Bank One’s $100 Million Local Currency Swap with Central Bank in Sub-Saharan Africa

Baker McKenzie advised Bank One Limited on the deal.

Bank One Limited as arranger and swap provider in connection with a USD 100 million USD/local currency swap transaction with a central bank in sub-Saharan Africa (with up to USD 150 million greenshoe option) and a participation agreement with multiple lenders.
Under the terms of the transaction documents, the swap is collateralised by government bonds held with a local custodian bank, which are returned to the central bank upon termination of the swap. The documents are structured for potential repeat transactions on a syndicated basis and as such effectively create a USD/local currency swap programme, which the central bank can use to meet its USD funding needs on an ongoing basis.

The Baker McKenzie team was led by Johannesburg Partner Lodewyk Meyer (Picture) and supported by London Senior Associate James Tanner and Johannesburg Associate Lara Stockley. The Baker McKenzie team has assisted Bank One with similar African transactions over the last several years.

Involved fees earner: Lodewyk Meyer – Baker McKenzie; Lara Stockley – Baker McKenzie; James Tanner – Baker McKenzie;

Law Firms: Baker McKenzie;

Clients: Bank One Limited;