January 9, 2013 / 5:02 PM / 5 years ago

KBC Bank to begin marketing US dollar CoCo

LONDON, Jan 9 (IFR) - KBC Bank will begin marketing a US dollar denominated Contingent Capital (CoCo) note in Asia and Europe from January 14 as part of its plan to repay a portion of the EUR7bn aid it received from the Belgian and Flemish governments.

Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and KBC have been hired as joint lead managers for the CoCo transaction that is expected to be launched following the roadshow.

The Belgian banking and insurance group has been expected to issue EUR750m worth of non-dilutive CoCos in the first quarter of 2013. (Reporting by Aimee Donnellan; Editing by Natalie Harrison)

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