The Macquarie Group Ltd (ASX: MQG) share price is setting new records on Thursday as the $60.28 billion banking beast notches up a new all-time high.
At the time of writing, shares in the company are trading for $163.40, up 2.15%. However, the newly minted all-time high of $163.65 was set earlier in the session.
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What's been happening with Macquarie?
While the other banks are reporting earnings, Macquarie dished out its full-year results back in May. For a quick recap, the investment-focused bank delivered a 4% increase in net operating income year-over-year to $12,774 million. Pleasingly, earnings per share (EPS) grew by 7% to $8.43 per share compared to the prior year.
According to the company's investor relations page, the next item on the financial calendar is Macquarie's FY22 half-year results on 29 October 2021. That's a while away yet… so, what is closer to the present to explain the recent push in the Macquarie share price?
Firstly, the investment bank's latest bank capital note offering (BCN3) opened to investors yesterday. This will be an exchange-tradeable unsecured debt offering from Macquarie used to raise $500 million. The bank wants to use these funds as a buffer to protect senior creditors against losses. Additionally, the net proceeds of the offer will be used for general corporate purposes.
A positive for Macquarie is the payout for this debt instrument has been set relatively low at 2.9% per annum. As a result, the funds from this sure-up the investment bank's balance sheet at a reasonably low cost.
Positive rating on Macquare share price
Another positive for the Macquarie share price is broker sentiment. As my Foolish colleague James covered last week, the analysts over at Morgans find the investment bank appealing.
The leading broker is attracted to Macquarie's potential backed by exposure to infrastructure and renewables. Lastly, Morgans analysts have an 'add' rating and a $172.30 price target on the Macquarie share price.
