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Allied Irish Banks mandates for debut CoCo bond

Reuters - UK Focus

By Alice Gledhill

LONDON, Nov 25 (IFR) - Allied Irish Banks (EUREX: 558453.EX - news) has mandated banks for a debut euro-denominated Additional Tier 1 bond according to a lead.

Deutsche Bank (Other OTC: DBAGF - news) and Morgan Stanley (Xetra: 885836 - news) are joint structuring advisers and Bank of America Merrill Lynch, Davy, Deutsche Bank, Goodbody, HSBC and Morgan Stanley are joint lead managers.

Under the terms of the transaction, the bonds will be temporarily written down if the bank's Common Equity Tier 1 falls below 7%. (Reporting by Alice Gledhill, Editing by Helene Durand)