Bond Factsheet
STANLN 7.750% Perpetual Corp (USD)
Standard Chartered PLC
Indicative
Full Lot
Bid Price 101.205
Change in Bid Price 0.195
Bid Yield (%) 6.271 %
Change in Bid Yield 0.228
Ask Price 101.405
Change in Ask Price 0.195
Ask Yield (%) 6.032 %
Change in Ask Yield 0.227
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Standard Chartered PLC
Guarantor
-
Announcement Date
04 Aug 2022
Issue Date
15 Aug 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.859
Modified Duration
0.815 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.750
Coupon Type
Variable
Annual Coupon Rate
7.750
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 Feb 2028 and every 5 years thereafter
Reset Rate: US 5Y Treasury Yield + Margin (4.976%)
ISIN
USG84228FJ22
CUSIP
BY2675910
Bond Currency
USD
Total Issue Size
1,250,000,000
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
Others
Loss Absorption
Conversion Trigger Event:
The Conversion Trigger Event shall occur at any time the CET1 Ratio is less than 7.00 per cent. The CET1 Ratio is calculated on a consolidated and fully loaded basis
Conversion:
If a Conversion Trigger Event occurs, each Security shall be automatically and irrevocably discharged and satisfied by its Conversion into Ordinary Shares, credited as fully paid, and the issuance of such Ordinary Shares to the Conversion Shares Depositary to be held on trust for the Securityholders. The Conversion shall occur without delay upon the occurrence of a Conversion Trigger Event
Conversion Price:
The Conversion Price per Ordinary Share in respect of the Securities is U.S.$ 7.333, subject to certain anti-dilution adjustments. As at the date of this announcement, the Conversion Price is equivalent to a price of £ 6.026, translated into U.S. Dollars at an exchange rate of £ 1 = U.S.$ 1.2169
Conversion Shares Offer:
Not later than the 10th London business day following the Conversion Date, the Issuer may elect in its sole and absolute discretion that the Conversion Shares Depositary makes an offer of all or some of the Ordinary Shares to be delivered on Conversion to all or some of the Issuer’s Shareholders, at a cash price per Ordinary Share no less than the Conversion Price
Other Early Redemption Events:
Subject to the certain conditions (including regulatory permission), at par plus accrued and unpaid interest, in whole but not in part, at any time upon the occurrence of (i) a Tax Event; or (ii) a Capital Disqualification Event (all or any part of the outstanding aggregate amount ceases to be included within Tier 1 capital of the Group)
Bail-in:
Statutory UK bail-in powers and regulatory capital write-down power could be applied
No Set-off:
Subject to applicable law, no Securityholder may exercise, claim or plead any right of set-off, counter-claim or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Securities and each Securityholder shall, by virtue of its holding of any Security, be deemed to have waived all such rights of set-off, counter-claim or retention
Deferral Interest Payment
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. If the Issuer does not make an Interest Payment or part thereof on the relevant Interest Payment Date, such nonpayment shall evidence either the non-payment and cancellation of such Interest Payment (or relevant part thereof) by reason of it not being due in accordance with Condition 4(a), 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.
Any Interest Payment (or relevant part thereof) which is cancelled in accordance with this Condition 6 or which is otherwise not due in accordance with Condition 4(a) or Condition 7(c) shall not become due and shall not accumulate or be payable at any time thereafter, and Securityholders shall have no rights in respect thereof and any such cancellation or non-payment shall not constitute a default or event of default on the part of the Issuer for any purpose.
Dividend Stopper
The Issuer shall cancel any Interest Payment (or, as appropriate, part thereof) on the Securities in accordance with this Condition 6 in respect of any Interest Payment Date to the extent that the Issuer has an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all payments (other than redemption payments which do not reduce Distributable Items) made or declared by the Issuer since the end of the last financial year of the Issuer and prior to such Interest Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities and (ii) all payments (other than redemption payments which do not reduce Distributable Items) payable by the Issuer (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities (including any Additional Amounts which would be payable by the Issuer in respect of the Interest Payment payable on such Interest Payment Date if such Interest Payment were not cancelled or deemed cancelled) and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items of the Issuer.
The Issuer shall be responsible for determining compliance with this Condition 6(b) and neither the Trustee nor any Paying and Conversion Agent, Transfer Agent, Interest Calculation Agent or Conversion Calculation Agent shall be required to monitor such compliance or to perform any calculations in connection therewith.
Issuer Call
First Call Date: 15 Aug 2027
First Reset Date: 15 Feb 2028
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