Mallesons has acted as Australian legal counsel to Australia and New Zealand Banking Group Limited (ANZ) and ANZ Capel Court Limited in the successful establishment of ANZ’s US$20,000,000,000 Global Covered Bond Programme and 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 the 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, Senior Associate Chris Trudinger. It also included Tax Partner David Wood, supported by a team drawn from across the Brisbane, Canberra, Melbourne and Sydney offices, including Senior Associate Stuart Courtney and solicitors Briana Cumming, Jimmy Lau, Emily Zhang, Alice Patterson, Alexandra Hunter and Luke Pallaras.
The legal issues in relation to the structure and documentation of the Programme were complex and the Mallesons team worked seamlessly to help ANZ achieve this milestone within a very tight timeframe.
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