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StanChart raised $1bn via a PerpNC6 AT1 bond at a yield of 7.875%, 50bp inside initial guidance of 8.375% area. The subordinated notes are rated Ba1/BB-/BBB-, and received orders of over $3bn, 3x issue size. The issuer is Standard Chartered PLC. The bonds are callable from 8 March 2030 until the first reset date of 8 September 2030, and if not called, the coupon resets then and every five years thereafter to the prevailing 5Y US Treasury yield plus 357.4bp. Proceeds will be used for general corporate purposes and to strengthen further regulatory capital base of the group. A trigger event would occur if the CET1 Ratio is less than 7.00% at any time. The group’s current CET1 Ratio stands at 14.1%. Below is a table looking the latest StanChart issuance vs. other comparable European AT1s, sorted by the yield to call.