By Helene Durand
Thu Oct 3, 2013 4:01am EDT
LONDON, Oct 3 (IFR) - Banco Popular Espanol, rated Ba3/BB-/BB+ at the senior level, has set initial price thoughts on its contingent convertible Additional Tier 1 deal, the first in euros, at 11.75% area.
The Spanish lender announced on Tuesday that it had mandated Bank of America Merrill Lynch, Barclays, Santander and UBS for a EUR500m perpetual non-call five-year CoCo, the success of which will be key to determining whether the eurozone's weaker banks can meet stringent capital regulations in a cost-efficient manner.
At 11.75% area, the guidance is in line with early market whispers.
According to the leads, investor interest is approaching EUR1bn on the transaction, which is expected to be priced later on Thursday. (Reporting by Helene Durand; editing by Alex Chambers)
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