StanChart debuts $2b bank capital hybrid

The British bank is the latest institution to raise an inaugural additional tier-1 note, obtaining a whopping orderbook size of $22 billion from global accounts.

Standard Chartered sold a $2 billion perpetual note that is callable in year five on Friday, replicating a structure already used by HSBC, albeit with some tweaking of the share conversion criteria.

Rated Ba1BBBBB by Moody’s, Standard Poor’s and Fitch, respectively, the 144AReg S securities was priced to yield 6.5%, lower than anticipated, according to a term sheet seen by FinanceAsia.

StanChart's offering obtained a whopping orderbook size in excess of $22 billion from over 550 global accounts, with Asian investors grabbing 35% of the pie, Europe 30% and the US 35%, according to a source close to the deal....

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