US Debt and Equity Offers by Australian and New Zealand Issuers in 2021

A record number of Australian and New Zealand issuers accessed the US capital markets in 2021. We have identified 176 US debt and equity offers that were completed by Australian and New Zealand issuers in 2021, with a median amount raised of A$100 million, being the lowest median amount ever as more small and mid-cap issuers access the US equity markets.

The following graph shows the number of debt and equity offers completed by Australian and New Zealand issuers in the United States over the past ten years:​​

The number of US debt deals remained relatively constant at 32 in 2021 and the mix of deal structures changed only slightly. The number of SEC-registered offers and US Private Placements remained much the same while the number of high yield bond issuances increased by 3 from 1 in 2020 to 4 in 2021 and the number of investment-grade bond offers under Rule 144A decreased by 3 from 15 in 2020 to 12 in 2021.

A record 144 equity offers included the United States in 2021 as more small and mid-cap issuers access the US capital markets as part of an Australian capital raising. The number of Australian IPOs that included a US tranche jumped from 3 in 2020 to a record 18 in 2021, with 6 having a large US tranche and 12 having a small US tranche. This increase was mostly due to a robust IPO market and, to a lesser degree, more US companies listing on ASX as 3 Delaware corporations listed on ASX in 2021 and included a US private placement as part of their Australian IPO. The number of “low doc” offers increased 10% from 107 in 2020 to a record 118 in 2021. The number of SEC-registered equity offers also increased to a record 8 in 2021, including 2 IPOs with a listing on Nasdaq. In addition, three Nasdaq-listed Australian companies granted registration rights to US investors as part of a “low doc” placement.

Other offshore equity markets continue to be important. Based upon our work as International Counsel, more than 300 Australian and New Zealand issuers tapped Asian, Canadian and European institutional equity investors in 2021.​​​​​​​

​​​​​​​Click here to download a chart that lists the US debt and equity offers completed by Australian (including US companies with a primary listing on ASX) and New Zealand issuers in 2021.​​​

Over the past 25 years, Andrew Reilly has represented Australian and New Zealand companies on more than 2,000 offers of debt and equity securities in the United States. He also advises underwriters and placement agents ranging from boutique to “bulge bracket” investment banks. Andrew’s practice focuses on US securities and corporate law matters. He advises on private placements, Rule 144A transactions and US public offers of debt and equity securities, including Nasdaq listings. He also advises on re-domiciliation of Australian companies to Delaware, commercial matters, bank finance and cross-border M&A transactions. Read more here.