Bond Factsheet
MQGAU 6.1456% 29May2040 Corp (AUD)
Macquarie Bank Limited
Indicative
Full Lot
Bid Price 94.911
Change in Bid Price 0.436
Bid Yield (%) 6.862 %
Change in Bid Yield 0.052
Ask Price 95.193
Change in Ask Price 0.425
Ask Yield (%) 6.830 %
Change in Ask Yield 0.051
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Macquarie Bank Limited
Guarantor
-
Announcement Date
22 May 2025
Issue Date
29 May 2025
Maturity Date
29 May 2040
Years to Maturity / Next Call
13.663 / 8.657
Modified Duration
8.774 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.1456
Coupon Type
Variable
Annual Coupon Rate
6.1456
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 29 May 2035 and every quarter thereafter
Reset Rate: 3 month BBSW + Initial Margin (1.95%)
ISIN
AU3CB0322212
CUSIP
YO7337216
Bond Currency
AUD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Non-Viability Trigger Event:
A “Non-Viability Event” occurs when APRA: a) issues a written notice to the Issuer that it is necessary that Relevant Securities (including the Subordinated Debt Instruments) be subject to Loss Absorption because, without such Loss Absorption, APRA considers that the Issuer would become non-viable; or
b) notifies the Issuer in writing that it has determined that without a public sector injection of capital, or equivalent support, the Issuer would become non-viable.
Exchange Following a Non-Viability Trigger Event:
If a Non-Viability Trigger Event occurs, the primary method of loss absorption is Exchange. Upon a Non-Viability Trigger Event occurring, the Issuer may be required to Exchange all or, in some cases a proportion of the Subordinated Debt Instruments into Ordinary Shares. If for any reason Exchange is not effected within five Business Days, Subordinated Debt Instruments will be Written-Off and Holders’ rights, including any rights to unpaid interest or Additional Amounts and repayment of principal, will be immediately and irrevocably terminated with effect on and from the Exchange Date.
Issuer Call
Early redemption of Subordinated Debt Instruments is subject to the prior written approval of APRA. The Issuer may only elect to redeem if the Subordinated Debt Instruments are replaced with a capital instrument of the same or better quality and the replacement is done under conditions which are sustainable for the Issuer’s income capacity, or the Issuer obtains confirmation from APRA that APRA is satisfied that the capital position of the Issuer is sufficient after the Subordinated Debt Instruments are redeemed.
Holders of Subordinated Debt Instruments should not expect that APRA’s approval will be given for any early redemption of Subordinated Debt Instruments. Any redemption of Subordinated Debt Instruments does not imply or indicate that the Issuer will in the future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by the Issuer. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given).
Holders have no right to request redemption before the Maturity Date.
Additional Note
Subject to the prior written approval of APRA, the Subordinated Debt Instruments may be redeemed at the option of the Issuer before the Maturity Date for certain tax or regulatory reasons at par plus accrued interest. Holders should not expect that APRA’s approval will be given for any early redemption of Subordinated Debt Instruments. Holders have no right to request redemption before the Maturity Date.
“Regulatory Event” means:
(a) a law or regulation applicable in the Commonwealth of Australia or any State or Territory of Australia or any directive, order, standard, requirement, guideline or statement of APRA (whether or not having the force of law), which applies to the Issuer, MGL or any other member of the Macquarie Group (a “Regulation”) is introduced, amended, clarified or changed or its application changed;
(b) an announcement is made that a Regulation will be introduced, amended, clarified or changed or its application changed; or
(c) a decision is made by any court or other authority interpreting, applying or administering any Regulation,
in each case, which event occurs or is effective on or after the Issue Date and was not expected by the Issuer as at the Issue Date (each such event a “Change in Law”) and the Issuer determines that, as a result of that Change in Law:
(i) any of the Subordinated Debt Instruments are not eligible for inclusion as Tier 2 Capital for the Issuer Level 1 Group or the Issuer Level 2 Group;
(ii) additional requirements (including regulatory, capital, financial, operational or administrative requirements) in connection with the Subordinated Debt Instruments of the relevant Series would be imposed on the Issuer, MGL or any other member of the Macquarie Group which the Issuer determines, in its absolute discretion, might have a material adverse effect on the Issuer, MGL or any other member of the Macquarie Group or otherwise be unacceptable; or
(iii) that to have any of the Subordinated Debt Instruments outstanding would be unlawful or impractical or that the Issuer, MGL or any other member of the Macquarie Group would be exposed to a more than de minimis increase in its costs in connection with those Subordinated Debt Instruments.
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