Spanish lender Ibercaja Banco SA priced €350 million of Additional Tier 1 notes with a 7% fixed coupon.

The notes would be written down to as little as 1 euro cent per security if the bank's common equity Tier 1 ratio falls below 5.125%. The perpetual, temporary write-down securities will carry the 7% coupon until April 6, 2023, after which they will reset every five years to the prevailing five-year midswap rate plus 6.809%.