Bank One Limited’s Currency Swap With Reserve Bank

Baker McKenzie advised Bank One Limited as arranger and swap provider on a USD 30 million USD/local currency swap with the Reserve Bank of a southern African country and a participation agreement syndicating the transaction with I&M Bank PLC.

Under the terms of the transaction documents, the swap is collateralised by local government bonds, which are returned to the Reserve Bank upon the termination of the swap. The documents are structured for potential repeat transactions and as such effectively create a USD / local currency swap programme which the Reserve Bank can use to meet its USD funding needs on an ongoing basis.

The Baker McKenzie team was led by Banking & Finance Partner Lodewyk Meyer (Picture) and Senior Associate Bridgett Majola, with Partner Matthew Denning supported by Counsel Phung Pham and Senior Associate James Tanner in London.

Involved fees earner: Matthew Denning – Baker McKenzie; Bridgett Majola – Baker McKenzie; Lodewyk Meyer – Baker McKenzie; Phung Pham – Baker McKenzie; James Tanner – Baker McKenzie;

Law Firms: Baker McKenzie;

Clients: Bank One Limited;

Author: Andrea Canobbio