AT1 market looks on the bright side of Santander extension

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By Tyler Davies
14 Feb 2019

The bigger surprise in the financial institutions debt market this week was not that Banco Santander decided to extend the life of an additional tier one bond, but rather that the subordinated debt market took the decision in its stride.

Market participants nonetheless believe that the first ever non-call of an AT1 could have a lasting impact on the sector, increasing discipline among investors in terms of pricing and encouraging issuers to think carefully about how they communicate their capital management actions.

Banco Santander said on Tuesday that it ...

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