Macquarie Bank Capital Notes

Macquarie Bank Capital Notes (BCN) are unsecured, subordinated notes issued by Macquarie Bank Limited. They are non-cumulative and mandatorily convertible. The BCN are quoted on the Australian Securities Exchange under the code 'MBLPA'.

The BCN were listed on the ASX on 8 October 2014. The BCN offer raised $A429 million through the issue of BCN at $A100 each.

The initial mandatory exchange date is 24 March 2023.

Important information

Any information contained here is general in nature, is a summary of only some of the features of the BCN and has been prepared without taking into account your objectives, financial situation or needs. Before investing in BCN, you should consider the appropriateness of the BCN having regard to your circumstances and the terms of the BCN. To learn more about the BCN please refer to the information contained below. You should also seek independent financial advice before making such an investment decision.

ASIC has published guidance which may be relevant to your consideration of whether to invest in BCN – namely, information for retail investors who are considering investing in hybrid securities called “Hybrid securities and notes” (under the heading “Complex investments” at ASIC’s guidance includes a series of questions you may wish to ask yourself, and a short quiz you can complete, to check your understanding of how hybrids work, their features and the risks of investing in them. Free copies of this ASIC guidance can be obtained from ASIC’s website at or by calling ASIC on 1300 300 630 (from Australia) or +61 3 5177 3988 (from outside Australia).

For details, refer to the prospectus located under Documentation.

The BCN pay semi-annual distributions on or about:

  • 24 March
  • 24 September

If any of these dates are not a business day, the distribution will be paid on the next business day.

Payment dateDistribution rateApproximate distribution
per security ($A)
Franking rate
24/09/2019 4.3340% $2.1729 45%
25/03/2019 4.5521% $2.2698 45%
24/09/2018 4.5521% $2.2698 45%
26/03/2018 4.3719% $2.1800 45%
25/09/2017 4.4389% $2.2499 45%
24/03/2017 4.4096% $2.1625 45%
26/09/2016 4.9171% $2.5057 40%
24/03/2016 4.7506% $2.3688 40%
24/09/2015 4.7848% $2.4121 40%
24/03/2015 6.1646% $2.3630 40%


View documentation for the Macquarie Bank Capital Notes