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Sovereign Finance

Our preeminent Sovereign Finance practice advises sovereigns, sub-sovereigns and state-owned companies on their most challenging financial transactions, including sovereign bond issues, liability management transactions, derivatives transactions, and re-financings/restructurings. Our lawyers are thought leaders in sovereign finance, contributing to the development of aggregated collective action, equal ranking clauses, US AID-guaranteed issues, sukuk bonds, and diaspora bonds—a product which we pioneered. We also advise on transactions and other assignments involving international financial institutions, such as the IMF, World Bank/IFC, IDB, EBRD, AIIB, EIB, Corporación Andina de Fomento, Caribbean Development Bank, Islamic Development Bank, and Green Climate Fund.

Experience Highlights

  • Barbados Creditors’ Committee in the restructuring of more than $640 million of external public debt of the Government of Barbados, which involved an exchange of seven existing external obligations for bonds maturing in 2029, PDI Bonds maturing in February 2021 and cash.
  • Central Bank of Brazil with respect to the management of $385 billion of international reserves, including the negotiation of global custody agreements, investment management agreements, ISDA, and repurchase documentation.
  • Caja de Ahorros, a Panamanian government- owned savings bank, with respect to two Multilateral Investment Guarantee Agency (MIGA) guaranteed loans related to Panama’s response the COVID-19 pandemic and which represented the first time Caja de Ahorros accessed international long-term financing.
  • Republic of Colombia in its issuance of $1 billion of its 5.200% Global Bonds due 2049.
  • Corporación Andina de Fomento as issuer in bond issues under its shelf registration with the Securities and Exchange Commission, including its

    $1 billion 1.25% Notes due 2024
    $650 million 2.25% Notes due 2027

  • Republic of Honduras in its issuance of $600 million 5.625% Notes due 2030, the proceeds from which were used to refinance obligations of the Honduran electricity company ENEE.
  • Hungary in the issuance of $2.25 billion Notes due 2031, $2 billion Notes due 2051 and EUR 1 billion Notes due 2028.
  • Federal Republic of Nigeria in its debut offering of $300 million of 5.625% diaspora bonds.
  • Republic of Panama in connection with ISDA Master Agreements and related credit support documentation entered into with various swap dealer counterparties in the United States and Europe, including application of Title VII of the Dodd-Frank Act and the European Market Infrastructure Regulation (EMIR) to the Republic’s swap activities.
  • Republic of Turkey in its sukuk offering of $2.5 billion 5.125% Lease Certificates due 2026.