Standard Chartered to issue $1bn perpetual contingent convertible securities

Standard Chartered PLC is set to issue $1,000,000,000 Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities on November 14, 2025. These perpetual securities will bear an initial fixed interest rate of 7.000% per annum until May 14, 2036, and will be reset every five years thereafter. The issue price is 100% of the principal amount, with interest payments made semi-annually in arrears.

The securities are callable under certain conditions, including capital disqualification or tax events. They are also subject to conversion into Ordinary Shares if the CET1 Ratio falls below 7.00%. The conversion price is $20.760 per Ordinary Share, with an estimated 48,169,556 Ordinary Shares to be issued upon full conversion.

Net proceeds, estimated at $991,000,000 after commissions, will be used for general business purposes and to strengthen the Group's regulatory capital base. Application has been made for the securities to trade on the London Stock Exchange's International Securities Market and for the Ordinary Shares to be listed on the Hong Kong Stock Exchange.