'Stanchart to sell $1bn in Tier 1 bond'

Standard Chartered bank is selling about $1 billion (Dh3.67bn) in dollar-denominated Tier 1 perpetual bonds, an industry insider familiar with the sale said yesterday.

The size of the deal has a "small potential" to be upsized from $1bn, said the source, declining to be identified because he was not authorised to talk publicly about the sale.

Final guidance has been set at 9.5 per cent, right in line with guidance provided earlier in the day. Bank of America-Merrill Lynch, Credit Suisse, Goldman Sachs and Standard Chartered are the lead managers.

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