Spencer Jones

Spencer has spent more than 25 years advising sovereign governments on a wide variety of financial matters including liability and risk management issues, funding strategies and debt restructuring. He has been closely involved in some of the most precedent setting sovereign financial transactions including the first sovereign bond restructuring of modern times, the largest debt write-off for a middle income country, the largest domestic currency sovereign external bond issue and the first sovereign buy back of official sector claims undertaken on market terms.  He has been working in the international financial markets for over 30 years.

He has provided financial advice to the Russian Government for many years on its domestic and external funding strategies, on its relations with the major credit-rating agencies and international investors, on various liability management issues, external debt restructuring and management of its sovereign wealth funds, including infrastructure-related investments.

Spencer has also advised the governments of Serbia, the Dominican Republic, Iraq, Ecuador and Pakistan on restructuring their debts as well as the governments of Jordan and Peru on transformative liability management transactions. He recently advised the IMF on the issue of GDP-linked bonds and other state contingent financial instruments. He has also advised creditors in Barbados and Belize on a settlement of their outstanding claims on the government.

He previously worked at Houlihan Lokey, UBS and SG Warburg.  Spencer has a Masters degree in politics, philosophy and economics from Oxford University.

Spencer is a member of the Institute for International Finance’s Principles Consultative Group.


Alex Levintaner

Before joining Newstate Partners, Alex spent seven years at UBS Warburg and four years at Houlihan Lokey as part of the Sovereign Advisory Team.  He has spent over twenty years advising sovereign governments on a wide range of issues.

Alex has been involved with the Russian Government’s since 1998, advising on the domestic debt restructuring, the Paris Club and London Club restructurings, as well as the trade debt restructurings. He has provided advice on the Government's domestic and external funding strategy, liability management transactions, management of the sovereign wealth fund, and credit rating advice. 

Alex was also involved with providing financial advice to the governments of Armenia, Iraq, Liberia, Pakistan, Serbia and Montenegro, St. Kitts and Nevis, and others.

Alex has an undergraduate degree from the University of Pennsylvania and holds an MBA from the London Business School. He is a fluent Russian speaker.


Rafael Molina

Rafael has almost 20 years of experience advising sovereign clients implement liability and risk management strategies aimed at optimising debt service profiles.  He has worked closely with a variety of governments in Eastern Europe, Africa and the Middle East, as well as Latin America and the Caribbean in addressing public-sector debt challenges.  He has also advised a number of selected creditors on consensual negotiations to settle outstanding public-sector claims, as well as several Eastern European state-owned companies structure the viable financing of complex infrastructure projects. 

Selected sovereign clients include the governments of Antigua and Barbuda, Brazil, Colombia, Ecuador, Iceland, Indonesia, Iraq, Jordan, Liberia, and Peru among others.  He has also advised the Central Banks of Barbados and Indonesia, selected creditors holding sovereign exposures, as well as acted for the International Monetary Fund and the World Bank.

Before cofounding Newstate, Rafael spent four years with Houlihan Lokey and five years with UBS Investment Bank advising governments and central banks on an array of risk management issues as well as yield curve optimising strategies. Rafael spent over eight years with the Federal Reserve Bank of New York where he performed several finance related functions, including senior trader-analyst in the Foreign Exchange Department of the Markets Group, where he was responsible for implementing US monetary policy directives and managing the US monetary authorities' yen reserve portfolio.

Rafael is a frequent speaker at international conferences. He has served as Chairman for the annual Debt Management seminars organised by Central Banking Publications held at Cambridge University since 2011.

Rafael received his undergraduate degree from Vassar College and his MBA from Columbia University.  He is a native Spanish speaker and is fluent in Portuguese.