May 21, 2020 / 8:13 AM / 12 days ago

Australia's Macquarie raises $500 mln in subordinated bonds

SYDNEY, May 21 (Reuters) - Macquarie Group’s banking unit sold A$750 million ($492.30 million) worth of new subordinated bonds at 2.90% over benchmark rates on Thursday, a tighter margin that previously offered, according to one of the banks managing the deal.

Australia and New Zealand Banking Group (ANZ), one of five banks leading the deal, said in a statement the floating ‘BBB’-rated notes had first been offered to investors on Thursday with coupon rates of 3.15% above the three month benchmark rate.

Macquarie did not immediately respond to requests for comment.

Macquarie’s banking unit is the fastest-growing mortgage lender in the country, growing its home loan portfolio in the past year by 35% to be over A$52 billion, while others, such as ANZ have seen their books shrink.

Earlier this month, the Sydney-based bank raised A$500 million in subordinated convertible notes at a margin of 4.70% per annum, in a deal that had to be withdrawn and re-launched at higher margins amid the coronavirus crisis.

The financial conglomerate, which also operates investment banking, funds management and proprietary investment units, raised A$1.7 billion in equity capital in the 12 months to March 30 as well as A$26 billion of term funding, it said earlier this month.

$1 = 1.5235 Australian dollars Reporting by Paulina Duran in Sydney; Editing by David Evans

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