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LONDON, Nov 18 (Reuters) - Compagnie Generale des Etablissements Michelin , Europe's biggest tyre maker, is planning a 30-year euro-denominated subordinated bond, the banks managing the sale said on Tuesday.
The bond, which will be callable after 10 years, will be launched shortly after a European roadshow, they said.
SG CIB is the arranger and sole bookrunner on the bond, with HSBC acting as joint lead manager.
Michelin is rated BBB+ by Standard & Poor's and Baa2 by Moody's Investors Service for senior debt.
On Monday, Michelin said it would buy 14.9 percent of leading Indian tyre maker Apollo Tyres Ltd. to gain a foothold in India's $2.2 billion-a-year tyre market.