StanChart gets price over size
The leads on Standard Chartered’s $1bn 10 year bullet, which was sold on Monday mainly to US accounts, defended the deal against critics who said the small book size of $2.5bn showed that the deal had struggled, perhaps because of investor fatigue as StanChart has sold a large amount of tier two paper into the US market this year.
The deal, which was trading 2bp inside re-offer on Tuesday, is the bank’s second in the RegS/144A format this year – it brought a dual tranche 10 and 30 year trade in January.
The bond was priced at 250bp over US Treasuries, 10bp inside the 260bp initial pricing
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.