Capital markets

Overview

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.

Market recognition

"Very proactive. Very responsive. Very professional in services and advice provided." - IFLR1000

"Organised, over the detail, technically astute, strong relationships with regulators." - IFLR1000

"Professional, robust advice and practical." - IFLR1000

NZ Debt Market Issue of the Year, 2025 INFINZ Awards

Tier 2, Capital Markets - IFLR1000

Experience

Sector/Expertise

Work highlights

Contact Energy

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

Its initial 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
The issue and quotation on the NZX Debt Market of numerous series of bonds under the FMCA exclusion for quoted financial products including its offer of $250m green capital bonds (NZ Debt Market Issue of the Year – 2025 INFINZ Awards)
Its NZ$ Commercial Paper and Short-Term Floating Rate Note Programme
New Zealand law aspects of its US private placement AMTN and EMTN debt programmes and related issuances.

Zespri

We advised Zespri on its regulated (continuous) offer of convertible ordinary shares and related capital structure and shareholder alignment initiatives, including its share buyback, and dividend reinvestment and share purchase schemes.

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.

EastPack

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 regulated (continuous) offer of ordinary shares to New Zealand retail investors.

Kiwibank

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

KfW

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:

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

Lodestone Energy

We advised Jarden in relation to its investments in Lodestone Energy Limited through the Series B, C and D capital raisings.

Summerset

We advised Summerset (NZX, ASX: SUM) on all aspects of its institutional placement of shares to Ngāti Whātua Ōrākei as part of a broader transaction relating to Summerset's acquisition of the Wai-o-Roka development site.

Port of Tauranga

We advised BNZ as arranger and Port of Tauranga as issuer in relation to various wholesale bond offers.

Community Finance

We advised Community Finance (as arranger and manager) on the establishment of a social impact debt programme and the initial NZ$40m fixed rate bond issue to wholesale investors.

Supervisors

We advised Perpetual Guardian and Trustees Executors on their obligations as trustees and supervisors for debt securities, security trusts, unit trusts and other wealth products.

Sky Television

We advised Sky Television on the issue of a 5% equity stake in Sky Television to NZR in connection with its acquisition of SANZAAR broadcast rights.

Craigs Investment Partners

We advised Craigs Investment Partners on its role as Registered Volume Provider (market maker) for the Fonterra Shareholders Market.

UBS

We advised UBS as lead manager on the IPO of Gentrack and acted for UBS and Deutsche Craigs as joint lead managers and underwriters on the $90m Gentrack rights issue.

Smartshares

We advised Smartshares on the establishment of a range of exchange traded funds and their quotation on the NZX Main Board.

Meridian Energy and Genesis Energy IPOs

We advised the joint lead managers on the IPOs of Meridian Energy (NZX: MEL, ASX: MEZ) and Genesis Energy (NZX, ASX: GEN) as part of the New Zealand Government's mixed ownership programme.

Our team