Banking & Finance

Debt Capital Markets

The legal advice behind the largest capital markets deals

Widely recognised as the market leader and sitting at the forefront of debt capital innovation,  our team represents issuers, arrangers, dealers and other market participants in all aspects of domestic and international debt capital market financings, providing unparalleled market experience, advice and knowledge.

We have advised on virtually every kangaroo bond transaction ever undertaken in Australia. Our team is routinely ranked as the only 1st tier Australian law firm for debt capital markets. We have been awarded the KangaNews Law Firm of the Year Award every year since its inception in 2007.

Some of the largest and most innovative deals in the market are informed by our advice and our team is acutely aware of its role and responsibility in helping issuers to access domestic and offshore debt markets. Our role includes structuring, negotiating and documenting these transactions, with the documents produced by our team regularly determining the market standard.

We work closely with our colleagues in the tax and equity capital markets teams across the full spectrum of capital markets products.

Advising on the full range of transactions

We advise on the full range of capital markets transactions, including:

  • Debt Securities
  • Equity-Linked Securities
  • Hybrid Capital Securities
  • Stapled Securities
  • Securitisation 
  • Covered Bonds
  • Credit-Linked Products
  • Derivative Products
  • Green, Climate & Sustainability Linked and other ESG Products & Securities.

Extensive experience

Our experience includes advising on domestic and international capital markets issuances by a range of Australian Federal and State issuers, foreign governments and governmental agencies, supranational and agency issuers, statutory institutions (such as universities), Australian and offshore financial institutions and corporates (including branches of foreign banks, local financing subsidiaries of offshore corporates and the middle market).

Market highlights

  • Kangaroo bonds: advising in relation to virtually every "Kangaroo" bond transaction undertaken in the Australian market since 2004.
  • Westpac: advised on the issue of US$1,250,000,000 4.110% Subordinated Notes due 2034 and US$1,000,000,000 4.421% Subordinated Notes due 2039 (KangaNews Australasian-Origin Offshore Financial Institution Bond Deal of the Year).
  • National Housing Finance and Investment Corporation (NHFIC): advised on the debut social bond issuances and secured community housing finance deals for NHFIC (KangaNews issuer of the year for the Australian Government Sector).
  • New South Wales Treasury Corporation: advised TCorps public debt issuances, including its A$1.8 billion Sustainability Bonds (having also established the State’s sustainability bond program) (FinanceAsia (Best Sustainable Finance Deal (FI)), Environmental Finance (Sustainability Bond of the Year (SSA)) and KangaNews (Rates Bond Deal & Sustainability Issuer of the Year)).
  • NAB: established a programme for the issue of Additional Tier 1 Capital Notes by NAB to wholesale investors.  We also assisted NAB in carrying out their first trade under the programme (an issue of A$500 million Fixed-to-Floating Rate Capital Notes).
  • QBE: acted for QBE as Australian, English and lead documentary counsel for the tender of approx. US$200 million senior “green” senior note
  • Virgin Money:  Virgin Australia A$ Programme Update (acting for dealers) and Virgin Australia Holdings Limited - issue of A$250 million 8.075% Fixed Rate Notes due 5 March 2024 (Series 2, Tranche 1).
  • Korea Southern Power: issued A$300 million Floating Rate Notes due 30 October 2024 in October 2019.
  • Australian Unity: advising Australian Unity on the issue of A$322 million Series C and Series D Australian Unity Bonds.
  • Afterpay: advised on convertible bond issuance.
  • Ausnet Services: advised on its Australian hybrid notes offer, being an A$650 million, 60-year hybrid security issue in the form of non-convertible subordinated notes.
  • Ausgrid: advising on all aspects of its global A$12 billion debt portfolio, including its security and intercreditor platform, its syndicated bank debt facilities, its record breaking debut USPP in 2017, its AMTN programme and debut issuances, its EMTN programme and debut issuances, and its Rule 144A debut issuance.
  • Development banks: advising all of the major international supranational and multi-lateral development banks on their Kangaroo Bond issuance including World Bank, the International Finance Corporation, the Asian Development Bank, the European Investment Bank, the African Development Bank, the Inter-American Development Bank and the Nordic Investment Bank.
  • Issuance programmes: Advising in relation to the establishment of a wide range of debt issuance programmes and stand-alone bond issuances in the Australian, Asian, European and US markets including London, Luxembourg and Singapore listed debt issuance programmes that comply with the EU Prospectus Directive, ASX listed programmes, US Rule 144A and SEC registered programmes and convertible and hybrid issuance in Australia, Asia and Europe.

Meet our Team

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