Corporate Bonds

News & Analysis as of

"Restructuring Offshore PRC Debt"

As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more

Overstock Issues First Cryptosecurity

In January 2014, Overstock.com became the first major online retailer to accept payment in bitcoin. Less than eighteen months later, Overstock is now the first company to offer qualified buyers the option of purchasing...more

Amendments to Spanish Corporate Laws Add Flexibility to Bond Issuances by Spanish Companies

New rules relax certain structural and procedural legal restrictions, helping Spanish companies access debt capital markets. On 27 April 2015, the Spanish parliament passed Law 5/2015, of 27 April, of corporate finance...more

Mini-bonds – So good things come in small packages?

This may be a slightly odd question with which to start a legal blog post, but do you like burritos, wine, or chocolate? Who doesn’t, right? If only there was a way of making money off your addiction to tasty Mexican treats...more

The DTEK Scheme: A New Way to Restructure US Law Bonds?

Double First: A Ukrainian group of companies breaks ground — first by changing the governing law of its high yield bonds from US to English law and then by being the first Ukrainian-based group to restructure via an English...more

SEC Charges Group of Unregistered Broker-Dealers Trading in Corporate Bond Market

Last week, the Securities and Exchange Commission (SEC) charged more than 20 individuals and companies with violations of the Securities Exchange Act of 1934 (the Exchange Act) related to the buying and selling of...more

Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets...more

A New Tool for Holdout Bondholders: The Trust Indenture Act

Restructuring decision broadly interpreting bondholder protections under the Trust Indenture Act may significantly impact out-of-court restructurings. On December 30, 2014, the US District Court for the Southern...more

How Leading Philippine Companies are Using Bonds to Their Advantage [Video]

More than two dozen senior executives, including lawyers from Latham & Watkin's Hong Kong and Singapore offices, led presentations and panel discussions at an industry conference focused on the Philippine bond market, hosted...more

Required Summer Reading: Guidance Issued on the Tax Treatment of Guaranteed Minimum Benefit Hedges and Identified Mixed Straddles

The Treasury and the IRS offered two pieces of highly anticipated guidance on July 18 that are particularly relevant to the life insurance industry. ...more

The Oklahoma MLP Quarterly - 1Q 2014

The Oklahoma MLP Quarterly highlights changes in taxation, law and capital markets that affect master limited partnerships who have headquarters located in, or significant contacts with, Oklahoma. The publication is...more

Margin Call: Advanced Topics and Practice Points

In previous installments, we covered the basics of the margin regulations. In our final two installments, we’ll cover a few practice points and explore some of the more complex margin issues (particularly under Regulation U),...more

New Italian Rules to Create a More Favorable Regulatory Regime for the Issuance of Corporate Bonds

On February 21, 2014, Italy enacted Law No. 9 (the “New Law”), which, among other things: - reduces the tax cost of taking security in connection with notes offerings; - expands the array of security that can...more

Shedding Light on China’s Massive Shadow Banking Market - Landmark Corporate Bond Default - Part 1

The debt level of the PRC is rising. It is estimated that the PRC’s corporate debt could hit US$13.8 trillion in 2014, surpassing that of the United States (“U.S.”) as the largest in the world. This has raised increasing...more

How Exposed are Holders of Offshore Chinese Bonds?

In late 2013, Latham & Watkins hosted a restructuring conference, Maximizing Outcomes in Upcoming Asia Restructurings, at the Asia Society in Hong Kong. The conference featured a series of keynote speakers and panel...more

The bond breakthrough

In November 2012, Barclays raised a US$3bn corporate bond with a difference. The bank issued a contingent capital note (or coco) – a bond that automatically converts into equity as soon as a bank incurs losses that reduce its...more

Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant...more

Russian Note Trustee (a Bondholders Representative) and Other Changes in Corporate Bond Regulations

This Orrick law alert relates to the changes made in the Russian securities law by Federal Law No. 210-FZ dated July 23 (On Amendments to the Federal Law on the Securities Market and to Certain Russian Laws and Regulations)....more

Italian rules on Debt for Italian Non-Listed Companies – Italy has passed clean-up rules concerning the issuance of corporate...

The Italian Government has approved new rules concerning the issuance of corporate bonds and commercial paper through Law Decree no. 179 of October 18, 2012 on “Further Urgent Measures for Growth of the Country”, which was...more

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