By Cristal Cody
Tupelo, Miss., May 16 – Standard Chartered Bank AG (A1/A/A+) priced $2 billion of senior fixed-to-floating rate notes in two tranches on Thursday, according to a market source.
A $1 billion tranche of 3.785% fixed-to-floating rate notes due May 21, 2025 priced at a Treasuries plus 160 basis points spread. The notes will reset to a floating rate of Libor plus 156 bps after the initial fixed-rate period.
Standard Chartered sold $1 billion of 4.305% fixed-to-floating rate notes due May 21, 2030 at a spread of Treasuries plus 190 bps. The notes will reset to a floating rate of Libor plus 191 bps after the initial fixed-rate period.
The notes priced better than initial talk.
BofA Securities, Inc., Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Standard Chartered Bank were the lead managers.
Standard Chartered Bank is part of London-based banking and financial services company Standard Chartered plc.
| Issuer: | Standard Chartered Bank AG
|
| Amount: | $2 billion
|
| Description: | Senior fixed-to-floating rate notes
|
| Bookrunners: | BofA Securities, Inc., Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Standard Chartered Bank
|
| Trade date: | May 16
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Six-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 21, 2025
|
| Coupon: | 3.785%; converts to floating rate of Libor plus 156 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 160 bps
|
| Call feature: | Five years
|
| Price guidance: | Treasuries plus 170 bps area
|
|
|
| 11-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 21, 2030
|
| Coupon: | 4.305%; converts to floating rate of Libor plus 191 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 190 bps
|
| Call feature: | 10 years
|
| Price guidance: | Treasuries plus 200 bps area
|
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