Capital Markets

Companies are increasingly seeking novel, complex and sophisticated ways of raising funds, while navigating active investors and regulatory scrutiny.

Modern equity or debt raising presents the dual challenge of not only considering which funding model is the most appropriate, but also how it will be perceived by shareholders, the media and regulators.

How can we help?

Supporting your investment strategy

Whether through equity raisings or debt issuances, we help our clients secure capital to support the funding of major projects, the execution of their strategic plans and the growth of their business. Our expert knowledge of the capital markets across debt, securitisation, equity, hybrids and derivatives helps us create novel solutions, whether through new financial instruments or creative use of existing products.

We advise sponsors, issuers and lead managers on structuring securities for issue and funding structures in domestic and international markets; capital management activities such as buy backs, capital reductions and share sale facilities; corporate governance matters; trading systems for capital markets instruments; and regulating the conduct of capital markets players.

Equity capital markets

Our equity capital markets team has extensive experience advising issuers and underwriters on IPOs, placements, rights issues, tier 1 capital raisings, hybrids, structured products and stapled securities..

Debt capital markets

Our debt capital markets team focuses on debt, hybrids and other financial markets work. We advise clients on domestic and international debt issues, credit-wrapped transactions, capital management activities and bond and private placement transactions.

Securitisation

Our securitisation team focuses on private and public transactions across a broad range of asset classes. We advise clients on innovative and bespoke structures, master securitisation programmes, term capital market securitisations, private warehousing securitisations, portfolio and corporate acquisitions and across assets classes, including RMBS, CMBS, ABS (such as trade receivables, autos, lease/hire purchase, debtor finance, equipment and personal loans) and other structured products.

Derivatives

Our derivatives team advises superannuation funds, banks, multinational corporations, securities firms and government entities on all legal, regulatory and documentation issues relating to derivatives in Australia and worldwide. This includes compliance requirements for mandatory margining, PPSA and other security-related issues in relation to clearing agreements, and netting and collateral issues in connection with the establishment of clearing businesses in Australia.

Helping you spot issues and plan ahead

We also advise our clients on conduct regulation as it relates to capital markets. Most recently we have been advising issuers and arrangers in connection with potential changes to the regulatory capital framework, proactively addressing responses that are likely to come out of the Australia Prudential Regulation Authority's (APRA) updated guidelines regarding capital requirements for banks.

Experience

Australia's largest IPO over the last four years

Advised Merrill Lynch and Deutsche Bank as Joint Global Coordinators and Joint Lead Managers and UBS as a Joint Lead Manager on the IPO of Viva Energy Group Limited, Australia's largest IPO over the last four years.

Australia’s first ASX listed investment trust

Advised the Joint Lead Managers on the Pengana Private Equity Trust IPO -Australia’s first ASX listed investment trust that invests in global private equity.

Advising issuers on the most complex listings in Australia

Some of Australia's largest IPOs, including: Queensland Government on the $6.7 billion IPO of rail operator QR National; News on its $10 billion ASX listing following its demerger from 21st Century Fox; and Tabcorp on its $5.2 billion demerger and ASX listing of Echo Entertainment Group Limited.

Mirvac's $750 million equity raising

Advised ASX-listed Mirvac Group on its fully underwritten institutional placement to raise $750 million and a non-underwritten security purchase plan to raise up to $75 million. This is one of the largest equity raisings in Australia so far this year.

APA Group's $500 million capital raising

Advised JPMorgan and Deutsche Bank as Joint Lead Managers on APA Group's $500 million capital raising, helping APA Group fund its growth projects. This is one of the largest secondary offerings by an ASX-listed company this year. 

Market leading hybrid issuances for Big 4 Australian Banks

Including: CBA on its $1.25 billion offer of CommBank PERLS XI Capital Notes; the Joint Lead Managers on NAB's offer of NAB Capital Notes 3 to raise $1.65 billion; and Westpac on its $1.69 billion Westpac Capital Notes 5 Additional Tier 1 issue and on its $1.159 billion Westpac Capital Notes 6 Additional Tier 1 issue.

Establishment of BlueScope Steel's EMTN programme and inaugural issuance

Advised on the establishment of its Singapore-listed $1.5 billion EMTN program with AMTN capability, allowing BlueScope to issue notes into both the domestic and international markets.

Woodside Energy Limited's US$1.5 billion 144a issuance

Advised Woodside in the context of challenging international debt market conditions. As a complex Australian-based company with significant assets subject to Australian legal and regulatory frameworks, the disclosure documentation demonstrates the depth and full-service nature of our DCM offering for transactions of this scale.

Social impact bonds

Advised Investa Property Group on the restructuring of its funding arrangements, including the issuance of a 10-year $100 million certified green bond. Also advised Evolved Housing on a $315 million government-guaranteed, 10-year affordable housing bond, the first of its kind in Australia. The issue drew 26 institutional investors and was four times oversubscribed.

Unibail-Rodamco SE's acquisition of Westfield

Advised on the equity swap for its pre-bid stake in Westfield, adding certainty to the overall bid. We also advise superannuation funds, banks, multinational corporations, securities firms and government entities on all legal, regulatory and documentation issues regarding derivatives on a wide spectrum of underlying assets.