Case Studies

Mandates, anonymized. Outcomes, measured.

Client identities are protected by standing confidentiality terms. Each study below is drawn from a completed engagement.

Sovereign DebtWest African Republic

Restructuring strategy ahead of a Common Framework negotiation

Challenge: A mid-sized sovereign entering creditor committee negotiations with an unconsolidated liability inventory and no defensible sustainability narrative.
Approach: Built a debt-sustainability analysis aligned with IMF/World Bank DSF methodology, mapped every creditor class and instrument, and prepared precedent-based comparator packages for committee negotiations.
Outcome: The ministry entered negotiations with a unified position; the resulting MoU treatment was benchmarked against the strongest comparators in its peer group.

Blended FinanceRegional Energy Sponsor

Challenge: A commercially sound power program stalled: institutional investors declined merchant offtake and convertibility risk that no single instrument covered.
Approach: Structured a capital stack with a first-loss tranche sized to the residual untransferable risk, layered political risk insurance over event-driven exposures, and negotiated a partial credit guarantee for construction phase.
Outcome: The program closed with institutional debt participation for the first time; the de-risking layer was smaller than the original ask and more credible to investors.

Geopolitical StrategyInstitutional Investor

Challenge: A multi-country investment thesis depended on regulatory trajectories that official communications did not yet reflect.
Approach: Embedded regional analysts tracked personnel movement, off-cycle budget signals, and administrative posture across the three markets over two quarters, producing forward-looking shift forecasts.
Outcome: The client repositioned ahead of two of three predicted shifts, avoiding a licensing bottleneck that caught competitors a year later.

Macro-FiscalMinistry of Finance

Challenge: Two years between committee formation and MoU threatened arrears accumulation and domestic market credibility.
Approach: Designed an interim financing discipline covering domestic bondholder behavior, SOE creditor perimeter, and arrears controls, with a quarterly narrative update for committee members.
Outcome: The debtor entered final negotiations with a smaller, cleaner problem — and a committee that trusted the numbers presented to it.

A senior partner will scope it in the first consultation.