Santander confirms ‘irreversible’ decision to call its controversial CoCo

By Tyler Davies
15 Jan 2020

Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year.

Santander said in a statement on Wednesday that it had made an “irrevocable decision to carry out the optional early redemption” of its €1.25bn 6.25% AT1 on March 12.

The Spanish bank had spelled out its intention to redeem the bonds last week, when it also ...

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