NEW Zealand state-owned bank Kiwibank Ltd has established a A$1 billion Kangaroo Bond program that saw the first New Zealand government-guarantered bond deal to be issued into the Australian debt markets.
Clayton Utz advised Kiwibank on the deal, under which the company subsequently issued $250 million New Zealand government-guaranteed kangaroo bonds, which are Australian dollar bonds sold by foreign borrowers in Australia.
Sydney structured capital markets partner, Louise McCoach, led the CLayton Utz team, which was drawn from the firm's Sydney and Brisbane offices.
Commenting on the transaction, McCoach said: "The deal was a relatively complex, high-profile and successful transaction in which we are very proud to have been involved. It was also a terrific deal in being a world first."