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Firms combine to launch ANZ global bonds
Six firms have advised on the establishment of ANZ Bank's Global Covered Bond Programme.Global firms Allen & Overy and Clifford Chance, Australian firms Blake Dawson and Mallesons Stephen…
Lawyers Weekly
Six firms have advised on the establishment of ANZ Bank's Global Covered Bond Programme.
Mallesons acted as Australian legal counsel to ANZ and ANZ Capel Court Limited in the successful establishment of ANZ's $US20,000,000,000 ($19,650,600,000) Global Covered Bond Programme.
A Mallesons team drawn from across the firm's Brisbane, Canberra, Melbourne and Sydney offices also acted on the inaugural forthcoming issue by ANZ of $US1.25 billion in covered bonds under the programme, which is the first-ever issue of covered bonds to be priced and sold by an Australian bank.
Covered bonds are dual recourse securities with investors having a claim against both the issuer and a cover pool of high quality assets held by a special purpose vehicle which guarantees the securities issued by the ADI.
The Banking Act 1959 was amended on 17 October 2011 to allow Australian banks and other authorised deposit-taking institutions to issue covered bonds.
The Mallesons team was led by partners Berkeley Cox and Ian Paterson, and senior associate Chris Trudinger, with the assistance of tax partner David Wood. Mallesons senior associate Stuart Courtney and solicitors Briana Cumming, Jimmy Lau, Emily Zhang, Alice Patterson, Alexandra Hunter and Luke Pallaras also assisted in the transaction.
Blake Dawson acted as advisers to Perpetual (as trustee and security trustee), while Allen & Overy, through its London office, was the English law adviser to ANZ.
Teams from Clifford Chance, through its London office, acted as advisers to Deutsche (as the bond trustee) and English law advisers to the arrangers and dealers (ANZ, UBS and Citigroup) respectively.
Sullivan & Cromwell acted as US law advisers to ANZ, while Sidley Austin acted as United States law advisers to the dealers.
