Bond Factsheet
STANLN 7.625% Perpetual Corp (USD)
Standard Chartered PLC
Indicative
Full Lot
Bid Price 100.178
Change in Bid Price 0.849
Bid Yield (%) 7.579 %
Change in Bid Yield 0.196
Ask Price 100.646
Change in Ask Price 0.872
Ask Yield (%) 7.471 %
Change in Ask Yield 0.201
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
07 Jan 2025
Issue Date
16 Jan 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 5.284
Modified Duration
4.217 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.625
Coupon Type
Variable
Annual Coupon Rate
7.625
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 16 July 2032 and every 5 years thereafter
Reset Rate: UST 5 year+ Initial Margin (3.023%)
ISIN
USG84228GP72
CUSIP
YS4434926
Bond Currency
USD
Total Issue Size
1,000,000,000
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 upon Conversion Trigger Event
(i) If a 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. Such Conversion shall occur without delay upon the occurrence of a Conversion Trigger Event.
The Securities are not convertible at the option of Securityholders or the Trustee at any time.
A "Conversion Trigger Event" shall occur if at any time the CET1 Ratio is less than 7.00 per cent.
Conversion Price: The Conversion Price per Ordinary Share in respect of the Securities is U.S.$12.330 subject to certain anti-dilution adjustments as described herein. As at 7 January 2025, the Conversion Price was equivalent to a price of £9.870, translated into U.S. Dollars at an exchange rate of £1 = U.S.$1.2492.
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, where required), 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 in, or count towards, Tier 1 capital of the Group)
The Securities may be subject to the exercise of regulatory capital write-down and conversion powers, bail-in resolution powers or other powers by a relevant resolution authority or other government authorities
Pursuant to the Banking Act, the Securities could be subject to the exercise of regulatory capital write-down or conversion powers in certain circumstances, including before a determination that the Issuer and/or the Group has reached the point of non-viability and before a determination by the relevant resolution authority to exercise resolution powers (including bail-in resolution powers). The Securities (insofar as they have not already been written down or converted under such regulatory capital write-down or conversion powers) also fall within the scope of the resolution powers (including bail-in resolution powers) set out in the Banking Act. The determination that the regulatory capital write-down or conversion powers or the resolution powers including bail-in resolution powers) will be exercised in respect of all or part of the principal amount of the Securities may be unpredictable and may be outside of the Issuer's control. Accordingly, trading behaviour in respect of the Securities is not necessarily expected to follow trading behaviour associated with other types of securities. Any final determination, or actual or perceived increase in the likelihood, that such powers will be exercised in respect of the Securities could have an adverse effect on the market price of the Securities.
No Set-off: Applicable
Deferral Interest Payment
(a) Interest Payments 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. If the Issuer does not make an Interest Payment or part thereof on the relevant Interest Payment Date, such non-payment 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.
Restrictions on Interest Payments
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.
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