Standard Chartered (HKG:2888) will issue SG$750 million of fixed-rate resetting perpetual convertible securities to at least six placees on Jan. 15, according to a Friday Hong Kong bourse filing.
The securities will have an interest rate of of 4.3% until Jan. 15, 2032, following which it will be reset.
The securities are convertible into over 23.4 million shares at SG$32.043 apiece. The shares represent 1.025% on the bank's enlarged issued share capital.
The firm will use proceeds for general business purposes and to strengthen its regulatory capital base.
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