By Cecile Lefort
SYDNEY, Nov 23 (Reuters) - Australia's top investment bank, Macquarie Group MQG.AX , said on Monday it plans to raise at least A$400 million ($289 million) of hybrid securities to maintain a diverse source of funding.
The offer consists of perpetual, subordinated notes that will contribute additional Tier 1 to the issuer's unit Macquarie Bank.
The notes are marketed at 515 basis points to 535 basis points over the bank bill swap rate with the final margin to be determined on Friday.
The borrower must exchange the securities into ordinary shares by March 18 2024.
Macquarie Capital is sole arranger and joint lead of the offer to open on Dec. 1.
Other joint leads include ANZ Securities, Commonwealth Bank of Australia, Evans and Partners, JPMorgan (N:JPM), Morgans Financial, National Australia Bank and Westpac Institutional Bank.
Proceeds are to refinance US$400 million of hybrid securities. ($1 = 1.3835 Australian dollars)