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)
UPDATE 2-'Operation Weak Flesh' takes bite out of Brazil's meat exports
SAO PAULO, March 24 Brazil's meat exports have fallen sharply since a police investigation into alleged bribery of food-sanitation inspectors in the world's top beef and poultry exporter sparked a wave of trade bans, an industry group said on Friday.