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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.