MADRID, March 5 Spanish bank Santander launched a 1.5 billion euro ($2.1 billion) contingent convertible bond issue on Wednesday in an exercise aimed at boosting its capital base.
The placing will be through an accelerated book-build and will be aimed at institutional investors. The issue has yet to be priced.
Credit rating agency Moody's upgraded Santander's debt to Baa1 from Baa2 on Tuesday, following an earlier upgrade of Spanish government debt. ($1 = 0.7277 euros) (Reporting By Sonya Dowsett; editing by Tom Pfeiffer)