A historic $1.2 billion deal to keep Air New Zealand afloat took home the title of equity market transaction of the year, at the 2023 Institute of Finance Professionals New Zealand (Infinz) awards in Auckland
![Madison Reidy](https://s3.amazonaws.com/arc-authors/nzme/d76caae2-0a99-4483-9295-2594872562f0.png)
A $1.2 billion deal rights offer to keep Air New Zealand afloat was the third-largest offer to investors in our capital market history. Photo / Grant Bradley
Rival investment bank Jarden was a big winner on the night too, collecting three awards, including for its “well received” merger of Tourism Holdings and Apollo Tourism and Leisure, and its series B equity raise and subordinated debt financing for the early-stage solar power company Lodestone Energy.
![Investment bank Jarden received two awards for its equity raise and debt financing for the early-stage solar power company Lodestone Energy.](https://www.nzherald.co.nz/resizer/v2/M7I7MDKISRDDHOHPDV7OVXTMBM.jpg?auth=656032e7c90d1690539adb588170bbd7c87249c1dee9253ae8c9c81a4696c286&width=16&height=9&quality=70&smart=true)
The emergence of environmental, social and governance values in capital markets was a clear factor across the winners, with submitters this year required to assess how their activities had improved outcomes for the environment and society.
The issuing of $3b worth of green bonds by NZ Debt Management office was awarded the debt market issue of the year, which was led and structured by ANZ, BNZ, Westpac, Deutsche Bank and UBS.
ASB Bank was awarded the corporate ESG (environmental, social and governance) award for “truly living and breathing corporate ESG, diversity and inclusion across the business”.
Otago University students were awarded the research report of the year for revealing that Australasian ESG funds had similar carbon intensity to non-ESG funds.
“The paper contributes to the debate about whether investors are being well informed about the true nature of the ESG funds and suggests that a considerable amount of ‘greenwashing’ is occurring in order to attract investors,” the judges said.
For the second year running, Milford Asset Management won the diversified growth fund manager of the year, standing out for its relative performance in a negative year for fund managers.
![Fisher and Paykel Healthcare CEO Lewis Gradon received the leadership award for the total shareholder return of the company during his tenure.](https://www.nzherald.co.nz/resizer/v2/53RUMEFICWXZIAB2CZYQMM5FHI.jpg?auth=701d27102ee8211138cc04bc6d3dfdf1b4a1088baf1033d4bce5e0465c124a1e&width=16&height=11&quality=70&smart=true)
Leadership awards went to Dean Anderson, whose Kernel KiwiSaver fund launched the first global ESG fund aligned to the Paris Agreement, and long-standing Fisher and Paykel Healthcare CEO Lewis Gradon, who was appointed in 2016.
“The total shareholder return of the company he leads, over the five years to 31 December 2022, was 33 per cent over and above the cost of equity,” the judges said.
The country’s largest renewable electricity generator, Meridian Energy, was commended as having the best investor relations, while Spark was given an excellence in treasury award.
The “holy grail” of monetising government cashflows was celebrated in the debt deal of the year, awarded to Te Rūnanga o Toa Rangatira Incorporated for the debt facilities of $368 million raised to fund the purchase of properties from the Crown.
Lenders for that debt deal included ANZ, BNZ, Booster, Fisher Funds, Westpac and Rotomā No 1 Incorporation, with arrangement by JP Morgan, Armillary Private Capital and Craigs Investment Partners.