Santander looks to switch AT1 pair to Sonia

By Frank Jackman
30 Oct 2020

Santander began phasing Libor out of two of its outstanding additional tier (AT1) one notes this week, having appointed NatWest Markets to lead the process to restructure the bonds to reference Sonia.

On Thursday, NatWest Markets started the consent solicitation process for Santander UK’s outstanding £750m 7.365% AT1, first callable in June 2022, and the £750m 6.75% AT1, first callable in June 2024.

“As issuers we are encouraged to deal with our Libor exposure as soon ...

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