Bond Factsheet
SDLF 5.625% 28Apr2031 Corp (GBP)
Standard Life PLC
Indicative
Full Lot
Bid Price 96.451
Change in Bid Price 0.249
Bid Yield (%) 6.552 %
Change in Bid Yield 0.067
Ask Price 96.577
Change in Ask Price 0.242
Ask Yield (%) 6.518 %
Change in Ask Yield 0.065
Indicative price as of 30 Oct 2026, 3:49pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Standard Life PLC
Guarantor
-
Announcement Date
23 Apr 2020
Issue Date
28 Apr 2020
Maturity Date
28 Apr 2031
Years to Maturity / Next Call
4.488 / 4.242
Modified Duration
3.724 @ 30 Oct 2026
Issue / Reoffer Price
98.844
Issue / Reoffer Yield
5.770
Coupon Type
Fixed
Annual Coupon Rate
5.625
Coupon Frequency
Annually
Seniority
Subordinated
Reference Rate
-
ISIN
XS2166106448
CUSIP
BJ0861465
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
If “Optional Interest Payment Date” is specified as being applicable hereon, the Issuer may elect in respect of any Optional Interest Payment Date by notice to the Noteholders, the Paying Agents and the Trustee pursuant to Condition 5(e) below, to defer payment of all (but not some only) of the interest accrued to that date and the Issuer shall not have any obligation to make such payment on that date.
Mandatory Deferral of Interest
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 Paying Agents and the Trustee of any Regulatory Deficiency Interest Deferral Date in accordance with Condition 5(e) (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.
Issuer Call
(i) Optional Redemption Date(s): Any date from and including 28 January 2031
(ii) Optional Redemption Amount(s) of each Note: £1,000 per Calculation Amount
(iii) Notice period: Not less than 15 nor more than 30 days’ notice
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.
Redemption, Substitution or Variation at the Option of the Issuer due to Capital Disqualification Event
Subject to Conditions 3(d), 6(b) and 6(i), 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 Issuing and Paying Agent and the Registrar, 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 or, if and for so long as the Note is a Floating Rate Note, on any Interest Payment Date, at their Special Redemption Price (which, unless otherwise specified hereon, shall be 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 Directors referred to in Condition 6(i)(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.
Change of name from Phoenix Group Holdings plc to Standard Life plc has been registered at Companies House with effect from 24 February 2026.
Subject as aforesaid, upon expiry of such notice the Issuer shall either redeem, vary or substitute the Notes, as the case may be.
Redemption, Substitution or Variation at the Option of the Issuer for Rating Reasons
Subject to Conditions 3(d), 6(b) and 6(i), if “Ratings Methodology Call” is specified as being applicable hereon and a Ratings Methodology Event has occurred and is continuing, or the Issuer satisfies the Trustee that, as a result of any change in, or amendment to, or any change in the application of, any applicable methodology of the Rating Agency, a Ratings Methodology Event will occur within a period of six months, 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 Issuing and Paying Agent and the Registrar, 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 or, if and for so long as the Note is a Floating Rate Note, on any Interest Payment Date, at their Special Redemption Price (which, unless otherwise specified hereon, shall be 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 Rating Agency Compliant Securities, and the Trustee shall (subject to the receipt by it of the certificates of the Directors referred to in Condition 6(i)(i) below and in the definition of “Rating Agency Compliant 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 Ratings Methodology 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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