April 18, 2017 / 10:38 AM / 4 months ago

Santander announces guidance for PNC5 AT1 euro at 6.75% area

LONDON, April 18 (IFR) - Santander has drawn more than €1bn in orders for its perpetual non call five-year Additional Tier 1 bond, according to a lead.

The Spanish lender started marketing the deal at 6.75% area on Tuesday morning via joint leads Deutsche Bank, Goldman Sachs, HSBC, Santander, Societe Generale and UBS. Guidance came in line, at 6.75% area, at the first update.

The bonds, which will convert to equity if the bank or group's Common Equity Tier 1 ratio drops below 5.125%, are expected to be rated Ba1 by Moody's.

Reporting by Alice Gledhill; editing by Sudip Roy

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