Value: N/A

Area: Debt capital markets

Key players: The KWM team was led by partners Jo Dodd and David Wood, who were assisted by senior associates Frankie Barbour and Chloe Delahunt-Devlin.

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Deal significance: PNL’s capital notes conversion to mutual capital instruments (MCIs) is the first of its kind.

Wholesale investors were issued the capital notes in a bid to aid PNL’s growth via capital management and implementation of its transformation road map.

PNL’s capital notes can be redeemed after five years and can remain on issue permanently if they aren’t redeemed. Importantly, should PNL become non-viable, the capital notes will convert into mutual capital instruments, making this a first-of-its-kind type of conversion.

“PNL’s issuance of capital notes which convert to MCIs is a first for the market and PNL’s first capital instrument – it was an absolute pleasure to work with the PNL team, NAB and Ord Minnett on this innovative deal,” Ms Dodd stated.