Santander UK finishes first AT1 consent solicitation

By Frank Jackman
04 Dec 2020

Santander UK completed the first consent solicitation for moving a sterling additional tier one note away from Libor to referencing Sonia on Thursday, setting a precedent for other banks to follow.

Solicitation agent NatWest Markets has now finished the process for Santander UK’s outstanding £750m 7.365% AT1, first callable in June 2022, and £750m 6.75% AT1, first callable in June 2024, having started the switch at the end of October.

The pair were due to reset ...

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