Standard Bank draws book over $2bn for T2

South Africa_230
By Francesca Young
23 May 2019

Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

Initial guidance for the note started at 6.375% area before being refined to 6.125%-6.25% and then 5.95%-6.05%. The deal was printed at the tight end of that final range.

“Standard Bank has done very well,” said one banker away from the note. “We saw fair value at 6% ...

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