Bond Factsheet
STANLN 7.000% Perpetual Corp (USD)
Standard Chartered PLC
Indicative
Full Lot
Bid Price 95.425
Change in Bid Price 0.310
Bid Yield (%) 7.680 %
Change in Bid Yield 0.048
Ask Price 96.483
Change in Ask Price 0.310
Ask Yield (%) 7.519 %
Change in Ask Yield 0.047
Indicative price as of 01 Oct 2026, 3:50pm
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 Nov 2025
Issue Date
14 Nov 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 9.124
Modified Duration
6.424 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.000
Coupon Type
Variable
Annual Coupon Rate
7.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 14 May 2036 and every 5 years thereafter
Reset Rate: 5Y UST Rate + Initial Margin (2.873%)
ISIN
USG84228HA94
CUSIP
YJ9907520
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
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 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 Price: The Conversion Price per Ordinary Share in respect of the Securities is U.S.$ 20.760, subject to certain anti-dilution adjustments. As at the date of this document, the Conversion Price is equivalent to a price of £ 15.940, translated into U.S. Dollars at an exchange rate of £ 1 = U.S.$ 1.3024.
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.
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.
Agreement with respect to the exercise of the UK Bail-in Power: Applicable. See Condition 21 (Recognition of UK Bail-in Power) for further details.
Deferral Interest Payment
If the Issuer does not make an Interest Payment or part thereof on the relevant Interest Payment Date or on any other relevant date for payment, such non-payment shall evidence:
(i) the non-payment and cancellation of such Interest Payment (or relevant part thereof) by reason of it not being due in accordance with the provisions described under "Solvency Condition" below;
(ii) the cancellation of such Interest Payment (or relevant part thereof) in accordance with the provisions described under "Restrictions on Interest Payments" below;
(iii) the cancellation of such Interest Payment (or relevant part thereof) in accordance with Condition 7(c); or, as appropriate;
(iv) the Issuer's exercise of its discretion otherwise to cancel such Interest Payment (or relevant part thereof) as described under "Interest Payments Discretionary" below, and, accordingly, such interest shall not in any such case be due and payable.
Interest Payments Discretionary
Interest on the Securities is due and payable only at the sole and absolute discretion of the Issuer, subject to the additional restrictions set out herein. Accordingly, the Issuer may at any time elect to cancel any Interest Payment (or part thereof) which would otherwise be payable on any Interest Payment Date.
Restrictions on Interest Payments
The Issuer shall cancel any Interest Payment (or, as appropriate, part thereof) on the Securities 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
Issuer Call
(i) on any day falling in the period commencing on (and including) 14 November 2035 and ending on (and including) the First Reset Date; or
(ii) on any Reset Date thereafter,
in each case, at their principal amount, together with any Accrued Interest. Upon the expiry of such notice, in the case of Condition 8(c)(i), or upon the relevant Reset Date, in the case of Condition 8(c)(ii), the Issuer shall, subject to Conditions 4(a), 8(b) and 8(f), redeem the Securities as aforesaid.
Additional Note
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.
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