| News Release | Wednesday 28 February, 2001 |
Macquarie Bank today launched a $US 5 billion multi-currency, multi-instrument Debt Instrument Programme to raise funds throughout Europe and Asia.
The Programme replaces the $US3 billion Programme launched more than a year ago, following strong growth in the Bank's balance sheet. Offshore funding now represents over 40 per cent of MBL's funding sources.
"The strength of the Macquarie name in international markets, where the Bank has now been active in raising funds for over 10 years, has assisted this strategic growth which complements our domestic funding focus," said Macquarie Bank Money Markets Division Director Craig Shapiro.
"Macquarie Bank's credit upgrade by Moody's to A2/P1 in February 2000 has also opened up a significant number of offshore funding opportunities."
The non-underwrittten Programme allows for the issuance of medium term notes, transferable deposits, certificates of deposit and commercial paper in most jurisdictions, except the US. Macquarie Bank also has a separate $US1 billion US commercial paper programme.
Mr Shapiro said the Debt Instrument Programme may issue instruments with a maturity between one week and thirty years. Currencies available include Australian dollars, US dollars, Hong Kong Dollars, Sterling, Yen and Euro. "The Programme provides maximum flexibility for Macquarie Bank in achieving its objective of funding diversification".
The recent changes in Australian withholding tax legislation also allows for instruments to be issued directly to domestic based investors. Macquarie Bank took advantage of the changes last year by issuing an October 2002 fixed rate transferable deposit through the Programme. This particular issue was unique in that it was listed on the Luxembourg Stock Exchange which allowed not only domestic investors but also offshore investors to purchase the Bond.
The dealer panel for the Programme includes eleven dealers, based in Hong Kong, Singapore and London.
For further information, please contact:
| Craig Shapiro, Division Director, Macquarie Bank Money Markets | (02) 8232 3375 |
| Lisa Jamieson, Public Relations, Macquarie Bank Limited | (02) 8232 6016 0416 237 332 |
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