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Capital Markets

Capital markets

Our capital markets specialists work with clients to find the most efficient and appropriate financing solutions for their requirements. Our advice covers both equity and debt capital market transactions, including securitisation, structured finance, debt and hybrid issues, and derivatives.
 
Clients come to us for our innovative, solutions-focused approach and ability to navigate increasingly complex regulatory frameworks.

Expertise

Equity Capital Markets

Our equity capital markets team are the team of choice for companies undertaking high-value, innovative or strategically significant transactions. We assist clients with Initial Public Offerings, accelerated and traditional rights issuances, hybrid issuances, placements and employee share schemes. We also provide advice to offshore issuers wishing to include New Zealand in an international securities offering.

Debt Capital Markets

We advise issuers, originators, underwriters and other market participants on a broad range of debt capital markets transactions including, debt and hybrid issues, green bonds, regulatory capital, structured finance and securitisation.

Our team has particular expertise in financial regulation and the bank capital and consumer credit space. We have significant experience advising both domestic and offshore banks and insurers on their regulatory capital issuances and are at the forefront of compliant bank capital raisings.

In addition, our team is well-known for assisting clients with complex and innovative debt capital market transactions. In recent years, we have acted on New Zealand's largest ever non-bank securitisation and a number of market-leading sustainability linked loans and green bonds issuances.

Experience

Equity Capital Markets

Our recent equity capital markets experience includes advising on:

  • Auckland Airport's NZ$1.2 billion placement and SPP (the largest secondary market equity raising in New Zealand's history).
  • Jarden and Craigs Investment Partners as Joint Lead Managers the IPO of My Food Bag.
  • The IPO of Oceania Healthcare, along with Oceania Healthcare Holdings Limited's subsequent sell down of its stake, including most recently its $301.4 million underwritten block trade.
  • Goodman on its $165 million placement and retail offer.
  • Jarden as lead manager on Synlait's $200 million placement and share purchase plan.
  • Credit Suisse, Deutsche Craig's and Jarden on underwriting Kathmandu's AREO capital raising to fund its acquisition of Rip Curl.
  • The underwriting syndicate of Goldman Sachs and Forsyth Barr on Sky's NZ$157 million placement and accelerated renounceable entitlement offer.
  • Origin Energy on the block trade sale of its entire controlling shareholding in Contact Energy.
  • Fonterra on the initial public offering of NZX and ASX listed units in the Fonterra Shareholders' Fund as part of the 'Trading Among Farmers' programme introduced by Fonterra.
  • Genesis and Meridian on their IPOs as part of the New Zealand Government's mixed ownership programme.
  • The joint lead managers on the IPO of New Zealand King Salmon.
 
Debt Capital Markets

Our recent debt capital markets experience includes advising on:

  • UDC on the establishment of its landmark $2bn AAA rated auto and equipment finance-backed syndicated securitisation programme.
  • SG Fleet on the establishment of its NZ securitisation programme which funded into it acquisition of LeasePlan New Zealand.
  • Kiwi Property on its inaugural NZX listed $150 million green bond issuance.
  • Kiwibank on its $275 million retail offer of tier 2 notes that were quoted on the debt market of NZX.
  • New Zealand Local Government Funding Agency (LGFA) on a number of syndicated bond offers, one of which was the largest single issue of bonds in the New Zealand domestic debt market by a non-sovereign issuer.
  • The arrangers and JLMs on Resimac's RBMS term issuances, the most recent being its 2021-1 prime RMBS issuance.
  • Genesis Energy, Goodman Property Trust, Infratil, Meridian Energy, New Zealand Post, Kiwi Property, Spark, Argosy and The Warehouse on debt issues quoted on NZX.
  • New Zealand Guardian Trust Company Limited on Basecorp Finance's inaugural term RMBS issuance in 2021.