Mark White

I think there is a bit of confusion here. MQG hybrids are issued by Macquarie Group Limited and are used primarily to fund their non -banking subsidiaries and shouldn't be considered to be banking hybrids. MBL hybrids (such as MBLPA) are issued by Macquarie Bank Limited and provide funding to the banking division. Macquarie Bank has a higher credit rating than Macquarie Group and the current YTM on the MBLPA at 3.87% is commensurately lower than the MQG hybrids.