Slaughter and May advised Standard Chartered PLC - issue of US$2 billion Additional Tier 1 Securities

Slaughter and May, London and Hong Kong, advised Standard Chartered PLC on its issue of US$2 billion Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities. The Securities are convertible into ordinary shares of Standard Chartered PLC if at any time Standard Chartered PLC determines that its Common Equity Tier 1 ratio, calculated on a consolidated and fully loaded basis, is less than 7%. The Securities are listed on the Main Board of the Hong Kong Stock Exchange.

Barclays and Standard Chartered Bank acted as structuring advisers and joint lead managers and BofAML Merrill Lynch, Goldman, Sachs & Co, J.P. Morgan and UBS Investment Bank acted as joint lead managers.

Sullivan & Cromwell advised as to New York law.

The Slaughter and May team was led by capital markets partner Nilufer von Bismarck who was supported by associate Andrew Chaplin. The team also included corporate and financing partner Laurence Rudge, who was supported by associate William Ho, financial regulation associate Nicholas Bonsall and tax associate Owen Williams. 

The Sullivan & Cromwell team was led by corporate and financing partner John O'Connor who was supported by associate Barlow Mann.