Macquarie Additional Capital Securities (MACS) are unsecured, subordinated notes issued by Macquarie Bank Limited, acting through its MBL London Branch. They are non-cumulative and are first callable on 8 March 2027 and are exchangeable into MGL ordinary shares in certain circumstances.
MACS pay a fixed rate of interest of 6.125% up until the first call date resetting to 5-year USD Swap Rate +3.703% if not redeemed on the call date. The MACS offer raised US$750 million.
MACS are listed on the Singapore Stock Exchange (ISIN US55608XAC11 - Rule 144A US55608YAC93 - Regulation S).