LONDON, April 18 (IFR) - Santander will price a €750m
perpetual non-call five-year Additional Tier 1 bond at 6.75%,
according to a source.
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, when books had passed
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 Alex Chambers)