Sovereign bonds

• Advising the underwriters and dealer managers on the dual-tranche offering by the Republic of Ecuador of USD 4 billion notes and related tender offer of existing notes (and the re-opening of additional USD 1 billion notes).
• Advising the underwriters on the offering by Bolivia of USD 1 billion notes.
• Advising the underwriters and dealer managers on the offering by Barbados of USD 500 million notes and related tender offer of existing notes.
• Advising The Republic of Seychelles on its sovereign blue bond issuance, partially guaranteed by IBRD (first ever sovereign blue bond).
• Advising the arrangers on USD 400 million social bonds by the Republic of Ecuador, partially guaranteed by IDB (first ever sovereign social bond).
• Advising the underwriters and dealer managers on the offering by Gabonese Republic of USD 800 million notes and related tender offer of existing notes.
   

Sovereign loans

• Advising the financiers on a ~USD 1.2bn hybrid Islamic and conventional financing to the Federal Republic of Nigeria, partially insured by ICIEC.
• Advising the lenders on a USD 500m social loan to the Republic of Ecuador, partially guaranteed by IDB, with the proceeds used to build social housing in Ecuador.
• Advising the lenders on a EUR 200m sustainability linked loan to the Republic of Togo,  partially guaranteed by AfDB.
• Advising the lenders on ~USD 1bn loans to Ukraine, partially guaranteed by IBRD.
• Advising the lenders on a USD 99m revolving credit loan facility to The Bahamas, benefitting from credit support from US Exim Bank.
• Advising Republic of Rwanda on a EUR 200m sustainability linked loan, partially guaranteed by AfDB.
• Advising the lenders on a ~ USD 100m loan to South Africa for general budgetary support with a clean energy focus.
• Advising the lenders on a USD 1bn loan to the Republic of Panama.
• Advising on loan financings to Guyana, Angola, Jordan, Barbados, San Marino, North Macedonia, Albania, Moldova, Turkexim, Banco Nacional de Panama, Banco del Pacifico, CI Energies, Uzbeknaftogaz and Eskom.
  
  

Debt conversions/blended finance

•  Advising on a USD 1 billion debt conversion for the Republic of Ecuador, with credit support from DFC and IDB, which will generate an estimated USD 400 million for terrestrial conservation in the Amazon.
• Advising on a USD 297 million debt conversion for Barbados, guaranteed by IDB and EIB, which will generate USD 125 million in fiscal savings, to be used in Barbados for investments in water and food security.
• Advising on a USD 300 million debt conversion for The Bahamas, with credit support from IDB, Builders Vision and AXA, generating USD 124m in fiscal savings, all of which will be used for marine conservation.
• Advising the Lenders on a USD360 million loan to Banco Nacional de Panama (Banconal), partially guaranteed by MIGA, which was simultaneously repackaged into two series of publicly issued debt securities, with the proceeds supporting Panama's response to the COVID-19 pandemic.
• Advising UBS on a USD 656 million debt conversion for Republic of Ecuador, with credit support from DFC and IDB, generating an estimated USD 450 million for marine conservation in the Galápagos Islands.
   

Sovereign debt restructuring

•   Advising the Government of Sri Lanka on all elements of its recent sovereign debt restructuring, including its USD 12.5bn international sovereign bond exchange, as well as its engagement with the IMF, commercial creditors, official bilateral creditors and holders of its domestic debt.
• Advising financial institutions on the sovereign debt restructuring of Republic of Ghana, including on restructuring of commercial/ECA backed claims and domestic debt.
• Advising financial institutions on the sovereign debt restructurings of Zambia and Ethiopia.
• Advising creditors on consent and amendment processes related to Eskom of South Africa's transmission unbundling process.
• Acting generally on liability management exercises (including cash tender offers and exchange offers) by sovereigns in connection with their outstanding sovereign bonds.
  
  

Structured Finance and de-risking

•   Advising generally on repos (GMRA/GMSLA/MRA/ISDA) and ISDA derivative transactions (forwards, CDS, TRS) with sovereigns and Central Banks, related to gold, sovereign bonds, treasuries and other underlying assets.
• Advising on hedging/de-risking of sovereign/EM exposures through credit risk insurance policies with syndicates of private insurers, as well as funded/unfunded participations and other risk transfer instruments.
• Advising on risk sharing guarantees between multilateral institutions and their member states.
• Advising on regulatory capital bond issuances, including Tier 2 Capital compliant instruments under various regimes.
  
  

Sovereign debt policy

•   Advising the Steering Committee of the London Coalition on debt restructuring and sustainable finance, established by the UK Chancellor, with focuses including majority voting provisions in sovereign loans, climate resilient debt clauses and debt transparency provisions.
• Advising ICMA on its English law governed and New York law governed aggregated collective action clauses to facilitate sovereign debt restructurings, and enhanced pari passu provisions for inclusion in sovereign debt.
• Advising the African Legal Support Facility (ALSF) on the development of sovereign debt knowledge products regarding African loans/bonds and ESG financing in Africa.