Baker McKenzie advises on the first ever Basel III true perpetual hybrid transaction in the Australian market
Baker McKenzie advised NAB and Westpac as Joint Lead Managers on ME Bank’s A$200m Perpetual Capital Additional Tier 1 Notes.
Baker McKenzie lead partner on the transaction, Duncan McGrath stated: "It was a pleasure to have advised National Australia Bank and Westpac Banking Corporation on such a groundbreaking transaction in the Australian market."
Duncan in assessing the significance of the transaction said: "This transaction was the first ever Basel III truly perpetual hybrid transaction in the Australian market as the notes do not contain any mandatory conversion provisions, the first Tier 1 hybrid for an unlisted entity in the Australian market and only the third issue of Additional Tier 1 capital notes sold only to wholesale investors in the Australian market."
Duncan was assisted by Baker McKenzie lawyer, Andrew Slucky and by Graduate, Daniella Lambert.
In early October, Duncan joined Baker McKenzie as a high-profile, senior debt capital markets (DCM) lawyer as a partner in the Sydney office. Duncan was previously a partner at Gilbert + Tobin, where he established and headed that firm's DCM and securitisation practice.