Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.
Standard Chartered raised $1bn of 10.25 year non-call 5.25 tier two bonds at 185bp over US Treasuries on Tuesday.
Bookrunners Credit Suisse, Société Générale, Standard Chartered and UBS fielded about $5.75bn of demand from investors, allowing them to tighten from the initial range of 220bp area.
It was the first time that