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
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.