Slaughter and May advised Standard Chartered PLC on its issue of US$1 billion additional Tier 1 Securities

Slaughter and May, London and Hong Kong, advised Standard Chartered PLC on its issue of US$1 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 7.00 per cent. The Securities are listed on the Main Board of the Hong Kong Stock Exchange.

Standard Chartered Bank acted as structuring adviser and joint lead manager, Barclays, J.P. Morgan, RBC Capital Markets and UBS Investment Bank acted as joint lead managers and Agricultural Bank of China Limited Hong Kong Branch, BMO Capital Markets, DBS Bank Ltd., First Abu Dhabi Bank, ICBC Standard Bank, Natixis, QNB Capital, Samba Capital, Scotiabank and The Bank of East Asia, Limited acted as co-managers.

Sullivan & Cromwell advised as to New York law.

Sullivan & Cromwell team: John O’Connor, Maria J. Lacayo, Andrew S. Brickfield, Umberto Hassan

Financing
Oliver Storey Partner
Harry Bacon Partner
Emma Kudzin Associate
Zahra Haji Associate
Henry Davall Associate
Tax
Tom Gilliver Associate
Financial Regulation
Nick Bonsall Partner
Chris Hurn Associate
Hong Kong
Clara Choi Partner
Nicola Lui Associate
Sarah Peterson Associate