Capital Markets

Hybrid Securities

Innovative and experienced hybrid securities lawyers

Our team leads the market in the development of hybrid securities for financial institutions and corporates.

We bring together specialists across debt capital markets, equity capital markets, securitisation, derivatives, financial services regulation and tax to deliver innovative hybrid security financing solutions.

Our team covers all forms of regulatory capital issued by banks and insurers, equity linked and rating agency equity credit structures for corporates and stapled securities for trust issuers. We led the development of Basel III and Life and General Insurance Capital (LAGIC) compliant instruments for Australian banks and insurers and we are at the forefront of regulatory developments.

Our team handles all legal forms of issuance, including:

  • Perpetual Subordinated Notes
  • Term Subordinated Notes
  • Preference Shares
  • Convertible Notes 
  • Stapled Structures.

Our team works on issues in Australian, Asian, European and US markets by issuers across each region.

Issuer clients include AMP, ANZ, BOQ, Challenger, IAG, Macquarie, NAB, QBE, Suncorp and Westpac.

In addition to our issuers our clients include all the major arranging houses, including ANZ, Bank of America, CBA, JP Morgan, Macquarie, NAB, UBS and Westpac.

Our Expertise in Capital Markets
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Industry Recognition
  • Band 1, Capital Markets
    Chambers and Partners Australia 2025
  • KangaNews Australian Law Firm of the Year
    KangaNews, 2024
Testimonials
  • The team is fantastic in delivering everything we ask for. They understand business requirements and operate as a very professional firm.
    Chambers and Partners Asia-Pacific 2025

Latest Thinking

FIRB filing fees to double on 29 July 2022

If you are considering a transaction that may require a no objection notification from the Australian Treasurer (FIRB approval), contact your FIRB adviser to discuss your options and the timing.

22 July 2022

Imported hybrid mismatch rule: Limited clarifications provided in final ATO guidance

Written by Jason Barnes, Sylvester Urban and Jack Anderson.

13 January 2022

Imported hybrid mismatch rule: Commissioner releases much anticipated guidance

This article was written by Jason Barnes, Sylvester Urban and Jack Anderson.

23 April 2021

Latest News

Mallesons advises NEXTDC on A$2.2B capital raise to support record demand for data centre capacity

Mallesons has advised NEXTDC Limited (ASX: NXT) on a A$1.5 billion accelerated non-renounceable entitlement offer and the A$700 million increase to its hybrid securities offer. Together, the two funding initiatives form an approximately A$2.2 billion funding package supporting the accelerated development of data centre capacity.

23 April 2026

KWM advises Suncorp on $250 million wholesale subordinated notes offer

King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on the issue of its wholesale, floating rate, unsecured, subordinated notes 4 which raised A$250 million from institutional and wholesale investors.

08 March 2023

Our Experts in Hybrid Securities

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