cross-border financing report 2013 - iflr...cross-border financing report 2013 industry report...

CROSS-BORDERFINANCINGREPORT 2013

INDUSTRY REPORT SERIES

TO BE PUBLISHEDWITH THE OCTOBER2013 ISSUE OF IFLR

MANAGING CROSS-BORDER RISK

FOR IN-HOUSE COUNSEL

Guest edited by

Suhrud MehtaPartner & Head - LeveragedFinance Group, LondonMilbank Tweed Hadley &McCloy

Confirmed contributors

Andrew HutchinsPartner, Hong KongClifford Chance

Hendrik HaagPartner, Frankfurt andFormer Chairman - IBABanking law committeeHengeler Mueller

Judith RaijmakersPartner & Head - Banking& Finance, LuxembourgLoyens & Loeff

Neil CaddyPartner, LondonMilbank Tweed Hadley &McCloy

Lauren HanrahanPartner, New YorkMilbank Tweed Hadley &McCloy

Cross-border financing

A comprehensive guide to structuring cross-border transactionsGlobal cross-border capital flows - including lending, foreign direct investment, andequity and bond purchases - reached $4.6 trillion in 2012, up from $0.5 trillion in 1980.

Reflecting a reverse in global financial integration, western economies have reducedcross-border lending while capital flows involving the world’s developing countrieshave rebounded. In 2012, 32% of total foreign capital flowed into developingeconomies, while capital flows out of emerging markets rose to $1.8 trillion.

Although most outflows are destined for advanced economies, some $1.9 trillionnow flow into other emerging markets.

Managing a cross-border transaction thereby increasingly requires an understandingof local regulations in unfamiliar jurisdictions, to ensure that its structuring andimplementation is legally valid under local law and consistent with local practice.

IFLR’s inaugural Cross-border Financing Report will provide clarification oninformation critical to the proper structuring of cross-border transactions.Conducted on a global basis, it will offer insight into inconsistencies between thelaws of the countries involved as well as an overview of recent developments, keyconcerns and current practice in the markets that matter most to you.

Guest edited by Milbank Tweed, Hadley & McCloy partner and UK LeveragedFinance Group head, Suhrud Mehta, the results will be published as a dedicatedsupplement with the October issue of IFLR. It will provide readers with:

• Structural best practiceDiagrammatical outline of the typical cross-border acquisition financings,leveraged financings and dividend payments

• Comprehensive cross-jurisdictional insightAt-a-glance overview of each featured jurisdictionHighlighting significant local risk factorsFacilitating an easy comparison of territories

• Contributions from local law expertsConcise guidance on local lawOffered by firms recommended to IFLR by our international partnersSee overleaf for your invitation

• Expert analysis from leading international practitionersSee right for confirmed contributors


PREVIOUS IFLR SURVEYCONTRIBUTORS

How to get involvedFollowing your recommendation to IFLR by our international partners, we wouldlike to invite your firm to participate in the Report on a sponsorship basis, anddemonstrate how you can assist investment banks, corporates and their advisersunderstand how best to structure deals in your jurisdiction.

We would like to offer you the following sponsorship package:

• Opportunity to position your firm alongside international firms, includingMilbank Tweed Hadley & McCloy

• Exclusive opportunity to contribute to the Report for your jurisdiction – allopportunities are offered to local experts on a first-come, first-served basis

• Publication of your firm’s responses in a dedicated supplement – up to2,000 words published and distributed with the October issue of IFLR

• Up to two senior lawyer profiles – 150-word bios, including headshots &contact details. Displayed alongside your response

• Full page colour display advertisement – displayed alongside your response• Prominent sponsor placement on all published results materials – logo

inclusion displayed on the inside front cover of the Report• 20 print copies of the supplement – for internal and client distribution

purposes• High resolution PDF of the published results – with distribution rights to

existing and potential clients• Promotional activities via IFLR’s print, online and social media channels –

see overleaf for details

Cost of participationIntroductory rate: £2,995

To confirm your participation at this introductory rate please return the attachedbooking form to the relevant contact listed below. All opportunities are offered ona strictly first-come, first-served basis.

