Independent counsel to finance ministries, debt management offices and central banks. Primary issuance, liability management, and restructuring — for sovereigns whose existing banking relationships present a conflict, or whose in-house capacity is stretched at the moment a decision must be taken.
Independent advisory to sovereign issuers across primary issuance, liability management, and restructuring — including debt structures that adjoin trade, commodity and defence transactions where bulge-bracket counsel is conflicted.
Independent advisor to sovereign issuers on Eurobond, sukuk and local-currency programmes. Bookrunner selection and negotiation, documentation review, pricing benchmarking, marketing strategy, investor diligence preparation. The firm is not an underwriter and does not participate in syndicates.
Exchange offers, consent solicitations, buy-backs, switch tenders and modified Dutch auctions. The work is sequencing and judgment: how aggressive to be on price relative to secondary, whether collective action clauses are used to lift participation, when to invite the IMF into the documentation and when to keep the operation at arm's length.
Pre-emptive and comprehensive restructurings across bilateral creditors, Paris Club, London Club and bondholders. Counsel runs from initial creditor mapping through perimeter design, term sheet negotiation, exchange execution, and post-restructuring capacity reset. The firm is hired where the in-house team needs an independent voice in the room.
What kind of sovereign mandate is in scope?
Mandates from finance ministries, debt management offices, central banks and sovereign-owned strategic enterprises whose liabilities sit at the sovereign credit line. Sub-sovereign and municipal debt outside the sovereign focus is not in scope.
Is the firm an underwriter or a broker-dealer?
No. Hen Street is an independent advisor. The firm does not underwrite, syndicate, or distribute sovereign paper. Its role is counsel to the issuer; the bookrunners run the book.
Where does the firm work?
Core regional coverage spans Africa, the Middle East and Latin America. The firm works from London. Mandates are run by the partner who owns them, not by branch.
