Allens Arthur Robinson: Financial institutions bank on Allens' equity capital markets team

Financial institutions bank on Allens' equity capital markets team

27 May 2009

Allens Arthur Robinson (Allens) continues to play a key role in the financial services sector's capital raising deals, with the firm acting for the underwriters of ANZ's A$2.5 billion institutional share placement.

A team led by Partner and Co-Head of Equity Capital Markets Robert Pick acted for the underwriters of the ANZ placement – Deutsche Bank AG Sydney branch, J.P. Morgan Australia Limited and UBS AG, Australia Branch.

The transaction, announced today, will help ANZ create greater financial flexibility to pursue strategic and organic growth opportunities and to further strengthen the Group's capital position.

Allens has been involved in a significant majority of the major equity raisings undertaken by Australian banks and financial services companies in recent times.

'Timing plays a key role in the success of a capital raising, especially given the current market conditions and the desire for banks and financial services companies to strengthen their balance sheets and to bolster their regulatory capital positions,' said Mr Pick.

'Our role in acting for the underwriters of the ANZ placement is a continuation of the strong flow of work that Allens has been doing for both issuers and underwriters/lead managers in the equity capital markets area over recent times.'

'We expect that there will continue to be a significant volume of work for our equity capital markets team in the near-term.'

Other significant equity capital markets transactions in which Allens has been involved for Australia's banks and financial services companies include:

Westpac’s A$2.5 billion institutional placement and share purchase plan (Australian counsel for Westpac);
Westpac’s A$1 billion hybrid note and preference share tier 1 capital raising in June 2008 (Australian counsel for Westpac);
Westpac's A$900 million hybrid note and preference share tier 1 capital raising in February 2009 (Australian tax counsel for Westpac);
National Australia Bank’s A$3 billion institutional placement and A$250 million share purchase plan (Australian counsel for the underwriters, Goldman Sachs JBWere Pty Ltd, Merrill Lynch International (Australia) Limited and UBS AG, Australia Branch);
Macquarie Group’s A$540 million institutional placement (Australian counsel for the joint lead managers, Credit Suisse (Australia) Limited, Goldman Sachs JBWere Pty Ltd and Macquarie Capital Advisers Limited);
AMP Financial Services A$300 million offering of subordinated notes (Australian counsel for the joint lead managers, ABN AMRO Equity Capital Markets Australia Limited, ANZ Securities Limited, Commonwealth Securities Limited, Macquarie Capital Advisers Limited and UBS AG, Australia Branch); and
Bendigo and Adelaide Bank's A$175 million institutional placement and share purchase plan (Australian counsel for Bendigo and Adelaide Bank).

Ends

Allens legal team

Robert Pick (Partner – Melbourne)