Santander-linked euro bond mimics Tesco structures

By Graham Bippart
23 Apr 2015

Bookrunners BNP Paribas, Goldman Sachs and Santander are getting ready to roadshow a rare bond that mimics successful transactions from Tesco and Banca Monte dei Paschi di Siena.

The deal will finance a sale and leaseback transaction between Banco Santander and Uro Property Holdings SOCIMI, which acts as landlord for the bank’s retail properties. The deal will be backed by rental payments made by Santander on Spanish high street retail branches, according to a banker ...

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