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Debt Capital Markets & Derivatives

South Africa

Our debt capital markets and derivatives team provides banks, governments and pubic authorities, clearing houses, asset and investment managers, funds as well as a large variety of institutional investors and corporate clients with a wide range of transactional and advisory services for all aspects of debt capital markets and derivatives transactions involving South Africa and other African countries. 

In a fast-changing investment and regulatory environment there is a clear need to find workable flexible solutions. Our team forms a part of CMS’ International Capital Markets practice and handles with the support of over 70 offices globally and a network of firms in other African countries all phases of your transactions, from negotiation and documentation, through the structuring, development and restructuring of debt instruments and derivatives. 

We are actively following and advising on the regulatory, fintech and other developments that impact the debt and derivative markets in order to be at the forefront of the latest technical and market innovations. 

Debt capital markets 

The debt capital market transactions on which we regularly advise include: 

  • debt instrument investments and disposals
  • debt instrument listings
  • debt programmes 
  • debt liability management
  • equity-linked debt instruments 
  • exchange offers and restructurings
  • high yield debt 
  • hybrid and subordinated debt instruments
  • standalone debt issuances 

Derivatives

On the derivatives front we work with our clients to develop structures that satisfy both their business strategy and the appropriate legal and regulatory requirements. It includes the more standard types such as foreign exchange, commodities and interest rate derivatives, credit derivatives as well as more exotic products, and our activities include:

  • collateral structures
  • derivatives regulatory and capacity advice and legal opinions 
  • documenting OTC and exchange traded derivatives transactions 
  • finance-linked hedging transactions
  • repos, stock loans and margin loan transactions
  • structured notes
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The team is experienced, efficient, well priced and professional

Legal 500 | Banking & Finance, South Africa, 2020

It is one of the shining firms that understands banking and finance law from a structuring, distressed scenario and insolvency law perspective.