To discuss sponsorship opportunities please contact

Europe and North America Latin AmericaLiam Sharkey Roberto MirandaTel: +44 (0) 20 7779 8384 Tel: +44 (0) 20 7779 8435Email: [email protected] Email: [email protected]

Asia, Middle East and AfricaDenny SquibbTel: +852 2842 6945Email: [email protected]


At a glanceGlobal report on cross-border dealstructures

Guest edited by Suhrud Mehta, Head -Leveraged Finance Group, MilbankTweed Hadley & McCloy

Provides financial institutions andcorporates with a clear understandingof variations in local practice

Published in a dedicated supplementwith the October issue of IFLR

Features at-a-glance overview; guidanceon local law; and international analysis

Exclusive sponsorship opportunitiesoffered to firms recommended to IFLRby our international partners

Packages include:

• Exclusive contribution to theReport for your jurisdiction

• Up to two senior lawyer profilesdisplayed alongside your responses

• Full page colour displayadvertisement

• Prominent sponsor placement onall published results materials

• 20 print copies of the supplement• High resolution PDF of the

published results withdistribution rights

• Promotional activities via IFLR’sprint, online and social mediachannels

• Special introductory rate

See overleaf for more information.

RESERVATION DEADLINE: AUGUST 16

COPY DEADLINE: SEPTEMBER 6


Promotional activitiesAll report materials will be:

• Published in print with the October issue of IFLR magazineIFLR has a loyal readership of at least 6,3751 per print issue

• Published on the free-to-access area of iflr.comIflr.com has >22,0002 unique monthly visitors

• Promoted in IFLR’s weekly e-newsletterIFLR’s e-newsletter has >18,0003 subscribers

• Promoted to IFLR’s LinkedIn networkIFLR has >2,500 LinkedIn group members

The report will also be promoted electronically to delegates who register forthe IFLR events listed below. Bracketed figures (1,620 in total) indicate howmany people registered to attend last year.

• IFLR Asia Capital Markets Forum, November 2013 (>250)• IFLR European In-House Counsel Summit, January 2014 (>300)• IFLR Asia M&A Forum, February 2014 (564)• IFLR European Capital Markets Forum, April 2014 (>220)• IFLR India Capital Markets, November 2013 (286)

The report will also be distributed at:• IBA Annual Conference, October 2013 (>5,000)

(See appendix 2 on pages 6-7 for a selection of IFLR’s influential magazineand e-newsletter subscribers.)

Print and online exposure

Print reachIFLR magazine has a loyalreadership of at least 6,3751, perprint issue

IFLR.com monthly usagestatistics• Average unique visitors

>22,0002 / month• Average page views

>65,0002 / month

Social media• IFLR’s e-newsletter has

>18,0003 subscribers• IFLR has >2,500 LinkedIn

group members

Subscribers By company type (including printsubscribers and free weekly emailsubscribers4)

44.1% Corporate / financial /government institution

37.2% Law firm

7.8% Academic institution

10.9% Other

PRINT ONLINE NEWSLETTER APP

Footnotes1. The readership rate based upon a survey conducted in Oct 2012, has been independently audited by IPSOS MORI, the international

media consultancy. The number of readers is based upon the readership rate applied to the proposed circulation. At 95% confidenceInternational Financial Law Review will have between 5653 and 7096 readers.

2. Source: Webtrends Oct 11 – Nov 123. Figures based on IFLR weekly email campaign sent on 5th September 2012.4. A combined analysis of IFLR print subscriber file & 10% of IFLR’s weekly email distribution extrapolated across 18,000 recipients.


