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ME moves forward with Aus’ third-ever AT1 deal

A global law firm has advised ME Bank on Australia’s third-ever wholesale Additional Tier 1 Capital deal.

user iconEmma Musgrave 24 November 2017 Big Law
Additional Tier 1 Capital deal
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Firm: King & Wood Mallesons (ME Bank)

Deal: ME Bank has been advised on Australia’s third-ever wholesale Additional Tier 1 Capital deal – and the first to feature write-off only (rather than conversion) at the point of non-viability, according to a statement from KWM.

Value: $200 million

Area: Finance

Key players: The KWM legal team was led by partners Jo Dodd, Ian Paterson and Darren McClafferty, with support from senior associate Sylvester Urban, associate Charlene Soh and solicitor Kendy Ding.

Deal significance: This transaction saw ME Bank issue $200 million of Additional Tier 1 Capital-qualifying unrated Capital Notes via National Australia Bank and Westpac Institutional Bank, the statement from KWM said.

The firm noted that the transaction is intended to support ME’s capital adequacy, and is the third AT1 deal targeted at wholesale investors since the introduction of the Basel III capital requirements. In addition, it is the first wholesale AT1 transaction in Australia from an unlisted ADI.

Commenting further on the transaction, KWM partner Jo Dodd said: “We are very pleased to have advised ME Bank on this transaction and helped position the wholesale format AT1 issuance space as a viable fundraising option for banks.”

Emma Musgrave

Emma Musgrave

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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