Bond Factsheet
MQGAU 6.798% 18Jan2033 Corp (USD)
Macquarie Bank Limited
Indicative
Full Lot
Bid Price 103.347
Change in Bid Price 0.578
Bid Yield (%) 6.140 %
Change in Bid Yield 0.112
Ask Price 103.567
Change in Ask Price 0.569
Ask Yield (%) 6.098 %
Change in Ask Yield 0.110
Indicative price as of 23 Oct 2026, 4:01pm
Bond Issuer
Macquarie Bank Limited
Guarantor
-
Announcement Date
10 Jan 2023
Issue Date
18 Jan 2023
Maturity Date
18 Jan 2033
Years to Maturity / Next Call
6.234 / -
Modified Duration
4.959 @ 23 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.798
Coupon Type
Fixed
Annual Coupon Rate
6.798
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
-
ISIN
USQ568A9SS79
CUSIP
ZM3459264
Bond Currency
USD
Total Issue Size
1,000,000,000
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
Others
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,
provided, however, that in the case of a Non-Viability Event where APRA notifies us in writing that it has determined that, without a public sector injection of capital or equivalent support, we would become non-viable, the aggregate Principal Amount of all Subordinated Notes shall be Exchanged in full.
No Subordinated Note or portion thereof can, or will, be Exchanged at the option of a holder thereof. If a Non-Viability Event occurs and not all Subordinated Notes are required to be Exchanged, we will determine the aggregate Principal Amount of Subordinated Notes which must be Exchanged in accordance with the following: • first, all Relevant Tier 1 Securities shall be subject to Loss Absorption; and
• second, if such Loss Absorption in respect of all Relevant Tier 1 Securities is not sufficient to satisfy the requirements described above, and provided that, as a result of that Loss Absorption, APRA has not withdrawn its determination in connection with the Non-Viability Event, we will Exchange for MGL Ordinary Shares an aggregate Principal Amount of Subordinated Notes and other Relevant Tier 2 Securities shall be subject to Loss Absorption, on an approximately proportionate basis (unless the terms of any such Relevant Tier 2 Security provide for any Loss Absorption to occur other than on a proportionate basis) or on such other basis as we consider fair and reasonable, provided, however, that such determination must not impede or delay the immediate Exchange of the relevant Principal Amount of Subordinated Notes.
If a Non-Viability Event occurs, we will determine the Subordinated Notes or portions thereof as to which the Exchange is to take effect and in making that determination may make any decisions with respect to the identity of the holders of Subordinated Notes at that time as may be necessary or desirable to ensure Exchange occurs in an orderly manner, including disregarding any transfers of Subordinated Notes that have not been settled or registered at that time.
Convertible or non-convertible: Convertible
If convertible, conversion trigger(s): Non-Viability Event which may be triggered by APRA Contractual approach
If convertible, fully or partially: Partially or Fully, as required to mitigate non-viability
If convertible, conversion rate: Variable, limited to the Maximum Exchange Number
If convertible, mandatory, or optional conversion: Mandatory
If convertible, specify instrument type convertible into: Common Equity Tier 1
If convertible, specify issuer of instrument it converts into: Macquarie Group Limited
Write-down feature Yes
If write-down, write-down trigger(s) If an Exchange cannot occur within 5 Business Days of a Non-Viability Event. APRA may trigger Non-Viability Event. Contractual approach
If write-down, full or partial: Partially or Fully, to the extent Exchange has not occurred
If write-down, permanent or temporary: Permanent
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 the 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,
in each case, which event occurs or is effective on or after the date we originally issued the Subordinated Notes and was not expected by us as at such date (each such event a "Change in Law') and we determine that, as a result of that Change in Law:
• any of the Subordinated Notes are not eligible for inclusion as Tier 2 Capital of the Issuer Level 1 Group or the Issuer Level 2 Group; or
• that additional requirements (including regulatory, capital, financial, operational or administrative requirements) in connection with the Subordinated Notes would be imposed on us, MGL or any other member of the MGL Group which we determine, in our absolute discretion, might have a material adverse effect on MBL, MGL or any other member of the MGL Group or otherwise be unacceptable; or
• that to have any of the Subordinated Notes outstanding would be unlawful or impractical or that MBL, MGL or any other member of the MGL Group would be exposed to a more than de minimis increase in its costs in connection with such Subordinated Notes.
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