Results 1-10 of 30
31 July 2019
The severe warnings on climate change starkly documented by the IPCC report and others demonstrate why urgent action to meet the goals of the Paris Agreement is needed. The public, governments and legislators are taking notice and taking action. Much of the legislative...
IBOR fallbacks for derivatives – ISDA's supplemental consultation on term and spread adjustments for floating rates and its consultation on pre-cessation issues
13 June 2019
ISDA has released two further consultations on benchmark fallbacks. One consultation covers spread and term adjustments for US dollar LIBOR, Canada's CDOR and Hong Kong's HIBOR. The second consultation seeks input on how derivatives contracts should address...
Japanese Financial Services Agency issues guidance on capital requirements for securitisation investors
18 March 2019
Japanese investors have become increasingly active in the US, European and Australian securitisation markets in recent years, particularly with respect to CLO and RMBS transactions. The significant investments they make mean arrangers and issuers listen attentively...
14 December 2018
自《负债管理 - 亚太地区债券发行人的主要考虑因素》（第1版）刊行以来，由于近期美联储利率上调（2018 年底直至 2019 年还将有进一步加息的迹象），加上美元升值，并由于全球贸易政策紧张、 2016 年英国脱欧公投后英镑和欧元货币市场持续波动等因素，以致多个货币市场都出现波动加剧的情况。 就此，高伟绅更新发布《负债管理》（第2版），以介绍本地区内发行人为进行债务资本重组，或者在财困或非财困情况下考虑负债管理时可以采用的主要技巧。本文同时特别指出债券发行人及其财务顾问需要顾及的一些法律问题。 文中载述的...
14 December 2018
Since the publication of the First Edition of our guide "Liability Management – Key Considerations for Debt Issuers in Asia Pacific", there has been increasing volatility in various currency markets driven by recent US federal reserve rate increases...
23 July 2018
The Integrated Resort Act of Japan (IR Act) - which legalises casino gambling in designated integrated resort areas (IR Areas) - was passed by the Diet on 20 July 2018. The IR Act will present great opportunities for developers, operators, hoteliers and financiers,...
IBOR fallbacks for derivatives – ISDA consultation on term and spread adjustments for floating rates
17 July 2018
ISDA released its "Consultation on Certain Aspects of Fallbacks for Derivatives Referencing GBP LIBOR CHF LIBOR, JPY LIBOR, TIBOR, Euroyen TIBOR and BBSW" on 12 July 2018. The Consultation seeks feedback on proposed amendments to the 2006 ISDA Definitions...
New Fund Structure available for Real Estate Investment in Japan - Should the TKGK Structure be Reassessed?
9 April 2018
On 1 December 2017, amendments to the Real Estate Specified Joint Enterprise Act of Japan took effect. Under these amendments a new structure for investment in hard asset real estate (as opposed to trust beneficiary interests representing real estate) is made available. Under...
8 November 2017
The need to mobilise green, climate smart, environmentally friendly financing is racing at speed up the agenda of regulators, governments and the institutional investor and financial communities globally. Whilst the commitment in the Paris Agreement to hold global...
23 August 2017
虽然伦敦银行间同业拆借利率（LIBOR）作为金融市场基准利率已逾三十载，但自从英国金融服务监管局（FSA）2012年对LIBOR操纵丑闻展开调查（即“Wheatley Review”）以来，LIBOR始终面临压力。英国金融行为监管局（FCA）首席执行官Andrew Bailey最近于7月27日发表了讲话 ，预示LIBOR可能终将谢幕。市场主体需要未雨绸缪，应对LIBOR可能在2021年底后终止公布。本文将讨论这一问题的成因，并评估其对市场主体实践操作及文本层面的影响