Investment Banking

FNZC’s Investment Banking* team is one of the most experienced and knowledgeable in New Zealand, with a proven track record of solving complex issues and delivering innovative solutions.

*FNZC is not a registered bank

Credit Suisse Global Alliance

We offer the best of both worlds—a market leading New Zealand owned business plus a strategic relationship with a global investment banking and financial services firm, Credit Suisse Group.

Credit Suisse provides access to offshore investment banking services, research, industry and product expertise, global securities distribution and underwriting capability.

100
NZ Owned
100
Globally Connected

Equity Capital Markets

Our investment banking team has significant experience in primary and secondary equity market transactions, including:

  • Initial public offerings
  • Secondary placements
  • Rights issues
  • Share purchase plans
  • Market stands
  • Share buy-backs
  • Underwriting
Joint Lead / Underwriter of 14 equity offerings above $100m since 2013

Turners Automotive Group – Sale of the Hugh Green Trust’s Stake
Organiser and Bookrunner, client: Hugh Green Trust, value: NZ$47m, June 2017

Oceania Healthcare IPO – Investing in a growing aged care and retirement village opportunity
Joint Lead Manager, client: Oceania Healthcare, value: NZ$200m, May 2017

Orion Health Group – Entitlement Offer to fund working capital
Arranger and Underwriter, client: Orion Health Group, value: NZ$32m, May 2017

Hellaby Holdings – Sale of the Hugh Green Trust’s Stake
Organiser and Bookrunner, client: Hugh Green Trust, value: NZ$96m, March 2017

Heartland Bank – Secondary Placement to support continued asset growth
Underwriter and Organising Participant, client: Heartland, value $20m, December 2016

New Zealand King Salmon IPO – the world’s largest aquaculture producer of King salmon
Joint Lead Manager, client: NZ King Salmon, value NZ$76m, October 2016

Synlait Milk – Accelerated Entitlement Offer to fund expansion
Sole Lead Manager and Underwriter, client: Synlait Milk, value: NZ$98m, October 2016

SKYCITY – Entitlement Offer to fund future capital expenditure
Joint Lead Manager and Underwriter, client: SKYCITY, value: NZ$263m, May/June 2016

Tegel IPO – New Zealand’s largest poultry producer and distributor
New Zealand Lead Manager, client: Tegel, value: NZ$299m, April 2016

Wynyard – Rights Issue to fund working capital
Organising Participant, client: Wynyard, value: NZ$30m, March 2016

AFT Pharmaceuticals IPO – Investing in New Zealand’s healthcare industry
Sole Lead Manager, client: AFT Pharmaceuticals, value: NZ$36m, December 2015

Xero – Secondary Placement
Underwriter and Organising Participant, value: NZ$50m, November 2015

A2 Milk Company – Secondary Placement
Organising Participant, client: Freedom Foods, value: NZ$31m, October 2015

Pacific Edge – Rights Issue to fund expansion
Underwriter and Organising Participant, client: Pacific Edge, value: NZ$35m, June 2015

Heartland – Secondary Placement
Organising Participant, client: Quadrant Private Equity, value: NZ$53m, May 2015

Kiwi Property Group – Underwritten accelerated entitlement offer to fund future investment and development
Underwriter and Organising Participant, client: Kiwi Property Group, value: NZ$152m, May 2015

Precinct Properties – Accelerated Offer to Fund Development Projects
Joint Lead Manager and Underwriter, client: Precinct Properties NZ Limited, value: NZ$174m, March 2015

Orion Health IPO – Largest NZ Primary IPO of 2014
Joint Lead Manager, client: Orion Health, value: NZ$125m, November 2014

EROAD IPO – Listing and Capital Raising for Expansion
Sole Lead Manager, client: EROAD, value: NZ$46m, August 2014

Scales IPO – An Investment in New Zealand’s Primary Industry
Joint Lead Manager, client: Direct Capital, value: NZ$149m, July 2014

Genesis IPO – Final Mixed Ownership Model Transaction
Joint Lead Manager, client: NZ Treasury, value: NZ$736m, April 2014

Refining NZ – Institutional Placement and Share Purchase Plan
Arranger and Underwriter, client: Refining NZ, value: NZ$55m, April 2014

Heartland New Zealand – Institutional Placement and Share Purchase Plan to fund Acquisitions
Arranger and Underwriter, client: ANZ, value: NZ$20m, February 2014

Airwork IPO – Capital Raise for Liquidity and Growth
Lead Manager and Organising Participant, client: Airwork, value: NZ$38m, December 2013

Pacific Edge – Pro Rata Rights Issue to Fund US Growth
Lead Manager and Organising Participant, client: PEB, value: NZ$20m, November 2013

Summerset – Final placement of shares by Quadrant
Joint Underwriter and Joint Lead Manager, client: Quadrant Private Equity, value: NZ$155m, October 2013

