Benefiting from the recent reopening of the senior debt market, Standard Chartered decided to issue a 5.5 year bond through its holding company. The deal was the first senior bond from a UK issuer since April. Having received EUR 2 billion in orders in just two hours, the bond was issued at a much tighter level (+145 bp) than indicated by the price (+145/150 bp). The success of the deal was first and foremost due to the bookrunners' ability to execute.