The transaction is a USD 1.45bn securitisation of Trade Finance Exposures originated by Standard Chartered Bank (SCB) through its UK branch (SCB UK) and its subsidiaries in Hong Kong (SCB HK) and Singapore (SCB SIN). The transaction has an initial 12-month revolving period and as per its documentation it may extend the 12-month revolving period up to three times, assuming no series 2020-1 amortisation events are breached and the conditions precedent for the revolving period extension have been satisfied.

Scope’s announcement addresses the credit impact of the proposed first extension of the transaction revolving period and maturity by twelve months. This proposal is expected to become effective on 15th of October 2021.

Scope’s analysis only covers the credit impact associated with the proposed first extension described above. Scope Ratings has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said proposed first extension.

This announcement does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit rating along with the associated rating history can be found on www.scoperatings.com.