StanChart taps reverse enquiry to add 30 year, Pru trades up

09 Jan 2013

Investors proved their appetite for high yielding paper on Tuesday, piling into subordinated issues from Standard Chartered Bank and Prudential plc. Demand for Standard Chartered’s tier two debt was so strong the bank added a 30 year tranche to its 10 year bond, taking $2.5bn out of the market altogether.

Lead managers Bank of America Merrill Lynch, Credit Suisse, JP Morgan and Standard Chartered started with initial price thoughts of 225bp over US Treasuries for StanChart’s 10 year bullet.

Orders swelled from the $2bn collected in the European morning to around $8bn after US markets began trading. Leads ...

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