AIB sets initial price thoughts on 500m Additional Tier 1 bond
By Alice Gledhill
LONDON, Nov 26 (IFR) - Allied Irish Banks (EUREX: 558453.EX - news) is marketing a 500m perpetual non call five-year Additional Tier 1 bond at 7.5% area, according to a lead.
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)