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Santander to price €750m PNC5 AT1 at 6.75%
April 18, 2017 / 11:33 AM / 7 months ago

Santander to price €750m PNC5 AT1 at 6.75%

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 €1bn.

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)

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