Santander UK opens Tokyo TLAC channel
Santander UK has beaten a path that could be well trodden by European banks in the next two years, printing a holdco senior unsecured deal in the Tokyo Pro-Bond market as it looks to broaden its investor base for issuing loss absorbing debt.
Nomura and Mizuho priced a dual tranche ¥30bn Pro-Bond for Santander UK Group Holdings on December 4, which is the first such deal from a UK institution and the lender’s debut in yen.
The Pro-Bond market is reserved for professional investors, allowing documentation standards to be less stringent
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