HG bonds: Standard Chartered places $3B of senior notes; terms

Standard Chartered PLC today completed a $3 billion, two-part senior offering, evenly split, at par pricing, across 0.991% four-year (non-call three) notes due Jan. 12, 2025, at T+78; and 1.456% six-year (non-call five) notes due Jan. 14, 2027, at T+100.

Of note, Standard Chartered earlier this week completed a $1.25 billion offering of subordinated Additional Tier 1 perpetual non-call 10-year notes at 4.75%.

The U.K.-based financial services firm tapped the U.S. bond market four times in 2020. Most recently, in November, it placed a $1.25 billion offering, at par pricing, of 3.265% long 15-year (non-call 10) subordinated Tier 2 notes due Feb. 18, 2036, at T+230. In October 2020, it completed a $1.5 billion, two-part offering, at par pricing, across $500 million of three-year (non-call two) floating-rate notes due Oct. 14, 2023, at 125 basis points over the secured overnight financing rate; and $1 billion of same-dated (non-call two) 1.319% fixed-to-floating notes at T+117.

Its funding costs are down substantially since last March when the company printed a $2 billion offering of 4.644% 11-year (non-call 10) fixed- to floating-rate notes due April 1, 2031, at T+385. Last January, it kicked off the year with a $2 billion offering of 2.819% fixed-to-floating notes due Jan. 30, 2026, at T+120.

S&P Global Ratings and Moody's maintain stable outlooks for their respective BBB+/A2 corporate ratings. Fitch has maintained a negative outlook on its A rating for Standard Chartered since April, when it was revised from stable due to the fallout from the COVID-19 outbreak. Terms: