NZX Top 50 funding composition – trends and insights 2020

Chapman Tripp’s NZX Top 50 Funding Composition – trends and insights publication collates financial information from the annual reports of the NZX Top 50, as at 31 December 2019. We first did this last year with the intention of doing it every year to track trends and developments in corporate financing.

Our analysis shows a large measure of continuity:

  • continued diversity of funding sources among the Top 25 and continuing reliance on the banks among the second 25;
  • little change in the retail bond market either in volume or in the dominance of the property, infrastructure and energy sectors; and
  • a slight uptick in green financing.

But the COVID-19 pandemic has upset that equilibrium, bringing about challenges to our economy that in many senses are without precedent, and will create corresponding challenges for the financial system.

These have prompted a rapid and aggressive range of responses, from governments and central banks in New Zealand and elsewhere. As the lockdown levels begin to ease, the capital markets and broader funding implications of these measures will receive more attention.

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Related topics: Finance

Finance; Debt capital markets; Corporate & commercial

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