StanChart to Issue $2 Billion Perpetual Contingent Convertible Securities
March 29 2015 - 10:35PM
Dow Jones News
By Joanne Chiu
Standard Chartered PLC. (2888.HK) said it will issue US$2
billion worth of perpetual contingent convertible securities as the
U.K. bank seeks to strengthen its capital base.
The emerging-market-focused lender said in a statement Monday
that the perpetual subordinated contingent convertible securities
will be issued on April 2, with the expected net proceeds of $1.98
billion to be used for general business purposes and strengthening
its capital base.
The interest rate on the securities from the issue date to April
2, 2020 is a fixed rate of 6.5%, it added.
Write to Joanne Chiu at joanne.chiu@wsj.com
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