and request for further comments addressing privacy concerns.

A hands-off approach is the best mitigant. But is it realistic? The European Commission (EC) has held a Goldman Sachs-sponsored fund jointly liable for a portfolio company's cartel infringement. It's only the second time Europe's antitrust authority has pierced the corporate veil of a company owned by a private equity (PE) fund and imposed liability on its financial sponsor.

If Myanmar is to attract listings, it must learn from its neighbours and not over-regulate its capital markets. Bourses in Cambodia and Laos are hampered by low liquidity and investor interest because not enough companies have floated on their respective exchanges.

High yield, securitisation and retail structured products are all emerging in Europe’s capital markets boom. Here are the challenges facing the instruments