Windham Advisory offers its clients a simple approach to the unique challenges in Emerging Markets: Practical and Actionable Advice for Sustainability.
Our View
Capital markets in EM are full of exogenous shocks, many without historical precedent. Whether these shocks are driven by interest rates, foreign exchange rates, commodity prices, sanctions, geopolitical events, domestic politics, and increasingly, climate and nature events, the risks to EM investors and borrowers are always great and seemingly increasing.
At Windham Advisory we are very much of the view that a company or country’s capital structure is like a “volatility machine,”1 which can either dampen the impact of these external shocks or amplify their effects, leading to economic loss and sometimes social damage. Whether advising a debtor or creditor, our objective is to assist in finding capital solutions that can withstand the many exogenous shocks prevalent in EM capital markets.
Our DNA
Founded and staffed by practitioners, Windham aims to provide creative, but practical advice to its clients’ needs in accessing, managing, and transacting in Emerging Markets (“EM”) capital markets. Most importantly, we understand how investors and capital providers are viewing the world and can create the right sustainable solution to meet our clients’ needs and fitted to the market’s risks and realities.
Why? Because our team operates a “roll-up-the-sleeves” approach to our analysis and the design of solutions for our clients. We’ve been there. We’ve been investors. We’ve been advisors. We’ve built the financial model. We’ve assessed debt sustainability. We’ve designed the structure. We’ve analyzed the indenture. We’ve negotiated the terms. We’ve built the deck. We’ve pitched the opportunity. We’ve closed the transaction.
Where We Can Add Value
We believe that everything in EM is more complicated and idiosyncratic. Hands-on experience is the only true risk mitigant. When you have seen how things can go wrong, the tail risk events that become base case events, you develop an ability to better operate in EM markets.
Where international banks and larger advisory firms can provide advisory services, we offer a small, nimble, creative, and independent team of senior practitioners with decades of experience navigating EM risks and structuring sustainable transactions and sustainable capital structures that can withstand the materializing of unexpected events. This team structure enables our client to engage directly with practitioners with real experience, particularly when costs matter and where actionable and tangible solutions are needed. We work independently or alongside the international banks adding value as more creative thought leaders with a real-time pulse for the markets, tailoring solutions to both the client and also the relevant pools of capital.
As practitioners, we are focused on the ever-evolving landscape of transaction precedents, market movements, and innovative financial architecture to help our clients implement the most accretive and sustainable transactions. We will never lack creativity and will never tell you “this is how it’s always been done”.
Our areas of expertise are across the spectrum
- Corporate restructuring and balance sheet management
- Sovereign debt restructurings (creditor and debtor side)
- New money / capital access
- Climate Finance: Instrument and transaction design & structuring
- Energy transition finance & capital access
- Sovereign balance sheet management
- Ratings advisory and support
- Investment analysis, credit work, and due diligence
- International Monetary Fund (“IMF”) MAC DSA / LIC DSF Analysis
1 – Pettis, Michael: The Volatility Machine: Emerging Market Economics and the Threat of Financial Collapse
Who We Are
Windham Advisory is a team of seasoned professionals providing hands-on, practical advice and tailor-made solutions in emerging markets, focusing on capital markets, corporate and sovereign restructurings, and climate and energy transition finance.
What We Do
Our team of seasoned professionals is dedicated to guiding you through the complexities of debt and financial management, creating sustainable outcomes from a capital structure and environmental perspective and helping ensure financial stability.
Emerging Markets Focus
Investing in emerging markets can be both rewarding and challenging. With our investment advisory and portfolio management services, we help you harness the growth potential of these markets while minimizing risks.
