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StanChart sets guidance on dollar preference shares

Tue May 13, 2008 9:58pm EDT

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HONG KONG, May 14 (Reuters) - Standard Chartered (STAN.L) plans to make a benchmark-sized dollar-denominated preference share offering with a coupon of around 8.5 percent, according to a term sheet sent by a source involved with the deal.

The shares would be treated as a tier 1 capital issue and have a perpetual maturity, but would be callable on November 2013 at par.

The issue is expected to be rated BBB-plus by Standard & Poor's Ratings Services and Baa2 by Moody's Investors Service, below Standard Chartered's ratings of A and A3 by the two agencies.

Credit Suisse (CSGN.VX), Merrill Lynch MER.N, Standart Chartered and UBS (UBSN.VX) are the lead managers for the sale. (Reporting by Rafael Nam; Editing by Anne Marie Roantree)



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