Orders top $15bn for Pru’s perp as StanChart goes global

08 Jan 2013

The subordinated debt market burst into life on Tuesday as Prudential plc drew more than $15bn of demand for a perpetual issue and Standard Chartered began marketing a 10 year tier two deal globally with a 144a/Reg S structure.

Lead managers BNP Parbas, Citi, HSBC and Standard Charted began marketing Prudential’s perpetual non-call five year bond with initial price talk of 6%. They quickly revised that down to 5.5% after orders swelled to $10bn for a maximum deal size of $700m.

When books reached over $15bn, guidance ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial