February 11, 2014 / 8:42 AM / in 4 years

BBVA tests demand for first euro CoCo

LONDON, Feb 11 (IFR) - Spain’s second largest bank BBVA is testing European investor demand for a new Additional Tier 1 euro bond at low to mid 7%, according to a lead manager involved in the deal.

The perpetual non-call five-year issue is expected to be rated BB- by Fitch and will be BBVA’s second Additional Tier 1 transaction in less than a year.

Barclays, BBVA, Citi and Morgan Stanley are joint bookrunners for the transaction, which will convert to equity if the bank breaches a 5.125% (bank and group) Common Equity Tier 1 trigger. Pricing is expected later today. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)

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