Santander launches any and all sub debt buyback

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Santander launches any and all sub debt buyback

Banco Santander has launched a tender offer on €9.9bn equivalent of euro and sterling denominated subordinated debt alongside a separate US offer on a $257.5m subordinated bond. In contrast to last year’s poorly received unmodified Dutch auction, the new deal is an uncapped, any-and-all offer, a more investor friendly structure.

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