KARACHI: Standard Chartered Pakistan successfully closed a ten year PKR 2,500Mn Unsecured Subordinated Term Finance Certificate (TFC) issue as a Sole Lead Arranger. The issue represents the largest offering in Pakistan by any financial institution in 2012.
Standard Chartered remains well capitalised with a capital adequacy ratio of 12.9% compared to requirement of 10% as 31 December 2011. The issue proceeds shall contribute further towards the Bank’s Tier II supplementary capital.
In light of the Bank’s strong brand and AAA rating in Pakistan, the issue was well received by investors and oversubscribed. The issue size was inclusive of a green shoe option of PKR 500 million, enabling the issue to be upsized for the entire green shoe option amount and issued at PKR 2,500Mn.
Commenting on the issue, Mohsin Nathani, Chief Executive, Standard Chartered Pakistan, said:
“Standard Chartered, consistent with our brand promise of being Here for Good for our clients, offers banking solutions and products that greatly enhance our clients’ efficiency. This landmark transaction is a testament of how the Bank remains at the forefront of the debt capital markets industry in Pakistan.”
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