Santander prepares ground for low-trigger CoCo

Wed Feb 26, 2014 9:22am EST

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LONDON, Feb 26 (IFR) - Banco Santander is preparing to sell its first contingent convertible bond, a euro-denominated Reg S perpetual non-call five-year Additional Tier 1 offering, according to a lead manager.

Bank of America Merrill Lynch, Citigroup, Santander itself and UBS are joint bookrunners for the equity convertible bond, which will be triggered if the bank's Common Equity Tier 1 (CET1) ratio falls below 5.125% at the bank or group level.

The bond is expected to be rated Ba3 by Moody's and will be launched after a European investor roadshow commencing March 3, subject to market conditions. (Reporting by Aimee Donnellan; Editing by Philip Wright)

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