Santander plans first dollar Additional Tier 1 bond

Tue Apr 29, 2014 12:31pm EDT

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LONDON, April 29 (IFR) - Banco Santander has mandated banks to lead manage its first Additional Tier 1 issue in US dollars, a lead said.

The Spanish bank has mandated Credit Agricole, Deutsche Bank, Goldman Sachs, Morgan Stanley and itself for the Reg S perpetual non-call five-year bond, which will be launched following a roadshow across Europe commencing on May 6.

The bonds will convert into equity if Santander's bank or group Common Equity Tier 1 ratio falls below 5.125%. The notes are expected to be rated Ba3 by Moody's. (Reporting by Helene Durand; Editing by Sudip Roy)

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