Appendix 1: How it works

Contributing to the ReportIFLR will provide you with:

• A set of questions developed in partnership with our guest editor• Example response – available on request• A template to complete an overview summary

You will be required to:

• Answer the questions• Provide concise guidance on local law• Submit no more than 2,000 words in total

We anticipate that this should take between two to three hours to complete.

Report methodology, guidelines and timelineIFLR will:

• Distribute the Report questions in mid August• Collate all responses in early September• Analyse and present the responses• Publish all results (including an at a glance table) with the October issue of

IFLR

Designing the Report structure and selecting contributorsIFLR has worked closely with Milbank Tweed Hadley & McCloy to identify:

• Key jurisdictions across Europe, North America and Asia-Pacific• Local expert firms operating within those jurisdictions• Six main areas of cross-border financing to focus on:

• Bank licenses• Taxes• Collateral security• Guarantees• Enforcement• Bankruptcy proceedings

• Key questions around these areas• Methodology for comparing practice across jurisdictions

Marketing and promotional activityIFLR will conduct the promotional activities detailed on page 4.


ABN AmroAccentureAddleshaw GoddardAfrican Development BankAir China Southwest CompanyAkin Gump LLPAllen & GledhillAllen & Overy LLPAmerican ExpressAnderson Mori & TomotsuneAnglo American PlcAnheuser BuschANZ BankAon Asset ManagementAon Risk ServicesArab Petroleum InvestmentsCorporationArthur Cox CompanyAshurst LLPAsia Commercial BankAsia Mezzanine Capital GroupAsia Pacific Mining LtdAsian Development BankAssociation of Financial MarketsAustralian & New Zealand BankAustralian TreasuryAviva LtdAXABahamas Financial Services BoardBaker & MckenzieBaker BottsBanca D’Italia Cons LegaleBanco Central ArgentinoBanco Central De ChileBanco Central De La RepublicaBanco Central De Reservas Del PeruBanco De EspanaBank Austria CreditanstaltBank of AlbaniaBank of America Merrill LynchBank of England

Bank of Ireland GroupBank of JapanBank of KoreaBank of MongoliaBank of MontrealBank of New York MellonBank of UgandaBanque Ouest Africaine DeBarclays CapitalBarclays Bank PlcBerwin Leighton PaisnerBhp Billiton LimitedBinder Grosswang RechtsanwalteBingham Mccutchen LLPBlackrockBNP ParibasBoard of Governors Fed ReserveBPBritish LandCapgeminiCapita Insurance ServicesCapital Markets Board of TurkeyCapital OneCb Equity Partners GmbhCentral Bank of Trinidad & TobagaChadbourne & ParkeCitigroupCleary Gottlieb Steen HamiltonClifford ChanceClyde & Co LLPCms Cameron Mckenna LLPCodetel A Verizon CompanyCogent PartnersCommerzbank AgCommodity Futures TradingCommissionCommonwealth BankControl RisksConyers Dill & Pearman Pte LtdCravath Swaine & Moore LLPCredit Agricole Suisse Sa

Credit LyonnaisCredit SuisseCuba Central BancoDaewoo SecuritiesDaiwa Securities Smbc EuropeDanish Bankers AssociationDavis Polk & WardwellDebevoise & PlimptonDeloitte LLPDeutsche BankDLA Piper LLP USDubai Islamic BankDuke Law SchoolEasyjet Airline Co LtdEdward Nathan SonnenbergsEdwards Angell Palmer & DodgeEMI LtdErnst & YoungEuropean Bank For ReconstructionEuropean Central BankEuropean CommissionEuropean ParliamentEversheds LLPExxonmobilFederal Reserve Bank of NyFederation Bancaire FrancaiseFinancial Services AuthorityFitch RatingsFraser Milner Casgrain LLPFreshfieldsFried Frank Harris ShriverFulbright & Jaworski LLPGE CapitalGibson Dunn & Crutcher LLPGide Lotrette Nouel AarpiGoldman SachsGrant Thornton LLPGulf International BankHarneysHengeler MuellerHerbert Smith LLP

