Danske Bank to price inaugural AT1 with 5.75% coupon

By Helene Durand

Wed Mar 5, 2014 4:21am EST

LONDON, March 5 (IFR) - Danske Bank is set to price its inaugural Additional Tier 1 issue with a 5.75% coupon on the back of overwhelming interest for the trade.

The Danish lender began marketing the issue, which is expected to be rated BB+/BB+ by S&P/Fitch, at 6% area on Wednesday morning, but this has now been revised tighter.

The order book is now closed and the expected EUR750m perpetual non-call April 2020 issue will be priced later today.

Bank of America Merrill Lynch, BNP Paribas, Danske Bank, Goldman Sachs, HSBC and JP Morgan are leading the issue, which will be temporarily written down if the issuer's and/or the group's Common Equity Tier 1 ratio falls below 7% on a transitional basis. (Reporting by Helene Durand, editing by Julian Baker)

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