US buyers give big hug to StanChart, Pru sub

11 Jan 2013

Standard Chartered plc proved that it had put the embarrassment of last year’s spat with US regulators behind it this week, as it placed $2.5bn of tier two paper, mostly with institutional accounts in the country. Meanwhile, Prudential proved its popularity with Asian investors, building a book of around $16bn for its perpetual non-call five trade.

StanChart reached a settlement with New York regulators in August 2012 after being accused of violating US sanctions with Iran, leading some US investors to exit their holdings in the firm.

But the bank wooed some of them back this week, with a tightly priced $2bn 10 year bullet ...

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