New Issue: Standard Chartered sells $2 billion contingent convertibles at par to yield 6.5%

By Aleesia Forni

Virginia Beach, March 26 – Standard Chartered plc sold $2 billion of perpetual subordinated contingent convertible tier 1 securities (Ba1/BB/BBB) at par to yield 6.5%, according to an informed source.

The notes were guided in the 6.75% area.

Standard Chartered, BofA Merrill Lynch, Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC were the bookrunners.

The bank and financial services company is based in London.

Issuer:	Standard Chartered
Amount:	$2 billion
Description:	Subordinated contingent convertible tier 1 securities
Maturity:	Perpetual
Bookrunners:	Standard Chartered, BofA Merrill Lynch, Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC
Coupon:	6.5%
Price:	Par
Yield:	6.5%
Trade date:	March 26
Settlement date:	April 2
Ratings:	Moody’s: Ba1
	Standard & Poor’s: BB
	Fitch: BBB
Distribution:	Rule 144A, Regulation S
Price guidance:	6.75% area

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