Santander revises guidance on AT1 bond as orders top US$9bn

Thu May 8, 2014 6:52am EDT

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LONDON, May 8 (IFR) - Spain's largest bank Santander has tightened guidance on its inaugural US dollar Additional Tier 1 bond to 6.375%-6.5%, having attracted orders in excess of US$9bn, according to a lead manager.

The bond was initially marketed at 6.625% area via Credit Agricole CIB, Deutsche Bank, Goldman Sachs, Morgan Stanley and Santander's own investment banking unit.

The offering is rated Ba2 by Moody's and is expected to price later today. The perpetual non-call five-year transaction will have a US$1.5bn size. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)

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