Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Chapman Tripp Reinforces Sustainable Finance Expertise Advising Mercury On Financing Framework

Described ‘as the firm that leads’, Chapman Tripp and Mercury today jointly celebrate New Zealand’s first new retail green bond of 2020, totalling $200 million.

Today’s quotation of Mercury’s MCY030 bonds on the NZX Debt Market marks the completion of New Zealand’s first new retail green bond issue for the year and follows the launch of Mercury’s green financing framework in August.

Geoff Smits, Mercury’s Acting Treasurer said, “Mercury’s Green Financing Framework and inaugural Green Bond are key milestones for Mercury, reflecting Mercury’s desire to promote renewable energy and the positive environmental and economic outcomes of investing in renewable energy assets. We want New Zealand to make the most of its renewable energy advantage, using it to realise a low carbon future for all New Zealanders, including the huge opportunity in transitioning the country’s vehicle fleet to electric and reducing our dependence on imported fossil fuels.

“Chapman Tripp’s assistance from deal inception through to execution has been invaluable. Leveraging Chapman Tripp’s knowledge, depth of experience and willingness to go the extra mile resulted in a very smooth process.”

Chapman Tripp’s team advising Mercury was led by Cathryn Barber, Partner and Head of the firm’s National Finance Practice, and Senior Associate and sustainable finance expert, Luke Ford. The firm assisted Mercury to establish its new green financing framework, which can include both bonds and loan facilities, and to issue its inaugural green bonds.

Barber said, “this transaction reflects the growing market for sustainable finance in New Zealand and complements Mercury’s published approach to climate change preparation and integrated reporting.”

The $200 million 7-year bond offer included $50 million in oversubscriptions and priced at a coupon of 1.56% per annum, representing a margin of 1.25% per annum over the underlying swap rate.

“The offer launch, including lodgement of the product disclosure statement, was completed during the most recent Auckland lockdown. Logistical challenges were further increased by the recent cyberattacks on the NZX,” Barber added.

Mercury receives programmatic Climate Bond Standard certification with this milestone.

ANZ acted as Arranger, Joint Lead Manager and Green Bond Co-ordinator, and BNZ, Craigs Investment Partners and Forsyth Barr acted as Joint Lead Managers. DNV GL provided Mercury with green bond verification and Bell Gully provided legal advice to The New Zealand Guardian Trust as bond supervisor.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>


Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>


Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>


MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>


NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>


Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>