New Issue: Standard Chartered sells $1 billion 7.75% resetting subordinated securities at par

By Cristal Cody

Eureka Springs, Ark., Jan. 12 – Standard Chartered PLC priced $1 billion of 7.75% fixed-rate resetting perpetual subordinated contingent convertible securities (Ba1/BB-/BB+) at par on Thursday, according to a term sheet.

The bonds will bear a 7.75% fixed rate up to but excluding April 1, 2023, when the interest rate will reset.

Standard Chartered Bank is structuring adviser and a joint lead manager with BNP Paribas Securities Corp., Citigroup Global Markets Inc. and BofA Merrill Lynch.

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

Issuer:	Standard Chartered PLC
Amount:	$1 billion
Description:	Resetting perpetual subordinated contingent convertible securities
Maturity:	Perpetual
Bookrunners:	Standard Chartered Bank (structuring), BNP Paribas Securities Corp., Citigroup Global Markets Inc. and BofA Merrill Lynch
Co-managers:	ABN AMRO Securities (USA) LLC, Australia and New Zealand Banking Group Ltd., Banco Santander, SA, Bank of China (UK) Ltd., Emirates NBD PJSC, National Bank of Abu Dhabi P.J.S.C., Natixis Securities Americas LLC, QNB Capital LLC, Bank of East Asia, Ltd. and United Overseas Bank Ltd.
Coupon:	7.75%; resets April 1, 2023 at reference rate plus 572.3 bps
Price:	Par
Yield:	7.75%
Offering date:	Jan. 12
Issuance date:	Jan. 18
Call feature:	On any reset date at par
Ratings:	Moody’s: Ba1
	S&P: BB-
	Fitch: BB+
Listing:	Hong Kong Stock Exchange
Distribution:	Rule 144A, Regulation S

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