Sovereign Debt Rescheduling

CFAS and our teams have been involved in advising Governments on negotiations for the rescheduling or restructuring of sovereign debt and private sector trade arrears. Over the years our teams have been advisors to the Governments of Nigeria, DRC – Zaire, Togo, Senegal, Indonesia, Papua New Guinea, Panama, Peru and Guatemala


Aruba – Financial Advisors to the Government in developing a new banking law for the AVV corporate entity and the new bank supervision agency. CFAS were members of the Government’s Joint Financial Sector Commission.


Anguilla – Financial Advisors to the Ministry of Finance for the development of a Short Term Debt Management plan and a Medium Term Debt Management Strategy including the financing for key infrastructure projects.

Caribbean Development Bank

Assistance to UBS as lead manager of the successful 2004 US$150 million Bond issue and later for the US$120 million Note Issue in October 2009. Subsequently, CFAS provided assistance to BNP Paribas, lead managers for the 2011 Floating Rate Note issue of US$175 million for the CDB.


Jamaica; Leaders of the Government’s advisory team to help develop the structure, institutional entities and overall strategy for state intervention in the insolvent insurance and banking sectors. This also included advising on creation of the ‘lifeboat’ company (FINSAC), the initial intervention negotiations and procuring and managing emergency forensic audits. CFAS acted as prime contractor on behalf of the Government for retention of the KPMG and Ernst & Young teams in preparation for the subsequent involvement by a World Bank team to manage the divestment and re-capitalisation process.


CFAS were retained as Financial Advisors to the Government on management of state borrowings from the NIB of the Netherlands and divestment of three Italian (SACE) and Dutch export credit guaranteed private sector hotel projects rescued by Government and successfully resold.

Guyana & Brazil

CFAS acted as financial Advisors to the Government of Guyana in connection with the successful debt swap with Brazil to eliminate some categories of debt between the two countries, offset other categories and transform the residual balance into traded Bonds


Assistance to the Guatemalan Government team in designing the successful programme to exchange foreign trade arrears for high yield domestic Quetzal denominated debt. This new Quetzal debt was tradeable and enabled local investors effectively to buy out the foreign debt and transform it into domestic debt. The programme also included developing the option for local investors to use such Quetzal paper in payment for shares in privatisations.

Commonwealth Secretariat

The Commonwealth Secretariat – retained by the British Commonwealth Secretariat to co-author and present a working paper entitled “Dealing with Sovereign Debt in Distress: Some Key Financial and Legal Aspects” at the  Commonwealth Finance Ministers Forum in St. Kitts.

Trinidad & Tobago

Republic Bank, Trinidad & Tobago, financial advisor to the bank in connection with the acquisition of a foreign banking business.

Trinidad & Tobago, assistance to the lead manager of the sovereign Bulldog Sterling Bond issue in the and participation in subsequent financings.