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Macquarie Income Preferred Securities (MIPS) are quoted on the Luxembourg Stock Exchange (LUX) under the Code XS0201559811. They were listed on 22 September 2004.
MIPS are Tier 1 eligible hybrid securities issued by a special purpose partnership controlled by entities within the Macquarie Group.
There are certain restrictions on the holders of MIPS which are detailed in the MIPS Offering Circular.
MIPS is rated by :
MIPS are fixed rate hybrid equity instruments that pay a coupon of 6.177 per cent per annum until the first optional redemption date (15 April 2020).
From 15 April 2020, MIPS will pay a distribution determined by reference to a margin and a benchmark rate, the details of which can be found in the Offering Circular (refer below).
Note that the MIPS distributions will only be reset to the extent the MIPS have not otherwise been redeemed before that date.
Payable semi annually in arrears on 15 April and 15 October. Distribution payments are non-cumulative and will only be paid, inter alia, at the sole discretion of Macquarie.
Full details of payment terms can be found in the MIPS Offering Circular