Service

Debt capital markets

The legal edge to your debt structuring

Issuers, arrangers, supervisors, investors and other participants ask for our advice on a broad range of domestic and international debt capital markets transactions. We understand these arrangements from all sides.

Our extensive track record acting for major corporations, financial institutions and trustees, on local and international funding programmes, means we can provide insight into issues and trends across a range of markets. And we also have considerable experience assisting parties on derivatives; so we can provide you with advice on market practice, structuring of complex products and regulation.

Advising on all aspects of structuring and issuing debt securities including:

  • securitisation and similar programmes, including RMBS and covered bonds
  • retail NZX-listed bond offers
  • domestic wholesale Medium Term Notes and commercial paper/RCD programmes
  • international bond offers, including EMTN, ECP and USPPs
  • regulatory capital offers
  • retail and wholesale derivatives
  • structured credit
  • convertible securities
  • navigating the complexities of the Financial Markets Conduct Act 2013. 
  • Acting as RESIMAC’s counsel on an offer of $250m notes by its New Zealand business through the RESIMAC Versailles Trust, backed by New Zealand residential mortgage loans. The Notes were offered in seven classes with ratings from AAA to BB provided by S&P Global (with an unrated class F).
  • Helping Kāinga Ora to expand its sustainability financing framework and issue Wellbeing Bonds, a type of sustainability bond aligned with the New Zealand Treasury’s Living Standards Framework – a global-first issuance.
  • Advising Mercury on the issuance of $300m capital bonds to replace its existing capital bonds.
  • Supporting Metlifecare on its inaugural NZX-listed retail bond, issuing $100m of secured fixed rate bonds. Only the second issuer in the retirement village sector to issue a retail bond.
  • Advising Chorus on legal aspects of an issue of $500m, 10-year, re-setting fixed rate bonds to a combination of New Zealand retail investors and international wholesale investors – the largest corporate (non-bank, non-government) issuance on the NZX Debt Market.
  • Acting for Japan’s largest bank on the establishment of their domestic TCD programme, marking the entry of the first Japanese bank issuer into the New Zealand market.
  • Supporting Rentenbank, on its first German law, dual language Kauri issuance of $250m notes, and the subsequent re-documentation and modernisation of the Kauri side of its EMTN programme, in dual language format.
  • Advising a well-known fund management firm on the establishment of its warehouse securitisation programme with its bank. The transaction involved creating a bespoke structure allowing loans to be written and/or migrated to the securitisation.
Ranked Tier One for capital markets work.IFLR1000 2020