Standard Chartered plans dollar four-year sustainability bond

By Rebecca Melvin

New York, March 16 – Standard Chartered plc plans to price a U.S. dollar-denominated four-year fixed-rate reset senior sustainability bond, according to a market source.

The notes are non-callable for three years and have a rate reset after three years.

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.

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