Standard Chartered $2 billion contingent convertible AT1 notes issue

Overview:

• Standard Chartered has issued $2 billion in fixed rate resetting perpetual subordinated contingent convertible securities on the Hong Kong Stock Exchange.
• The securities convert into shares if the bank's common equity Tier 1 ratio is less than 7%.
• Standard Chartered acted as joint lead manager, BofA Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs, Société Générale and UBS acted as joint lead managers with ABN Amro, BBVA, Commerzbank, Emirates NBD Capital, Maybank, Natixis, QNB Capital, RBC Capital Markets and United Overseas Bank acting as co-managers.

Sam Duke - Editor