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