Santander to price USD1.5bn AT1 bond, orders top USD10bn

Thu May 8, 2014 7:10am EDT

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LONDON, May 8 (IFR) - Spain's largest bank Santander is poised to price a USD1.5bn Additional Tier 1 bond with a yield of 6.375%, according to a lead manager.

Orders for the perpetual bond, which is callable after five years, are now in excess of USD10bn.

The bond was initially marketed at 6.625% area, before guidance was tightened to 6.375%-6.5% as orders topped USD9bn.

Credit Agricole CIB, Deutsche Bank, Goldman Sachs, Morgan Stanley and Santander's own investment banking unit will price the deal later today. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)

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