Latest Briefings

The sustainability of green financing

Maples Group acted for Xiaomi Corporation in connection with Xiaomi’s offering of US$800,000,000 2.875% Senior Bonds Due 2031 and US$400,000,000 4.100% Senior Green Bonds Due 2051 issued by Xiaomi Best Time International Limited, incorporated in Hong Kong and unconditionally and irrevocably guaranteed by Xiaomi Corporation, a company controlled through weighted voting rights and incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The green bonds offering marked Xiaomi’s initial foray into the world of green financing and more broadly Environmental, Social and Governance (ESG). The proceeds of the green bonds are earmarked for ‘Eligible Projects’ within Xiaomi’s finance framework aimed at positive environmental and social benefits. Their framework follows the green bonds and loan guidelines of the International Capital Markets Association.

Guernsey consolidates economic substance and extends it to partnerships

Guernsey has brought partnerships into scope of economic substance requirements for accounting periods commencing on or after 1 January 2022, although partnerships formed on or after 1 July 2021 will be in scope immediately on formation where they conduct activities that trigger the economic substance requirements.

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Freshfields

Freshfields staff in line for increased bonuses

Freshfields Bruckhaus Deringer has added extra money to its firmwide bonuses for the financial year 2020/21, The Lawyer understands. Following the decision to unfreeze UK salaries last year, the firm had pledged to make additional catch-up payments as full compensation for the Covid-related move. Now, the magic circle firm has added another financial reward by […]

Reed Smith

Reed Smith to offer voluntary redundancies in global secretarial review

Reed Smith is to review its admin function, in a process that will entail voluntary redundancies across its network. The firm has started a firmwide project called “Connectivity Initiative” that was launched in November 2020 to examine the effectiveness of its support function. As part of the process, the firm is offering a voluntary redundancy […]

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Kirkland alumni club: Willkie secures double-partner hire in London

Willkie Farr & Gallagher has secured its long-awaited hire of two partners from Kirkland & Ellis, as they join former colleague Claire McDaid to expand its City private equity team. Gavin Gordon and David Arnold are to join Willkie in the City, following on from the firm’s hire of Dechert tax partner Jane Scobie last […]

Stonewall Pride

Law firms should ask hard questions about Stonewall

City firms are traditionally slow to react on controversial topics, but as a number of organisations withdraw their support for Stonewall’s Diversity Champions scheme, they may be forced to consider their position internally.

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