LONDON, July 10 (IFR) - Banco Popular Espanol has pulled its
planned high trigger CoCo bond from market after citing poor
market conditions, according to a lead manager.
"Due to the heightened volatility in secondary markets, the
issuer has decided that conditions are not conducive for primary
issuance and subsequent secondary stability at this time," said
the lead managers in a market statement.
"The issuer would like to thank investors for the positive
feedback received on the roadshow and indications of interest
today, which were sufficient to cover a benchmark transaction."
Earlier on Thursday, the Spanish lender began marketing a
perpetual non-call five Additional Tier 1 transaction at
7%-7.25%. The bond would have converted into equity on the
bank's Common Equity Tier 1 ratio falling below 7%.
(Reporting by Aimee Donnellan; editing by Alex Chambers)