Santander UK finishes first AT1 consent solicitation

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 ...Already a subscriber? Login