Stellar demand for Macquarie AT1

摘要

macquarie bank, acting through its London branch, secured an extraordinary order book of US$n.7bn for last Wednesday's US$750m 144A/ Reg S Additional Tier 1 perpetual non-call 10 notes. Bank of America Merrill Lynch, Citigroup, HSBC, JP Morgan and Macquarie Capital were joint lead managers on the offering, which pays a 6.125% coupon and priced at par, well inside both high 6% initial thoughts and 6.375% area guidance. The ATls are expected to be rated Ba1/BB (Moody's/S&P), while the issuer is a A2/A/A credit. If not called, the notes convert to a floating-rate structure, paying a yield of three-month US Libor plus 370.3bp.