Wholesale securities

Macquarie Exchangeable Capital Securities

Macquarie Exchangeable Capital Securities (ECS) are junior subordinated notes of Macquarie Bank Limited. They are unsecured and non-cumulative.

Macquarie ECS are listed on the Singapore Stock Exchange under the ISIN Code XS0763122909. They were listed on 28 March 2012.

Macquarie ECS were issued by Macquarie Bank Limited, acting through its London Branch (the Issuer), and constitute Additional Tier 1 Capital under the Basel III transitional capital rules.

Macquarie ECS are exchangeable into fully paid ordinary shares in the capital of Macquarie Group Limited, in accordance with their terms. The initial mandatory exchange date is 20 June 2017. Details are available in the ECS Offering Circular.


Macquarie ECS are fixed rate instruments that pay a coupon of 10.25 per cent per annum.

The ECS pay semi-annual distributions in arrears on:

  • 20 June
  • 20 December

Distribution payments are non-cumulative and will only be paid, inter alia, at the sole discretion of the Issuer.

Full details of payment terms can be found in the ECS Offering Circular.


View documentation for the Macquarie Exchangeable Capital Securities

Credit ratings

Swipe for more
Rating agency Rating
Fitch Ratings BB+