Hong Kong and London-listed Standard Chartered Bank has completed its synthetic balance sheet CLO. After successful roadshows in Asia, Europe and the Middle East, the reference portfolio was upsized to $2 billion from the initial $1.5 billion, with the rated part of the offering increased to $162 million from $121.5 million.
StanChart and Deutsche Bank Securities jointly led the deal, issued out of the Start CLO vehicle and listed on the Irish Stock Exchange. StanChart says the transaction will enable it to boost liquidity and expand its origination program. Presumably the deal will also hold some regulatory capital benefit, although it is not clear to what extent.