Xero – Significant Primary Placement to Fund Global Growth
NZ Placement Agent, client: Xero, value: NZ$180m, October 2013

Tower – Underwritten Placement of Shares by GPG
Underwriter and Lead Manager, client: Guiness Peat Group, value: NZ$118m, September 2013

Z Energy IPO – Largest non-Government NZ IPO since 1991
Joint Arranger, Joint Lead Manager and Joint Bookrunner, client: Infratil and New Zealand Super Fund, value: NZ$840m, August 2013

Argosy Property – Fully Underwritten Rights Issue to Support Property Acquisitions
Underwriter and Lead Manager, client: Argosy Property, value: NZ$89m, August 2013

Synlait Milk IPO – First IPO of a Chinese company on the NZSX
Joint Lead Manager and Joint Bookrunner, client: Synlait Milk, value: NZ$114m, July 2013

Summerset – Secondary Placement of Shares following Expiry of Escrow condition
Underwriter and Lead Manager, client: Quadrant Private Equity, value: NZ$89m, May 2013

Mighty River Power IPO – First Mixed Ownership Model transaction
Joint Lead Manager and Joint Bookrunner, client: NZ Treasury, value: NZ$1.7bn, May 2013

Argosy Property – Placement and Share Purchase Plan to Fund Property Acquisitions
Financial Adviser and Sole Lead Manager, client: Argosy Property, value: NZ$100m, February 2013

Sky TV – Underwritten Placement by Todd Corporation
Joint Underwriter and Placement Agent, client: Todd Corporation, value: NZ$218m, November 2012

Debt Capital Markets

We are a leader in retail fixed income capital raising for New Zealand corporates. We manage the structuring, syndication, marketing and distribution of debt issues and have a solid understanding of New Zealand fixed income investors.

Our broking division has a strong presence in secondary market debt trading in New Zealand, and we have played a key role in a large number of public debt issues in recent years.

Involved in over 14 DCM issues in the last 3 years

Summerset
Issue of secured senior bonds, Joint Lead Manager, client: Summerset, value: NZ$100m, June 2017

Goodman
Issue of secured senior bonds, Co-Manager, client: Goodman, value: NZ$100m, May 2017

Infratil
Issue of secured senior bonds, Joint Lead Manager, client: Infratil, value: NZ$150m, May 2017

Z Energy – Bond issue
Issue of secured senior bonds, Joint Lead Manager, client: Z Energy, value: NZ$220m, October 2016

Turners Limited – Bond issue
Issue of convertible bonds, Lead Manager, client: Turners Limited, value: NZ$25m, August 2016

Westpac – Bond issue
Issue of Tier 2 subordinated bonds, Joint Lead Manager, client: Westpac, value: NZ$400m, July 2016

Wellington Airport – Bond issue
Issue of unsecured fixed rate bonds, Joint Lead Manager, client: Westpac, value: NZ$60m, July 2016

Infratil – Bond issue
Issue of unsecured unsubordinated bonds, Co-manager, client: Infratil, value: NZ$150m, May 2016

Chorus – Bond issue
Issue of senior bonds, Co-manager, client: Chorus, value: NZ$400m, April 2016

Meridian Energy – Bond issue
Issue of senior bonds, Co-manager, client: Meridian Energy, value: NZ$150m, March 2016

BNZ – Bond issue
Issue of Tier 2 subordinated notes, Joint Lead Manager, client: BNZ, value: NZ$550m, November 2015

Infratil – Bond issue
Issue of unsecured unsubordinated bonds, Joint Lead Manager, client: Infratil, value: NZ$122m, October 2015

SKYCITY – Bond issue
Issue of unsecured unsubordinated redeemable fixed rate seven-year bonds, Joint Lead Manager, client: SKYCITY, value: NZ$125m, September 2015

ANZ – Notes issue
Issue of tier 1 capital notes, Joint Lead Manager, client: ANZ, value: NZ$500m, May 2015

Precinct – Bond issue
Issue of fixed rate senior secured bonds, Joint Lead Manager, value: NZ$75m, December 2014

Mergers & Acquisitions

We advise corporations, private equity groups, state owned enterprises and offshore companies on mergers, acquisitions, restructurings and divestments. Complementing our M&A credentials is the leading market position of our broking team, which informs our understanding of investors in New Zealand stocks.

Furthermore, our global alliance with Credit Suisse gives us outstanding cross-border M&A capability and experience.

