Standard Chartered PLC - London-headquartered bank with presence in Asia, the Middle East, Africa and the Americas - Intends to issue USD1.25 billion in additional tier 1 securities on August 15. The company says it is issuing fixed-rate resetting perpetual subordinated contingent convertible securities. The CoCos have an initial fixed interest rate of 7.75% and are priced at 100% of principal. They will be traded in London, while the ordinary shares issued upon conversion also will be traded in Hong Kong.
Current stock price: 602.60 pence
12-month change: up 34%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Standard Chartered (STAN)
