Bond Factsheet
STANLN 5.375% Perpetual Corp (SGD)
Standard Chartered PLC
Indicative
Full Lot
Bid Price 100.035
Change in Bid Price 0.002
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.168
Change in Ask Price 0.009
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 03 Oct 2024, 12:00am
Bond Issuer
Standard Chartered PLC
Guarantor
-
Announcement Date
25 Jun 2019
Issue Date
03 Jul 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.996
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.375
Coupon Type
Variable
Annual Coupon Rate
5.375
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date: 03 Oct 2024 and every 5 years thereafter
Reset Rate: Prevailing SGD 5Y SOR + Initial Margin (3.683%)
ISIN
XS2013525253
CUSIP
AZ2969592
Bond Currency
SGD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
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
HKEX
Loss Absorption
Conversion upon Conversion Trigger Event
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.
The Securities may be subject to statutory write-down or bail-in
Under the Regulatory Capital Write-Down Powers in the BRRD, Resolution Authorities have the power (and are obliged when specified conditions are determined by the relevant Resolution Authority to have been met) to write-down, or convert into CET1 Capital instruments (e.g. ordinary shares) of the Institution and/or its EEA parent holding company, Tier 1 and Tier 2 Capital instruments issued by Institutions and/or their EEA parent holding companies before determining that the relevant Institution and/or EEA parent holding company has reached a point of non-viability ("PONV") and, accordingly, taking any form of resolution action or applying any resolution power set out in the BRRD. These measures apply to the Securities.
Early Redemption due to a Capital Disqualification Event
Subject to certain conditions, if at any time a Capital Disqualification Event has occurred, the Company may, at its option, redeem the Securities, in whole but not in part, on any date at 100 per cent. of their principal amount, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as described above) to (but excluding) the date fixed for redemption.
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: 03 Oct 2024
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