LONDON, March 23 (IFR) - Caixa Geral de Depositos will price a €500m no-grow perpetual non-call five-year Additional Tier 1 bond at 10.75%, according to a lead.
Books have passed €2bn. Leads started marketing the deal earlier on Thursday at an 11% to 11.5% coupon.
The deal, expected to be rated B- by Fitch, will price later today 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)