March 23, 2017 / 12:24 PM / 8 months ago

Caixa Geral de Depositos to price €500m AT1 at 10.75%

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)

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