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AIB to price 500m PNC5 AT1 bond at 7.375% yield

Reuters - UK Focus

By Alice Gledhill

LONDON, Nov 26 (IFR) - Allied Irish Banks (EUREX: 558453.EX - news) will price its 500m perpetual non call five-year Additional Tier 1 bond at a yield of 7.375%, following guidance of 7.50% area, according to a lead.

Books will close at 9.30am UK time.

The new Additional Tier 1 bonds will be temporarily written down if the bank's CET1 ratio falls below 7%.

The no-grow deal is expected to be rated B- by Fitch.

Deutsche Bank (Other OTC: DBAGF - news) and Morgan Stanley (Xetra: 885836 - news) are joint structuring advisers, together with Bank of America Merrill Lynch, Davy, Goodbody and HSBC as joint leads. (Reporting by Alice Gledhill, editing by Robert Smith)