You are here

Australia's Macquarie raises A$750m in subordinated bonds

ym-Macquarie-210520.jpg
Macquarie Group's banking unit sold A$750 million (S$697.4 million) worth of new subordinated bonds at 2.90 per cent over benchmark rates on Thursday, a tighter margin that previously offered, according to one of the banks managing the deal.

[SYDNEY] Macquarie Group's banking unit sold A$750 million (S$697.4 million) worth of new subordinated bonds at 2.90 per cent over benchmark rates on Thursday, a tighter margin that previously offered, according to one of the banks managing the deal.

Australia and New Zealand Banking Group (ANZ), one of five banks leading the deal, said in a statement the floating 'BBB'-rated notes had first been offered to investors on Thursday with coupon rates of 3.15 per cent above the three month benchmark rate.

Macquarie did not immediately respond to requests for comment.

Macquarie's banking unit is the fastest-growing mortgage lender in the country, growing its home loan portfolio in the past year by 35 per cent to be over A$52 billion, while others, such as ANZ have seen their books shrink.

Earlier this month, the Sydney-based bank raised A$500 million in subordinated convertible notes at a margin of 4.70 per cent per annum, in a deal that had to be withdrawn and re-launched at higher margins amid the coronavirus crisis.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

The financial conglomerate, which also operates investment banking, funds management and proprietary investment units, raised A$1.70 billion in equity capital in the 12 months to March 30 as well as A$26 billion of term funding, it said earlier this month.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes