Debt investors
Macquarie Group has two primary external funding vehicles:
MBL and MGL have separate and distinct funding, capital and liquidity management requirements.
1. Certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking group
Macquarie Bank Limited (MBL) is an APRA regulated Authorised Deposit Taking Institution (ADI) comprising Australian and international financial services businesses.
MBL provides funding to the Bank Group.
Macquarie Bank Limited (MBL) is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). MBL has the following accreditations for calculating Capital Adequacy:
These advanced approaches place a higher reliance on a bank's internal capital measures and therefore require a more sophiticated level of risk management and risk measurement practices.
The Macquarie Bank Group ratios as at 31 December 2019 on a Harmonised Basel III basis1 are:
| Ratio | As at 31 December 2019 |
| Macquarie Bank Group Common Equity Tier 1 capital ratio2 | 14.2% |
| Macquarie Bank Group Tier 1 capital ratio | 16.2% |
APRA is requiring Australian banks to follow an accelerated Basel III implementation compared to the Basel Committee's gradual phase-in of Basel III, with a minimum Common Equity Tier 1 (CET1) ratio of 4.5% required from January 2013 and immediate phase in of additional CET1 deductions. In addition, APRA has added conservative overlays ('super equivalence') to the Basel Committee's Basel III capital requirements.
Macquarie Bank Group position at 31 December 2019 meets the APRA latest Basel III requirements, i.e. minimum ratios plus capital conservation buffer.
For more information on APRA's ADI Prudential Framework read the ADI section of the APRA website.
| Ratings agency | Short-term rating | Long-term rating | Latest report |
| Fitch Ratings | F-1/Stable | A/Stable | Report |
| Moody's Investors Service | P-1/Stable | A-2/Stable | Report |
| Standard & Poor's | A-1* | A+/Stable | Report Ratings upgrade |
*Standard &Poor's does not place outlook statements on short-term ratings
MBL has three debt programs:
Securities that may be issued under the DIP include:
Download documents for most recent DIP offering.
MBL DIP previous terms and conditions set out on:
Level 6, 50 Martin Place, Sydney NSW 2000, Australia
Tel: +61 2 8232 3608
Fax: +61 2 8232 4227
Attention: Treasurer
ANZ Tower, Level 5, 242 Pitt Street, Sydney NSW 2000, Australia
Telephone: +61 2 8037 0200
Fascimile: +61 2 8937 7115
Attention: Head of Bond Syndicate, Global Markets
2 King Edward Street, London EC1A 1HQ, United Kingdom
Telephone: +44 (020) 7995 3995
Fascimile: +44 (020) 7995 0048
Attention: EMTN Trading and Distribution Desk
Level 6, 39-41 York Street, Sydney NSW 2000, Australia
Telephone: +61 2 8235 5808
Fascimile: +61 2 9262 1084
Attention: Structured Finance Department
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom
Telephone: +44 (020) 7986 9050
Email: mtndesk@citi.com
Attention: MTN Desk
Level 21, Darling Park Tower 1, 201 Sussex Street, Sydney NSA 2000, Australia
Telephone: +61 2 9118 1217
Attention: Head of Fixed Income Origination
Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom
Telephone: +44 (020) 7774 1000
Fascimile: +44 (020) 7774 4477
Attention: Euro Medium Term Note Desk
8 Canada Square, London E14 5HQ, United Kingdom
Telephone: +44 (020) 7991 8888
Fascimile: +44 (020) 7992 4973
Attention: Transaction Management Group
Foppingadreef 7, 1102 BD Amsterdam, The Netherlands
Telephone: +31 20 563 8185
Fascimile: +31 20 565 8515
Attention: DCM Origination / TRC 00.032
25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom
Telephone: +44 (020) 7134 1470
Fascimile: +44 (020) 3493 1413
Attention: Euro Medium Term Note Desk
Ropemaker Place, 28 Ropemaker Street, London EC2Y 9HD, United Kingdom
Telephone: +44 (020) 3037 4625
Fascimile: +44 (020) 7065 2017
Attention: Head of Origination and Structuring
Level 6, 50 Martin Place, Sydney NSW 2000, Australia
Telephone: +61 2 8232 8427
Fascimile: +61 2 8232 8344
Attention: Head of Origination and Structuring
88 Wood Street, London EC2V 7QQ, United Kingdom
Telephone: +44 (020) 7710 2994
Fascimile: +44 (020) 7710 1959
Attention: DCM Desk
One New Change, London EC4M 9AF, United Kingdom
Telephone: +44 (020) 3527 7000
Attention: Legal
5 Broadgate, London EC2M 2QS, United Kingdom
Telephone: +44 (020) 7567 2479
Email: ol-emtndesk-london@ubs.com
Attention: MTN Desk
550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, United States of America
Fascimile: +1 (704) 410 0326
Email: tmgcapitalmarkets@wellsfargo.com
Attention: Transaction Management
Level 2, Westpac Place, 275 Kent Street, Sydney NSW 2000, Australia
Telephone: +61 2 8253 4574
Attention: Executive Director, Head of Debt Securities
Ground Floor, 1 North Wall Quay, Dublin 1, Ireland
Email: ppayments@citi.com
Fascimile: +353 1 622 4030
Attention: MTN Desk, Agency and Trust
10/F, Citi Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
Email: agencytrust.tmg@citi.com
Fascimile: +852 2323 0279
Attention: Agency and Trust
20 Bridge Street, Sydney NSW 2000, Australia
Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
One International Towers, Sydney, Watermans Quay, Barangaroo NSW 2000, Australia
9th Floor, Three Exchange Square, Central, Hong Kong
MBL is mainly funded by capital, term liabilities and deposits.
The key tools used for accessing wholesale debt funding markets for MBL are:
MBL accesses the Australian capital markets through the issuance of negotiable certificates of deposits.
For more information on MBL's wholesale funding programs and program documentation, view MBL Debt programs above.
The MBL liquidity policy outlines the liquidity requirements for the Banking Group.
The key requirement of the policy is that MBL is able to meet all of its liquidity obligations on a daily basis and during a period of liquidity stress: a 12 month period of constrained access to funding markets and with only a limited impact on franchise businesses.
For MBL's latest funding profile and more information on MBL's fundng and liquidity requirements, view the latest Management Discussion and Analysis, produced in conjunction with the Macquarie Group result announcement.
MGL is an ASX-listed diversified financial services holding company with its head office in Sydney, Australia. It is regulated by APRA as the Non-Operating Holding Company (NOHC) of a licensed bank.
MGL provides funding predominately to the Non-Bank Group.
As an Australian Prudential Regulation Authority (APRA) authorised and regulated Non-Operating Holding Company, MGL is required to hold adequate regulatory capital to cover the risks for Macquarie, including the Non-Bank Group. MGL and APRA have agreed a capital adequacy framework for Macquarie, based on APRA’s capital standards for Authorised Deposit-taking Institution (ADI) and Macquarie’s Board-approved Economic Capital Adequacy Model (ECAM).
Macquarie’s capital adequacy framework requires it to maintain minimum regulatory capital requirements calculated as the sum of:
As at 31 December 2019, Macquarie had regulatory capital of $A23.6 billion, $A7.9 billion1,2 in excess of minimum regulatory capital requirement on a Harmonised Basel III basis3.
Basel III
APRA is requiring Australian banks to follow an accelerated Basel III implementation compared to the Basel Committee’s gradual phase-in of Basel III, with a minimum Common Equity Tier 1 (CET1) ratio of 4.5% required from January 2013 and immediate phase in of additional CET1 deductions. In addition, APRA has added conservative overlays (‘super equivalence’) to the Basel Committee’s Basel III capital requirements.
Macquarie Bank Group’s position at 31 December 2019 meets the APRA’s Basel III requirements, i.e. minimum ratios plus capital conservation buffer.
| Ratings agency | Short-term rating | Long-term rating | Latest report |
| Fitch Ratings | F-2/Stable | A-/Stable | Report |
| Moody's Investors Service | P-2/Stable | A3/Stable | MGL Report MFHPL Report |
| Standard & Poor's | A-2* | BBB+/Stable | Report Ratings upgrade |
*Standard &Poor's does not place outlook statements on short-term ratings
MGL has two debt programs:
Securities that may be issued under the DIP include:
MGL DIP Offering Memorandum dated 13 June 2019
First Supplement dated 4 November 2019 to the Macquarie Group Limited Offering Memorandum dated 13 June 2019
Second Supplement dated 18 December 2019 to the Macquarie Group Limited Offering Memorandum dated 13 June 2019
MGL DIP previous terms and conditions set out on:
Level 6, 50 Martin Place, Sydney NSW 2000, Australia
Tel: +61 2 8232 3608
Fax: +61 2 8232 4227
Attention: Treasurer
ANZ Tower, Level 5, 242 Pitt Street, Sydney NSW 2000, Australia
Telephone: +61 2 8037 0200
Fascimile: +61 2 8937 7115
Attention: Head of Bond Syndicate, Global Markets
2 King Edward Street, London EC1A 1HQ, United Kingdom
Telephone: +44 (020) 7995 3995
Fascimile: +44 (020) 7995 0048
Attention: EMTN Trading and Distribution Desk
Level 6, 39-41 York Street, Sydney NSW 2000, Australia
Telephone: +61 2 8235 5808
Fascimile: +61 2 9262 1084
Attention: Structured Finance Department
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United Kingdom
Telephone: +44 (020) 7986 9050
Email: mtndesk@citi.com
Attention: MTN Desk
Level 21, Darling Park Tower 1, 201 Sussex Street, Sydney NSA 2000, Australia
Telephone: +61 2 9118 1217
Attention: Head of Fixed Income Origination
Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom
Telephone: +44 (020) 7774 1000
Fascimile: +44 (020) 7986 9050
Attention: Euro Medium Term Note Desk
8 Canada Square, London E14 5HQ, United Kingdom
Telephone: +44 (020) 7991 8888
Fascimile: +44 (020) 7992 4973
Attention: Transaction Management Group
Foppingadreef 7, 1102 BD Amsterdam, The Netherlands
Telephone: +44 31 20 563 8185
Fascimile: +31 20 563 8502
Attention: DCM Origination / TRC 00.032
25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom
Telephone: +44 (020) 7134 1470
Fascimile: +44 (020) 3493 1413
Attention: Euro Medium Term Note Desk
Ropemaker Place, 28 Ropemaker Street, London EC2Y 9HD, United Kingdom
Telephone: +44 (020) 3037 4625
Fascimile: +44 (020) 7065 2017
Attention: Head of Origination and Structuring
Level 6, 50 Martin Place, Sydney NSW 2000, Australia
Telephone: +61 2 8232 8427
Fascimile: +61 2 8232 8344
Attention: Head of Origination and Structuring
88 Wood Street, London EC2V 7QQ, United Kingdom
Telephone: +44 (020) 7710 2994
Fascimile: +44 (020) 7710 1959
Attention: DCM Desk
One New Change, London EC4M 9AF, United Kingdom
Telephone: +44 (020) 3527 7000
Attention: Legal
550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, United States of America
Telephone: +1 (704) 410 0326
Attention: Transaction Management
Level 2, Westpac Place, 275 Kent Street, Sydney NSW 2000, Australia
Telephone: +61 2 8253 4574
Attention: Executive Director, Head of Debt Securities
Ground Floor, 1 North Wall Quay, Dublin 1, Ireland
Email: ppayments@citi.com
Fascimile: +353 1 622 4030
Attention: MTN Desk, Agency and Trust
10/F, Citi Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
Email: agencytrust.tmg@citi.com
Fascimile: +852 2323 0279
Attention: Agency and Trust
20 Bridge Street, Sydney NSW 2000, Australia
Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
One International Towers, Sydney, Watermans Quay, Barangaroo NSW 2000, Australia
9th Floor, Three Exchange Square, Central, Hong Kong
Reflecting the longer-term nature of the Non-Banking Group asset profile, MGL is funded predominantly with a mixture of capital and long term wholesale funding.
MGL’s debt funding includes:
For more information on MGL's wholesale funding programs and program documentation, view MGL Debt programs above.
The MGL liquidity policy outlines the liquidity requirements for the Non-Banking Group.
The key requirement of the policy is that MGL is able to meet all of its liquidity obligations on a daily basis and during a period of liquidity stress - defined as a 12 month period with no access to funding markets - and with only a limited impact on franchise businesses.
For MGL's latest funding profile and more information on MGL's funding and liquidity requirements view the latest Management Discussion and Analysis, produced in conjunction with the Macquarie Group result announcement.