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Orders for StanChart AT1 bond in excess of US$17bn

Reuters - UK Focus

By Robert Smith

LONDON, Aug 11 (IFR) - Demand for Standard Chartered (HKSE: 2888.HK - news) 's Additional Tier 1 bond issue is in excess of US$17bn, according to a lead.

Guidance has been revised to 7.625% area for the perpetual non-call April 2022 trade, moving in from the 8% area initial price thoughts set during the Asian hours.

StanChart (HKSE: 2888-OL.HK - news) 's bonds will convert into equity if the bank's Common Equity Tier 1 ratios fall below 7%.

StanChart, Bank of America Merrill Lynch, Deutsche Bank (LSE: 0H7D.L - news) , Goldman Sachs (NYSE: GS-PB - news) , Societe Generale (Swiss: 519928.SW - news) and UBS (LSE: 0QNR.L - news) are joint lead managers.

The bonds are expected to be rated Ba1/BB-/BBB- (Moody's/S&P/Fitch). (Reporting by Helene Durand, editing by Robert Smith)