ASX listed securities

Macquarie Bank Capital Notes 2

Macquarie Bank Capital Notes 2 (BCN2) are unsecured, subordinated notes issued by Macquarie Bank Limited. They are non-cumulative and mandatorily convertible. The BCN2 are quoted on the Australian Securities Exchange under the code 'MBLPC'.

The BCN2 were listed on the ASX on 2 June 2020. The BCN2 offer raised ~$A641 million through the issue of ~6.41m BCN2 at $A100 each.

The initial mandatory exchange date is 21 December 2028.

Important information

Any information contained here is general in nature, is a summary of only some of the features of the BCN2 and has been prepared without taking into account your objectives, financial situation or needs. Before investing in BCN2, you should consider the appropriateness of the BCN2 having regard to your circumstances and the terms of the BCN2. To learn more about the BCN2 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 BCN2 – 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 BCN2 pay quarterly distributions on or about:

  • 21 March
  • 21 June
  • 21 September
  • 21 December

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

Note: The Distribution Rate will be determined, and the notice given, when all of the necessary inputs to the calculation are available. One of the inputs to this calculation is the franking rate. Macquarie determines its franking rate every six months along with the determination of MGL ordinary share dividend payments. As a result, the Distribution Rate for the 21 June payment will be released shortly after the annual results announcement in early May each year and the Distribution Rate for the 21 December payment will be released shortly after the half-year results announcement which is no later than early November each year. The 21 March and 21 September Distribution Rates will be announced shortly after the previous payment dates. 

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Payment date Distribution rate Approximate distribution per security ($A) Franking rate
21/06/2024 7.7707% $1.9586 40%
21/03/2024 7.7370% $1.9290 40%
21/12/2023 7.5463% $1.8814 40%
21/09/2023 7.6684% $1.9329 40%
21/06/2023 7.1479% $1.8017 40%
21/03/2023 6.7541% $1.6654 40%
21/12/2022 6.4714% $1.6134 40%
21/09/2022 5.6220% $1.4171 40%
21/03/2022 4.0708% $1.0038 40%
21/12/2021 4.0226% $1.0029 40%
21/09/2021 4.0362% $1.0173 40%
21/06/2021 4.0382% $1.0068 40%
22/03/2021 4.0240% $1.0032 40%
21/12/2020 4.0890% $1.0194 40%
21/09/2020 4.0952% $1.2454 40%