Debt capital markets

Bell Gully was instrumental in the original design of what became known in New Zealand as capital notes. The market for those notes developed into a substantial portion of the corporate retail debt market in New Zealand. This marked a continuation of our role in leading innovation, and advising influential market participants, in the debt capital markets.

We regularly advise arrangers, issuers, trustees and underwriters on the distribution of notes, bonds and other debt instruments, in both domestic and international capital markets transactions. We also advise on the establishment of medium-term notes (MTN) and commercial paper (CP) programmes, both as standalone programmes and as ‘add-ons’ to global programmes.

Following the recent enactment of the Financial Markets Conduct Act 2013, we have been heavily involved in advising clients on the new regulatory landscape for retail and wholesale debt capital markets transactions in New Zealand.

Work highlights

IBRD 5y NZD Kauri
Advised The International Bank for Reconstruction and Development (IBRD) on the issue of NZ$550 million debt securities.

KfW Kauri
Advised KfW, a public law institution serving domestic and international public policy objectives of the Federal Government of the Federal Republic of Germany, on the issue of NZ$200 million debt securities under its Australian and New Zealand Medium Term Note Programme.

Fletcher Building US private placement
Advised Fletcher Building on the issue of US$200 million and A$100 million of long term notes in the US Private Placement market.

Vector US$182 million US private placement
Advised New Zealand energy and communications infrastructure group Vector on the issue of US$182 million in unsecured notes in a private placement to US institutional investors.

Trustpower NZ$75 million retail bond issue
Advised New Zealand energy company Trustpower on its NZ$75 million unsecured, unsubordinated fixed rate senior bond issue.

Sky TV bond issue
Acted for the Trustee on an issue of bonds under a simplified disclosure prospectus.

World Bank Kauri programme
Acted as New Zealand counsel to the World Bank, and its affiliate International Finance Corporation, on the establishment of their debt issuance programmes in New Zealand, and subsequent Kauri issues.

Asian Development Bank Kauri programme
Acted as New Zealand counsel to the Asian Development Bank on its Kauri bond programme, and subsequent Kauri issues.

Air New Zealand bond offer
Advised Air New Zealand on its successful offer of NZ$150 million of fixed rate bonds to institutions and the New Zealand public.

AMP Notes offer
Advised UBS, ABN Amro and Macquarie on the A$296 million AMP Notes offer – one of the first offers of securities to be made in New Zealand under the Securities (Mutual Recognition of Securities Offerings – Australia) Regulations 2008.

AMI Insurance establishment of capital facility
Advised AMI Insurance on the establishment of a capital facility from the New Zealand Government through the issue of convertible redeemable preference shares to allow a capital injection from the Government of up to a maximum of NZ$500 million.

Goodman Fielder bond issue
Advised Goodman Fielder on a NZ$250 million senior, unsecured fixed rate bond issue to the New Zealand public through subsidiary Goodman Fielder New Zealand.

Contact Energy bond offer
Advised Contact Energy on its successful NZ$550 million bond offer.

Vector Euro medium term note programme
Acted for Vector on the establishment of its European MTN programme, the first such programme established by a New Zealand electricity utility.

Barclays Bank debt issuance programme
Acted as New Zealand counsel to Barclays Bank in establishing an A$10 billion debt issuance programme in Australia and New Zealand.

Powerco bond offering
Advised on Powerco's NZ$180 million offering of guaranteed bonds to institutions and the New Zealand public.

Rabobank medium term notes
Advised Rabobank on the quotation on the NZX of medium-term notes issued under its Australasian MTN programme.

Citigroup MTN programme
Advised Citigroup on the establishment of a New Zealand dollar issue capability for its Australian dollar MTN programme, and on a subsequent issue of NZ$375 million of medium-term notes.