A bond for which the issuer has set aside assets as collateral to ensure principal repayment and encourage timely interest payments.
Legal opinions required for a medium term note (MTN) programme What is a legal opinion and when are they given? A legal opinion is a formal opinion expressing a view on legal matters relevant to a transaction. As described further below, legal opinions will typically cover a number of different aspects of a transaction and the scope of the opinion will vary on a case by case basis. This Practice Note is focused on opinions relating to matters of English law. Transactions involving parties or assets located in different locations will often need multiple legal opinions covering matters pertinent to each relevant jurisdiction. English lawyers have historically given formal legal opinions only to their own clients and have been very reluctant to provide opinions for the benefit of third parties, particularly where such third party is represented by English counsel. This approach is taken on the basis that another party should ordinarily obtain whatever legal comfort it requires as to English law from its own counsel. Also, where a firm gives a legal opinion to a party to a transaction other than its client, it needs to satisfy itself that the provision of such opinion does not contravene relevant rules of professional conduct. In particular, the Solicitors’ Regulatory Authority (SRA) sets out rules relating to client confidentiality and conflicts of interest which must be carefully considered by a
Debt capital markets—Japan—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to debt capital markets in Japan published as part of the Lexology Getting the Deal Through series by Law Business Research (published: March 2022). Authors: Anderson Mōri & Tomotsune—Takuo Hirose; Tomoyuki Oka 1. What types of debt securities offerings are typical, and how active is the market? Debt securities issued in Japan include government bonds, municipal bonds, government agency bonds, government-guaranteed bonds, corporate bonds, foreign bonds and special debt instruments, such as convertible bonds. According to the Japan Securities Dealers Association (JSDA), the industry group for securities companies, the total amount raised by debt securities during the period between April 2020 and March 2021 was ¥253.115 trillion, which includes ¥221.415 trillion in Japanese government bonds, ¥6.991 trillion in municipal bonds, ¥6.169 trillion in government agency bonds, ¥15.613 trillion in corporate straight bonds issued by Japanese issuers and ¥466.6 billion in bonds issued by foreign issuers. Approximately 80 per cent of debt securities issued in Japan are Japanese government bonds. The debt market in Japan has been active under the prolonged low-interest-rate environment. Most trading is made through the over-the-counter market, and debt securities are rarely listed. Secured bonds issued by Japanese companies are subject to the Secured Bond Trust Act. However, because of the Act's stringent restrictions, secured bonds are seldom issued. In Japan, both public offerings and private placements
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This week’s edition of the Banking & Finance highlights includes: (1) Associated British Ports switches from LIBOR to SONIA, (2) news analysis on the EU banking package legislation, which has now been published in Official Journal (3) Government’s position on post-Brexit sanctions policy is criticised in a new report, and (4) ISDA publishes Trade life cycle events guide and master regulatory disclosure letter.
Restructuring & Insolvency analysis: When will an application for recognition under the UNCITRAL Model Law be treated as an abuse of process? Stefan Ramel of Guildhall Chambers comments on a ruling that clarifies the duties on an applicant for a recognition order under the Model Law.
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