By Cristal Cody
Tupelo, Miss., Oct. 4 – Macquarie Group Ltd. priced $850 million of 5.033% fixed-to-floating rate notes due Jan. 15, 2030 (A3/BBB/A-) on Thursday at a spread of 185 basis points over Treasuries, according to a market source.
Initial price talk on the notes was at Treasuries plus 190 bps.
The bonds will convert after the fixed-rate period to a floating rate of Libor plus 175 bps.
BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Macquarie Group and Wells Fargo Securities LLC were the bookrunners.
Macquarie Group is a Sydney, Australia-based financial services company.
| Issuer: | Macquarie Group Ltd.
|
| Amount: | $850 million
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Jan. 15, 2030
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Macquarie Group and Wells Fargo Securities LLC
|
| Coupon: | 5.033%; resets to floating rate of Libor plus 175 bps
|
| Spread: | Treasuries plus 185 bps
|
| Trade date: | Oct. 4
|
| Ratings: | Moody’s: A3
|
| S&P: BBB
|
| Fitch: A-
|
| Price guidance: | Treasuries plus 190 bps
|
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