HONG KONG, June 16 (Reuters) - Asia-focused lender Standard Chartered Bank (
STAN.L) has raised $1.5 billion by selling perpetual, hybrid, Tier I bonds at a coupon of 9.5 percent, a source close to the deal said on Tuesday.
The bonds are callable in December 2014.
The coupon, payable semi-annually, will be reset every five years at the end of five and a half years at an initial spread of 678 basis points over the prevailing 5-year U.S. Treasury spread.
After 10 and a half years the coupon will be stepped up to 1,017 basis points over the 5-year U.S. Treasuries.
Bank of America-Merrill Lynch (
BAC.N), Credit Suisse (
CSGN.VX), Goldman Sachs (
GS.N) and Standard Chartered are the lead managers for the sale. (Reporting by Umesh Desai) Keywords: STANCHART BONDS