Representative transactions include advising:

Sovereign lending

The Ministry of Finance of Ukraine on substantially all of Ukraine's international sovereign loan borrowings or sovereign guaranteed loan financings since 2017, including the following credit-enhanced structures:

• the up to EUR90 billion limited recourse Ukraine Support Loan to be advanced against reparations payable by russia;
• the G7's ERA Loan for Ukraine Initiative. This innovative financing represented over 70% of external financing to the state budget of Ukraine in 2025. FT Innovative Lawyers Europe 2025 Winner, Innovative lawyers in unlocking capital.
• a UK Export Finance-backed £1.7 billion loan for the supply to Ukraine's Ministry of Defence of land-to-air missiles to Ukraine. The largest export credit agency-backed financing in Ukraine's history.
• a UK Export Finance-backed loan for the supply of two ex-Royal Navy minesweepers and related services to Ukraine's Ministry of Defence.
• a £26.3 million equivalent loan backed by UK Export Finance to support Ukraine's rebuilding of six bridges and reopening of important supply routes around the capital Kyiv. Export Finance Deal of the Year 2023, IJ Global.
• up to US$600 million and US$400 million equivalent EUR term loan facilities arranged by Deutsche Bank AG and covered by an IBRD policy- based guarantee

Sovereign loan experience in sub-Saharan Africa since 2011 includes sovereign or sovereign-linked loans in: Angola, Burkina Faso, Cameroon, Central African Republic, Côte d'Ivoire, Equatorial Guinea, Ethiopia, Ghana, Malawi, Mozambique, Nigeria (Central Bank of Nigeria and Nigeria sovereign), Rwanda, Tanzania, Togo, Zambia, Zimbabwe.

An official sector creditor as lender on a 580,000,000 Special Drawing Rights (SDR) sovereign loan facility agreement to Argentina.

Corporate lending

Africa Finance Corporation and Standard Chartered Bank as global co-ordinators on EUR2 billion financing to Bank of Industry Limited, guaranteed by Africa Finance Corporation and the Central Bank of Nigeria. Syndicated Loan Deal of the Year, Global Banking & Markets Africa 2025

Puma Energy on substantially all of its annual core corporate syndication loan facilities processes since 2015.

Sustainability-linked and green or social proceeds loans

J.P. Morgan as Global Coordinator and Mandated Lead Arranger on a USD 217,500,000 and EUR 27,600,000 sustainability-linked loan agreement to Ülker Bisküvi Sanayi A.Ş., a leading Turkish multinational food and beverage manufacturer.

Puma Energy as borrower on its approx. $800 million loan and non-cash 2024 and 2025 syndicated corporate loan facilities comprising its first and second ever sustainability-linked loan financing.

Puma Energy as borrower on up to US$30 million green loan financing (US$ and ZAR) for eligible African solar and battery projects.

EBRD on its flagship Sustainable SCF program, which uses secondary investment in payables finance portfolios to apply sustainability-linked financial incentives into the payables finance product.

Structured trade and commodity finance

Commodity prepayment and pre-export finance / performance risk structures

Exxon Mobil Financial Investment Company Limited as lender on an uncommitted up to US$175,000,000 revolving credit facility to DNO Norge AS as borrower, with innovative and bespoke production-linked features; and ExxonMobil Asia Pacific Pte. Ltd as buyer under the linked offtake contract with DNO as seller.

Trafigura on: confidential oil and metals prepayment financings for commodities sourced in Russia, Africa, Latin America and elsewhere.

Borrowing Base and other structured working capital arrangements

Kernel as borrower on borrowing base financings from syndicates of European commodity banks led by ING and Natixis.

Trafigura as borrower on the US$2 billion secured refined metals borrowing base facility co-ordinated by Deutsche Bank. Best Commodity Working Capital Deal of the Year 2015, Trade & Export Finance.

Puma Energy Panama as borrower on US$200 million secured borrowing base financing in Guatemala and Honduras from a syndicate led by Natixis.

