Standard Chartered Completes Redemption of Perpetual Bonds
Why we think this is very bad
The announcement of the full redemption of Standard Chartered's perpetual subordinated contingent convertible securities is a negative development for investors, as it signals the end of this financial instrument and the loss of an ongoing income stream.
Key Points
- Standard Chartered has redeemed its outstanding perpetual bonds in full
- The securities have been cancelled and delisted from the Hong Kong Stock Exchange
Summary
The major bank has redeemed its outstanding perpetual bonds, resulting in the cancellation and delisting of the securities.
Standard Chartered PLC has announced the completion of the redemption of its U.S.$1,000,000,000 Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities. The securities have been redeemed in full at 100% of their principal amount, and have now been cancelled and delisted from The Stock Exchange of Hong Kong Limited.
GENERAL UPDATE