BES refines guidance for Tier 2 bond with orders near EUR2.5bn

Thu Nov 21, 2013 6:32am EST

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LONDON, Nov 21 (IFR) - Orders are approaching EUR2.5bn for Banco Espirito Santo's 10-year non-call five Tier 2 euro-denominated bond, the first subordinated debt issue from a Portuguese bank in four years, bankers managing the deal said on Thursday.

Guidance for the deal, rated B2/B (Moody's/S&P), has been set at 7.125%-7.25%, from initial price thoughts of low to mid 7%, and books will close at 1130GMT, he added.

Bank of America Merrill Lynch, Citi, Espirito Santo Investment Bank and Morgan Stanley are handling the deal, and expect to price the bonds later on Thursday. (Reporting by John Geddie; editing by Alex Chambers)

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