Bond Factsheet
SDLF 5.375% 06Jul2027 Corp (USD)
Standard Life PLC
Indicative
Full Lot
Bid Price 99.116
Change in Bid Price 0.128
Bid Yield (%) 6.587 %
Change in Bid Yield 0.182
Ask Price 99.548
Change in Ask Price 0.119
Ask Yield (%) 5.987 %
Change in Ask Yield 0.167
Indicative price as of 02 Oct 2026, 4:33pm
Bond Issuer
Standard Life PLC
Guarantor
-
Announcement Date
29 Jun 2017
Issue Date
06 Jul 2017
Maturity Date
06 Jul 2027
Years to Maturity / Next Call
0.752 / -
Modified Duration
0.715 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.375
Coupon Type
Fixed
Annual Coupon Rate
5.375
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
-
ISIN
XS1639849204
CUSIP
AO0849858
Bond Currency
USD
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
Others
Additional Note
Change of name from Phoenix Group Holdings plc to Standard Life plc has been registered at Companies House with effect from 24 February 2026.
Early Redemption, Variation or Substitution for Taxation Reasons, Capital Disqualification Event and/or Ratings Methodology Event
The Subordinated Notes may, subject as provided in Condition 5 of the relevant Terms and Conditions, be redeemed at their Optional Redemption Amount together with any accrued and unpaid interest to (but excluding) the date fixed for redemption and any Arrears of Interest at the option of PGH on any Optional Redemption Date (if any).
In addition, upon the occurrence of a Tax Event, a Capital Disqualification Event, or a Ratings Methodology Event (if Ratings Methodology Call is specified) the Subordinated Notes may be (i) substituted for, or their terms varied so that they become, Qualifying Securities or Rating Agency Compliant Securities, whichever is relevant; or (ii) redeemed at the Special Redemption Price, together in each case with any accrued and unpaid interest and any Arrears of Interest, all as more particularly described in “Terms and Conditions of the Tier 3 Notes – Redemption, Substitution, Variation, Purchase and Options” or “Terms and Conditions of the Tier 2 Notes – Redemption, Substitution, Variation, Purchase and Options” as applicable.
a “Ratings Methodology Event” will be deemed to occur if at any time there occurs a change in (or clarification to) the methodology of the Rating Agency (or in the interpretation of such methodology) as a result of which the “equity credit” (or such other nomenclature as may be used by the Rating Agency from time to time to describe the degree to which the terms of an instrument are supportive of an issuer’s senior obligations in terms of either leverage or total capital) assigned by the Rating Agency to the Notes is, as notified by the Rating Agency to the Issuer or as published by the Rating Agency, reduced when compared to the “equity credit” assigned by the Rating Agency or its predecessor to the Notes on or around the Issue Date.
Deferral of redemption date
PGH is required to defer any scheduled redemption of Subordinated Notes (whether at maturity (if any) or if it has given notice of early redemption in the circumstances described below in Conditions 6(c), 6(d), 6(e) and 6(f) of the relevant Terms and Conditions) if (i) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if the relevant Series of Subordinated Notes were redeemed, (ii) the relevant Series of Subordinated Notes cannot be redeemed in compliance with the Solvency Condition, or (iii) (if then required) the Regulatory Clearance Condition has not been satisfied or redemption cannot be made in compliance with the Relevant Rules at such time. See “Terms and Conditions of the Tier 2 Notes – Redemption, Substitution, Variation, Purchase and Options” as applicable.
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