Sure Danvestor. Basically Macquarie is going to raise $400...

Sure Danvestor. Basically Macquarie is going to raise $400 million of additional capital through a hybrid, a security which contains features of both an equity and a bond. The banks do this is in order to meet Tier 1 capital requirements required by APRA.I'd encourage you to google and do your research on hybrids but from my mere amateur understanding they are:

• Issued at $100 per note
• Far less volatile than the underlying security, so they don't fall or gain much
• They pay a distribution that comprises a Margin above a Reference Rate; in this case 4.70% above the BBSW, paid quarterly
• For Macquarie's BCN 2, distributions are discretionary and non-cumulative, and are expected to be partially franked. The notes may be redeemed on December 2025, June 2026 or December 2026, and they have a mandatory conversion date of December 2028.
• If the issuer gets into trouble, their hybrids are converted into equity to strengthen buffers and if the issuer goes broke, hybrids are prioritised above equity holders in terms of repayment

Basically think of it as investing in a bond. It's not likely to go down or up much as it's less risky, so you'll have less downside and less to gain - but you'll get some nice dividends along the way.
DYOR and read the prospectus, but I attend to apply.
Also: https://www.bankingday.com/macquarie-re-prices-hybrid