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      StanChart in the market with AT1
      THURSDAY, 04/08/2022 - Scope Ratings UK Ltd
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      StanChart in the market with AT1

      Standard Chartered plc is out with initial price thoughts of 8.125% area for its planned US dollar AT1. Scope rates Standard Chartered on a subscription basis.

      To view Scope's subscription rating and rating report, or to register, please click here. The resetting 7% CET1 trigger AT1 has a five-year call (15 August 2027) and the first reset date falls on 15 February 2028, according to Bond Radar (www.bondradar.com). 

      Scope’s issuer rating on Standard Chartered is based on a consolidated view of the group and reflects a highly diversified business, with a commercial banking focus. Management is also pursuing growth in financial markets and wealth management activities and is increasingly focused on digitalisation.

      “There is an increasing management focus on facilitating sustainable finance and digital capabilities to support growth,” said Pauline Lambert, executive director in Scope’s financial institutions team. “However, the geographical breadth of operations as well as the focus on faster growing markets exposes the group to greater governance risks.”

      On 1 August, Barclays attracted solid demand for its USD 2bn AT1 in a rebounding market. The deal, which ended up well oversubscribed. has a seven-year call and priced with an 8% coupon, having started marketing at 8.5%. Scope also rates Barclays on a subscription basis. To view Scope’s subscription rating and rating report, or to register, please click here.

      Access all Scope rating & research reports on ScopeOne, Scope’s digital marketplace, which includes API solutions such as for Credit Sphere.

       

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