Sydney, March 20, 2026, 10:32 AEDT
Macquarie Group landed back in the spotlight in Sydney Friday, after issuing yet another update on its on-market buyback—a share repurchase effort that’s been tracking investor attention. Traders were still digesting the company’s recent move to drop its pursuit of Kuwait’s oil pipeline network, a deal that could have reached $7 billion. Macquarie shares closed at A$196.09 on Thursday, slipping 0.65%, per ASX data.
The Kuwait pullout is shaping up as a bigger headache for markets. Few moves have signaled the Iran war’s impact on Gulf dealmaking quite like this—especially for Macquarie, which has spent years putting money to work in the region. Now, with oil prices climbing and Australia turning back to rate hikes, funding costs could be headed higher.
Macquarie has told Kuwait Petroleum Corporation it’s pulling out of the sale process, two sources told Reuters. The decision, relayed last Friday, comes against a backdrop of conflict and cloudy prospects for the deal. Even after invoking force majeure and dialing down output, KPC is pressing ahead, still asking for non-binding bids by April 7.
Macquarie remains committed to the region and continues to pursue long-term prospects—including in Kuwait—according to Martin Bradley, who heads infrastructure for Europe, the Middle East and Africa. Bradley, responding by email, declined to address the pipeline sale directly.
BlackRock and KKR were earlier linked to the pipeline network, but Reuters wasn’t able to confirm if they’re still contenders. Elsewhere in the Gulf, asset sales haven’t stalled; however, advisers speaking to Reuters say tighter deadlines and shifting price targets are creeping in as investors start to re-examine war-risk provisions and rethink their financing.
In February, Macquarie described market conditions as “satisfactory.” By Dec. 31, the group had built up a A$7.5 billion capital surplus. Deposits climbed 6% to A$204.5 billion, while home loans gained 7% to A$172.2 billion. Macquarie
Facing pressure from higher rates, Macquarie on Tuesday announced a 25 basis point hike for its variable home-loan reference rates and also for rates on transaction and savings accounts. The move, which takes effect April 2, comes after the Reserve Bank of Australia pushed the cash rate up to 4.10%. Ben Perham, who heads personal banking, said Macquarie aimed to give mortgage holders more time to adjust, while savers will see the full increase passed on.
Uncertainty clouds the near-term picture. If fighting drags on near the Strait of Hormuz, infrastructure deal activity could lose more steam and valuations might take another hit. Macquarie’s banking arm, meanwhile, was already feeling the pinch from tighter margins in Australian mortgages even before the latest rate shift.
Macquarie has been handing cash back to shareholders, too. In January, the bank pushed its on-market buyback deadline out to Nov. 6, 2026. By Jan. 20, it had finished about A$1.013 billion of the A$2 billion buyback. Friday’s ASX notice was the latest update for that ongoing program.
