New Zealand’s first green bond issuance has been named as the Innovative Debt Deal of the Year at this year’s KangaNews Awards.
Chapman Tripp advised International Finance Corporation (IFC) on the deal, which saw the 10-year NZ$125m 3.865% green Kauri bond launched, with the goal of addressing climate change.
Chapman Tripp also won New Zealand Law Firm of the Year for the second year in a row. This award results from extensive polling and market feedback.
“IFC launched this transaction, New Zealand’s first green bond, in July – with the highlight being the potential for the capital markets to truly deliver on environmental aims, part of a broader – and very positive – ESG (Environmental, Social and Governance) trend,” Chapman Tripp partner Ross Pennington said.
“This is an entirely new market for New Zealand and one that certainly aligns with our clean and green reputation, and we expect to see more and more deals like this as the market grows.”
Another deal that Chapman Tripp advised on was named NZ Domestic Bond Deal of the Year: Bank of China New Zealand’s debut bond issuance.
“This was the first time Bank of China New Zealand had accessed the capital markets, and they successfully targeted both New Zealand and international investors.
“The issuance used a flexible retail and wholesale medium-term note programme that we helped Bank of China New Zealand establish earlier this year, with the uptake by international investors reinforcing New Zealand’s place in the growing Asian capital markets.
“We are proud to have assisted all three locally-incorporated Chinese banks come to market (including debut bond issues by CCB and ICBC), and it is great to see a strong domestic and Asian investor base developing with the help of these highly-regarded names.”
The wins were pleasing, particularly given KangaNews’ authority in the market, Pennington said.
“These awards are entirely determined by feedback from the market and are therefore are testament to the team approach we have taken with clients.”
The awards will be presented at a gala dinner in Sydney on 14 March, 2018.