Australia/New Zealand Loan House: ANZ

IFR Asia Awards 2020
3 min read
Mariko Ishikawa

Stepping Up

ANZ outperformed its competitors in its home markets and provided much-needed support to borrowers to cope with the pandemic during IFR’s review period, finishing on top of the league tables for Australia and New Zealand once again.

The bank underwrote financings to help clients shore up balance sheets and fund opportunistic acquisitions, deepened the market with distribution to institutional investors and continued to promote sustainable finance.

“It’s in challenging times like these where we really see the value of our franchise in being able to support a broad range of customers with liquidity from across the region,” said Gavin Chappell, head of loan syndications at ANZ.

“We have been active underwriting transactions throughout the year, even in the most challenging periods providing timely financing to our customers when they have really needed it.”

ANZ stepped up for clients in sectors hit hard by Covid-19.

The bank was one of four mandated lead arrangers and bookrunners for Qantas Airways’ A$450m 10-year loan in May. Notwithstanding the uncertainty around the future of the airline industry and the long tenor, the loan was increased from the initial launch size of A$300m, with five banks joining in a targeted syndication.

ANZ also provided a A$409.45m liquidity and capex facility for Village Roadshow in August, its 15th mandate from the owner of Australia’s most iconic theme parks and cinema chain.

In the resources sector, it was on the top line for a A$1.17bn-equivalent amendment and extension for Origin Energy and a US$2bn refinancing for the holding company of the Roy Hill iron ore project, majority owned by billionaire Gina Rinehart’s Hancock Prospecting.

While many banks shied away from underwriting risk in an unpredictable year, ANZ remained active in M&A financing across an array of industries.

Having provided a bridge loan for Santos’s acquisition of natural gas assets from ConocoPhillips, the bank then syndicated a US$750m takeout loan that was increased from the initial launch size of US$500m after 17 lenders joined in syndication.

ANZ also underwrote a NZ$340m loan backing the acquisition of Healthscope New Zealand’s pathology business by New Zealand Super and Ontario Teachers Pension Plan, bringing in 11 lenders in syndication, including three institutional investors.

In the real estate sector, ANZ was instrumental in bringing institutional investors into deals such as an A$880m loan for Walker Corporation’s Paramatta Square in October 2019, Lendlease Group’s A$800m facility in June and Lendlease Retirement Living’s A$935m deal in December.

The bank continued to make its mark in sustainable finance with a landmark A$1.4bn sustainability-linked loan for Downer EDI in November.

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