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Books on Standard Chartered US dollar bond over US$18bn:lead

Reuters - UK Focus

By Natalie Harrison

NEW YORK, Aug 16 (IFR) - Investors have put in more than US$18bn of orders into a three-part US dollar bond from Standard Chartered, one of the banks managing the deal told IFR.

Order books on the 10.5-year subordinated notes issue are in excess of US$12bn, while order books for the three-year fixed and floating rate notes are over US$6bn, skewed towards the fixed rate tranche.

Guidance on the 10.5-year is T+285bp area (+/-5bp) and T+135bp area on the three-year fixed. The UK bank started the 144A/Reg S trade with initial price thoughts of T+320bp area and T+155bp area respectively. (Reporting by Natalie Harrison; editing by Shankar Ramakrishnan)