Standard chartered launches us$2bn additional tier 1 bond at 6.5%

By Alice Gledhill

LONDON, March 26 (IFR) - Standard Chartered (HKSE: 2888.HK - news) has launched a US$2bn Additional Tier 1 bond at 6.5%, coming at a tighter level than guidance announced earlier on Thursday.

Guidance on the inaugural deal, a perpetual non-call five-year note, was revised earlier to 6.75% area. The issuer began marketing the bond at a yield guidance in the high-6% area earlier today.

Demand for the bond was heard to be in excess of US$15bn.

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 in today's US session. (Reporting by Alice Gledhill; Writing by Natalie Harrison; Editing by Paul Kilby)