Allens has advised on several groundbreaking corporate hybrid bond issuances, with 2024 marking the re-emergence of the domestic corporate hybrid bond market.
Allens has played a pivotal role in this revival, including advising on the Pacific National's inaugural $500 million subordinated debt issuance, and on hybrid issuances by Ampol ($600 million ) and Scentre ($900 million).
Allens also advised Pacific National on its $850 million of bank debt refinancing, demonstrating the firm's ability to execute integrated bond and bank debt funding solutions.
'We are delighted to assist with the structuring of recent successful hybrid bond deals, and to continue to support our clients to navigate a dynamic capital market environment,' said lead partner James Darcy.
'The re-emergence of the hybrid bond market has come as additional tier-one capital is being phased out of bank regulatory capital funding, providing opportunity for corporates to take advantage of investor demand for higher-yielding assets. Recent changes in rating criteria have also assisted corporates looking to put in place funding to support equity credit ratings,' James added.
Allens legal team
Banking & Finance
James Darcy (Partner), Sarah Delaney (Managing Associate), Bronwyn Neal (Associate), Taylor van Oorschot (Associate), Nat Bogatyreva (Associate)