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StanChart marketing US dollar AT1 benchmark at high 6% yield

Reuters - UK Focus

By Daniel Stanton

SINGAPORE, March 26 (IFR) - Standard Chartered PLC (HKSE: 2888.HK - news) has begun marketing its Additional Tier 1 US dollar benchmark bonds at a yield guidance in the high-6% area.

The perpetual non-call five securities have an expected rating of Ba1/BB/BBB and are being offered under the 144A/Reg S format. The notes have a 7% common equity Tier 1 trigger equity conversion.

Barclays (LSE: BARC.L - news) and Standard Chartered are structuring advisers. They are also joint lead managers with Bank of America Merrill Lynch, Goldman Sachs (NYSE: GS-PB - news) , JP Morgan and UBS (NYSEArca: FBGX - news) . The deal is expected to price today.

Roadshows took place in London on Tuesday and yesterday, with calls for US investors also yesterday. Marketing to Asian investors was carried out yesterday and this morning. (Reporting By Daniel Stanton, editing by Dharsan Singh)