Selected advisory work across our four practices, for banks, corporates, sovereigns and regulators.
Banks, sovereign-linked holding companies, funds, power producers and regulators bring us work that no template covers. The engagements below range from a bank turnaround to a benchmark transition, and from a hedging framework to a cross-border structured financing.
Some of this work was carried out by Angel Lane Partners, and some by members of our team in senior roles at global banks. Hover an engagement, or tap it on a touch device, to see what was done.
Group frameworks, banking strategy, fund raising, feasibility work and corporate advice for holding companies and corporates.
A sovereign-linked holding company. Five financial services portfolio companies were reviewed, then a group operating framework was designed with the CEO, CRO, treasury and liquidity, business management and finance functions.
Competitive banking RFP responses were evaluated across multiple financing lots, cash deposit and treasury placement and receivables financing, and international and local banks were benchmarked. A comprehensive banking-allocation strategy was delivered to support the holding company's decision.
The hedging strategy for a holding company's exposure to a large listed company, including interaction with international banks and evaluation of their hedging proposals.
A USD 2bn bankable feasibility study for a coal mining and mine-mouth power project under a public-private partnership with a provincial government.
A financial and risk management framework for a waste-to-energy group, across eight workstreams.
A leading Saudi auto distributor advised on a proposed joint venture with an Indian technology company to build a tech-enabled vehicle sales, financing and maintenance ecosystem. Scope covered business plan due diligence, technical due diligence on the technology partner and intangible asset valuation.
Corporate structuring and an initial business plan for the launch of a wealth management and financial markets trading business, including financial modelling and project management oversight.
Support for a capital raise: a business review covering segments, products and services, customer profile, growth and profitability drivers, working capital and cost analysis. The mandate also covered a 5-year financial model and valuation, and a full Information Memorandum and Teaser covering business scope, industry outlook, competitive analysis and overall valuation.
End-to-end project coordination of a fund raise: pre-investor readiness (marketing documents, data rooms, legal templates, investor prioritisation), investor reach-out and roadshow coordination, project tracking and stakeholder coordination, and closing support through to signing of the subscription agreement.
Sole financial adviser on a possible sale or merger of the company. Scope included buyer identification, deal structuring, financial analysis, an information memorandum and marketing materials, coordination of purchaser due diligence, and advice on the negotiation of financial terms.
A lending technology platform reviewed and evaluated for integration: pricing model analysis and SaaS pricing negotiation, comparative functionality and cost analysis, technology and credit assessment model due diligence, and an integration and gap assessment against existing core banking systems, including Sharia-compliant lending workarounds.
A technology audit for a VC investor covering SDLC and development processes, build and CI/CD pipeline review, documentation and knowledge management, test coverage and security audit, codebase ramp-up time and scalability assessment, and an infrastructure, DevOps and data protection review.
Advice on mitigating a coal shortage: alternative coal fields and suppliers identified, fuel comingling advised to keep production economics viable, and a Coal Sale and Purchase Agreement negotiated, including pricing and support in securing regulatory consents. A joint mandate with a law firm.
Banks, digital banks and financial institutions: strategy, turnaround, risk frameworks and the operating change they need.
The holding company of a non-bank financial institution transforming to a Tier 2 digital bank. The sustainability of its financial assets was reviewed; strategy, target market, capital and return framework and risk governance were redesigned, and benchmarked against Singapore digital banks.
Advised on the setup of a digital bank to launch a mid-sized Sharia-compliant bank. Scope spanned governance and risk frameworks, business strategy, IT stack build-out, and human capital and hiring plans.
A distressed, sub-scale commercial bank repositioned over 24 months: business plan, regulator remediation, rebranding, branch rationalisation, core banking, treasury, governance and credit frameworks, and the management team.
A UK subsidiary of a pan-African bank. The root causes of FX P&L volatility were identified after a core banking system implementation. The review covered un-hedged positions, hedge accounting and treasury, and hedges were structured to mitigate the exposure and the P&L volatility.
A Saudi fund of funds. A venture debt and acquisition financing framework under Vision 2030, covering investment policy, risk and operational due diligence, reporting, training and handover.
