Santander learns from last year’s auction but pricing still stingy

Banco Santander has launched a tender offer on €9.9bn equivalent of euro and sterling denominated subordinated debt alongside a separate US offer on a $257.5m subordinated bond. While the any-and-all structure of the offer is friendlier to investors than last August’s unmodified Dutch auction, bankers away from the deal said the pricing was anything but generous.