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Standard Chartered gets US$20bn of orders for AT1 bond

Reuters - UK Focus

By Will Caiger-Smith

NEW YORK, Aug 11 (IFR) - Standard Chartered Bank built an order book of US$20bn for its US$2bn perpetual non-call 5.5-year Additional Tier 1 bond that priced on Thursday, according to a lead on the transaction.

The deal priced at a yield of 7.5%, inside earlier guidance of 7.625% and IPTs of 8% area.

The bonds will convert to equity if the bank's Common Equity Tier 1 capital ratio falls below 7%.

Standard Chartered (HKSE: 2888.HK - news) was structuring adviser and joint lead manager. Bank of America Merrill Lynch, Deutsche Bank (LSE: 0H7D.L - news) , Goldman Sachs, Societe Generale (Swiss: 519928.SW - news) and UBS (LSE: 0QNR.L - news) were joint leads. (Reporting by Will Caiger-Smith; Editing by Marc Carnegie)