By Aleesia Forni
Virginia Beach, April 13 – Standard Chartered plc sold a $3 billion four-tranche offering of senior notes (A2/A-/AA-) on Monday, according to a market source.
The sale included a $250 million three-year floating-rate note priced at par to yield Libor plus 64 basis points.
Guidance was set at the Libor equivalent to the three-year fixed-rate notes.
A second tranche was $750 million of 1.7% three-year notes priced at 99.889 to yield 1.738%, or Treasuries plus 85 bps.
The notes were guided at the 90 bps area over Treasuries after having tightened from initial talk in the range of Treasuries plus 90 bps to 95 bps.
There was also a $1.25 billion 2.25% five-year note sold at 99.897 to yield 2.272%, or Treasuries plus 90 bps.
Pricing was at the tight end of the Treasuries plus 95 bps area guidance. Initial talk was set in the 100 bps area over Treasuries.
A $750 million tranche of 3.2% 10-year notes priced with a spread of Treasuries plus 130 bps. Pricing was at 99.728 to yield 3.232%.
Guidance was in the 135 bps area over Treasuries, which tightened from initial talk in the area of Treasuries plus 140 bps.
Standard Chartered, BofA Merrill Lynch, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. were the joint bookrunners.
The bank and financial services company is based in London.
| Issuer: | Standard Chartered plc
|
| Issue: | Senior notes
|
| Amount: | $3 billion
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Standard Chartered
|
| Trade date: | April 13
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: AA-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | April 17, 2018
|
| Coupon: | Libor plus 64 bps
|
| Price: | Par
|
| Yield: | Libor plus 64 bps
|
| Price guidance: | Libor equivalent to three-year fixed-rate notes
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | April 17, 2018
|
| Coupon: | 1.7%
|
| Price: | 99.889
|
| Yield: | 1.738%
|
| Spread: | 85 bps over Treasuries
|
| Price guidance: | 90 bps area over Treasuries, tightened from 90 bps to 95 bps
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | April 17, 2020
|
| Coupon: | 2.25%
|
| Price: | 99.897
|
| Yield: | 2.272%
|
| Spread: | 90 bps over Treasuries
|
| Price guidance: | 95 bps area over Treasuries, tightened from 100 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | April 17, 2025
|
| Coupon: | 3.2%
|
| Price: | 99.728
|
| Yield: | 3.232%
|
| Spread: | 130 bps over Treasuries
|
| Price guidance: | 135 bps area over Treasuries, tightened from 140 bps area
|
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