July 10, 2014 / 7:37 AM / 3 years ago

Spain's Popular to raise 750 mln euros via CoCo bonds

MADRID, July 10 (Reuters) - Spain’s Banco Popular said on Thursday it would raise 750 million euros ($1 billion) via a sale of bonds that can be converted into equity, which will count towards its Additional Tier 1 capital.

Banks across Europe have been reinforcing their capital resources ahead of health checks by regulators this year.

Popular’s so-called perpetual contingent convertible bonds, or “CoCo” issue, would convert into equity if the bank’s capital falls below 7 percent, IFR, a Thomson Reuters news and market analysis service reported last week. ($1 = 0.7331 Euros) (Reporting by Paul Day, Writing by Sarah White. Editing by Jane Merriman)

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