Passwell was part of a Core Team which put together a complex structured finance programme for enabling a regional African Bank raise US$ 500 million in the United States money markets through the issuance of commercial paper and using the proceeds for export finance. The programme was signed and rated in the United States where it achieved a rating of A – 1+ from Standard and Poor and F – 1+ from Fitch Investor Service, which are the highest possible ratings for such a programme. The structure involved a Delaware Corporation, whose sole purpose was to issue commercial paper and using the proceeds to purchase certain loans made by the Bank. This led to freeing up of limited capital resources of the Bank which were now used on lending activities which could not be funded through the commercial paper programme. Goldman Sachs Money Markets and Merrill Lynch Money Markets were the commercial paper dealers while Bankers Trust Company was the issuing and paying agent. Through the above highly innovative and structured programme, the Regional Bank became the first wholly African owned institution, to tap resources from the United States money markets.

Passwell structured and put up the first Gold Loan for an African gold mining company outside South Africa.

A unique feature about gold loans is that they are relatively cheaper than Euro-Dollar loans, given the fact that gold inter-bank rates are worked out by subtracting the Gold Forward Rate (GOFO) from the corresponding London Inter Bank Offered Rate (LIBOR). Gold loans also provide a readily available hedging mechanism for a gold mining company.

The Bank which Passwell worked for was awarded the mandate to structure the gold loan, in the midst of strong competition from a number of reputable Western Financial Institutions.

Passwell has strong transaction origination, structuring and placement capabilities in areas such as corporate bonds, property development bonds, syndicated loans, debt for equity swaps and related products. Passwell structured the credit enhancement mechanism that enabled a syndicate of banks in Uganda put together a US$ 50 million long term facility to support the rehabilitation of Entebbe Airport in time for the Commonwealth Heads of State and Government (CHOGM) meeting which Uganda hosted in 2007. The structure which Passwell put in place enabled the syndicated loan to have repayments locked in by way of assigning IATA receivables due from reputable and strong airlines flying into Entebbe, to the syndicate of banks through the Collateral Agent. The IATA receivables covered over-flight, landing and parking fees, which airlines pay to the Civil Aviation Authority of Uganda for use of Entebbe Airport as well as the Ugandan airspace.

Passwell in 2004 concluded a US$ 50 million remittances backed structured long term loan from the Overseas Private Investment Corporation (OPIC) of the United States of America on behalf of a Rwandan Bank for on – lending to small and medium scale enterprises. The loan was structured in such a way that its repayment was linked to remittances home by Rwandan Nationals in the Diaspora. The Bank in question was the most popular for home remittances by the Diaspora. This was at that time, the largest single US investment in Rwanda, and the most innovative transaction for the country and won an award from the Banker Magazine

Passwell arranged financing for the construction of the then Sheraton Hotel (Now Serena Hotel) in Dar-es-Salaam, Tanzania, through debt for debt and debt for equity swaps structure, involving pipelined Russian debt. The structure involved sourcing Russian debt from holders at a steep discount using funds from Senior Lenders and Shareholders and redeeming the debt from the Bank of Tanzania in local currency at prevailing exchange rates and thus experiencing massive gains arising from currency depreciation over time. The redeemed local currency was then used to fund the hotel as Senior Debt and Shareholders Equity Contribution respectively.

Passwell also structured Africa’s first Debt for Nature Swap arrangement which involved buying pipelined Zambian debt at a steep discount from foreign holders with the proceeds redeemed at the Bank of Zambia in local currency at prevailing rates. These proceeds were donated to the World Wildlife Fund (WWF) for its conservation activities in the North and South Luangwa National Parks.

Passwell was a member of the Steering Committee which was formed in 2006 to lay the groundwork for the establishment of a secondary mortgage market (through trading of mortgage backed securities) in Uganda. This was an initiative of the Treasury Department of the United States of America and the Bank of Uganda, aimed at among others, creating liquidity for mortgage financing as a way of responding to the huge demand for decent housing.

Passwell originated and headed a team of professionals that structured a US$ 250 million pre-shipment commodity and contracts linked 5 year syndicated financing transaction for a mining house which at that time was the largest producer of copper and cobalt in Africa. The transaction, which at that time was the largest of its kind, and was voted African Trade Finance Deal of the Year by Euromoney Magazine, also involved an innovative swap of put and call options (collar) on the international prices of copper and cobalt.

Passwell was part of the original Steering Committee appointed by the Zambian Government to lay the groundwork for the establishment of the Lusaka Stock Exchange. The work and input of the Steering Committee provided a firm foundation for the technical work later done with the assistance of the International Finance Corporation. The Lusaka Stock Exchange is now a fully fledged exchange with both listed as well as quoted stocks.

Passwell was a member of a core team of experienced professionals that laid down the groundwork for the establishment of the Rwanda Stock Exchange after being appointed by the Cabinet of the Republic of Rwanda. The stock exchange is now fully fledged, and has had successful Initial Public Offerings (IPOs), with cross-listings by Kenyan companies approved by the Capital Markets Authority.