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Standard Chartered to Issue $1 Billion in Debt

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Standard Chartered (HKG:2888) plans to issue $1.00 billion in bonds, according to a Friday filing with the Hong Kong bourse.

The lender plans to issue the debt in the form of fixed-rate resetting perpetual subordinated contingent convertible securities that will be listed in London and Hong Kong. Issuance is expected to take place June 8.

The bonds will offer interest at an initial rate of 7% and convert into shares of Standard Chartered at the rate of $26.379 per share.

Funds raised will be used for general business purposes, the bank said.

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