| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2018 > News item |
Standard Chartered holds tenders for 5.125%, 4.375% and 7.75% notes
By Susanna Moon
Chicago, June 4 – Standard Chartered plc said it is tendering for its £900 million of 5.125% dated subordinated notes due 2034 and its £750 million 4.375% notes due 2038.
Meanwhile, Standard Chartered Bank is offering to purchase its £200 million of 7.75% undated subordinated step-up notes.
The tender offers will end at 11 a.m. ET on June 11.
The offers are being made “to provide liquidity to noteholders and to further optimize Standard Chartered Group's capital and loss absorbing capacity structure,” according to a company announcement.
“Standard Chartered Group's strong liquidity position enables it to repurchase the notes without any corresponding change to its 2018 funding plan,” the release added.
Pricing will be set at 6 a.m. ET on June 12 using a reference security plus a fixed spread as follows:
• For the 5.125% notes, the 4.5% U.K. Treasury gilt due September 2034 plus 265 basis points;
• For the 4.375% notes, the 4.75% U.K. Treasury gilt due December 2038 plus 170 bps; and
• For the 7.75% notes, the 4% U.K. Treasury gilt due March 2022 plus 140 bps.
The offer for the 7.75% notes excludes £4 million of notes held by a member of Standard Chartered Group.
The issuer also will pay accrued interest.
Settlement is expected to occur on June 14.
The dealer managers are Lloyds Bank Corporate Markets plc (+44 20 7158 1726 or liability.management@lloydsbanking.com), Standard Chartered Bank (+44 20 7885 5739 or liability_management@sc.com) and UBS Ltd. (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com).
The information and tender agent is D.F. King (+44 20 7920 9700, +852 3953 7230, scb@dfkingltd.com or https://sites.dfkingltd.com/scb).
Standard Chartered is a London-based banking and financial services company with a focus on Asia, Africa and the Middle East.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.