Macquarie Group Limited (ASX:MQG) and Macquarie Bank are gearing up to offer a new Tier 1 hybrid security to institutional and sophisticated investors.
The offer will be priced in US dollars and expected to be for up to $US500 million.
While the offer is subject to market conditions, if issued it will be unsecured subordinated notes of Macquarie's banking division and exchangeable for Macquarie Group shares in certain circumstances.
Australia’s largest investment bank says the move is in line with its previously announced capital management plan.
Macquarie Group reported an interim net profit of $308 million in the six months to the end of September 2011.
