Macquarie’s Four September Capital Notes: Comparing MQGPF, MQGPD, MQGPG and MQGPE

Key takeaways

• This article groups four ASX-listed income securities around a shared theme: Macquarie Group’s four capital note lines.
• Macquarie Group Ltd (ASX: MQGPF) is scheduled to trade ex-distribution on 27 August 2026, paying $1.83 per security (35% franked), for an indicated yield of 1.71%.
• Macquarie Group Ltd (ASX: MQGPD) is scheduled to trade ex-distribution on 1 September 2026, paying $1.89 per security (35% franked), for an indicated yield of 1.87%.
• Macquarie Group Ltd (ASX: MQGPG) is scheduled to trade ex-distribution on 28 August 2026, paying $1.56 per security (35% franked), for an indicated yield of 1.50%.
• Macquarie Group Ltd (ASX: MQGPE) is scheduled to trade ex-distribution on 2 September 2026, paying $1.62 per security (35% franked), for an indicated yield of 1.58%.

Macquarie Group Ltd has four distinct ASX-listed hybrid capital note that are going ex-dividend within few months. The hybrid capital note included in this article has its own ex-distribution date, payment date and reference price. Grouping all four together makes it easier to see how a single issuer’s notes can differ in pricing and running yield despite sharing the same franking treatment and broadly similar terms.

The four securities: Macquarie Group’s four capital note lines

Macquarie Group Ltd (ASX: MQGPF)

Dividend/distribution details

MQGPF is one of four Macquarie Group capital note lines in the supplied calendar. It shows a $1.83 per security interim distribution, partially franked at 35%, with a 27 August 2026 ex-date and 14 September 2026 payment date, for an indicated yield of 1.71% against a $107.17 reference price – the highest-priced of the four Macquarie Group notes.

Macquarie Group Ltd (ASX: MQGPD)

Dividend/distribution details

MQGPD carries a $1.89 per security interim distribution, franked at 35%, with a 1 September 2026 ex-date and 10 September 2026 payment date. At a $101.05 reference price – the lowest of the four Macquarie Group notes, closest to par – it implies an indicated yield of 1.87%, the highest running yield among the group’s four lines.

Macquarie Group Ltd (ASX: MQGPG)

Dividend/distribution details

MQGPG shows a $1.56 per security interim distribution, franked at 35%, with a 28 August 2026 ex-date and 15 September 2026 payment date, for an indicated yield of 1.50% against a $104.00 reference price.

Macquarie Group Ltd (ASX: MQGPE)

Dividend/distribution details

MQGPE carries a $1.62 per security interim distribution, franked at 35%, with a 2 September 2026 ex-date and 18 September 2026 payment date, for an indicated yield of 1.58% against a $102.41 reference price.

What links these four

All four notes – MQGPF, MQGPD, MQGPG and MQGPE – carry the same 35% franking level and are classified as interim distributions in the supplied calendar, and all four go ex-distribution and pay out within a roughly three-week window from late August to mid-September 2026. The main differences are in price and running yield: MQGPD trades closest to its $100 face value and shows the highest indicated yield of the four, while MQGPF trades furthest above face value and shows a comparatively lower running yield, a reminder that within a single issuer’s note suite, price relative to face value is often the biggest driver of the yield an investor sees quoted.

Risks and considerations

Investors weighing any of these four securities should keep several general risks in mind, drawn from the nature of the supplied calendar and the structure of ASX income securities more broadly.

• Amounts, franking levels, indicated yields and dates in the supplied calendar are forward-looking and remain subject to confirmation or change ahead of the actual ex-date.
• Hybrid and capital note distributions are governed by each note’s specific terms and are not guaranteed in the way a fixed-interest payment might be assumed to be.
• Ordinary dividends and LIC distributions can vary with company earnings or portfolio performance, and are not fixed obligations.
• Franking credit value depends on each investor’s individual tax circumstances and is not the same as receiving additional cash.
• Reference prices move over time, so an indicated yield calculated against a past reference price may not reflect the yield available at today’s market price.

What investors may watch next

As each ex-date approaches, investors may wish to confirm the declared amount, franking level and payment date directly against the relevant issuer’s official ASX announcement, since figures shown in a forward calendar – particularly for funds and recently issued notes – can be provisional. Where a security shows a placeholder or unconfirmed figure, checking the issuer’s latest distribution notice is the most direct way to get a confirmed number ahead of the ex-date.

Conclusion

MQGPF, MQGPD, MQGPG, MQGPE span Macquarie Group’s four capital note lines, illustrating how differently structured ASX income securities can be grouped by timing, issuer or security type even when their individual terms differ. As with any income security, investors should weigh the headline yield alongside the underlying issuer’s financial position, the security’s specific terms, and their own diversification and tax circumstances before acting, and should treat the figures in this article as indicative pending confirmation from official sources.