July 10, 2014 / 7:52 AM / in 3 years

Banco Popular Espanol tests market for high trigger CoCo

LONDON, July 10 (IFR) - Spain’s Banco Popular Espanol is testing investor interest for a high trigger euro contingent convertible (CoCo) bond at 7-7.25%, according to a market source.

The Spanish lender is seeking to sell a perpetual non-call five-year Additional Tier 1 transaction, which will convert to equity if the bank’s capital falls below 7%.

Credit Agricole, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS are lead managers on the issue which is expected to price later Wednesday. (Reporting by Aimee Donnellan; editing by Alex Chambers)

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