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Macquarie completes hybrid redemption

Macquarie yesterday completed the resale and redemption of a A$429 million capital notes issue launched in 2014.All noteholders received a payment of $100 (equal to the face value of the notes) plus a final distribution of $1.84.National Australia Bank revealed on Monday that UBS - the nominated purchaser  for $1.34 billion capital notes issue - had acquired 7.5 million shares in the ASX-listed bank at $21.34 a share.That meant UBS paid a 35 per cent premium to the market value of NAB's scrip.While NAB's share price has recovered some ground since Monday, UBS is still perched on a paper loss of around $200 million.

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