Macquarie Group is finally close to pricing its planned sale of hybrid securities. Macquarie foreshadowed the sale of the hybrid two weeks ago.The group plans to sell the hybrid through its subsidiary Macquarie Bank.The bank is seeking to issue US dollar subordinated, tier-one debt with a final maturity of 45 years.Macquarie's coupon guidance is in the low 10 per cent range and will be fixed rate semi-annual until June 2017.Dow Jones reported yesterday that the yield on the US dollar bonds is likely to be in the "low 10 per cent area". The yield would be substantially more once swapped back into Australian dollars.Fitch Ratings and Moody's Investors Service cut their long term credit ratings on Macquarie Bank (and also on Macquarie Group) last week. Fitch cut the rating to A- from A and Moody's cut it to A3 from A2.The now AA minus-rated major Australian bank has recently sold hybrid securities in the domestic market with yields of less than nine per cent.