Standard Chartered guides benchmark dollar-denominated contingent convertibles in 5½% area

By Paul A. Harris

Portland, Ore., Jan. 5 – Standard Chartered plc is guiding a benchmark dollar-denominated offering of fixed-rate resetting perpetual subordinated contingent convertible securities (Ba1/BB-/BBB-) in the 5½% area, according to a market source.

The Rule 144A and Regulation S registered deal is set to price on Tuesday.

BNP Paribas Securities Corp., BofA Securities, J.P. Morgan Securities LLC, Standard Chartered Bank and UBS Securities LLC are the joint lead managers.

Standard Chartered is the structuring adviser.

The notes become callable at par on the first interest rate reset date, Jan. 14, 2031, and are callable on subsequent reset dates, which are set to occur every five years thereafter. The applicable reset premiums remain to be determined.

Under certain defined circumstances the securities will become convertible into ordinary shares.

The London-based international banking and financial services company plans to use the proceeds for general business purposes and to further strengthen its regulatory capital base.

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