Derivatives and ISDA transactions - Senegal
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Senegal
We advised a major merchant bank engaging in currency swaps with a sovereign counterparty and examined in detail the rules and laws concerning the procedure for closing out ISDA transactions with sovereign entities in Senegal. We reviewed counterparty risks including sovereign immunity, insolvency (including “cherry-picking” by liquidators) and other difficulties of transacting in jurisdictions which do not possess sophisticated legislation where these difficulties are anticipated.