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)