Bond Factsheet
SDLF 5.867% 13Jun2029 Corp (GBP)
Standard Life PLC
Indicative
Full Lot
Bid Price 99.110
Change in Bid Price 0.134
Bid Yield (%) 6.239 %
Change in Bid Yield 0.056
Ask Price 99.216
Change in Ask Price 0.127
Ask Yield (%) 6.194 %
Change in Ask Yield 0.053
Indicative price as of 30 Oct 2026, 3:49pm
Bond Issuer
Standard Life PLC
Guarantor
-
Announcement Date
06 Jun 2019
Issue Date
13 Jun 2019
Maturity Date
13 Jun 2029
Years to Maturity / Next Call
2.616 / -
Modified Duration
2.330 @ 30 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.867
Coupon Type
Fixed
Annual Coupon Rate
5.867
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
-
ISIN
XS2012046665
CUSIP
AZ1718321
Bond Currency
GBP
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 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
Deferral Interest Payment
Subject as set out below, payment of interest on the Notes by the Issuer will be mandatorily deferred on each Regulatory Deficiency Interest Deferral Date. The Issuer shall notify the Noteholders, the Agents and the Trustee of any Regulatory Deficiency Interest Deferral Date in accordance with Condition 5(d) (provided that failure to make such notification shall not oblige the Issuer to make payment of such interest, or cause the same to become due and payable, on such date) and the Issuer shall not have any obligation to make such payment on that date.
Notwithstanding that an Interest Payment Date may be a Regulatory Deficiency Interest Deferral Date, interest payments may still be paid on that relevant Interest Payment Date to the extent that:
(i) the PRA has exceptionally waived the deferral of the payment of Interest Amounts;
(ii) the payment of such Interest Amounts do not further weaken the solvency position of the Issuer; and
(iii) the Minimum Capital Requirement is complied with immediately after such payments of Interest Amounts are made.
Deferral of redemption date
(i) No Notes shall be redeemed on the Maturity Date pursuant to Condition 6(a) or redeemed prior to the Maturity Date pursuant to Condition 6(c), 6(d), 6(e) or 6(j) or purchased pursuant to Condition 6(f) if a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if redemption or purchase were made on, if Condition 6(a) applies, the Maturity Date or, if Condition 6(c), 6(d), 6(e) or 6(j) applies, any date specified for redemption in accordance with such Conditions or, if Condition 6(f) applies, the date of such purchase.
(ii) If the Notes are not to be redeemed on the Maturity Date pursuant to Condition 6(a) or on any redemption date pursuant to Condition 6(c), 6(d), 6(e) or 6(j) (as applicable) as a result of circumstances where:
(A) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if the Notes were redeemed on such date;
(B) the Solvency Condition would not be satisfied on such date or immediately after the redemption; or
(C) the Regulatory Clearance Condition is not satisfied (to the extent then required under the Relevant Rules) in relation to such redemption; and/or
(D) such redemption otherwise cannot be effected in compliance with the Relevant Rules on such date,
"Regulatory Deficiency Redemption Deferral Event" means:
(a) any event (including, without limitation, where an Insolvent Insurer Winding-up has occurred and is continuing or any event which causes any Solvency Capital Requirement or Minimum Capital Requirement applicable to the Issuer, the Issuer Group Parent Entity or the Issuer Group to be breached and such Insolvent Insurer Winding-up or, as the case may be, such breach is an event) which under the Relevant Rules means that the Issuer must defer or suspend redemption of the Notes; or
(b) the PRA having notified the Issuer in writing that, in circumstances in which it is permitted to do so pursuant to and in accordance with the Relevant Rules, it has determined that the Issuer must defer making a payment of principal under the Notes and the PRA not having revoked such notification.
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.
Solvency Condition
Other than in circumstances where an Issuer Winding-Up has occurred or is occurring (but subject to Condition 3(c)), all payments under or arising from (including any damages awarded for breach of any obligations under) the Notes or the Trust Deed shall be conditional upon the Issuer being solvent at the time for payment by the Issuer and no amount shall be payable under or arising from the Notes or the Trust Deed unless and until such time as the Issuer could make such payment and still be solvent immediately thereafter (the "Solvency Condition").
Redemption, Substitution or Variation at the Option of the Issuer due to Capital Disqualification Event
Subject to Conditions 3(d), 6(b) and 6(h), if a Capital Disqualification Event has occurred and is continuing, then the Issuer may at its option, having given not less than 30 nor more than 60 days' notice to the Noteholders in accordance with Condition 16, the Trustee, the Registrar and the other Agents, which notice shall specify the date set for redemption and shall (subject as aforesaid) be irrevocable, either:
(i) redeem all (but not some only) of the Notes, at any time on any Interest Payment Date, at their principal amount together with any Arrears of Interest and any other accrued and unpaid interest to (but excluding) the date of redemption; or
(ii) substitute at any time all (but not some only) of the Notes for, or vary the terms of the Notes so that they become or remain Qualifying Securities and the Trustee shall (subject to the receipt by it of the certificates of the authorised signatories referred to in Condition 6(h)(i) below and in the definition of "Qualifying Securities") agree to such substitution or variation, provided, however, that no such notice of redemption, substitution or variation shall be given more than 12 months following the occurrence of the relevant Capital Disqualification Event.
provided, however, that no such notice of redemption, substitution or variation shall be given more than 12 months following the occurrence of the relevant Capital Disqualification Event.
Subject as aforesaid, upon expiry of such notice the Issuer shall either redeem, vary or substitute the Notes, as the case may be.
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