Sino-Forest – Mandra Forestry Finance senior notes exchange

• This transaction is a two step private exchange, pursuant to private placements, by Sino-Forest Corporation of US$187m of 10.25% guaranteed senior notes due 2014, issued under an existing indenture, for US$194m 12% guaranteed senior notes due 2013 and 189,565 warrants issued by Mandra Forestry

• Davis Polk recently advised the underwriters of Sands China US$2.5bn IPO

• Linklaters launched the first listing of a Russian Company, Rusal, on the HKSE in this month