STAN Standard Chartered Plc

   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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