Bond Factsheet
MQGAU 3.624% 03Jun2030 Corp (USD)
Macquarie Bank Limited
Indicative
Full Lot
Bid Price 92.272
Change in Bid Price 0.123
Bid Yield (%) 6.005 %
Change in Bid Yield 0.045
Ask Price 92.632
Change in Ask Price 0.180
Ask Yield (%) 5.889 %
Change in Ask Yield 0.063
Indicative price as of 01 Oct 2026, 3:50pm
Bond Issuer
Macquarie Bank Limited
Guarantor
-
Announcement Date
27 May 2020
Issue Date
03 Jun 2020
Maturity Date
03 Jun 2030
Years to Maturity / Next Call
3.672 / -
Modified Duration
3.320 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.624
Coupon Type
Fixed
Annual Coupon Rate
3.624
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
-
ISIN
USQ568A9SQ14
CUSIP
BJ7338491
Bond Currency
USD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
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
Exchange of Subordinated Notes on Non-Viability of MBL with a fall back to Write-Off
If a Non-Viability Event occurs, on the date on which such Non-Viability Event occurs (whether or not such date is a Business Day) (the “Non-Viability Date”), the aggregate Principal Amount of the Subordinated Notes will be immediately Exchanged for MGL Ordinary Shares in an amount equal (following or together with any Loss Absorption in respect of other Relevant Securities) to:
• the aggregate Principal Amount of Relevant Securities that APRA has notified us must be subject to Loss Absorption to satisfy APRA that we will not become non-viable; or
• if APRA has not so notified us, the aggregate Principal Amount of Subordinated Notes determined by us, in the manner described below, as would satisfy APRA that we will not become non-viable.
Each holder of Subordinated Notes, by its purchase or holding of an interest in any Subordinated Notes irrevocably acknowledges and agrees that:
• we intend that the Subordinated Notes constitute Tier 2 Capital and are able to absorb losses at the point of non-viability as described in APRA’s prudential standards and guidelines and that the Subordinated Notes are subject to Exchange or Write-Off as described herein, which is a fundamental term of the Subordinated Notes;
• Loss Absorption must occur immediately on the Non-Viability Date and that may result in disruption or failures in trading or dealings in the Subordinated Notes;
• no conditions or events will affect the operation of Exchange or Write-Off and such holder will not have any rights to vote in respect of any Subordinated Notes or portions thereof that are Exchanged or Written-Off;
• any failure or delay in the completion of any procedure, formality or other matter connected with the Exchange or Writing-Off of Subordinated Notes held by the holder shall not prevent, impede or delay the Exchange or Write-Off of such Subordinated Notes (which shall be deemed to have occurred immediately with effect on and from the Non-Viability Date, notwithstanding such failure or delay);
• such holder consents to becoming a member of MGL and agrees to be bound by the constitution of MGL upon an Exchange;
• it agrees to the application of payments and issue of MGL Ordinary Shares in respect of its Subordinated Notes upon an Exchange, notwithstanding anything which might otherwise affect the Exchange including, without limitation:(i) any change in the financial position of MBL, MGL or MGL Group since the Issue Date;
(ii) any disruption to the market or potential market for the MGL Ordinary Shares or to capital markets generally;
(iii) it being impossible or impracticable to list the MGL Ordinary Shares on the ASX; or
(iv) it being impossible or impracticable to sell or otherwise dispose of the MGL Ordinary Shares;
“Loss Absorption” means any exchange for or conversion into ordinary shares or writing-off in respect of any Relevant Securities in accordance with their terms or by operation of law on the occurrence of a Non-Viability Event (including an Exchange or Write-Off of Subordinated Notes).
“MGL Ordinary Share” means a fully paid ordinary share in the capital of MGL.
“Non-Viability Event” means when APRA: (i) issues a written notice to us that it is necessary that Relevant Securities (including the Subordinated Notes) be subject to Loss Absorption because, without such Loss Absorption, APRA considers that we would become non-viable; or (ii) notifies us in writing that it has determined that, without a public sector injection of capital or equivalent support, we would become non-viable.
Additional Note
Subject to the conditions set forth under “— Approval of APRA” above, and provided that the relevant Subordinated Notes are not otherwise required to be Exchanged or Written-Off, we may elect to redeem the Subordinated Notes, in whole but not in part, at a redemption price equal to 100% of the Principal Amount of the Subordinated Notes to be redeemed, together with interest accrued on such Principal Amount to but excluding the date fixed for redemption, upon the occurrence of any of the following (a “Regulatory Event”):
• 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 MBL, MGL or any other member of MGL Group (a “Regulation”) is introduced, amended, clarified or changed or its application changed; or
• an announcement is made that a Regulation will be introduced, amended, clarified or changed or its application changed; or
• a decision is made by any court or other authority interpreting, applying or administering any Regulation.
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