NZ M&A deals by value 2006 – 2016

Takeover of Turners Automotive Group by Financial Institutions
Advisor to Financial Institutions, value: NZ$47m, July 2017

Takeover of Hellaby Holdings Limited by Bapcor
Advisor to Bapcor, value: NZ$352m, February 2017

Better Health Companies 80% sale to China Diamond Holdings
Advisor to China Diamond Holdings, value: not disclosed, February 2017

Acquisition of Strait Shipping
Advisor to Champ Private Equity Group, value: not disclosed, December 2016

Joyvio Golden Wing Mau purchase of 20% of T&G
Advisor to Joyvio Golden Wing Mau, value: NZ$72m, July 2016

Nanshan Group’s purchase of Air New Zealand 25.9% stake in Virgin Australia
Advisor to Air New Zealand, value: A$333m, June 2016

$200m Primary Equity Commitment in Partners Life by Blackstone
Advisor to Partners Life, value: NZ$200m, May 2016

Block trade of 15.38% of Scales Corp to Chinese Resources
Advisor to Direct Capital Investments, value: NZ$56m, March 2016

Fisher & Paykel Appliances, sale of Fisher & Paykel Finance
Adviser to Fisher & Paykel Appliances, value: NZ$315m, February 2016

Todd Corporation, Sale of Ara Vineyard
Adviser to Todd Corporation, value: not disclosed, February 2016

Global Forest Partners, sale of 14 forestry estates
Adviser to GFP, value: not disclosed, February 2016

Fletcher Building, sale of Rocla Quarries
Adviser to Fletcher Building, value: A$194m, January 2016

Acquisition of the assets of Crown Castle Australia
Advisor to Todd Corporation and Crown Castle International, value: A$2bn, May 2015

Port Otago, Sale of Stake in Lyttleton Port
Adviser to Port Otago, value: NZ$82m, September 2014

Vocus, Acquisition of FX Networks
Adviser to Vocus, value: NZ$116m, September 2014

Sale of Griffins
Advisor to Pacific Equity Partners, value: NZ$700m, July 2014

Heartland Bank, acquisition of Seniors Money
Advisor to Heartland Bank, book value of assets: NZ$760m, February 2014

Internalisation of Kiwi Income Property Trust Management Contract
Financial Advisor to the Independent Directors, value: NZ$73m, December 2013

Sale of 60% of Vehicle Testing NZ to DEKRA
Advisor to Motor Trade Association, value: NZ$60m, October 2013

Goodyear’s sale of Beaurepaires NZ
Advisor to Goodyear, value: not disclosed, August 2013

Woolworths acquisition of EziBuy
Advisor to Woolworths, value: NZ$350m, August 2013

Fidelity Life’s purchase of Tower Life
Advisor to Fidelity Life, value: NZ$189m, July 2013

Direct Property and Property for Industry Merger
Advisor to Direct Property and Property for Industry on Merger of Equals, value: NZ$814m, July 2013

Acquisition of Revera by Telecom
Advisor to Telecom, value: NZ$97m, May 2013

Takeover of Fisher & Paykel Appliances by Haier
Defence advisor to Fisher & Paykel Appliances, value: NZ$930m, November 2012

Sale of NDA Businesses, Dairy Technology Services and NDA Hawera, to Tru-Test
Financial advisor to NDA, value $73m, January 2013

Demerger of Telecom and Chorus
Advisor to Telecom, value: NZ$1.2bn, November 2011

Sale of NZSFI forestry assets to Ernslaw One
Adviser to Mirvac Funds Management, value: NZ$95m, August 2011

Internalisation of Argosy Property Management Contract
Adviser to Argosy, value: NZ$20m, August 2011

Merger to create Heartland Bank
Financial Adviser to Merging Parties, CBS Canterbury, MARAC Finance and Southern Cross Building Society, January 2011

Corporate Advisory

Corporate clients benefit from our expert financial advice and investment services, in the course of transactions or on a case-by-case basis.

Our unmatched experience in capital markets and with M&A transactions provides invaluable insights for our corporate advisory work.

  • Valuation
  • Capital structure
  • Financing strategy
  • Cost of capital
  • Dividend policy
  • Debt refinancing
  • New venture, project and investment feasibility analysis
  • Share-based remuneration schemes

Tourism Holdings
Strategic review of business, 2015

Fletcher Building
Portfolio review, 2014

Crown Irrigation Investments
Capital structure review and pricing advice on investor proposals, 2014

Tainui Group Holdings
Review of Investment Portfolio, October 2013

Auckland International Airport
Advisor on Capital Structure and Capital Return to shareholders, August 2013

Fulton Hogan
Review of Capital Structure and Financial Flexibility, February 2013

Z Energy
Scoping Study on Proposed IPO, including Capital Structure, Valuation and key Implementation Issues, February 2013

Fonterra
Advisor on Design and Structuring of Fonterra Shareholders’ Fund, November 2012

Refining NZ
Financial Advisor in Relation to NZ$365 million Expansion of Petrol Making Facilities at Marsden Point refinery, May 2012

Meridian
Scoping Study for NZ Treasury on Proposed IPO, August 2011