Project finance, ECA-backed structures and special-situations capital advisory. The house has structured some of the most complex sanctions-era restructurings of the period and placed multi-billion-dollar PPP capital into emerging-market infrastructure.
The Capital practice sits between sponsor and lender, and writes the structure both sides can sign. Mandates run from lender-grade feasibility through to closed financial models, term sheets, security packages, ECA-backed wraps and the documentation that survives drawdown.
Lender-grade feasibility, financial modelling (DSCR / IRR / coverage), security and intercreditor structuring, sponsor support and completion guarantees. ECA-backed structures including ECA / EXIAR frameworks.
Senior secured, subordinated and hybrid instruments. Sponsor equity, mezzanine, conversion structures. Cross-border syndication.
Distressed workouts, OFAC and Western sanctions navigation and remediation, debt-for-equity, hybrid conversions, going-concern restorations. Significant precedents in Nordic and CIS markets.
Public and private bond structuring, rated and unrated issuance, listing advisory for Frankfurt, Luxembourg, Dublin, London, Vienna, Astana (AIX) and DIFC. Senior secured, subordinated, hybrid, and Sharia-compliant instruments. Investor positioning and rating-agency strategy.
ECA-backed structures including German Hermes, Italian SACE, French Bpifrance, Korean K-SURE, Chinese Sinosure and Russian EXIAR. Built into project capital stacks from FEED, not bolted on at financial close.
Public-private partnership capital, sub-sovereign and municipal financing, infrastructure concessions. Direct precedent of more than USD 2 billion placed into Russian Federation infrastructure through PPP partnerships.
The Capital desk covers the full instrument set required by an institutional capital stack. We work in any currency where the underlying lender market is active.
Senior secured project, corporate, and acquisition debt — ECA-wrapped, commercial-bank syndicated, and DFI-co-financed structures.
Subordinated facilities, mezzanine debt, payment-in-kind structures, and equity-linked notes for sponsor-led transactions.
Convertible debt, preferred equity, hybrid instruments — including the hybrid conversion structure used in the Nordic precedent restructuring.
Listed bond issuance — rated and unrated. Frankfurt, Luxembourg, Dublin, London, Vienna, Astana (AIX), DIFC. Eurobond and Sukuk structuring.
Reg D and Reg S placements, USPP, Schuldschein, club-deal structures for principals who prefer to stay off public registers.
Murabaha, Ijara, Sukuk, Mudaraba and Wakala structures — for GCC, Islamic Development Bank, and Malaysian capital pools.
Equity-raises for sponsors, partial divestitures, club-equity structures, and family-office equity for principal investors.
LC, SBLC, pre-export finance, borrowing-base facilities, inventory finance for the trading book and commodity counterparties.
ECA-backed paper is built into the capital stack from FEED, not bolted on at financial close. The house has direct working capacity with the agencies below and routinely structures with them on cross-border industrial mandates.
Hermes (Germany) · SACE (Italy) · Bpifrance (France) · UKEF (United Kingdom) · EKN (Sweden) · ATRADIUS (Netherlands).
K-SURE (Korea) · Sinosure (China) · NEXI (Japan) · EXIAR (Russia) · KazakhExport.
IFC · EBRD · EIB · AIIB · AfDB · IDB Invest · Islamic Development Bank · Afreximbank · AFC.
German export-finance institutional bank. Where German equipment is sourced into emerging markets, IPEX is on every structure as a baseline.
The full European and Asian commercial-bank syndicate market for project, acquisition, and reserve-based lending. Coverage by name on demand.
Direct sovereign borrowing structures, sub-sovereign municipal financing, infrastructure concessions, and PPP capital stacks.
The restructuring practice has resolved some of the most complex sanctions-era situations of the period, including a precedent Nordic restructuring widely reported in the regional press. The playbook is consistent.
Cash-flow triage, payroll protection, supplier holding-pattern, sanctions and OFAC posture remediation. Buy time honestly, on a documented runway.
Independent financial and operational diagnostic. Creditor mapping, intercreditor analysis, security-package inventory. The truth about what is broken — in writing, in numbers.
Lender negotiation, instrument-by-instrument. Hybrid conversions, debt-for-equity, scheme structures, new senior tranches. Both sides held up under the contract; no party humiliated.
The restructured capital stack with auditable covenants, a fresh model the lenders trust, and operational changes that make the new structure credible to the next auditor.
Operational support through the turnaround — we do not hand the file back at financial close. The Capital desk and the Energy desk remain available until the asset behaves the way the memo described.
When the moment arrives, exit cleanly. Equity sale, refinance, IPO, or recapitalisation. The asset is handed to its next chapter in a state the principal can be proud of.
We will not put a structure on the table that a tier-one lender cannot underwrite. That discipline is the reason our restructurings survive their first audit.— The Capital Desk