Note trustee on the notes programme of a collapsed supply chain finance firm. The reasonableness of the administrator's transitional services costs charged to noteholders was reviewed, with options to rationalise the arrangement, alternative providers and the likely saving.
A start-up fund financing digital content creators: business concept, prospect analytics and a risk framework.
A UK government-guaranteed SME loan portfolio (Bounce Back Loans): a risk management, monitoring and recovery framework.
Project Manager for a core banking system implementation, liaising between technology vendors and the relevant business teams across the bank. Transaction reconciliation was one of the major tasks, requiring extensive subject matter expertise.
Frameworks, hedging and benchmark transition for corporates, banks, sovereigns and central banks.
A risk management framework designed to address volatility in edible oil pricing, beginning with a thorough understanding of the business model. A review of procurement, sales, pricing, forecasting and data management processes identified and quantified the key risks, and drove a cultural shift toward integrated risk management. A clear risk taxonomy aligned all stakeholders around a shared understanding of risk, and, working closely with management, core processes were redefined and streamlined, strengthening the ability to anticipate and manage price volatility.
A SOFR hedge accounting model developed and handed over to the client for subsequent hedge effectiveness testing, with training, and support in completing the hedge documentation.
Independent adviser to a Singapore-listed company on the determination of the benchmark replacement for S$54.5M perpetual securities.
A benchmark transition programme across a portfolio of power producers: lender and hedge counterparty proposals evaluated, reference rates and Credit Adjustment Spreads negotiated, and loan and hedge portfolios migrated from LIBOR to the applicable alternative reference rate.
An Egyptian bank assisted in negotiating economic terms across up to 10 facilities and three hedging transactions (all non-Shariah compliant), covering the preferred benchmark, interest period tenor and Credit Adjustment Spread. Participated in calls with facility agents, individual lenders and hedge counterparties, subject to conflict checks, and liaised with external counsel on the redrafting of loan agreements and ISDA documentation.
Support to the functions and business lines of a large regional bank headquartered in the UAE in executing its LIBOR transition project plans. Action plans and timelines were critically evaluated for coverage and detail, kept aligned with the latest market standards, regulatory guidance and the bank's preferred approaches, and the bank's training and communication efforts were supported throughout the transition.
Advice on the LIBOR-to-ARR transition: ARR suitability and risk assessment, Credit Adjustment Spread negotiation with individual lenders, present value analysis of the cost impact against the initial lender proposals, and a strategy for pre- and post-transition economic equivalence, with findings documented in a full report for board and stakeholder review.
A regulated gas utility: inflation and rate exposure in the revenue formula analysed with Monte Carlo simulation, and hedges executed.
An FX and oil price hedging strategy for USD revenues, EUR debt and a local reporting currency.
Options-based hedging for the liquidity risk of a government wheat price support programme.
A loan servicer's four structured income-stream instruments: a supermarket lease income stream, a 60-year indexed ground rent portfolio, an amortising social housing shared-ownership instrument and GBP 135m of insurance-wrapped student housing loans. Risk-adjusted discount curves were built from a gilt-based risk-free term structure, credit risk premia from CDS and traded bonds, idiosyncratic adjustments for seniority and insurance wrap, and a liquidity premium, combined into an all-in discount factor per instrument.
A climate risk model developed for a central bank, based on market share.
A model implemented for central bank supervisory guidance on transition risk.
Transactions no standard product solves: sovereign and cross-border structures, hedging and credit enhancement, project and securitised finance, and capital raising.
Raising money where currency, convertibility or regulation blocks the usual route.
TRY funding for a EUR 100 million acquisition built from a cross-currency swap and a parent guarantee, with a sub-participation alternative to distribute risk to third-party investors.
USD liquidity for emerging market banks raised against local-currency government bonds, with multilateral political risk cover for convertibility and transfer.
A CNH 1.5 billion, three-year guaranteed loan hedged with a cross-currency swap and credit derivatives, opening funding outside the client's bank group and debt capital markets appetite.
A foreign currency facility for a local bank, guaranteed by a multilateral investment guarantee agency, funding lending to small and medium enterprises.
Cross-border neutral FX swap structuring to reach cheaper offshore liquidity, including resolving the mark-to-market accounting treatment that had blocked the programme.
