Capital markets

We have extensive expertise in advising clients operating in New Zealand's capital markets and advise on the full spectrum of public and private, equity and debt capital raising structures and transactions. We take pride in our reputation for being strategic, pragmatic and focussed on our clients' commercial objectives.


We have an exceptional track record 

We have an exceptional performance record in capital markets work, assisting clients with IPOs, direct listings, equity raises, rights issuances, share placements, debt, hybrid and derivative offerings.  

We act for a range of capital markets participants, including:

  • Listed and unlisted issuers
  • Arrangers and lead managers
  • Underwriters
  • Supervisors 
  • Institutional shareholders
  • Boards and independent directors.
We understand the complexity 

We understand the complexity of operating in a highly regulated environment and have a deep knowledge of the various regulatory frameworks capital markets participants must comply with, including the Financial Markets Conduct Act (FMCA), NZX Listing Rules and Takeovers Code.

We have excellent working relationships with capital markets regulators, including NZ RegCo, the Takeovers Panel and Financial Markets Authority.

We guide our clients expertly and efficiently

We guide our clients expertly and efficiently to raise capital and operate in New Zealand's capital markets.  We work seamlessly as a national practice and as part of an international team on cross-border securities offerings.  We are the principal legal adviser to a number of listed entities in New Zealand, and we act for overseas entities with New Zealand interests.

We have significant experience bringing new issuers and financial products to market, including coordinating legal counsel across multiple jurisdictions to facilitate overseas programmes and/or multi-jurisdictional offers.

Work highlights

Contact Energy

We advised Contact Energy (NZX, ASX: CEN) on its debt issuance programmes, including on:

  • Its offer of $225m green capital bonds to New Zealand retail and institutional investors and quotation on the NZX Debt Market (NZ Debt Market Issue of the Year - 2022 INFINZ Awards).  Read more here
  • The issue and quotation on the NZX Debt Market of numerous series of unsecured, unsubordinated fixed rate senior green bonds under the FMCA exclusion for quoted financial products
  • Its NZ$ Commercial Paper and Short-Term Floating Rate Note Programme
  • New Zealand law aspects of its US$ and A$ wholesale debt programmes.

SBS Bank

We advised SBS Bank (NZX: SBS) on:

  • Its inaugural NZ$150m offer of senior fixed rate bonds to New Zealand retail investors and quotation on the NZX debt market
  • The establishment of its continuous offer of Tier 2 capital bonds to New Zealand retail investors
  • The issuance of its commercial paper and wholesale bonds.


We advised EastPack on:

  • Its inaugural NZ$40m offer of unsecured, subordinated notes to New Zealand retail investors
  • Its capital restructure and the establishment of its continuous offer of ordinary shares to New Zealand retail investors.


We advised Kiwibank on New Zealand law aspects of its A$ Debt Issuance Programme for wholesale investors.


We acted as New Zealand counsel to KfW on its Australian and New Zealand Medium Term Note Programme including the NZ$150m and NZ$250m Kauri Bond issuances in the New Zealand wholesale market.

Sixth Street

We advised Sixth Street:

  • As part of a consortium with BGH Capital on the consortium's NZ$1.63b successful acquisition of Pushpay Holdings (NZ, ASX: PPH) by way of scheme of arrangement
  • On the block trade acquisition of a cornerstone stake in Pushpay Holdings (NZ, ASX: PPH).

Our team

Nick Bragg

Partner, Auckland

Nick specialises in corporate and commercial law with considerable experience across a broad range of mergers and acquisitions (includi…

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Sarah McEwan

Partner, Auckland

Sarah specialises in corporate and commercial law with a broad range of experience in capital markets and securities transactions…

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Grant Dunn

Partner, Auckland

Grant specialises in corporate and commercial law and has over 20 years experience. He previously spent six years with the London…

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Jan Etwell

Partner, Christchurch
Board of Management

Jan leads the Christchurch banking and financial services team.  She has particular expertise in regulatory compliance including…

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Rupert Rouch

Partner, Wellington

Rupert is an experienced corporate and commercial lawyer who advises on mergers and acquisitions, joint ventures and general corporate …

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