New Issue: Standard Chartered prices $2 billion of notes in parts due 2025, 2028

By Cristal Cody

Chicago, Nov. 9 – Standard Chartered plc priced a $2 billion offering of notes in two equal-sized tranches (A3/BBB+/A) on Tuesday, according to a market source.

The bank sold notes with a 7.776% coupon and a Nov. 16, 2025 maturity date at a spread of 310 basis points over Treasuries. Talk was 20 bps higher in the 330 bps area. The interest rate resets on Nov. 16, 2024 to SOFR 310 bps.

The second tranche priced with a 7.767% coupon and a Nov. 16, 2028 maturity date. The spread priced out at 345 bps to Treasuries against talk in the 375 bps area. The interest rate resets on Nov. 16, 2027 to SOFR plus 345 bps.

BNP Paribas Securities Corp., BofA Securities, Inc., RBC Capital Markets Corp., Standard Chartered Bank, TD Securities (USA) LLC and UBS Securities LLC are the bookrunners.

Standard Chartered is a London-based banking and financial services company.

Issuer:	Standard Chartered plc
Amount:	$2 billion
Issue:	Notes
Bookrunners:	BNP Paribas Securities Corp., BofA Securities, Inc., RBC Capital Markets Corp., Standard Chartered Bank, TD Securities (USA) LLC and UBS Securities LLC
Co-managers:	Bank of Communications Co., Ltd. Hong Kong Branch, BNY Mellon Capital Markets, LLC, Commerzbank AG, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, National Bank of Canada Financial Inc., QNB Capital LLC, Scotia Capital (USA) Inc., Bank of East Asia, Ltd. and U.S. Bancorp Investments, Inc.
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Trade date:	Nov. 8
Settlement date:	Nov. 16
Distribution:	Rule 144A and Regulation S
2025 notes
Amount:	$1 billion
Maturity:	Nov. 16, 2025
Coupon:	7.776%; resets on Nov. 16, 2024 to SOFR plus 310 bps
Price:	Par
Yield:	7.776%
Spread:	Treasuries plus 310 bps
Call:	At par on Nov. 16, 2024
Price talk:	Treasuries plus 330 bps area
ISINs:	USG84228FH65, US853254CL24
2028 notes
Amount:	$1 billion
Maturity:	Nov. 16, 2028
Coupon:	7.767% initial rate; resets to SOFR plus 345 bps on Nov. 16, 2027
Price:	Par
Yield:	7.767%
Spread:	Treasuries plus 345 bps
Call:	At par on Nov. 16, 2027
Price talk:	Treasuries plus 375 bps area
ISINs:	USG84228FL77, US853254CN89

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