A credit-linked deposit and standby letter of credit letting a subsidiary raise local-currency financing off a sovereign credit linkage, avoiding derivative capital charges and withholding tax.
Trapped naira cash converted to USD and invested in US Treasury bills, with access to group liquidity through a parent note and repo structure within local regulatory limits.
Instruments built where no standard product fits.
A local bank letter of credit combined with a New York law standby letter of credit to meet a court's guarantee requirement, with the bank's exposure hedged through credit default swaps.
Hedging foreign currency funding of a local-currency investment, and the basis between floating foreign and local benchmarks, where no standard instrument existed.
A EUR/USD cross-currency swap between a regional bank and a sovereign, hedging a USD Eurobond. A AAA multilateral guarantee reduced the risk, and a back-to-back hedge was placed with an international bank.
A strategy to hedge local-currency exposure on a delisting tender offer through overnight treasury bill investment, without disturbing the market.
A 2x leveraged credit-linked note letting a company repurchase its own bonds at around half of face value with limited bank risk, retiring roughly half its debt.
FX risk removed up to signing of the sale agreement, with central bank hedge approval coordinated alongside the transaction.
Working inside guarantee capacity and fiscal limits.
A bullet USD bond paired with a cash-flow swap to create an amortising, EUR-hedged debt profile, cheaper than issuing in EUR directly or swapping an amortising USD bond.
A structure to resolve independent power producer circular debt, developed and presented to the finance and energy ministries, the central bank and the power regulator.
A 30-year JPY development loan converted into USD after drawdown, hedging long-term USDJPY exposure while shortening the effective hedge tenor and reducing Basel III and CVA charges.
A 10-year bullet loan in place of short, rolling guaranteed facilities. Part of the proceeds buys government zero coupon bonds pledged to lenders, and a replenished debt service reserve covers interest, so sovereign support moves from principal and interest to interest alone.
Credit protection and capital treatment that let local banks lend medium term to a government housing programme, with a sinking fund, ring-fenced cash flows and no incremental public debt.
Funding matched to the cash flows of an asset.
An amortising GBP loan with a deeply negative interest rate hedge replaced by 20-year fixed rate funding from insurance and pension investors. A floating amortising tranche mirrored the old loan so the hedge could run to maturity, a fixed accreting tranche repaid it, the hedge was novated to a new bank and a rate lock secured the levels. No P&L hit for the client, and a long-dated fixed rate infrastructure asset for the investors.
Two securitisations providing USD term funding matched to shipping loan cash flows through a special purpose vehicle, while the bank kept its client relationships.
Adviser to a power producer on basis risk from FX, interest rate and commodity-linked indexation within its tariff: exposure quantified, a hedging structure proposed, banks selected and the regulatory and lender approvals secured.
Adviser to the development bank on a USD 100 million project financing: bankability assessed, risk-mitigated loan terms structured, and financial covenants, security structures and hedging strategies advised. Project documentation reviewed, cash flows stress-tested and the repayment structure optimised; the term sheet structured and negotiated, local counsel engaged, the bank represented in borrower negotiations and an information memorandum prepared.
The first stage of an aluminium producer's project finance, achieving the highest credit ratings recorded for a commodity project finance structure.
Floating rate notes and residential mortgage-backed securitisations moved to SONIA, with basis and cash flow risk analysed and the hedging structured so existing note ratings were unaffected.
Structuring the capital, then raising it.
Target capital structure, debt tranche terms, investor marketing, negotiation and due diligence for a bridge facility secured on land.
Transaction strategy, business and financial analysis, the financial model, the information memorandum, and due diligence and documentation end to end.
Corporate structure consolidated and restructured, intellectual property identified, filed and valued, and a product roll-out strategy built ahead of the raise.
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Advisory to corporates and sovereigns across industries and geographies: funding strategy, capital structure, risk, and the execution that follows.
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Advisory to banks across products and functional areas, as advisers, or embedded in the team that already runs them.
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Business, market, credit, liquidity and climate risk: identified, quantified and written into policy, then hedged, negotiated and executed.
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Transactions no standard product solves: sovereign and cross-border structures, hedging and credit enhancement, project and securitised finance, and capital raising.
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