Published on 3/24/2022 in the Prospect News Investment Grade Daily.
New Issue: Standard Chartered sells $1.5 billion notes due 2026 in two parts
By Marisa Wong and Cristal Cody
Los Angeles, March 24 – Standard Chartered plc priced $1.5 billion of four-year notes (A3/BBB+/A) in two tranches on Wednesday, according to a market source.
The company sold $500 million of notes at SOFR plus 174 basis points.
A $1 billion tranche of 3.971% notes priced at a spread of 165 bps over Treasuries. Initial price talk was in the Treasuries plus 185 bps area.
Both tranches are non-callable for three years.
BofA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Standard Chartered Bank are the bookrunners.
The banking and financial services company is based in London.
| Issuer: | Standard Chartered plc
|
| Amount: | $1.5 billion
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| Issue: | Senior notes
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| Maturity: | March 30, 2026
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Standard Chartered Bank
|
| Co-managers: | China Construction Bank (Asia) Corp. Ltd., CIBC World Markets Corp., Emirates NBD Bank PJSC, First Abu Dhabi Bank, Mashreqbank psc, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Rabo Securities USA, Inc., Standard Bank of South Africa Ltd. and United Overseas Bank Ltd.
|
| Call option: | Non-callable for three years
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| Pricing date: | March 23
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| Settlement date: | March 30
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| Ratings: | Moody’s: A3
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| S&P: BBB+
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| Fitch: A
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| Distribution: | Rule 144A and Regulation S
|
|
|
| Floating tranche
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| Amount: | $500 million
|
| Coupon: | SOFR plus 174 bps
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| Price: | Par
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| Cusips: | G84228FE3, 853254CK4
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|
|
| Fixed-rate tranche
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| Amount: | $1 billion
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| Coupon: | 3.971% initial rate, resets to SOFR plus 165 bps on March 30, 2025
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| Price: | Par
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| Yield: | 3.971%
|
| Spread: | Treasuries plus 165 bps
|
| Initial price talk: | Treasuries plus 185 bps area
|
| Cusips: | G84228FD5, 853254CJ7
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