July 6, 2017 / 7:34 AM / 5 months ago

Bankia marketing €750m perp NC5 inaugural AT1 at 6.5% area - lead

LONDON, July 6 (IFR) - Bankia is marketing its inaugural Additional Tier 1 bond, a no-grow €750m perpetual non-call five-year, at 6.5% area coupon IPTs, according to a lead.

The bond, which is expected to be rated B+ by S&P, will convert to equity if Bankia’s Common Equity Tier 1 ratio breaches 5.125%.

Citigroup and Morgan Stanley are structuring advisers and global coordinators. They are also joint leads alongside Bankia, Bank of America Merrill Lynch, Goldman Sachs and UBS.

Pricing is expected later today. (Reporting by Alice Gledhill, editing by Julian Baker)

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