Stanchart USD Perp AT1Coco IPG 8%

(Bloomberg) — May price today.
* Issuer: Standard Chartered PLC
* 144A/Reg S
* Instrument: USD Fixed Rate resetting perpetual subordinated contingent convertible securities
* Ranking: Prior to any conversion trigger event, ranking in priority to ordinary shares, pari passu with existing preference shares and securities expressed to rank pari passu with either existing preference shares or the securities, and ranking junior to the claims of senior creditors (including Tier 2 creditors)
* Exp. issue rating: Ba1/BB-/BBB-
* Interest payments: payable semi-annually in arrears on April 2 and Oct. 2 in each year, commencing on April 2, 2017 (long first), until first reset date. The interest rate will be reset on the first reset date and every 5-years thereafter (each a “reset date”), to be the sum of the then prevailing 5 year US$ mid-swap rate plus initial credit spread
* Cancellation of interest payments: Fully discretionary, non-cumulative and subject to sufficient distributable items and to solvency condition being satisfied
* Optional redemption: Subject to certain conditions (including regulatory consent), at par plus accrued and unpaid interest in full on first reset date of April 2, 2022 () or any reset date thereafter
* Other early redemption events: Subject to the certain conditions (including regulatory consent), at par plus accrued and unpaid interest, in whole but not in part, at any time upon the occurrence of a tax event; or a capital disqualification event
* Conversion: If the conversion trigger event occurs, each security shall be automatically and irrevocably discharged and satisfied by its Conversion into ordinary shares, credited as fully paid, and the issuance of such ordinary shares to the conversion shares depositary to be held on trust for the security holders. The conversion shall occur without delay upon the occurrence of a conversion trigger event
* Conversion trigger event: The conversion trigger event shall occur at any time the CET1 Ratio is less than 7%. The CET1 Ratio is calculated on a consolidated and fully loaded basis
* Conversion shares offer: Not later than the 10th London business day following the conversion date, issuer may elect in its sole and absolute discretion that the conversion shares depositary makes an offer of all or some of the ordinary shares to be delivered on conversion to all or some of issuer’s shareholders, at a cash price per ordinary share no less than the conversion price
* Bail-in:Statutory UK bail-in powers and regulatory capital write-down power could be applied
* Listing: Hong Kong Stock Exchange
* Structuring advisor and JLM: StanChart
* JLMs: BofAML, Deutsche Bank Securities, GS, Société Générale Corporate & Investment Banking, StanChart, UBS Investment Bank