By Rebecca Melvin and Cristal Cody
New York, March 16 – Standard Chartered plc sold a 1.214% sustainability bond due March 23, 2025, according to market sources.
The notes are non-callable for three years and have a rate reset after three years.
Initial price talk on the bonds was in the Treasuries plus 115 basis points area. The notes priced with a Treasuries plus 88 bps spread.
The bank mandated Citigroup, Goldman Sachs International, ING, JPMorgan, NatWest Markets and Standard Chartered Bank as joint bookrunners of the upcoming Rule 144A and Regulation S transaction.
The proceeds of the sustainability bond will be applied to finance and/or refinance eligible businesses and projects under the issuer’s sustainability bond framework.
Concurrently with the offering, the bank is offering euro-denominated tier 2 notes due in 10.5 years and at a set spread of mid-swaps plus 155 basis points.
The Regulation S notes (expected ratings: Baa2/BBB-/BBB+) are non-callable for 5.5 years.
The order book for the euro note, which is being marketed by the same set of joint bookrunners, was more than €1.85 billion at the time the spread was set.
Standard Chartered is a London-based banking and financial services company with a focus on Asia, Africa and the Middle East.
| Issuer: | Standard Chartered plc
|
| Issue: | Sustainability bonds
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| Amount: | $500 million
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| Maturity: | March 23, 2025
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| Bookrunners: | Citigroup, Goldman Sachs International, ING, JPMorgan, NatWest Markets and Standard Chartered Bank
|
| Coupon: | 1.214% initial rate; resets after three years
|
| Spread: | Treasuries plus 88 bps
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| Trade date: | March 16
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 115 bps
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