September 2005
Sphynx Capital Markets PCC
Cell 2005-1 U.S.$ 24,000,000 Zero Coupon Secured Pass Through Notes due 2007

Linked to the Credit of National

Investment Bank of Ghana

Issued under
Structured Note Programme

Iroko Securities

In September 2005, Iroko Securities completed a transaction for Eland International Thailand Limited involving USD 24 million in aggregate principal amount of Promissory Notes issued by the National Investment Bank of Ghana.

This repackaging transaction provided non-recourse financing to Eland International Thailand Limited, a trading and finance company focused on cross-selling raw materials, commodities, food stuffs and manufactured goods around the world thereby allowing it to finance its exports into Ghana on a revolving basis.

Under its Structured Note Programme, Sphynx Capital Markets issued pure Pass Through Notes secured by the Promissory Notes.

The repackaged notes were subscribed principally by asset managers, banks and financial institutions in Scandinavia, the United Kingdom, Switzerland and the Netherlands.

Investors were attracted by the quality of this exotic asset, its attractive yield, the ability to settle through Euroclear and the ability to transfer their interest in the underlying asset without incurring wasteful local transfer charges.


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