UBS tests interest for low-trigger euro CoCo

Thu Feb 6, 2014 4:01am EST

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LONDON, Feb 6 (IFR) - UBS AG has begun marketing the first euro denominated contingent capital transaction of 2014 which will be sold as early as today.

The Swiss bank is looking to sell a 12-year non-call seven-year deal at 345bp to 350bp over mid-swaps, according to a lead manager. Under the terms of the deal, investors could lose everything if the bank's Common Equity Tier 1 ratio falls below 5%.

UBS is acting as global co-ordinator while Deutsche Bank, RBS, Commerzbank, Credit Agricole CIB, Santander GBM, BBVA, Lloyds, UniCredit, VTB and Societe Generale are joint bookrunners. (Reporting by Aimee Donnellan, editing by Helene Durand)

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