Bank's FRCD issue boosted

Standard Chartered Bank has boosted the size of its floating rate certificate of deposit issue from $1.5 billion to $2 billion.

The issue, involving 34 banks, is of five-year certificates in denominations of $1 million each and will pay an annual interest rate equal to 35 basis points over one month the Hong Kong interbank offered rate (Hibor).

The issue is the territory's first debt security to qualify for profits tax concessions introduced in this year's Budget.

An application will be filed with the Hong Kong Monetary Authority for liquid adjustment facility eligibility.