Macquarie gets €115.57 million tenders for fixed-to-float instruments

By Sarah Lizee

Olympia, Wash., April 3 – Macquarie Group Ltd. received tenders of €115,573,000 of its €500 million fixed-to-floating unsubordinated PD debt instruments due March 5, 2025, according to a notice.

The issuer accepted all of the tendered notes and no scaling factor is being applied.

The purchase price was set at 100.289% of par with a purchase yield of 1.189%.

Pricing was set at 6 a.m. ET on April 3 using the interpolated mid-swap rate of 0.039% plus a purchase spread of 115 basis points.

The bank will also pay accrued interest of 0.105874%.

As previously reported, the company was tendering for up to €100 million of the debt instruments in an offer that expired at 11 a.m. ET on April 2.

The issuer had previously said that if the principal amount of debt instruments tendered exceeded the cap, the debt instruments would be accepted for purchase on a pro rata basis.

Debt instruments purchased in the offer will be canceled.

The debt instruments are callable on March 5, 2024.

The joint dealer managers are Hongkong and Shanghai Banking Corp. Ltd., Sydney Branch (+44 20 7992 6237, +852 2822 4100, +61 2 9255 2203 or liability.management@hsbcib.com) and ING Bank NV (+31 20 5632132 or liability.management@ing.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or macquarie@lucid-is.com).

Macquarie Group is a Sydney, Australia-based financial services company.

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