StanChart finds buyers but tier twos will stay scarce

20 Jan 2012

Standard Chartered enjoyed strong demand for a $1bn tier two issue this week that achieved a slim spread to its senior paper but bankers don’t expect much more issuance in the format. While the UK-headquartered bank had a specific motivation for issuing this week, bankers said that tier two issuance would remain light until there is greater clarity on European capital rules.

"We have said we will call a €750m tier two in February," said Rupert Mingay, head of capital management at Standard Chartered. "We have a profitable and growing business in Asia, Africa and the Middle East and an active capital management strategy to support it over the long ...

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