McGrath

Duncan McGrath

Partner
Baker & McKenzie

Biography

Duncan is a partner in and is head of Baker McKenzie's Banking & Finance group.

He was most recently recognised as a key individual for Debt Capital Markets in Australia by Chambers Asia Pacific and was regarded as “a highly commended DCM specialist who is praised by clients for being ‘very technical and able to get his head around the most difficult issues’ and for being ‘proactive, commercial and a good sounding board’.”

Practice Focus

Duncan works with a wide range of clients, including financial services and government clients. His key areas include domestic and international debt capital markets, securitisation, structured finance, as well as leveraged finance and general corporate finance. He also advises on a number of other areas including peer-to-peer lending, insolvency and restructuring, blockchain and smart contracts.

Representative Legal Matters

Duncan has experience across a broad range of Debt Capital Markets transactions including:

  • EMTN, MTN, AMTN, ECP/CD and NCD Programmes
  • Kangaroo bonds, high yield bonds and stand-alone bonds
  • Green and sustainability bonds
  • Additional Tier 1 Capital and Tier 2 Capital issues
  • USPPs and 144A issues
  • Islamic bonds

and advises both in relation to English law and Australian law transactions in Australia and offshore. Examples of transactions he has advised on include:

  • Angelco Scotsman, Inc. on the issue by Algeco Global Finance plc of EUR 85 million Senior Secured Fixed Rate Notes and EUR 40 million Senior Secured Floating Rate Notes each due 2023.
  • Anheuser-Busch InBev in connection with the establishment of a AUD 3 billion MTN Programme for its Australian subsidiary and the Australian aspects of the simultaneous global buy-back of bonds issued by the Fosters Group in the US, Europe and Australia and issuance of replacement bonds in each of those jurisdictions.
  • CBA (as Issuer) in connection with their USD 70 billion EMTN Programme and advising on various trades under it.
  • CBA (as Issuer) in relation to its ECP/CD Programme.
  • CBA as arranger and dealer and the other dealers (ANZ, Westpac, NAB, Merrill Lynch) on the establishment of QRN's $15 billion Debt Issuance Programme.
  • CBA and Westpac Banking Corporation on the establishment of Dexus Wholesale Property Fund's AUD MTN Programme and the inaugural issue of notes under it.
  • ANZ and Westpac:
    • as the joint Lead Arrangers on the issue AUD 350 million fixed rate senior secured notes by Melbourne Airport under its newly established AUD 1.5 billion MTN Programme
    • as the Dealers in relation to the establishment of the AMTN Debt Issuance Programme of the Bunnings Warehouse Property Trust
    • on the establishment Incitec Pivot's AMTN Debt Issuance Programme
  • China Construction Bank's Sydney Branch on the establishment of their USD 2 billion ECP programme.
  • China Merchant Bank's Sydney Branch on the establishment of its:
    • $500m Negotiable Certificate of Deposit Programme
    • USD 500 million ECP/CD Programme
  • Credit Agricole on the establishment and on updates of it’s AUD 5.2 billion Euro-Commercial Paper and Certificate of Deposit Programme, and on the establishment of it’s AUD 3.4 billion Debt Instrument Programme.
  • E.Sun Commercial Bank Ltd, Sydney Branch on the establishment of its USD 5 billion ECP and CD Programme.
  • DBS Bank Ltd, National Australia Bank Limited, Commonwealth Bank of Australia and Westpac Banking Corporation on the issue of AUD 750 million Floating Rate Subordinated Notes due March 2028 by DBS Group Holdings Ltd.
  • Elanor Investors Limited on its issue of AUD 40 million 7.10% Unsecured Fixed Rate Notes due 2022.
  • First Quantum Minerals on the Australian aspects of their USD 350 million 144A high-yield bond issue.
  • Government of the Republic of Fiji on their listing of FJD 100 million Green Bonds on the International Securities Market of the London Stock Exchange. The first sovereign bond and the first green bond listed on the ISM of the LSEFinalist - Financial Times Asia-Pacific Innovative Deals of the Year 2019.
  • IMB on the establishment of, and amendments to, it’s AUD 2 billion Debt Issuance Programme and issues of subordinated notes under the Programme.
  • Industrial and Commercial Bank of China, Sydney Branch on the establishment of, and amendments to, its USD 15 billion Debt Instrument Programme and on issues under that Programme.
  • Industrial and Commercial Bank of China, Tokyo Branch on the establishment and subsequent listing of its USD 4 billion MTN Programme on the Tokyo Pro-Bond Market of the Tokyo Stock Exchange and on the issue by it of CNY$500 million 3.80% Notes due 2019.
  • JPMorgan on Fortescue's 144A USD 2.3 billion Senior Secured Notes due 2022.
  • McDonald's Corporation on Australian law aspects of their USD 10 billion GMTN Programme.
  • National Australia Bank on the issue by Centuria Funds Management Limited as trustee of the Centuria Capital No.2 Fund of AUD 60 million 7% Fixed Rate Secured Notes due 21 April 2021 and subsequent fungible issue of AUD 25 million 7% Fixed Rate Secured Notes due 21 April 2021.
  • National Australia Bank on the issue by Centuria Funds Management Limited as trustee of the Centuria Capital No.2 Fund of AUD 40 million Floating Rate Secured Notes due 21 April 2021.
  • National Australia Bank on the issue by Civmec Holdings Pty Ltd on the issue of AUD 60 million 7% Fixed Rate Secured Notes due 2022.
  • National Australia Bank on the issue of AUD 150 million Wholesale Capital Notes by Bank of Queensland.
  • National Australia Bank on the issue by Kooragang Island Tank Terminals Pty Ltd of AUD 41 million 7% Fixed Rate Secured notes due 2024.
  • National Australia Bank on the issue by Peet Limited of $75m Simple Corporate Bonds and on the subsequent drawdown, the first in the Australian market, of an additional $50m Simple Corporate Bonds. National Australia Bank and Westpac Banking Corporation as Joint Lead Managers on ME Bank's AUD 200 million Perpetual Capital Additional Tier 1 Notes. Finalist - Financial Times Asia-Pacific Innovative Deals of the Year 2018.
  • New South Wales Treasury Corporation on:
    • amendments and updates of its USD 10 billion EMTN Programme
    • amendments and updates to its US MTN Programme
  • Advising the joint lead arrangers on the buy-back and reissue of $175 million fixed rate senior secured notes by Sydney Airports. This was the first buy-back of credit wrapped bonds and re-issue of secured bonds in Australia.
  • Westpac and NAB as joint lead arrangers on the establishment of Brisbane Airport's A$MTN Programme and the inaugural issue of notes under it.
  • Westpac Banking Corporation on all DCM, securitisation and loan aspects of their acquisition of the Lloyds Bank assets in Australia and on all DCM issues arising from their merger with St. George Bank.

Professional Honors

Duncan is recognised in various legal directories including Chambers Global, Chambers Asia Pacific, IFLR1000, Asia Pacific Legal 5000 and Who's Who Legal. 

Professional Associations and Memberships

  • The Law Society of New South Wales - Member
  • The Law Society of England and Wales - Member

Admissions

  • New South Wales (2006)
  • England & Wales (2000)

Education

  • London School of Economics and Political Science (LLM) (1998)
  • London School of Economics and Political Science (BSc. Economics, Government and Law) (1996)