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Important lessons have been learnt following a series of high-profile restructurings in Latin America. These are the issues would-be investors must consider

Philippos Aristotelous Following the bailout package agreed between the so-called troika of the EU, European Central Bank and IMF on one hand and the Cyprus government on the other, the two largest banks in Cyprus will be merged and considerably downsized. The Eurogroup and the Cyprus government consider that this solution is the best way forward for ensuring the overall viability and stability of the Cyprus financial system and the Cyprus economy.

Neil Miller, Linklaters Juan Manuel De Remedios, White & Case JXavier Comaills, Clifford Chance London was the hub of activity this month where one of the bigger moves saw Clifford Chance's global private equity head David Walker announce he will leave the firm to join LATHAM & WATKINS. As one of the City's leading private equity lawyers, Walker was responsible for maintaining relationships with key clients such as the Carlyle Group. Walker's move may signify the group's intention to make Latham its main firm in the UK, a relationship the two enjoy in the US. US firm REED SMITH has also been active in the London recruitment market this month. In addition to McDermott Will & Emery energy partner Rashpaul Bahia – its fourth lateral hire in this practice area in the past three years – it also announced that Clifford Chance finance partner Claude Brown will join the firm's structured products and derivatives practice.

CoCos are set to take greater risks

Thomas Thorndike The energy industry in Peru is divided into three main sub-sectors: generation, transmission and distribution. The development of energy projects, regardless of the sub-sector, requires the execution of a concession agreement with the relevant governmental agency, authorising the sponsors to develop the project, and establishing the applicable terms. Such concession agreements set out the technical and contractual conditions of the project, including certain terms and conditions as to how it is to be financed.

Bond documentation has failed to keep pace with changing bondholder meeting practices. Draftsmen should take note of these common discrepancies

James Chapman, Bingham McCutchen Jaroslaw Hawrylewicz, O’Melveny & Myers April proved a relatively quiet month in the Americas region, though a few key moves still occurred. In New York O'MELVENY & MYERS enhanced its capital markets team with the addition of senior counsel Jaroslaw Hawrylewicz from Barclays Capital. Hawrylewicz focuses on equity derivatives and synthetic products. MCDERMOTT WILL & EMERY has been busy hiring in both Europe and the US recently. The trend continued last month as the New York office added corporate partner Brian Hoffmann from Clifford Chance, where he had acted as co-chair of the Americas M&A practice. He had previously worked at McDermott between 1995 and 1999.

Mian Muhammad Nazir Transfer of ownership and possession under certain Shariah nominate contracts and structures are the cornerstone for the validity of the sale and purchase transactions. Principles of Shariah provide for specific requirements that must be satisfied to ensure validity and enforceability of the underlying sale contract. It has been observed that there may be certain instances where a sale, which is perfectly valid and enforceable under the principles of Shariah, may need to comply with additional requirements under the local laws of the relevant jurisdiction in order to qualify as a valid and enforceable transaction. The question is whether a sale transaction strictly entered into in accordance with the principles of Shariah will still be required to comply with the local laws for its validity under Shariah principles. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) seems to suggest that compliance with local laws in relation to transfer of ownership and possession is an integral part of a Shariah sale in respect of certain Shariah-compliant contracts and structures. To this extent, it is encouraging to note that for the modern application of Shariah nominate contracts and structures, compliance with local laws, in relation to transfer of ownership, possession and legal effects of the sale and purchase contract, is well recognised by Shariah scholars and the AAOIFI (which is a standard setting organisation). However, the more important question is what are the effects of non-compliance with the local law requirements on the Shariah compliance of underlying transactions in view of the AAOIFI's resolution, which obligates transfer of ownership in the sukuk assets to be in accordance with local law requirements.

Slowing growth and a rising number of non-performing loans mean foreign creditors should carefully consider their restructuring options in Vietnam

Shinsei Bank’s latest project financing paves the way for greater foreign investment in Japan’s green energy sector