Macquarie hybrid at low end

15 February 2021

 

Summary: Macquarie Group to issue new hybrid security; to partially fund redemption of Capital Notes 2; first call date in September 2027; initially to pay around 2.9% (annualised, including franking credits), issue margin at low end of trading margin band.   In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date), speculation turns to the likelihood of a replacement hybrid...

read full story