Nordea tests interest for Sweden's first CoCo bond

By Aimee Donnellan

Tue Sep 16, 2014 3:57am EDT

LONDON, Sept 16 (IFR) - Nordea has begun marketing a dual-tranche Additional Tier 1 bond, the first deal in the format from Sweden.

The bank has set initial price thoughts on a perpetual non-call five-year issue at 5.75% area and on a perpetual non-call 10-year at 6.5% area.

Bank of America Merrill Lynch, Citigroup, Goldman Sachs and UBS are lead managing the transactions, which are expected to be rated BBB+/BBB.

The bonds will be temporarily written-down if the bank's Common Equity Tier 1 ratio falls below 8%. At its second quarter results, Nordea's Common Equity Tier 1 ratio was 15.2%. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)

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