March 23, 2017 / 9:29 AM / 5 months ago

CGD begins marketing Portugal's first AT1

LONDON, March 23 (IFR) - Portugal's Caixa Geral de Depositos is marketing a €500m no-grow perpetual non-call five-year Additional Tier 1 bond at an 11% to 11.5% coupon, according to a lead.

The deal, expected to be rated B- by Fitch, will price later on Thursday via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.

The bonds will be written down on a temporary basis should the bank's Common Equity Tier 1 fall below 5.125%.

Reporting by Alice Gledhill, Editing by Helene Durand

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