Transactions no standard product solves: sovereign and cross-border structures, hedging and credit enhancement, project and securitised finance, and capital raising.
Credit, derivatives, capital treatment, documentation, modelling and negotiation each sit with different people, and a structure fails at whichever of them is weakest. Our team holds all six, and works as one.
Some of these transactions came out of advisory work. Others arrived on their own, and the advisory work followed. We do not do vanilla lending or vanilla hedging; if a standard product solves it, a bank can already do it.
Drawn from the work of Angel Lane Partners and of members of our team in senior banking roles, these transactions show the skill and experience the team brings, and our ability to structure a solution around the problem in front of us. Hover a transaction, or tap it on a touch device, to see how it was structured.
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.
If you would like to discuss any of these solutions, please do not hesitate to get in touch.
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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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