Noble Group as borrower on the trade finance aspects of its financial restructuring, including its up to US$700 million committed structured trade finance facility. Finance Deal of the Year: Insolvency and Restructuring, 2019 Asia Legal Awards, The Asian Lawyer

African Development Bank as arranger on US$20 million structured soft commodity financing for Meridian in Malawi, Mozambique and Zimbabwe.

Physical intermediation

the arranger on a structured physical intermediation with an African miner including physical offtake over nearly a quarter of the company's forecast production and a financial derivative comprising both commodity price derivative and loan-style advance; all documented under ISDA terms.

Société Générale as arranger on a highly structured term loan and adaptive inventory financing for an SPV sponsored by WMC Energy to finance physical trades with Northvolt Ett AB under linked spot purchase and forward sale arrangements for battery supply chain commodities.

Receivables purchase and payables finance

LPP on the establishment of an innovative payables financing programme of up to US$2.4 billion including a framework agreement to regulate the distribution of the portfolio across multiple bank platforms.

Valenz AG and others as seller and Proman AG as guarantor on up to US$200m non-recourse factoring program arranged by CACIB on trade receivables originated by it in its methanol business.

Puma Energy International on a US$225 million revolving hybrid off balance sheet structured trade receivables purchase program arranged by Societe Generale, linked to the asset backed securities market and structured to EU securitisation regulation standards.

Other STCF

Petrobras on a wide range of English law trade finance matters, both ordinary course and strategic, for their crude oil offtake flows generally. The scope of products includes: commercial contract and contract rights monetisation advice; documentary and standby LCs; URDG based performance and advance payment guarantees; parent company guarantees; payment undertakings; bilateral trade finance facilities; silent guarantees.

Export credit

Petrobras as borrower on up to US$400 million Sinosure covered term loan financing arranged by Banco Santander S.A for the financing of certain FPSO related construction costs.

Ukraine as borrower of a UK Export Finance-backed £1.7 billion loan for the supply to Ukraine's Ministry of Defence of land-to-air missiles to Ukraine. The largest export credit agency-backed financing in Ukraine's history.

Ukraine as borrower of a UK Export Finance-backed loan for the supply of two ex-Royal Navy minesweepers and related services to Ukraine's Ministry of Defence.

Ukraine as borrower of a UK Export Finance-backed £26.3 million equivalent loan to support Ukraine's rebuilding of six bridges and reopening of important supply routes around the capital Kyiv. Export Finance Deal of the Year 2023, IJ Global.

Standard Chartered Bank on Sinosure covered EUR238,160,000 facilities to the Republic of Côte d'Ivoire, represented by the Ministry of Economy and Finance for the purposes of financing a water project.

Acquisition driven

Citibank and J.P. Morgan as global co-ordinators, and Macquarie as IMLA, on an underwritten US$1.25 billion term loan bridge financing to fund JSE-listed Harmony Gold's US$1.03 billion public-to-private acquisition of MAC Copper Limited (MAC), a de-spac'd copper mining Target, Jersey incorporated, dual listed NYSE and ASX.

Actera and Esas on up to EUR410 million senior term loan acquisition financing in connection with their acquisition of Un Ro-Ro İşletmeleri A.Ş. from KKR.

Structured finance

Lenders and borrowers on over US$15 billion margin loans by value (both "conventional" and "exotics / hybrids").

The Liquidity and Sustainability Facility DAC as borrower on the funding side of its repo borrowing platform. FT Innovative Lawyers Europe 2024 Winner, Innovative lawyers in unlocking finance.

JP Morgan on the 'POEMS' transactions, innovative £3.5 billion financings that used mandatory exchangeable bonds issued by Volcan Holdings plc to finance the purchase of shares in Anglo American plc. Global Capital EMEA Equity-Linked Bond Deal of the Year 2017.

The Ministry of Finance of Ukraine on a US$250m capital markets funded conduit structured term loan financing to Energoatom to fund nuclear storage facilities on the Chernobyl site.

Nostrum Oil & Gas group on up to US$3 billion structured financing arranged by VTB Capital plc