By Mary Katherine Stinson
Lexington, Ky., Jan. 17 – Standard Chartered plc priced S$335 million of 4% fixed-rate reset notes due Jan. 19, 2030 (A3/BBB+/A) on Wednesday, according to a final terms sheet.
The company sold the six-year notes at 99.105 to yield 4.2%, or a margin of 151.3 basis points over the benchmark.
The company has the option to call the notes on Jan. 19, 2029 at par, which is also the first reset date.
On that date, the interest rate will reset to mid-swaps SORA for the last 12 months.
The Regulation S notes are also callable due to a loss absorption disqualification event and feature a clean-up call with a 75% threshold.
Standard Chartered Bank is the lead manager.
The notes were issued under the bank’s $77.5 billion debt issuance program.
Standard Chartered is a London-based banking and financial services company.
| Issuer: | Standard Chartered plc
|
| Amount: | S$335 million
|
| Issue: | Fixed-rate reset notes, series 282, tranche 1
|
| Maturity: | Jan. 19, 2030
|
| Lead manager: | Standard Chartered Bank
|
| Coupon: | 4% initially; resets to mid-swaps SORA on Jan. 19, 2029
|
| Price: | 99.105
|
| Yield: | 4.2%
|
| Spread: | 151.3 bps
|
| Call features: | At par on Jan. 19, 2029
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | Regulation S
|
| ISIN: | XS2750316312
|
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