David Smith, Associate

David joined TDB Advisory in 2018 and has over 30 years’ experience in Investment Banking and Corporate Finance advice to corporates and government organisations.

Areas of specialty include:

strategic reviews;
capital structure and credit rating reviews;
valuation and cost of capital;
capital raisings;
process management; and
mergers, divestments and acquisitions.

David worked for First NZ Capital and its predecessors for 33 years in its Investment Banking team. He had responsibility for its Debt Capital Markets functions for 25 years. David was also on its parent board and audit committee for 13 years; and also on the Boards of FNZ and Credit Suisse Emerging Companies.

David has a Bachelor of Science and Post-Graduate Diploma of Science (mathematics) from Otago University and a Master of Business Administration (finance, marketing) from the University of California, Berkeley. He is a member of the Institute of Finance Professionals NZ and was a member of the Ministry of Economic Development’s Disclosure Advisory Group.

Some of the advisory assignments and transactions David was involved over his Investment Banking career include:

Advisor to the Electricity Reform Transition Unit on the break-up of ECNZ into Meridian, Genesis and Mighty River – included competition analysis, financial stress testing, capital structure and asset and liability allocation
Advisor to Board of Telecom on demerger of Chorus
Achieved sale of Maui Gas Contract backed loan asset for Natural Gas Corporation by securitisation to US private placement investors and sale of residual inflation linked flows to NZ equity investors.
Led scoping studies on privitisation (Meridian Energy, NZ Rail); equity issues (Z Energy) and credit rating/capital structure/cost of capital (Auckland Airport, Transpower)
Led Rabobank NZD900M Tier 1 Capital Security – NZ’s largest ever bond raising
Led Contact Energy $550M senior issue – largest ever BBB issue in NZ market
Led issues for many other major NZ corporates including: Auckland International Airport, Air New Zealand, Goodman Property Trust, Meridian Energy, CitibankNZ, Infratil, NZ Post, Telecom, Transpower, Z Energy and Wellington Airport.
Began market for hybrids in NZ (Fletcher Challenge Capital Notes) and developed leveraged buyout market
Led fundraisings into bank syndicated market, Eurobond and US private placement market
Involved in equity IPOs (Z Energy, Westpac NZ class share)