Legal 500 | Banking & Finance, South Africa, 2020
June 2019
CMS Bank­ing & Fin­ance Glob­al Bro­chure
Fin­an­cial and bank­ing le­gis­la­tion does not stand still. So neither do we.At CMS we em­ploy over 500 bank­ing & fin­ance law­yers to an­ti­cip­ate, in­ter­pret and ad­vise on the loc­al, cross-bor­der and in­ter­na­tion­al laws shap­ing your mar­kets. So whatever is ahead, we’re already tak­ing ac­tion.
7 October 2019
CMS ex­pands in Africa
Frank­furt, 7 Oc­to­ber 2019. CMS an­nounces that RM Part­ners and Daly & In­am­dar Ad­voc­ates, based in South Africa and Kenya re­spect­ively, have today joined the lead­ing glob­al law firm. Go­ing for­ward, they will be known as CMS RM Part­ners and CMS Daly In­am­dar Ad­voc­ates.The ad­di­tion of these firms con­sid­er­ably strengthens CMS’s pres­ence in Africa, already en­com­passing An­gola, Al­ger­ia and Mo­rocco. For over 50 years, CMS has de­veloped a track re­cord of sig­ni­fic­ant deals in Africa, show­cas­ing its deep know­ledge of the leg­al sys­tems across the con­tin­ent. CMS now has 75 of­fices in 43 coun­tries and more than 4,800 law­yers world­wide.Duncan We­st­on, Ex­ec­ut­ive Part­ner, CMS said, “Our cli­ents see Africa as a ma­jor growth op­por­tun­ity, and many are look­ing to ex­pand in­to key mar­kets on the con­tin­ent. South Africa and Kenya are both siz­able eco­nom­ies, but they’re also gate­ways in­to oth­er sub-Saha­ran mar­kets. RM Part­ners and Daly & In­am­dar Ad­voc­ates have out­stand­ing repu­ta­tions thanks to their loc­al mar­ket know­ledge and the over­all qual­ity of ser­vice they provide to cli­ents.” With this ex­pan­sion, CMS is un­veil­ing a ded­ic­ated or­gan­isa­tion that brings to­geth­er our Afric­an firms and ex­perts in a unique mod­el and aligned prac­tices to provide our cli­ents with the best sup­port in Africa. CMS Africa has a pres­ence in the most dy­nam­ic re­gion­al hubs – Cas­ab­lanca, Jo­han­nes­burg and Nairobi – provid­ing us with a strong foot­print, sus­tained by of­fices in Al­gi­ers, Lu­anda and Mom­basa. CMS Africa of­fers the ideal al­tern­at­ive for tax and leg­al ser­vices in Africa, a po­s­i­tion that is be­ing re­in­forced through the ad­di­tion of the new firms.CMS RM Part­nersCMS RM Part­ners spe­cial­ises in provid­ing prac­tic­al and in­nov­at­ive leg­al, tax and trans­ac­tion ad­vis­ory ser­vices. It is com­mit­ted to de­vel­op­ing young Afric­an tal­ent and is ac­cred­ited as a Black Eco­nom­ic Em­power­ment (BEE) Level 1 law firm. Foun­ded by seni­or law­yers with ex­cep­tion­al track re­cords from top in­ter­na­tion­al and loc­al firms, the firm is based in Jo­han­nes­burg and com­prises more than 20 law­yers. Its cli­ents in­clude loc­al private and pub­lic in­sti­tu­tions, lis­ted com­pan­ies and nu­mer­ous glob­al en­ter­prises.Riza Moosa, Founder and Dir­ect­or at CMS RM Part­ners, said, “We are on a jour­ney to trans­form and mod­ern­ise the South Afric­an leg­al mar­ket, but we also re­cog­nise the im­port­ance of an Afric­an and in­ter­na­tion­al foot­print. Join­ing CMS is the right step for our firm be­cause they re­cog­nise the im­port­ance of grow­ing an Afric­an busi­ness from Africa, and have a clear, re­gion­ally-fo­cused growth plan for Africa which aligns with our own strategies.”CMS Daly In­am­dar Ad­voc­atesCMS Daly In­am­dar Ad­voc­ates is one of the top-rank­ing law firms in Kenya. It was formed via the mer­ger of two of Kenya’s old­est law firms and com­prises more than 35 law­yers work­ing out of of­fices in Nairobi and Mom­basa. The firm’s part­ners have handled nu­mer­ous ground-break­ing com­mer­cial trans­ac­tions and con­ten­tious civil dis­putes.Ham­ish Keith, Seni­or and Man­aging Part­ner at CMS Daly In­am­dar Ad­voc­ates, said, “Kenya is East and Cent­ral Africa’s epi­centre of tech in­nov­a­tion and its eco­nom­ic ex­pan­sion has been sup­por­ted by a gov­ern­ment that is com­mit­ted to im­ple­ment­ing busi­ness re­forms. Our de­cision to join CMS fol­lows a peri­od of close col­lab­or­a­tion on cli­ent work and a shared com­mit­ment to ser­vice. This will only deep­en as Kenya be­comes in­creas­ingly at­tract­ive as a des­tin­a­tion for for­eign in­vest­ment.”Pierre-Sé­bas­tien Thill, Chair­man, CMS, said, “This is an ex­cit­ing time in the de­vel­op­ment of CMS. Our cli­ents have a glob­al mind­set, and when they come to CMS, they need to know that they can ac­cess qual­ity ad­vice and ser­vice de­liv­ery in every ma­jor jur­is­dic­tion. One of our primary ob­ject­ives for the next four years is to fur­ther grow our geo­graph­ic­al reach. This is a sig­ni­fic­ant ex­pan­sion in our jour­ney to be­com­ing a genu­inely glob­al law firm.”

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1 June 2020
Pub­lic­a­tion of Joint Stand­ards for OTC de­riv­at­ives
On 2 June 2020, the SA Fin­an­cial Con­duct Au­thor­ity and the Pruden­tial Au­thor­ity (the Au­thor­it­ies) pub­lished Joint Stand­ard 2 of 2020 un­der the Fin­an­cial Sec­tor Reg­u­la­tion Act, 2017, set­ting out the mar­gin re­quire­ments for non-cent­rally cleared over the co
1 June 2020
Why SA banks should pay at­ten­tion to what’s hap­pen­ing in Lon­don
Five South Afric­an banks face new charges of dol­lar-rand ma­nip­u­la­tion, after the Com­pet­i­tion Ap­peal Court dis­missed their ap­peal in Feb­ru­ary and the Com­pet­i­tion Com­mis­sion is­sued a new charge sheet last Tues­day.