Sovereign services.
Work for governments, sub sovereigns, state owned enterprises, and sovereign funds.
Sovereign work runs on a different clock and a different set of counterparties from corporate work. The lenders include multilaterals and other governments, and the constraints are as much political as financial.
Sovereign financing
Determining what a government actually needs to raise and designing the strategy to raise it, across bond issuance, bilateral facilities, and multilateral programmes.
- Financing needs assessment and funding strategy
- Bond issuance, domestic and international
- Bilateral and multilateral facility structuring
- Support in engagement with the IMF and other lenders
Debt strategy and liability management
Managing the shape of a debt stock rather than only its size: when it matures, in which currencies, and at what cost, so that repayments do not stack up in one year and crowd out everything else.
- Maturity profile and currency composition analysis
- Buybacks, exchanges, and refinancing
- Debt sustainability analysis
- Restructuring and creditor negotiation support
Credit rating and investor relations
Preparing the material and the argument a rating agency works from, and building an investor base broad enough that a single group of buyers does not set the price of a country's debt.
- Rating agency preparation and engagement
- Investor diversification strategy
- Market communication around issuance
Currency issuance advisory
Advisory on the economics of issuing currency. Worth being exact: seigniorage is revenue that accrues to the issuing state, because issuing legal tender is a sovereign monopoly. No private firm can provide it, and any offer to do so should be refused. What we advise on is issuance economics, procurement, and reserve policy around it.
- Issuance cost and revenue modelling for the issuing authority
- Printing and minting procurement and vendor assessment
- Reserve management and currency reform planning
- Coordination with the central bank, which retains the mandate
State owned enterprise advisory
Financing and restructuring for entities the state owns, where the commercial case and the public interest have to be reconciled rather than one simply overriding the other.
- Capital structure and financing for state owned entities
- Efficiency and governance review
- Partial privatisation and partnership structuring
We act as adviser to the sovereign. We do not represent that we can issue currency, grant sovereign guarantees, or act with any authority reserved to a state or its central bank, and no engagement here creates such authority.
Not sure which of these you need?
Describe the outcome rather than the product. We will tell you which route fits, or that none of them do.
Speak to the desk