Macquarie Bank Capital Notes - Take advantage while there still is quality new supply

Bell Potter


Macquarie Bank Capital Notes - Take advantage while there still is quality new supply. The new $400m Macquarie Bank Capital Notes (MBLPA) offers investors another well priced new Additional Tier 1 hybrid security from a quality issuer. The partially franked dividend may suit investors seeking a greater cash dividend income. Assuming the margin is set a 3.10%, bottom end of the 3.10-3.30% bookbuild range, income based on current 180BBSW of 2.70% is 5.80% gross. Reducing franking from 100% to 40% boosts cash income from 4.06% to 4.95%. As international income represented 68% of Macquarie's FY14 total income, ongoing dividends should remain partially franked. Check out our video by analyst Damien Williamson at this link

& or read our full report on MBLPA at this link (VIEW LINK)

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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