standard-chartered-raises-16-billion-on-back-of-strong-results

Standard Chartered raises $1.6 billion on back of strong results

The unexpected placement does little to dampen analyst enthusiasm for the Asia-focused, UK-based bank.

Standard Chartered raised $1.6 billion 1 billion with a placement late on Tuesday night, just after announcing another strong set of earnings. This is the first time that the UK-based bank has tapped the markets for capital ever since its $2.6 billion rights issue in December. And although the deal came as something of a surprise, analysts still think that Standard Chartered remains the bank to watch.

The deal consisted of 75 million shares priced at 13.60 each, a 5.2% discount to the last trading price on Monday. The shares sold represent 3.9% of the issued ordinary share capital of the company prior to the placement. The shares were placed with independent institutional investors...

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