Appendix 2: selected IFLR subscribers

When your firm partners with IFLR you have the opportunity to influence decision makers who subscribe to IFLR and whoreceive the free weekly email. These are the leading buyers of legal services in Banking, Capital Markets, M&A, and FinancialRegulation. They include:


Hogan Lovells Intl LLPHoneywellHong Kong Exchange & ClearingHSBC LtdHutchison Whampoa LimitedHyder ConsultingHydro TasmaniaHyundai Motor Finance CompanyIBMICAPIndian Oil Corp LtdInfosys Technologies LimitedIng BankInter American Dev BankInternational Capital MarketsAssociationInternational Monetary FundIrish Stock ExchangeIslamic Development BankIstanbul Gold ExchangeJ & A Garrigues SLPJ P MorganJohn Deere CreditJones DayK&L Gates LLPKim Chang & LeeKing & Spalding Intl LLPKirkland & Ellis Inter LLPKorea UniversityKPMGLatham & Watkins LLPLazard FreresLenz & StaehelinLondon School of EconomicsLoyens & LoeffMacfarlanes LLPMacquarie International LtdMannheimer Swartling AdvokatbyMaples And CalderMaritime & Port Authority ofSingaporeMayer Brown International LLPMcdermott Will & Emery LLPMercedes BenzMercer CapitalMerrill LynchMicrosoft Corporation

Milbank Tweed Hadley & MccloyMinistry of Finance FinlandMinistry of Finance MexicoMinistry of Finance SloveniaMitsubishi UFJ Secs Intl PlcMizuho Corporate Bank LtdMonetary Authority SingaporeMorgan Lewis Bockius LLPMorgan StanleyMorrison & Foerster LLPNational Bank of BelgiumNational GridNational Trust Holding CompanyNatixisNauta DutilhNestleNewedgeNews CorporationNomura International HK LtdNordea Bank Ab (Publ)Norton Rose LLPNovartis International AGNyse EuronextOaktree Capital Mgmt LLCOgierO’Melveny & Myers LLPOntario Securities CommissionOpec Fund For Int DevelopmentOracle Corp SAOrrick Herrington & SutcliffeOxford UniversityPaul HastingsPaul Weiss RifkindPetrobrasPillsbury Winthrop ShawPinsent MasonsPricewaterhousecoopersProskauer RosePrudentialRabobank InternationalRBSReed Elsevier NVReed Smith LLPResolution Asset ManagementRopes & Gray LLPRoyal Bank of CanadaSalans

Samsonite CorporationSamsungSantander Global BankingSaxa Equity PartnersSecurities And Futures CommissionShearman & Sterling LLPShellShepherd And Wedderburn LLPSidley AustinSiemens AGSimmons & SimmonsSimpson Thacher & Bartlett LLPSkadden Arps Slate MeagherSlaughter And MaySmbc Nikko Capital MarketsSquire Sanders & DempseyStagecoach Holdings PlcStandard BankStanford Law SchoolStephenson HarwoodStikeman ElliottSullivan & CromwellSvenska Handelsbanken ABSwiss Reinsurance CompanyThe Blackstone Group LLPThe Central Bank of ChinaUBSUnileverUniqloUniversity of Hong KongUS Department of TreasuryVinson & Elkins L.L.P.Visa EuropeVolkswagenVolvo Treasury AbWachovia BankWaitroseWalmart StoresWeil Gotshal & Manges LLPWhite & Case LLPWilmer Hale Law FirmWong Partnership LLPWorld BankYale UniversityZambia Competition CommissionZurich Financial Services

Source: Active subscriber list for November 2012 print or weekly email subscribers. Please note that future circulation lists will vary.

cross-border financing report 2013 - iflr...cross-border financing report 2013 industry report...

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