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