Bond Factsheet
STANLN 7.500% Perpetual Corp (USD)
Standard Chartered PLC
Indicative
Full Lot
Bid Price 99.913
Change in Bid Price 0.035
Bid Yield (%) 7.548 %
Change in Bid Yield 0.009
Ask Price 100.324
Change in Ask Price 0.128
Ask Yield (%) 7.446 %
Change in Ask Yield 0.032
Indicative price as of 06 Apr 2022, 12:00am
Bond Issuer
Standard Chartered PLC
Guarantor
-
Announcement Date
11 Aug 2016
Issue Date
18 Aug 2016
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.496
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.500
Coupon Type
Variable
Annual Coupon Rate
7.500
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Rate = 5Y Mid Swap + Initial Spread (6.301%)
Reset Date = 02 April 2022 & every 5 years thereafter
ISIN
USG84228CQ91
CUSIP
QZ2259237
Bond Currency
USD
Total Issue Size
-
Outstanding Issue Size
998,995,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A
Bond Credit Rating (S&P/ Fitch)
***/ BBB-
Shariah Compliant
No
Exchange Listed
HKEX
Loss Absorption
- If the Conversion Trigger Event occurs, each Security shall, subject to and as provided in this Condition 7(a), be automatically and irrevocably discharged and satisfied by its Conversion into Ordinary Shares, credited as fully paid, in the manner and in the circumstances described below and the issuance and delivery of such Ordinary Shares to the Conversion Shares Depositary, to be held on trust (on terms permitting a Conversion Shares Offer in accordance with Condition 7(b)(iii)) for the Securityholders, as provided below.
- The "Conversion Trigger Event" shall occur if at any time the CET1 Ratio is less than 7.00 per cent. on such date.
Deferral Interest Payment
- Interest Payment Discretionary
- Interest on the Securities is due and payable only at the sole and absolute discretion, subject to Conditions 4(a), 6(b) and 7(c), of the Issuer. Accordingly, the Issuer may at any time elect to cancel any Interest Payment (or any part thereof) which would otherwise be payable on any Interest Payment Date.
- Non-Cumulative
- the cancellation of such Interest Payment (or relevant part thereof) in accordance with Condition 6(b) or 7(c) or, as appropriate, the Issuer’s exercise of its discretion otherwise to cancel such Interest Payment (or relevant part thereof) in accordance with this Condition 6(a), and accordingly such interest shall not in any such case be due and payable.
Issuer Call
- Issuer’s Call
- Subject to Conditions 4(a), 8(b) and 8(f), the Issuer may, by giving not less than 30 nor more than 60 days’ notice to the Holders in accordance with Condition 17, the Trustee, the Registrar and the Principal Paying and Conversion Agent, which notice shall, save as provided in Conditions 4(a), 8(b) and 8(f), be irrevocable, elect to redeem all, but not some only, of the Securities on the First Reset Date (02 April 2022) or on any Reset Date (every 5 years) thereafter at their principal amount, together with any Accrued Interest. Upon the relevant Reset Date, the Issuer shall, subject to Conditions 4(a), 8(b) and 8(f), redeem the Securities as aforesaid.
- Redemption due to a Capital Disqualification Event
- If at any time a Capital Disqualification Event has occurred, then the Issuer may, subject to Conditions 4(a), 8(b) and 8(f) and having given not less than 30 nor more than 60 days’ notice to the Securityholders in accordance with Condition 17, the Trustee, the Principal Paying and Conversion Agent and the Registrar (which notice shall, subject as provided in Conditions 4(a), 8(b) and 8(f), be irrevocable), redeem in accordance with these Conditions at any time all, but not some only, of the Securities at their principal amount, together with any Accrued Interest. Upon the expiry of such notice, the Issuer shall, subject to Conditions 4(a), 8(b) and 8(f), redeem the Securities as aforesaid.
- A "Capital Disqualification Event" will occur if at any time the Issuer determines that as a result of a change (which the Relevant Regulator considers to be sufficiently certain) to the regulatory classification of the Securities under the Capital Regulations, in any such case becoming effective on or after the Issue Date, all or any part of the outstanding aggregate principal amount of the Securities ceases (or would cease) to be included in, or count towards, the Tier 1 Capital (howsoever defined in the Capital Regulations) of the Group
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