Capital Markets

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Capital markets

Our lawyers advise on all aspects of New Zealand’s laws that apply to participants in the capital markets.

Our debt capital markets specialists advise on debt and hybrid issues, regulatory capital, structured finance and securitisation. Our equity capital markets specialists advise on initial public offerings, hybrid issues, private placements, rights issues and employee share schemes.

We understand how the capital markets operate, we know the key participants, and we know what to expect from the regulators.

We advise on issues into the New Zealand market and also on issuers looking to access offshore markets.

We have been at the forefront of many of the recent developments in the New Zealand capital markets. We are the leading law firm to advise on complex and innovative structures and products.

Equity capital markets

Our equity capital markets team regularly advise on initial public offerings, accelerated and traditional rights issuances, hybrid issuances and employee share schemes. We also regularly provide advice to offshore issuers wishing to include New Zealand in an international securities offering.

Our experience includes advising:

  • Origin Energy on the block trade sale of its entire controlling shareholding in Contact Energy.
  • The joint lead managers on the IPO of New Zealand King Salmon.
  • The underwriters of the Metro Performance Glass IPO.
  • Serko Limited on its private placement and follow-on share purchase plan.
  • The underwriter on Synlait Milk’s accelerated renounceable entitlement offer.
  • The underwriter of the block trade of shares in NZX listed Vista Group International.
  • The lead manager on Heartland Bank’s institutional placement of shares.
  • Genesis Energy on its IPO as part of the New Zealand Government’s mixed ownership programme.
  • Meridian Energy on its IPO as part of the New Zealand Government’s mixed ownership programme.
  • On the IPO of Mighty River Power (now Mercury) as part of the New Zealand Government’s mixed ownership model programme.
  • Fonterra on its initial Trading Among Farmers offer.
  • Spark (formerly Telecom) on its 2011 demerger from Chorus and the associated IPO of Chorus.
  • Fairfax Media on the IPO of Trade Me.
  • Contact Energy in the privatisation of Contact Energy by way of trade sale and international IPO.
  • The Crown in the privatisation of Auckland International Airport by way of international IPO.
  • Origin Energy on a number of projects including the proposed dual listed company structure with Contact Energy and its sell down of its interest in Contact Energy.
  • ABN Amro Capital and Freightways on the IPO of Freightways.
  • NZX on its IPO.
  • Kiwi Property Group on its accelerated fully underwritten entitlement offer (AREO).
  • NAB demerger and IPO of its UK-based Clydesdale Bank business.

Debt capital markets

Our debt capital markets team is widely regarded as the “go-to” team of specialists in the country. We advise issuers in the NZ capital markets on:

  • the establishment of wholesale and retail issue programmes.
  • same class qfp offers.
  • compliance with NZX listing rules.

We advise NZ and offshore banks and insurers on their regulatory capital issuances in NZ and offshore.
We advise issuers on their offshore funding programmes, including covered bonds, emtn, usmtn, ecp, uscp and issuance into particular jurisdictions (such as Australia, Switzerland and Canada).
We advise issuers and arrangers on Kauri bonds.
We know the industry extremely well, and have excellent working relationships with the FMA, NZX, Reserve Bank, and the trustee and registry companies.

Our debt capital markets team’s experience includes acting for:

  • ANZ, ASB, BNZ and Kiwibank on their additional tier 1 and tier 2 issues quoted on NZX.
  • ANZ, ASB, BNZ and Kiwibank on the establishment of their covered bond programmes.
  • Acting on the establishment of New Zealand LGFA and on its on-going funding requirements (including the quotation of its bonds on the NZDX and establishing its QFP and stock lending platforms).
  • Genesis Energy, Goodman Property Trust, Infratil, Meridian Energy, New Zealand Post, Kiwi Property, Spark and The Warehouse on debt issues quoted on NZX.
  • Westpac (as arranger) on the note issuance out of Resimac's RMBS programme.
  • ANZ, BNZ and Kiwibank on their retained RMBS programmes.
  • Pepper on its New Zealand home loans warehouse securitisations.
  • CBA and NAB on their NZ$ covered bond issuances.
  • ANZ, ASB, BNZ and WNZL on capital issues to their parent entities.
  • IAG on its retail tier 2 issue.
  • Spark and Trustpower on liability management following their demergers.
  • Kiwibank on the uncalled capital facilities provided by the Crown.
  • ANZ, ASB and BNZ on their domestic and offshore senior issuance programmes.
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