Debt capital markets

The legal edge to your debt structuring

Our debt capital markets team advises issuers, investors, arrangers, supervisors and other participants on a broad range of domestic and international capital markets transactions.

We have an extensive track record acting for major corporates and financial institutions on local and international funding programmes. This gives us a unrivalled insight into issues and trends across a range of markets.

Our expertise in structuring and documenting programmes includes domestic Medium Term Notes (MTN) and commercial paper/RCD programmes, EMTN, ECP and USPPs, regulatory capital offers, structured credit, convertibles, and both listed and unlisted retail securities.

We are leading advisers on securitisation programmes, including RMBS and covered bonds. We are also leading advisers on structuring transactions to comply with, and take advantage of, the opportunities afforded by the Financial Markets Conduct Act 2013 (FMCA). We bring a pragmatic and solutions-oriented approach to navigating some of the complexities, and managing the risks, of this regime.

We have assisted in lodging some of the first FMCA-compliant PDSs in New Zealand.

We have advised:

  • registered banks including BNZ, the Industrial and Commercial Bank of China, Kiwibank and China Construction Bank on their domestic medium and short term retail and wholesale funding programmes (MTN and RCD) and offers under those programmes
  • Mighty River Power (now Mercury) on its $300m oversubscribed capital bond issue and NZX Debt Market listing, one of the largest ever corporate debt issues of its type in New Zealand
  • on Kauri bond deals led by arrangers including ANZ, BNZ, Westpac, CBA, TD and Deutsche Bank for a wide range of issuers, including Kommunalbanken Norway, the European Investment Bank, IFC, Munifin, Nordic Investment Bank, BNG and Rentenbank, and related programmes. We have assisted new issuers, including Korean Development Bank, in coming to this market
  • Public Trust and the covered bond guarantor in respect of covered bond issuances by ANZ, ASB, BNZ and Kiwibank, and related programme updates
  • Heartland Bank on the issuance of subordinated bonds that qualify as Tier 2 Regulatory Capital under the Basel III regime
  • Westpac on its covered bond, EMTN and commercial paper programmes
  • Chorus on its listed offer of $400m retail fixed rate bonds
  • Z Energy on its retail issue of $135m senior, secured seven-year bonds
  • Precinct Properties on its listed offer of senior secured fixed rate bonds
  • IAG on its $350m regulatory capital issue (winner of the 2012 INFINZ Debt Deal of the Year), listed on NZDX
  • Powerco on its debt market programme and US private placements
  • BNZ and National Australia Bank on the $450m and $260m public offers of perpetual non-cumulative shares
  • ASB Bank on its EMTN programme and offers under that programme
  • APN Media on its retail bond issue and NZDX listing, which included an Australian parent guarantee
  • Bay of Plenty Regional Council on the $200m public offer of perpetual preference shares in its subsidiary Quayside Holdings (owner of 55% of Port of Tauranga)
  • on various securitisation programmes and note offers, including advising RESIMAC as issuer on its offer of rated Residential Mortgage-Backed Securities; Westpac as arranger and Warehouse facility provider on securitisation programmes for Avanti Finance and the Warehouse Group; and ALLCO Finance Gateway Trade Receivable Trusts and Scottish Pacific NZ on a $200m trade receivables securitisation
  • Blue Star Group on its capital reconstruction, including refinancing its $105m capital bonds, and
  • the New Zealand Government as the guarantor of various debt security issues and collective investment schemes by eligible banks under the Crown Wholesale Funding Guarantee Scheme.
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Ranked Tier One for capital markets work by independent legal directory IFLR1000 2016 and Asialaw Profiles 2016.

Equity capital markets

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